70(1)A pension plan shall not be wound up for the reason only that a new pension plan is established and the employer has ceased to make contributions to the original pension plan.

70(2)The benefits under the original pension plan in respect of employment before the establishment of the new pension plan shall be deemed to be benefits under the new pension plan.

70(3)Subsection (2) applies whether or not the assets and liabilities of the original pension plan are consolidated with those of the new pension plan.

70(4)No transfer of assets shall be made from the pension fund of the original pension plan to the pension fund of the new pension plan without the prior consent of the Superintendent or contrary to the prescribed terms and conditions.

70(5)The Superintendent shall refuse to consent to a transfer of assets that does not protect the pension benefits and any other benefits of the members and former members of the original pension plan and of any other person entitled to benefits or payments under the plan or that does not meet the prescribed requirements and qualifications.