Pension Benefits Standards Regulations, 1985 — 2
rement savings plan means a registered retirement savings plan, as defined in subsection 146(1) of the Income Tax Act , that meets the requirements set out in section 20; ( régime enregistré d’épargne-retraite immobilisée ) marketplace means (a) an exchange; (b) a quotation and trade-reporting system; (c) any other entity that (i) constitutes, maintains or provides a market or facility for bringing together buyers and sellers of securities or derivatives, (ii) brings together the orders for securities or derivatives of multiple buyers and sellers, and (iii) uses established, non-discretionary methods under which the orders interact and with which the buyers and sellers entering the orders agree to the terms of a trade; ( marché ) market value , in respect of an asset, means the price that would be obtained in the purchase or sale of the asset in an open market under conditions requisite to a fair transaction between parties who are at arm’s length and acting prudently, knowledgeably and willingly; ( valeur marchande ) member choice account means an account in relation to which a member, former member, survivor or former spouse or former common-law partner of the member or former member is permitted to make investment choices under a plan referred to in subsection 8(4.2) of the Act; ( compte accompagné de choix ) mutual fund or pooled fund [Repealed, SOR/2015-60, s. 1] normal cost means the cost of benefits that are to accrue during a plan year, as determined on the basis of a going concern valuation, excluding special payments and including (a) in the case of a negotiated contribution plan, a provision for adverse deviations of at least 5%; and (b) in the case of any other plan, a provision for adverse deviations, if any; ( coûts normaux ) plan means a pension plan; ( régime ) plan year [Repealed, SOR/2011-85, s. 1] prior second valuation date in relation to a valuation date, means the day two years prior to that valuation date; ( deuxième date d’évaluation antérieure ) prior valuation date in relation to a valuation date, means the day one year prior to that valuation date; ( date d’évaluation antérieure ) PRPP means a plan registered under section 12 of the Pooled Registered Pension Plans Act ; ( RPAC ) restricted life income fund means a registered retirement income fund, as defined in subsection 146.3(1) of the Income Tax Act , that meets the requirements set out in section 20.3; ( fonds de revenu viager restreint ) restricted locked-in savings plan means a registered retirement savings plan, as defined in subsection 146(1) of the Income Tax Act , that meets the requirements set out in section 20.2; ( régime d’épargne immobilisée restreint ) segregated fund means a fund established by a corporation that is duly authorized to operate a fund in which contributions to a pension plan are deposited and the assets of which are held exclusively for the purposes of that plan alone or that plan and one or more other pension plans; ( caisse séparée ) simplified pension plan [Repealed, SOR/2015-60, s. 1] solvency assets means the amount determined by the formula A + B - C where A is the market value of the assets that relate to the defined benefit provisions of a plan as determined at the valuation date, B is the face value of all letters of credit in effect on the valuation date, other than those being used to fund a plan under Part 3 of the Solvency Funding Relief Regulations or Part 3 of the Solvency Funding Relief Regulations, 2009 , up to a maximum of 15% of the solvency liabilities of the plan as determined at the valuation date, and C is the estimated expense of the winding-up of the plan as certified by an actuary; ( actif de solvabilité ) solvency deficiency means the amount by which the solvency liabilities exceed the adjusted solvency asset amount; ( déficit de solvabilité ) solvency excess means the amount by which the adjusted solvency asset amount exceeds the solvency liabilities; ( excédent de solvabilité ) solvency li