67(1)If a pension plan is wound up in whole or in part, after satisfaction of all pensions, pension benefits and ancillary benefits and payments to which members, former members and other persons are entitled under the plan or in accordance with this Act and the regulations, any remaining assets in the pension fund may be distributed proportionately to the members, former members and other persons entitled to benefits or payments under the plan unless the plan provides for payment to the employer.

67(2)If a pension plan provides for payment of any assets remaining in the pension fund after wind-up to an employer, no such payment shall be made without the approval of the Superintendent under section 59.

67(2.1)Subsections (1) and (2) do not apply to funds in a reserve account.

67(3)Assets in a pension fund that are distributed in accordance with subsection (1), at the option of the person to whom they are distributed, shall be dealt with in one or more of the following ways:

67(1)If a pension plan is wound up in whole or in part, after satisfaction of all pensions, pension benefits and ancillary benefits and payments to which members, former members and other persons are entitled under the plan or in accordance with this Act and the regulations, any remaining assets in the pension fund may be distributed proportionately to the members, former members and other persons entitled to benefits or payments under the plan unless the plan provides for payment to the employer.

67(2)If a pension plan provides for payment of any assets remaining in the pension fund after wind-up to an employer, no such payment shall be made without the approval of the Superintendent under section 59.

67(3)Assets in a pension fund that are distributed in accordance with subsection (1), at the option of the person to whom they are distributed, shall be dealt with in one or more of the following ways:

67(1)If a pension plan is wound up in whole or in part, after satisfaction of all pensions, pension benefits and ancillary benefits and payments to which members, former members and other persons are entitled under the plan or in accordance with this Act and the regulations, any remaining assets in the pension fund may be distributed proportionately to the members, former members and other persons entitled to benefits or payments under the plan unless the plan provides for payment to the employer.

67(2)If a pension plan provides for payment of any assets remaining in the pension fund after wind-up to an employer, no such payment shall be made without the approval of the Superintendent under section 59.

67(3)Assets in a pension fund that are distributed in accordance with subsection (1), at the option of the person to whom they are distributed, shall be dealt with in one or more of the following ways: