80.4 (1) Repealed: 2019, c. 4, Sched. 6, s. 1. Proposed conversion and transfer of assets (2) This section applies if an employer proposes to convert a single employer pension plan that provides defined benefits into a jointly sponsored pension plan, and proposes to implement the conversion through a transfer of assets and liabilities from the single employer pension plan to another pension plan that is a jointly sponsored pension plan. 2014, c. 7, Sched. 26, s. 12. Requirements re defined contribution benefits (3) If the single employer pension plan provides defined contribution benefits as well as defined benefits, the employer of the single employer pension plan may elect to transfer the assets in respect of the defined contribution benefits to the jointly sponsored pension plan and if the employer so elects, the transfer of assets in respect of the defined contribution benefits must comply with the requirements, if any, that are prescribed by the regulations. 2019, c. 15, Sched. 29, s. 3. Notice of proposal (4) The administrator shall give the members, former members, retired members and other persons entitled to benefits under the single employer pension plan a notice about the proposed conversion of the pension plan and transfer of assets to the jointly sponsored pension plan, in accordance with such requirements as may be prescribed by regulation, and the notice must contain the following information and such other information as may be prescribed: 1.  A statement that the employer and the members of a jointly sponsored pension plan are required to make contributions in respect of any going concern unfunded liability, solvency deficiency or reduced solvency deficiency, as applicable, and that these contributions may be required in respect of benefits that accrued before the date of the transfer of assets. 2.  A statement indicating that on the wind up of a jointly sponsored pension plan, the amount or commuted value of a pension benefit, a deferred pension or an ancillary benefit may be reduced. 3.  A statement that pension benefits provided by jointly sponsored pension plans are not guaranteed by the Guarantee Fund. 4.  If applicable, a statement that the jointly sponsored pension plan and its members are excluded from the operation of section 74 (grow-in benefits for members). 2014, c. 7, Sched. 26, s. 12; 2017, c. 34, Sched. 33, s. 31 (1). Same, to trade union (5) The administrator shall give notice of the proposed conversion and transfer of assets to any trade union that represents members of the single employer pension plan, and the notice must be given within the prescribed period and must contain the information specified by the regulations. 2014, c. 7, Sched. 26, s. 12. Requirement re: consent of members, etc. (6) The transfer of assets is not authorized unless the members, former members, retired members and other persons entitled to benefits under the single employer pension plan consent to the proposed conversion and transfer of assets, or are deemed in accordance with the regulations to have consented to the conversion and transfer. 2014, c. 7, Sched. 26, s. 12. Same (7) The consent of the members, former members, retired members and other persons entitled to benefits under the single employer pension plan to the proposed conversion and transfer of assets must be obtained in accordance with such requirements as may be prescribed by regulation, and the regulations may permit a trade union that represents members of the pension plan to consent on their behalf. 2014, c. 7, Sched. 26, s. 12. Same (8) The regulations may authorize the Chief Executive Officer to vary the prescribed requirements for determining whether consent is given or is deemed to have been given by the members of the single employer pension plan, and to vary the prescribed requirements for obtaining their consent. 2014, c. 7, Sched. 26, s. 12; 2018, c. 8, Sched. 23, s. 23. Notice to Chief Executive Officer (9) The administrator shall give notice of the proposed conversion and transfer of assets to the Chief Executive Officer and the notice must be given within the prescribed period and must contain the information specified by the regulations. 2014, c. 7, Sched. 26, s. 12; 2018, c. 8, Sched. 23, s. 23. Requirement re: consent of Chief Executive Officer (10) The transfer of assets is not authorized unless the Chief Executive Officer consents to it in advance. 2014, c. 7, Sched. 26, s. 12; 2018, c. 8, Sched. 23, s. 23. Application for Chief Executive Officer’s consent (11) The employer may apply for the Chief Executive Officer’s consent to the transfer of assets from the single employer pension plan to the jointly sponsored pension plan. 2014, c. 7, Sched. 26, s. 12; 2018, c. 8, Sched. 23, s. 24. Same (11.1) An employer may apply for the Chief Executive Officer’s consent under subsection (11) before the jointly sponsored pension plan is registered under this Act.  However, if the application for registration of the jointly sponsored pension plan is not received by the Chief Executive Officer within 90 days after the application for consent is made, the application for consent is deemed not to have been made. 2019, c. 14, Sched. 9, s. 36. Notice of application (12) The administrator shall ensure that notice of the application for the Chief Executive Officer’s consent is given to members, former members, retired members and other persons entitled to benefits under the single employer pension plan, and to any trade union that represents members of the plan, in accordance with such requirements as may be prescribed. 2014, c. 7, Sched. 26, s. 12; 2018, c. 8, Sched. 23, s. 24. Waiver or variation of certain provisions of the regulations (12.1) The Chief Executive Officer may, if he or she considers it appropriate in the circumstances, waive or vary the application of, (a)  any provision of the regulations that is made for the purposes of subsection (4), (5), (9) or (12) or any Authority rule made for the purpose of any of those subsections; or (b)  in the case of a transfer of assets to a pension plan that is registered as a jointly sponsored pension plan within nine months after the date on which an application under subsection (11) is made in respect of the transfer to the plan, (i)  any provision or Authority rule described in clause (a), (ii)  any provision of the regulations that is made for the purposes of subsection (3), (13) or (17), and (iii)  any provision of the regulations that is made for the purposes of subsections 79.2 (3) to (7.1). 2019, c. 14, Sched. 9, s. 36; 2020, c. 34, Sched. 18, s. 3. Statutory criteria for Chief Executive Officer’s consent (13) The Chief Executive Officer shall consent to the transfer of assets in accordance with the application if all of the following criteria, and such other criteria as may be prescribed, are satisfied: 1.  Notice of the application for the Chief Executive Officer’s consent has been given in accordance with this section to the members, former members, retired members and other persons entitled to benefits under the single employer pension plan and to any trade union that represents members of the plan. 2.  The employer of the single employer pension plan and the sponsors of the jointly sponsored pension plan have entered into an agreement with respect to the proposed transfer of assets. 3.  Notice of the proposed conversion of the pension plan and transfer of assets has been given in accordance with this section to the members, former members, retired members and other persons entitled to benefits under the plan, to any trade union that represents members of the plan and to the Chief Executive Officer. 4.  Consent to the proposed conversion and transfer of assets has been given or is deemed to have been given, in accordance with this section, by the members, former members, retired members and other persons entitled to benefits under the plan. 5.  As of the effective date of the transfer, the employer is a participating employer under the jointly sponsored pension plan. 6.  As of the effective date of the transfer, the transferred members and other transferees cease to be entitled to benefits under the single employer pension plan and they are entitled to benefits under the jointly sponsored pension plan. 7.  As of the effective date of the transfer, the commuted value of the pension benefits provided under the jointly sponsored pension plan for the transferred members is not less than the commuted value of their pension benefits under the single employer pension plan, as adjusted for any payments made from the single employer pension plan to a prescribed retirement savings arrangement or made directly to the transferred members in connection with the transfer of assets. 8.  As of the effective date of the transfer, the pension benefits provided under the jointly sponsored pension plan for the other transferees are, at a minimum, the same as the pension benefits provided for them under the single employer pension plan. 9.  As of the effective date of the transfer, every transferred member is entitled to credit in the jointly sponsored pension plan for the period of his or her membership in the single employer pension plan for the purpose of determining eligibility for membership in, or entitlement to benefits under, the jointly sponsored pension plan. 2014, c. 7, Sched. 26, s. 12; 2017, c. 8, Sched. 27, s. 16 (1); 2018, c. 8, Sched. 23, s. 23, 24. Transfer to prescribed retirement savings arrangement (13.1) If the commuted value of a transferred member’s pension benefits provided under the jointly sponsored pension plan is less than the commuted value of the member’s pension benefits under the single employer pension plan, the administrator of the single employer pension plan shall pay the portion that exceeds the commuted value under the jointly sponsored pension plan into a prescribed retirement savings arrangement on the transferred member’s behalf. 2017, c. 8, Sched. 27, s. 16 (2). Same, excess (13.2) If the amount to be paid under subsection (13.1) 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 transferred member. 2017, c. 8, Sched. 27, s. 16 (2). Amount of assets to be transferred (14) The regulations may authorize the Chief Executive Officer, in prescribed circumstances, to vary the amount of assets otherwise required to be transferred from the single employer pension plan to the jointly sponsored pension plan. 2014, c. 7, Sched. 26, s. 12; 2018, c. 8, Sched. 23, s. 23. Surplus (15) If any assets remain in the single employer pension plan after the transfer of assets under this section, the amount of the remaining assets, excluding any assets that relate to defined contribution benefits, is deemed to be surplus under the single employer pension plan. 2014, c. 7, Sched. 26, s. 12. Exclusion from grow-in benefits (16) If the jointly sponsored pension plan and its members are excluded from the operation of section 74 (grow-in benefits for members) on the effective date of the transfer of assets, the transferred members are excluded from the operation of section 74 as of that date. 2014, c. 7, Sched. 26, s. 12. Cancellation, etc., of special payments (17) If, before the effective date of the transfer of assets, the employer is required to make special payments under the single employer pension plan in respect of a going concern unfunded liability, solvency deficiency or reduced solvency deficiency, the regulations may specify circumstances in which the requirement to make special payments on or after the effective date of the transfer of assets is cancelled or the amount of the special payments is reduced, and the regulations may impose conditions relating to the cancellation or reduction. 2014, c. 7, Sched. 26, s. 12; 2017, c. 34, Sched. 33, s. 31 (2). Withdrawal as participating employer (18) If, after the transfer of assets, the employer withdraws as a participating employer in the jointly sponsored pension plan, the employer shall, in the prescribed circumstances, pay the prescribed amount into the pension fund of the jointly sponsored pension plan for the benefit of the transferred members and other transferees. 2014, c. 7, Sched. 26, s. 12. Conflict (19) This section prevails over any document that creates and supports the single employer pension plan or the jointly sponsored pension plan and over any collective agreement and it prevails despite any trust that may exist in favour of any person. 2014, c. 7, Sched. 26, s. 12. Crown immunity (20) The following rules apply with respect to the transfer of assets from the single employer pension plan to the jointly sponsored pension plan, if the transfer complies with this Act and the regulations: 1.  Any reduction in the amount or the commuted value of a pension benefit, an ancillary benefit, a pension or a deferred pension that results from the transfer of assets is deemed not to constitute an expropriation. 2.  No amount on account of damages, compensation or costs is owing or payable to any person and no remedy is available to any person against the Crown in connection with the transfer of assets. 3.  No action, claim or demand that is directly or indirectly related to the transfer of assets may be brought or maintained against the Crown. 2014, c. 7, Sched. 26, s. 12; 2020, c. 36, Sched. 37, s. 17. Expenses incurred by trade union (21) If a trade union that represents members of the single employer pension plan is entitled to vote on the conversion and transfer of assets on behalf of the members, the trade union is entitled to be reimbursed from the pension fund its reasonable fees and expenses, of the type that are prescribed, relating to the vote. 2014, c. 7, Sched. 26, s. 12. Order to return contributions (22) If the transfer of assets does not comply with this Act or the regulations, the Chief Executive Officer may, by order, require the administrator of the jointly sponsored pension plan to pay to a transferred member from the pension fund the amount by which the transferred member’s contributions, made on or after the effective date of the transfer of assets, exceed the amount that would have been payable by him or her if the transfer had not been implemented, with interest calculated in the prescribed manner. 2014, c. 7, Sched. 26, s. 12; 2018, c. 8, Sched. 23, s. 23. Enforcement (23) Subject to section 89, an order under subsection (22), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. 2014, c. 7, Sched. 26, s. 12. Definitions (24) In this section, “other transferees” means the individuals who are former members, retired members and other persons entitled to benefits under the single employer pension plan immediately before the effective date of the transfer of assets described in this section to the jointly sponsored pension plan; (“autres personnes transférées”) “transferred members” means the individuals who are members of the single employer pension plan immediately before the effective date of the transfer of assets described in this section to the jointly sponsored pension plan. (“participants transférés”) 2014, c. 7, Sched. 26, s. 12. Section Amendments with date in force (d/m/y) 2014, c. 7, Sched. 26, s. 12 - 01/11/2015 2017, c. 8, Sched. 27, s. 16 (1, 2) - 17/05/2017; 2017, c. 34, Sched. 33, s. 31 (1, 2) - 01/05/2018 2018, c. 8, Sched. 23, s. 23, 24 - 08/06/2019; 2018, c. 17, Sched. 33, s. 10 - 06/12/2018 2019, c. 4, Sched. 6, s. 1 - 03/04/2019; 2019, c. 14, Sched. 9, s. 36 - 10/12/2019; 2019, c. 15, Sched. 29, s. 3 - 10/12/2019 2020, c. 34, Sched. 18, s. 3 (1, 2) - 08/12/2020; 2020, c. 36, Sched. 37, s. 17 (1, 2) - 08/12/2020 Adoption of successor pension plan