79.2 (1) In this section, “original pension plan” means the pension plan from which assets are transferred, and includes the pension fund for that pension plan; (“premier régime de retraite”) “successor pension plan” means the pension plan to which assets are transferred, and includes the pension fund for that pension plan. (“régime de retraite subséquent”)  2010, c. 9, s. 66 (1). Application (2) This section applies to every transfer of assets between pension plans that is authorized under section 79.1, 80, 80.2 or 81.  2010, c. 9, s. 66; 2014, c. 7, Sched. 26, s. 14; 2016, c. 5, Sched. 22, s. 4. Same, transfers to jointly sponsored pension plan (2.2) Subsections (3) to (5), (7) to (9) and (14) to (16) apply, with necessary modifications, with respect to a transfer of assets to which section 80.4 applies. 2014, c. 7, Sched. 26, s. 10. Effective date (3) The effective date of the transfer of assets is determined in accordance with the regulations.  2010, c. 9, s. 66 (1). Conditions re defined benefits (4) If any of the assets to be transferred relate to the provision of defined benefits in the original pension plan, the transferred assets must be used to provide defined benefits in the successor pension plan at the effective date, in accordance with such requirements as may be prescribed.  2010, c. 9, s. 66 (1). Conditions re funding (5) Every transfer of assets must satisfy such funding requirements as may be prescribed.  2010, c. 9, s. 66 (1). Same (6) If either pension plan has going concern unfunded liabilities or solvency deficiencies determined as of the effective date of the transfer, the transfer of assets must satisfy such additional requirements as may be prescribed.  2010, c. 9, s. 66 (1). Duty of administrator (7) The administrator of each pension plan shall comply with such requirements as may be prescribed with respect to the giving of notice of the transfer of assets between the pension plans, including requirements respecting the time within which the notice must be given and the information that must be contained in it. 2020, c. 34, Sched. 18, s. 1. Same (7.1) The administrator of each pension plan shall comply with such other requirements as may be prescribed with respect to the transfer of assets between the pension plans. 2020, c. 34, Sched. 18, s. 1. Transfer to prescribed retirement savings arrangement (8) If the amount of the assets to be transferred in relation to an individual’s pension benefits and other benefits under the original pension plan is greater than the amount allowed under the Income Tax Act (Canada) for such a transfer, the administrator of the original pension plan shall pay the portion that exceeds that allowed amount into a prescribed retirement savings arrangement on behalf of the individual.  2010, c. 24, s. 32 (3). Exception (9) If the amount to be paid under subsection (8) into a prescribed retirement savings arrangement is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the individual.  2010, c. 9, s. 66 (1). Effect of transfer of assets (10) When the assets are transferred in accordance with this Act and the regulations, the transferred assets become part of the assets of the pension fund for the successor pension plan and they cease to be identified as assets of the original pension plan.  2010, c. 9, s. 66 (1). Same, status of transferred members, etc. (11) When the assets are transferred in accordance with this Act and the regulations, (a)  the employer who is the sponsor of the successor pension plan assumes responsibility for providing pension benefits and other benefits under the original pension plan to the transferred members, former members, retired members and other persons entitled to payments under that plan, and they have no further claim against the original pension plan; or (b)  in the case of a transfer of assets between multi-employer pension plans that are established pursuant to a collective agreement or trust agreement, (i)  the successor pension plan shall be amended to provide that the pension benefits and other benefits provided under the original pension plan to the transferred members, former members, retired members and other persons entitled to payments under the original pension plan shall be provided under the successor pension plan, and (ii)  the transferred members, former members, retired members and other persons entitled to payments under the original pension plan have no further claim against the original pension plan. 2015, c. 38, Sched. 17, s. 1. Pension benefits, etc., under successor pension plan (12) Subsection (11) does not require the successor pension plan to provide the same pension benefits and other benefits for the transferred members that were provided for them under the original pension plan.  2010, c. 9, s. 66 (1). Claims of transferred members, etc. (13) Subsection (12) does not affect any claims of the transferred members, former members, retired members or other persons under the successor pension plan.  2010, c. 9, s. 66 (1). Discharge of administrator (14) If the transfer of assets is made with the consent of the transferred member, former member, retired member or other person, the administrator of the original pension plan is discharged on transferring the assets in accordance with this Act and the regulations.  2010, c. 9, s. 66 (1). Order to return assets (15) The Chief Executive Officer by order may require the administrator of the successor pension plan to return to the original pension plan, with interest calculated in the prescribed manner, assets transferred in contravention of this Act or the regulations.  2010, c. 9, s. 66 (1); 2018, c. 8, Sched. 23, s. 23. Enforcement (16) Subject to section 89, an order under subsection (15), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court.  2010, c. 9, s. 66 (1). Section Amendments with date in force (d/m/y) 2010, c. 9, s. 66 (1) - 01/01/2014; 2010, c. 9, s. 66 (2) - see 2014, c. 7, Sched. 26, s. 14 - see
2016, c. 5, Sched. 22, s. 4 - 01/07/2017;
2010, c. 24, s. 32 (1) - no effect - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2020; 2010, c. 24, s. 32 (2-3) - 01/01/2014 2014, c. 7, Sched. 26, s. 10 - 01/11/2015; 2014, c. 7, Sched. 26, s. 14 - 24/07/2014 2015, c. 38, Sched. 17, s. 1 - 01/07/2016 2016, c. 5, Sched. 22, s. 4 - 19/04/2016 2018, c. 8, Sched. 23, s. 23 - 08/06/2019 2020, c. 34, Sched. 18, s. 1 - 08/12/2020 Transfers upon the sale of a business