Acts and Regulations

P-5.1 - Pension Benefits Act

Section 99.96
Disposition versions

Full text
Payments from fund during wind-up
99.96(1)On and after the effective date of the wind-up of either pension plan, subsections 62(2) and (3) of this Act and subsection 49(7) of Regulation 91-195 do not apply to the pension plan.
99.96(2)On and after the effective date of the wind-up of either pension plan until the date of the distribution of the assets of the pension fund, only the following payments may be made out of the fund:
(a) pensions or other benefits for which payments had commenced before the effective date of the wind-up;
(b) pensions or other benefits for which members become eligible after the effective date of the wind-up;
(c) refunds of member contributions with interest to members who terminate employment before the effective date of the wind-up and who are not entitled to a pension or deferred pension;
(d) payment of a pre-retirement death benefit;
(e) on the approval of the Superintendent, payment of the defined contribution benefits of the plan;
(f) on the approval of the Superintendent, the distribution of assets of the pension fund with respect to a member of former member or persons entitled to benefits or payments through a member or former member for whom the distribution has been requested by the pension regulator in a designated jurisdiction; and
(g) any other payment approved by the Superintendent.
99.96(3)The value of any projected payments into a pension fund and the investment earnings included in an interim wind-up report filed by the administrator under section 99.93 shall be taken into account when making payments under paragraphs (2)(a), (b), (c), (d) or (g) or when ordering the reduction of any of those payments under subsection 66(2).
2010, c.13, s.1
Payments from fund during wind-up
99.96(1)On and after the effective date of the wind-up of either pension plan, subsections 62(2) and (3) of this Act and subsection 49(7) of Regulation 91-195 do not apply to the pension plan.
99.96(2)On and after the effective date of the wind-up of either pension plan until the date of the distribution of the assets of the pension fund, only the following payments may be made out of the fund:
(a) pensions or other benefits for which payments had commenced before the effective date of the wind-up;
(b) pensions or other benefits for which members become eligible after the effective date of the wind-up;
(c) refunds of member contributions with interest to members who terminate employment before the effective date of the wind-up and who are not entitled to a pension or deferred pension;
(d) payment of a pre-retirement death benefit;
(e) on the approval of the Superintendent, payment of the defined contribution benefits of the plan;
(f) on the approval of the Superintendent, the distribution of assets of the pension fund with respect to a member of former member or persons entitled to benefits or payments through a member or former member for whom the distribution has been requested by the pension regulator in a designated jurisdiction; and
(g) any other payment approved by the Superintendent.
99.96(3)The value of any projected payments into a pension fund and the investment earnings included in an interim wind-up report filed by the administrator under section 99.93 shall be taken into account when making payments under paragraphs (2)(a), (b), (c), (d) or (g) or when ordering the reduction of any of those payments under subsection 66(2).
2010, c.13, s.1