75 (1) Where a pension plan is wound up, the employer shall pay into the pension fund, (a)  an amount equal to the total of all payments that, under this Act, the regulations and the pension plan, are due or that have accrued and that have not been paid into the pension fund; and (b)  an amount equal to the amount by which, (i)  the value of the pension benefits under the pension plan that would be guaranteed by the Guarantee Fund under this Act and the regulations if the Chief Executive Officer declares that the Guarantee Fund applies to the pension plan, (ii)  the value of the pension benefits accrued with respect to employment in Ontario vested under the pension plan, and (iii)  the value of benefits accrued with respect to employment in Ontario resulting from the application of subsection 39 (3) (50 per cent rule) and section 74, exceed the value of the assets of the pension fund allocated as prescribed for payment of pension benefits accrued with respect to employment in Ontario.  R.S.O. 1990, c. P.8, s. 75 (1); 1997, c. 28, s. 200; 2010, c. 9, s. 58; 2018, c. 8, Sched. 23, s. 23. Payment (2) The employer shall pay the money due under subsection (1) in the prescribed manner and at the prescribed times.  R.S.O. 1990, c. P.8, s. 75 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, section 75 of the Act is amended by adding the following subsection: (See: 2017, c. 34, Sched. 33, s. 29) Multi-employer pension plans (2.1) Clause (1) (b) does not apply in respect of a multi-employer pension plan established pursuant to a collective agreement or a trust agreement. 2017, c. 34, Sched. 33, s. 29. Exception, jointly sponsored pension plans (3) This section does not apply with respect to jointly sponsored pension plans.  2005, c. 31, Sched. 18, s. 10. Same (4) This section does not apply with respect to a single employer pension plan that has transferred assets under section 80.4 to a jointly sponsored pension plan. 2014, c. 7, Sched. 26, s. 7. Prescribed exemptions (5) The Lieutenant Governor in Council may make regulations exempting an employer or a successor employer from this section in whole or in part in respect of a pension plan, in accordance with such restrictions as may be prescribed, if the following conditions are met: 1.  As a result of an application under the Companies’ Creditors Arrangement Act (Canada), a court made an order on or before December 31, 2015 staying all proceedings taken against the employer. 2.  The employer, the successor employer, if any, and the parties specified by regulation have entered into an agreement related to the employer’s liability under this section and the liability of the successor employer, if any, and the Chief Executive Officer has approved the agreement in accordance with subsection (6). 2016, c. 37, Sched. 19, s. 4; 2018, c. 8, Sched. 23, s. 23. Chief Executive Officer’s approval of agreement (6) The Chief Executive Officer may approve the agreement if, (a)  after consulting with members, former members, retired members and other persons entitled to benefits under the pension plan, the Chief Executive Officer has taken into account their interests; and (b)  the agreement satisfies such conditions or restrictions as may be prescribed. 2016, c. 37, Sched. 19, s. 4; 2018, c. 8, Sched. 23, s. 23, 24. Decision to approve, etc. (7) A decision by the Chief Executive Officer under this section to approve or not to approve an agreement is final and is not subject to a hearing or an appeal. 2016, c. 37, Sched. 19, s. 4; 2018, c. 8, Sched. 23, s. 23. Interpretation, “successor employer” (8) For the purposes of subsection (5), “successor employer” means the person who acquires the business of an employer who is required to make contributions under a pension plan, if the person assumes some or all of the employer’s obligations and rights under the pension plan in connection with the acquired business. 2016, c. 37, Sched. 19, s. 4. Section Amendments with date in force (d/m/y) 1997, c. 28, s. 200 - 01/07/1998 2005, c. 31, Sched. 18, s. 10 - 30/04/2006 2010, c. 9, s. 58 - 01/07/2012 2014, c. 7, Sched. 26, s. 7 - 01/11/2015 2016, c. 37, Sched. 19, s. 4 - 8/12/2016 2017, c. 34, Sched. 33, s. 29 - not in force 2018, c. 8, Sched. 23, s. 23, 24 - 08/06/2019 Liability on wind-up, jointly sponsored pension plans