GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Pension Benefits Standards Regulations, 1985 — 12
12 (1) An information return required under subsection 12(1) of the Act to be filed annually shall contain information in respect of a plan that is related to that plan year. (2) An information return required under subsection 12(1) of the Act to be filed other than annually shall contain all the information in respect of a plan relating to that portion of a plan year up to and including the date on which the information return is prepared.
Pension Benefits Standards Regulations, 1985 — 13
13 An information return referred to in subsection 12(1) of the Act shall contain the information set out in Form 2 of Schedule II.
Pension Benefits Standards Regulations, 1985 — 14
14 (1) The Superintendent shall require an administrator to file a cost certificate, prepared by an actuary, accountant or other professional advisor as of the effective date of an amendment to the plan that alters the cost of benefits under the plan or alters the contributions to the plan, in the case of (a) a defined contribution plan where the contributions under the plan are allocated to individual plan members; and (b) a defined benefit plan that is an insured plan. (2) A cost certificate referred to in subsection (1) shall include (a) the estimated cost of benefits under the plan and the contributions to the plan, showing separately employer and plan member contributions (i) for the plan year following the effective date of the amendment, where the effective date falls on the last day of the plan year, or (ii) for the plan year in which the effective date of the amendment falls, where the effective date falls on any other day of the plan year; and (b) the formula for computing the cost of benefits, showing the formula for allocating the cost between the employer and the plan members for subsequent plan years.
Pension Benefits Standards Regulations, 1985 — 15
15 (1) The Superintendent may require the administrator to file, at such intervals or times as the Superintendent directs, (a) subject to subsection (2), a list of assets held by the plan on the date directed by the Superintendent, showing (i) the book value of each asset, (ii) the market value of each asset, and (iii) such information as will permit the verification of the market value attributed to an asset and the determination of whether the requirements of section 6 have been met; (b) an appraisal that will permit the verification of the market value attributed to an asset held by the plan; (c) if the plan is not an insured plan, (i) a financial statement of the pension fund, (ii) any information that the Handbook of the Canadian Institute of Chartered Accountants requires to be set out in a financial statement of a pension plan, and (iii) an auditor’s report of the pension fund; (d) information concerning the investments of the pension fund, including the information set out in Form 2.1 of Schedule II; (e) any information relating to the determination of the solvency and funding status of a pension plan; (f) the location of any books, records or other documents relating to a pension plan or to any securities, obligations or other investments in which pension fund money is invested; (g) the name of the collective bargaining agent, if any, who represents the pension plan members; (h) the information necessary to identify the employers who participate in or who have ceased participation in the plan; (i) a certificate of the administrator or any person preparing, compiling or filing any information on behalf of the administrator that certifies that the information submitted to the Superintendent is accurate; (j) a record of, or any other document evidencing, any operating expenses paid from the plan fund or that are due or accrued from the plan fund, including the names of any payees, the purpose and amounts of any payments made or to be made to each payee, including the aggregate amounts; and (k) a record of, or any other document evidencing, all direct and indirect compensation that a person received or that is due or accrued in relation to any service provided by the person in respect of the plan. (2) A list of assets is not required in respect of a plan under which benefits are provided through (a) a contract issued by a person authorized to carry on a life insurance business in Canada, other than a contract in respect of which separate and distinct funds are maintained by the person; or (b) a contract issued by the Government of Canada. SOR/93-299, s. 4; SOR/95-171, s. 6; SOR/2002-78, s. 11
Pension Benefits Standards Regulations, 1985 — 16.1
16.1 (1) An employer shall notify the persons referred to in paragraph 9.2(3)(a) of the Act of the employer’s proposal for a refund of a surplus or part of it by sending a notice to the current address of the person or, if the person is an employee, to their place of work. (2) An employer shall notify the persons referred to in paragraph 9.2(3)(b) of the Act of the employer’s proposal for a refund of a surplus or part of it (a) by sending a notice to the person at their current address contained in the employer’s records or at the address the employer reasonably believes to be their current address; or (b) if the address of the person is unknown, by publishing a notice, in both official languages, once a week for two consecutive weeks, in one or more newspapers in general circulation in each province. SOR/2001-222, s. 3
Pension Benefits Standards Regulations, 1985 — 16.2
16.2 (1) An arbitration under subsection 9.2(4) of the Act shall include procedures by which (a) unionized members can make written representations to the executive of their union; and (b) any person, other than a person described in paragraph (a), who is described in subsection 9.2(3) of the Act can make written representations to the arbitrator. (2) For the purposes of subsection 9.2(7) of the Act, the prescribed period is one year beginning on the day on which the employer notifies the Superintendent and persons referred to in subsection 9.2(3) of the Act in accordance with subsection 9.2(4) or (5) of the Act, as the case may be. (3) The arbitrator shall publish a notice of the date, time and place at which the arbitration will begin. (4) The notice must include (a) the mailing address from where the persons referred to in subsection 9.2(3) of the Act can obtain a copy of the procedures for the arbitration; and (b) the mailing address where those persons may send their written representations. (5) The notice must be published, in both official languages, once a week for two consecutive weeks, in one or more newspapers in general circulation in each province in which persons referred to in subsection 9.2(3) of the Act reside or, if a person’s province of residence is not known, in each province. (6) The last notice must be published not more than eight weeks and not less than four weeks before the day on which the arbitration begins. SOR/2001-222, s. 3; SOR/2011-196, s. 32
Pension Benefits Standards Regulations, 1985 — 17
17 The annual increase of the Consumer Price Index referred to in paragraph 21(6)(b) of the Act is the ratio of the aggregate of the Consumer Price Index for a current period of 12 consecutive months prior to the end of a plan year, or prior to the date the deferred pension benefit is adjusted as specified in the plan, if that date is other than the end of the plan year, to the aggregate of the Consumer Price Index for a corresponding period one year earlier, minus one.
Pension Benefits Standards Regulations, 1985 — 18
18 (1) Subject to subsection (2), a pension benefit credit shall be determined in accordance with the Recommendations for the Computation of Transfer Values from Registered Pension Plans effective September 1, 1993 issued by the Canadian Institute of Actuaries, as amended from time to time. (2) In the case of a defined contribution plan, where the contributions under the plan are allocated to an individual plan member, the pension benefit credit of a plan member or the survivor of a plan member shall be the value of the accumulated contributions made under the plan by or in respect of the plan member since the plan member became a plan member. (3) A plan member or the survivor of a plan member who wishes to transfer the pension benefit credit of the plan member or the survivor shall notify the administrator thereof in the form set out in Form 3 of Schedule II. (3.1) The consent referred to in subsection 26(2.1) of the Act shall be in Form 3.1 of Schedule II. (4) A pension benefit credit shall be determined (a) where a plan member retires or dies or the whole or part of the plan is terminated, as of the date of the retirement, death or termination; (b) where a plan member ceases to be a plan member, as of the date that the plan member ceases to be a plan member; and (c) where a plan member makes an assignment under subsection 25(4) of the Act, on the effective date of the assignment. SOR/90-363, s. 4; SOR/94-384, s. 4; SOR/2001-194, ss. 1, 4; SOR/2002-78, s. 12; SOR/2015-60, s. 7
Pension Benefits Standards Regulations, 1985 — 19
19 (1) Where a plan has a solvency ratio that is less than one, any amount transferred out of the pension fund shall be considered to impair the solvency of the pension fund. (2) Where a plan has a solvency ratio that is equal to one, any amount transferred out of the pension fund that would result in the plan having a solvency ratio of less than one shall be considered to impair the solvency of the pension fund.
Pension Benefits Standards Regulations, 1985 — 19.1
19.1 For the purposes of sections 16.4 and 26 of the Act, a life income fund, a restricted life income fund and a locked-in registered retirement savings plan are retirement savings plans into which a pension benefit credit may be transferred. SOR/95-551, s. 2; SOR/2008-144, s. 2; SOR/2015-60, s. 8
Pension Benefits Standards Regulations, 1985 — 20
ion benefit credits under section 16.4 or 26 of the Act, a transfer under these Regulations or a transfer under section 50, 53 or 54 of the Pooled Registered Pension Plans Act or Pooled Registered Pension Plans Regulations , is less than or equal to 50% of the Year’s Maximum Pensionable Earnings, and (ii) the holder gives a copy of Form 2 and Form 3 of Schedule V to the financial institution with whom the contract or arrangement for the locked-in registered retirement savings plan was entered into. (1.1) The amount referred to in paragraph (1)(d), 20.1 (1)(m), 20.2 (1)(e) or 20.3 (1)(m) is determined by the following formula: M + N where M is the total amount of the expenditures that the holder expects to make on medical or disability-related treatment or adaptive technology for the calendar year, and N is the greater of zero and the amount determined by the formula P - Q where P is 50% of the Year’s Maximum Pensionable Earnings, and Q is two thirds of the holder’s total expected income for the calendar year determined in accordance with the Income Tax Act , excluding withdrawals in the calendar year under paragraph (1)(d), 20.1 (1)(m), 20.2 (1)(e) or 20.3 (1)(m). (2) Where a pension benefit credit transferred into a locked-in registered retirement savings plan was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased by the funds accumulated in the locked-in registered retirement savings plan shall not differentiate as to sex. (3) A locked-in registered retirement savings plan shall contain a statement as to whether or not the pension benefit credit transferred pursuant to section 26 of the Act was varied according to the sex of the plan member. (4) A locked-in registered retirement savings plan shall provide that, where a physician certifies that owing to mental or physical disability the life expectancy of the holder of the plan is likely to be shortened considerably, the funds may be paid to the holder in a lump sum. (5) The contract or arrangement establishing a locked-in registered retirement savings plan shall set out the method of determining the value of the plan, including the valuation method used to establish its value on the death of the holder of the plan or on the transfer of assets from the plan. SOR/93-109, s. 9(F); SOR/95-551, s. 3; SOR/2001-194, s. 4; SOR/2008-144, s. 3; SOR/2011-85, s. 14(F); SOR/2017-145, s. 5
Pension Benefits Standards Regulations, 1985 — 20.2
treatment or adaptive technology is required, and (iii) if the holder gives a copy of Form 1 and Form 2 of Schedule V to the financial institution with whom the contract or arrangement for the restricted locked-in savings plan was entered into; and (f) the holder of the restricted locked-in savings plan who has ceased to be a resident of Canada for at least two years may withdraw any amount from that plan. (2) If a pension benefit credit transferred into a restricted locked-in savings plan was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with funds accumulated in the plan shall not differentiate as to sex. (3) A restricted locked-in savings plan shall contain a statement as to whether or not the pension benefit credit transferred under section 26 of the Act was varied according to the sex of the plan member. (4) A restricted locked-in savings plan shall provide that, if a physician certifies that owing to mental or physical disability the life expectancy of the holder of the plan is likely to be shortened considerably, the funds may be paid to the holder in a lump sum. (5) The contract or arrangement establishing a restricted locked-in savings plan shall set out the method of determining the value of the plan, including the valuation method used to establish its value on the death of the holder of the plan or on the transfer of assets from the plan. SOR/2008-144, s. 5; SOR/2011-85, s. 14(F); SOR/2015-60, s. 10; SOR/2017-145, s. 7
Pension Benefits Standards Regulations, 1985 — 20.3
nada for at least two years may withdraw any amount from that fund. (2) If a pension benefit credit transferred to a restricted life income fund was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with funds accumulated in the fund shall not differentiate as to sex. (3) A restricted life income fund shall provide that, if a physician certifies that owing to mental or physical disability the life expectancy of the holder of the fund is likely to be shortened considerably, the funds in that fund may be paid to the holder in a lump sum. SOR/2008-144, s. 5; SOR/2011-85, s. 14(F); SOR/2015-60, s. 11; SOR/2017-145, s. 8
Pension Benefits Standards Regulations, 1985 — 21
21 (1) For the purposes of paragraphs 26(1)(c) and (2)(c) and subparagraphs 26(3)(a)(iii) and (b)(iii) of the Act, an immediate life annuity or a deferred life annuity that is purchased with a pension benefit credit or with the funds of a locked-in registered retirement savings plan, a restricted locked-in savings plan, a life income fund or a restricted life income fund shall provide that (a) except as provided in subsection 25(4) of the Act, no benefit provided under the annuity shall be assigned, charged, anticipated or given as security and any transaction purporting to assign, charge, anticipate or give the benefit as security is void; (b) except in the case of the unexpired period of a guaranteed annuity where the annuitant is deceased, no benefit provided under the annuity shall be surrendered or commuted during the lifetime of the annuitant or the spouse or common-law partner of the annuitant and any transaction purporting to surrender or commute such a benefit is void; and (c) where the annuitant has a spouse or common-law partner at the time that annuity benefits commence to be paid, the annuity benefit shall be paid in the form of a joint and survivor pension benefit, subject to the provisions of section 22 of the Act. (2) A deferred life annuity referred to in subsection (1) that is purchased with a pension benefit credit or with the funds of a locked-in registered retirement savings plan, a restricted locked-in savings plan, a life income fund or a restricted life income fund shall provide that (a) if the annuitant dies prior to the time that the annuity payments commence, the survivor is entitled, on the death of the annuitant, to an amount equal to the commuted value of the deferred life annuity; and (b) any amount to which the survivor is entitled shall be (i) transferred to a locked-in registered retirement savings plan, (ii) transferred to a plan, including any pension plan referred to in subsection 26(5) of the Act, if the plan permits such a transfer and administers the benefit attributed to the transferred funds as if the benefit were that of a plan member with two years of membership in the plan, (iii) used to purchase an immediate life annuity or a deferred life annuity, or (iv) transferred to a life income fund or to a restricted life income fund. (3) [Repealed, SOR/95-551, s. 5] (4) For the purposes of subsection (2), the commuted value of the deferred life annuity shall be determined in accordance with the Recommendations for the Computation of Transfer Values from Registered Pension Plans effective September 1, 1993 issued by the Canadian Institute of Actuaries, as amended from time to time. SOR/93-109, ss. 6, 9(F); SOR/94-384, s. 5; SOR/95-551, s. 5; SOR/2001-194, ss. 4, 5; SOR/2002-78, s. 13; SOR/2008-144, s. 6; SOR/2011-85, s. 14(F); SOR/2017-145, s. 9
Pension Benefits Standards Regulations, 1985 — 21.1
21.1 (1) A member or former member who has elected to receive a variable benefit may decide the amount that they are to receive as a variable benefit for any calendar year. (2) The variable benefit shall be not less than the minimum amount determined under subsection 8506(5) of the Income Tax Regulations and, for any calendar year before the year in which the former member or their survivor, as the case may be, reaches 90 years of age, not more than the amount determined by the formula C/F where C is the balance in the former member’s account (a) at the beginning of the calendar year, or (b) if the balance at the beginning of the calendar year is zero, on the day on which the election was made; and F is the value, at the beginning of the calendar year, of a pension benefit of which the annual payment is $1, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the member, former member or their survivor, as the case may be, reaches 90 years of age, established using an interest rate that is (a) for each of the first 15 years, not more than the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the month of November before the beginning of the calendar year, and (b) for any subsequent year, not more than 6%. (3) For the calendar year in which the former member or their survivor, as the case may be, reaches 90 years of age and for all subsequent calendar years, the amount of the variable benefit shall not exceed the value of the funds held in the fund immediately before the time of the payment. (4) The minimum amount determined under subsection 8506(5) of the Income Tax Regulations shall be paid as a variable benefit for a calendar year if (a) the member or former member or their survivor, as the case may be, has not notified the administrator of the amount to be paid as a variable benefit for a calendar year by the beginning of that year, or (b) the amount determined by the formula set out in subsection (2) for that year is less than that minimum amount. (5) If, for the calendar year in which the variable benefit is established, part of the account was composed of funds that had been held in a life income fund of the holder earlier in the calendar year in which the variable benefit was established, the amount determined by the formula set out in subsection (2) and the value of the funds referred to in subsection (3) is deemed to be zero in respect of that part of the account for that calendar year. (6) For the first calendar year that the variable benefit is paid, the amount to be paid shall be multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month. SOR/2015-60, s. 12; SOR/2017-145, s. 10(E)
Pension Benefits Standards Regulations, 1985 — 22
22 The written explanation, information and written statement to be provided pursuant to paragraphs 28(1)(a) and (b) of the Act shall be addressed to the plan member or the employee and that person’s spouse or common-law partner as shown on the records of the administrator and shall be (a) given to the plan member or the employee at the place of employment; or (b) mailed to the residence of the plan member or employee. SOR/95-171, s. 6(F); SOR/2001-194, s. 5
Pension Benefits Standards Regulations, 1985 — 22.1
22.1 For the purpose of subparagraph 28(1)(a)(ii) of the Act, the written explanation shall include, in the case of a negotiated contribution plan, a description of the funding arrangement, including an indication that (a) pension benefits or pension benefit credits may need to be reduced if negotiated contributions are insufficient to meet the funding requirements under the Act; and (b) the administrator may amend the plan to reduce, subject to the Superintendent’s authorization, pension benefits or pension benefit credits. SOR/2015-60, s. 13 SOR/2024-95, s. 5
Pension Benefits Standards Regulations, 1985 — 23.1
23.1 For the purposes of paragraph 28(1)(c) of the Act, each person referred to in that paragraph may examine (a) the written statement of investment policies and procedures that pertain to the plan’s portfolio of investments and loans as described in subsection 7.1(1); (b) the funding policy of a negotiated contribution plan described in section 10.992; and (c) the governance policy of a negotiated contribution plan described in section 10.993. SOR/2002-78, s. 15 SOR/2024-95, s. 7
Pension Benefits Standards Regulations, 1985 — 23.2
23.2 The administrator of a plan that provides for the payment of a phased retirement benefit shall give, in written form, to the person to whom the benefit is to be paid, and to their spouse or common-law partner, before the person enters into an agreement referred to in paragraph 16.1(3)(a) of the Act (a) if the person is a member before the phased retirement period begins, the statements shown in Forms 1 and 5 of Schedule IV; and (b) if, before that period begins, the person is a former member who has retired, the statement shown in Form 5.1 of Schedule IV. SOR/2009-100, s. 1
Pension Benefits Standards Regulations, 1985 — 23.3
23.3 The notification of consent of the spouse or common-law partner required under paragraph 16.2(2)(a) of the Act shall be made in Form 5.2 of Schedule IV. SOR/2015-60, s. 15
Pension Benefits Standards Regulations, 1985 — 23.4
23.4 (1) The written statement required under paragraph 28(2.1)(a) of the Act shall be given in Form 2.1 of Schedule IV. (2) The written statement required under paragraph 28(2.1)(b) of the Act shall be given in Form 2.2 of Schedule IV. SOR/2015-60, s. 16
Pension Benefits Standards Regulations, 1985 — 24
24 A report filed pursuant to subsection 29(9) of the Act on the termination of a plan or part of a plan shall be prepared (a) by an actuary, accountant or other professional advisor, in the case of (i) a defined contribution plan where the contributions under the plan are allocated to individual plan members, or (ii) a defined benefit plan that is an insured plan; and (b) by an actuary, in the case of any other plan.