Acts and Regulations

P-5.1 - Pension Benefits Act

Section 65
Disposition versions

Full text
Payments by employer on wind-up
65(1)Upon wind-up of a pension plan, in whole or in part, an employer required to make contributions to the pension fund shall pay into the fund
(a) an amount equal to the total of all payments that, under this Act, the regulations and the plan have accrued to and including the date of the wind-up, whether or not payment of such money is due on that date, and
(b) an amount equal to all payments that under this Act, the regulations and the plan are due from the employer to the pension fund but that have not been paid at the date of wind-up.
65(1.1)For the purpose of paragraph (1)(a), if a pension plan is wound up, in whole or in part, and as of the date of the wind-up the market value of the investments held by the plan does not equal or exceed its solvency liabilities, the employer shall pay into the fund in accordance with subsection (4), an amount so that
(a) where the plan is wholly wound up, the market value of investments held by the plan equals its solvency liabilities, or
(b) where the plan is wound up in part, the market value of the investments held by the plan attributable to that portion of the plan being wound up equals its solvency liabilities for that part,
and such amount required to be paid shall be deemed to have accrued as of the effective date of the wind-up.
65(1.2)Subsection (1.1) does not apply to a defined benefit plan established under one or more collective agreements or a trust agreement in which the requirement that an employer’s contributions, or a person required to make contributions on behalf of an employer, to a pension fund are limited to a fixed amount established in a collective agreement or a trust agreement.
65(2)For the purposes of subsection (1), the amount required to be paid shall be deemed to accrue on a daily basis.
65(3)The employer shall pay the amounts required under subsection (1), other than an amount determined pursuant to subsection (1.1), to the pension fund in the manner and on the terms prescribed.
65(4)Where a pension plan is wound up, in whole or in part, and an amount under subsection (1.1) is determined to be owing and the employer is not insolvent,
(a) the employer shall fund the amount over a period of not more than five years after the effective date of the wind-up,
(b) the administrator shall continue to file annual information returns and actuarial valuation reports as required under this Act until the amount has been retired, and
(c) subject to subsections 62(2) and (7), the assets of the plan shall be distributed in the manner and to the extent prescribed.
65(5)If a plan is wound up, in whole or in part, and an amount is owing pursuant to subsection (1.1), a schedule of special payments shall be established, subject to the approval of the Superintendent, for the amount to be retired over a period of not more than five years, commencing as of the effective date of the wind-up.
65(6)For the purposes of subsection (1.1), the amount shall be considered to have been retired if a subsequent actuarial valuation reveals that the market value of investments of the plan or of the part of the plan that was wound up, as the case may be, equals or exceeds its solvency liabilities.
2007, c.51, s.1
Payments by employer on wind-up
65(1)Upon wind-up of a pension plan, in whole or in part, an employer required to make contributions to the pension fund shall pay into the fund
(a) an amount equal to the total of all payments that, under this Act, the regulations and the plan have accrued to and including the date of the wind-up, whether or not payment of such money is due on that date, and
(b) an amount equal to all payments that under this Act, the regulations and the plan are due from the employer to the pension fund but that have not been paid at the date of wind-up.
65(1.1)For the purpose of paragraph (1)(a), if a pension plan is wound up, in whole or in part, and as of the date of the wind-up the market value of the investments held by the plan does not equal or exceed its solvency liabilities, the employer shall pay into the fund in accordance with subsection (4), an amount so that
(a) where the plan is wholly wound up, the market value of investments held by the plan equals its solvency liabilities, or
(b) where the plan is wound up in part, the market value of the investments held by the plan attributable to that portion of the plan being wound up equals its solvency liabilities for that part,
and such amount required to be paid shall be deemed to have accrued as of the effective date of the wind-up.
65(1.2)Subsection (1.1) does not apply to a defined benefit plan established under one or more collective agreements or a trust agreement in which the requirement that an employer’s contributions, or a person required to make contributions on behalf of an employer, to a pension fund are limited to a fixed amount established in a collective agreement or a trust agreement.
65(2)For the purposes of subsection (1), the amount required to be paid shall be deemed to accrue on a daily basis.
65(3)The employer shall pay the amounts required under subsection (1), other than an amount determined pursuant to subsection (1.1), to the pension fund in the manner and on the terms prescribed.
65(4)Where a pension plan is wound up, in whole or in part, and an amount under subsection (1.1) is determined to be owing and the employer is not insolvent,
(a) the employer shall fund the amount over a period of not more than five years after the effective date of the wind-up,
(b) the administrator shall continue to file annual information returns and actuarial valuation reports as required under this Act until the amount has been retired, and
(c) subject to subsections 62(2) and (7), the assets of the plan shall be distributed in the manner and to the extent prescribed.
65(5)If a plan is wound up, in whole or in part, and an amount is owing pursuant to subsection (1.1), a schedule of special payments shall be established, subject to the approval of the Superintendent, for the amount to be retired over a period of not more than five years, commencing as of the effective date of the wind-up.
65(6)For the purposes of subsection (1.1), the amount shall be considered to have been retired if a subsequent actuarial valuation reveals that the market value of investments of the plan or of the part of the plan that was wound up, as the case may be, equals or exceeds its solvency liabilities.
2007, c.51, s.1
Payments by employer on wind-up
65(1)Upon wind-up of a pension plan, in whole or in part, an employer required to make contributions to the pension fund shall pay into the fund
(a) an amount equal to the total of all payments that, under this Act, the regulations and the plan have accrued to and including the date of the wind-up, whether or not payment of such money is due on that date, and
(b) an amount equal to all payments that under this Act, the regulations and the plan are due from the employer to the pension fund but that have not been paid at the date of wind-up.
65(2)For the purposes of subsection (1), the amount required to be paid shall be deemed to accrue on a daily basis.
65(3)The employer shall pay the amounts required under subsection (1) to the pension fund in the manner and on the terms prescribed.