Pooled Registered Pension Plans Act — P-15.3 62
Deemed termination 62 (1) The revocation of registration of a pooled registered pension plan is deemed to constitute the termination of the plan. Superintendent may declare plan terminated (2) The Superintendent may declare a pooled registered pension plan terminated if (a) a bankruptcy order has been made against the administrator under the Bankruptcy and Insolvency Act ; (b) the administrator is the subject of a winding-up order under the Winding-up and Restructuring Act ; (c) the administrator is the subject of proceedings under the Companies’ Creditors Arrangement Act or Part III of the Bankruptcy and Insolvency Act ; or (d) the administrator has discontinued or is in the process of discontinuing its business operations. Date of termination (3) The Superintendent’s declaration must specify that a pooled registered pension plan is terminated as of the date that the Superintendent considers appropriate in the circumstances. Notification — employers and members (4) An administrator must, not less than 60 days and not more than 180 days before the date on which it terminates a pooled registered pension plan, provide written notification of this termination to the employers that are participating in the plan and the members of the plan. The notice must specify the date of the termination. Notification — Superintendent (5) An administrator must, not less than 60 and not more than 180 days before the date on which it terminates or winds up a pooled registered pension plan, provide notification of this termination or winding-up to the Superintendent. The notice must specify the date of the termination or winding up and be in the form and manner directed by the Superintendent. Termination or winding up effective (6) Subject to subsections (1) and (2), the termination is effective only if the administrator notifies the Superintendent in accordance with subsection (5). Payments into members’ accounts (7) If a pooled registered pension plan is terminated, the employer must remit to the administrator, and the administrator must pay into the members’ accounts, all amounts that are due as of the date of the termination. Effect of termination on assets (8) On the termination of a pooled registered pension plan, the assets of the plan continue to be subject to this Act. Termination report (9) On the termination of a pooled registered pension plan, the administrator of the plan must file with the Superintendent, in the form and manner that the Superintendent may direct, a termination report prepared by a person having the prescribed qualifications. The report must also set out the amounts referred to in subsection (7) — calculated as of the date of termination — and contain any prescribed information. Assets not to be used or transferred (10) Assets of the pooled registered pension plan must not be used or transferred for any purpose until the Superintendent has approved the termination report. However, the administrator of the plan may make variable payments, as they fall due, to any persons entitled to receive them. Superintendent may direct winding-up (11) If a pooled registered pension plan has been terminated and the Superintendent is of the opinion that no action or insufficient action has been taken to wind up the plan, the Superintendent may direct the administrator to distribute the funds in the members’ accounts and may direct that any expenses incurred in connection with that distribution be paid out of the members’ accounts, and the administrator must comply with that direction without delay.