43.1 (1) Despite subsection 1.1 (1), a reference to a retired member in this section does not include an individual who has not yet elected to receive a pension even though the individual is entitled to begin to receive a pension from the pension fund by virtue of having reached the normal retirement date under the pension plan. 2017, c. 34, Sched. 33, s. 20. Purchase of pension, single employer pension plan (2) The administrator of a single employer pension plan that provides defined benefits who is required by the pension plan to provide a pension, a deferred pension or an ancillary benefit to a former member or retired member or to the surviving spouse of a member, former member or retired member may purchase the pension, deferred pension or ancillary benefit from an insurance company. 2017, c. 34, Sched. 33, s. 20; 2018, c. 17, Sched. 33, s. 4 (1). Notice of purchase (3) The administrator shall give notice of the purchase under subsection (2), in accordance with the prescribed requirements, to the following persons, as applicable: 1.  The former member in respect of whom the purchase was made. 2.  The retired member in respect of whom the purchase was made. 3.  The surviving spouse in respect of whom the purchase was made. 4.  The spouse of a retired member, if the purchase was made in respect of a retired member whose spouse is receiving a specified amount or a portion of the pension instalment otherwise payable to the retired member under section 67.4 or 67.6. 2018, c. 17, Sched. 33, s. 4 (2). Requirements (4) The purchase under subsection (2) must meet the following requirements: 1.  In the case of a purchase in respect of a former member, the deferred pension or ancillary benefit purchased from the insurance company must provide the same benefit as the benefit the former member would have received from the pension plan had the purchase not been made. 2.  In the case of a purchase in respect of a retired member, the pension or ancillary benefit purchased from the insurance company must provide the retired member with payments in the same amount and form as the pension or ancillary benefit, as the case may be, that the retired member would have received from the pension plan had the purchase not been made. 2.1  In the case of a purchase in respect of a surviving spouse receiving a joint and survivor pension under section 44 or a surviving spouse receiving a pension under section 48, the pension purchased from the insurance company must provide the surviving spouse with payments in the same amount and form as the pension that the surviving spouse would have received from the pension plan had the purchase not been made. 3.  If a spouse of a retired member is receiving a specified amount or a proportion of the pension instalment otherwise payable to the retired member in accordance with section 67.4 or 67.6, the pension or ancillary benefit purchased from the insurance company must provide the retired member and the spouse with payments in the same amount and form as the payments they would have received from the pension plan had the purchase not been made. 3.1  In the case of a purchase in respect of a surviving spouse entitled to a deferred pension under section 48, the deferred pension purchased from the insurance company must provide the same benefit as the benefit the surviving spouse would have received from the pension plan had the purchase not been made. 4.  The insurance company from which the purchase is made must be authorized to sell annuities. 5.  The contract to purchase the pension, deferred pension or ancillary benefit must meet the prescribed requirements. 6.  The purchase must meet any other requirements, conditions or limitations that may be prescribed, including requirements, conditions or limitations relating to funding. 2017, c. 34, Sched. 33, s. 20; 2018, c. 17, Sched. 33, s. 4 (3-5). Discharge of administrator (5) An administrator is discharged, (a)  in the case of a former member in respect of whom the purchase of a deferred pension has been made and, if the former member is entitled to an ancillary benefit, the purchase of the ancillary benefit has also been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, the administrator has complied with subsection (4) in respect of the purchase or purchases, as the case may be; (b)  in the case of a retired member in respect of whom the purchase of a pension has been made and, if the retired member is entitled to an ancillary benefit, the purchase of the ancillary benefit has also been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, the administrator has complied with subsection (4) in respect of the purchase or purchases, as the case may be; and (c)  in the case of a surviving spouse in respect of whom the purchase of a pension or a deferred pension has been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, the administrator has complied with subsection (4) in respect of the purchase. 2018, c. 17, Sched. 33, s. 4 (6). Discharge, previous purchases under s. 43 (6) Subject to subsection (7), an administrator of a single employer pension plan that provides defined benefits who purchased a pension, deferred pension or ancillary benefit from an insurance company under section 43 before the day the Restoring Trust, Transparency and Accountability Act, 2018 received Royal Assent is discharged, (a)  in the case of a former member in respect of whom the purchase of a deferred pension has been made and, if the former member is entitled to an ancillary benefit, the purchase of the ancillary benefit has also been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, either the original purchase or subsequent adjustments made to the original purchase result in the prescribed requirements being satisfied; (b)  in the case of a retired member in respect of whom the purchase of a pension has been made and, if the retired member is entitled to an ancillary benefit, the purchase of the ancillary benefit has also been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, either the original purchase or subsequent adjustments made to the original purchase result in the prescribed requirements being satisfied; and (c)  in the case of a surviving spouse in respect of whom the purchase of a pension or deferred pension has been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, either the original purchase or subsequent adjustments made to the original purchase result in the prescribed requirements being satisfied. 2018, c. 17, Sched. 33, s. 4 (7). Discharge, other purchases under s. 43 (6.1) Subject to subsections (6.2) and (7), an administrator of a single employer pension plan that provides defined benefits who purchases a pension, deferred pension or ancillary benefit from an insurance company under section 43 on or after the day the Restoring Trust, Transparency and Accountability Act, 2018 received Royal Assent is discharged, (a)  in the case of a former member in respect of whom the purchase of a deferred pension has been made and, if the former member is entitled to an ancillary benefit, the purchase of the ancillary benefit has also been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, either the original purchase or subsequent adjustments made to the original purchase result in the prescribed requirements being satisfied; (b)  in the case of a retired member in respect of whom the purchase of a pension has been made and, if the retired member is entitled to an ancillary benefit, the purchase of the ancillary benefit has also been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, either the original purchase or subsequent adjustments made to the original purchase result in the prescribed requirements being satisfied; and (c)  in the case of a surviving spouse in respect of whom the purchase of a pension or deferred pension has been made, on filing a certificate prepared and signed by an actuary certifying that, in the actuary’s opinion, either the original purchase or subsequent adjustments made to the original purchase result in the prescribed requirements being satisfied. 2018, c. 17, Sched. 33, s. 4 (7). Conditions for discharge under subs. (6.1) (6.2) The administrator is only discharged under subsection (6.1) if, on the date of the purchase of the pension, deferred pension or ancillary benefit under section 43, the purchase satisfies the prescribed requirements, conditions or limitations relating to funding. 2018, c. 17, Sched. 33, s. 4 (7). Notice re purchase under s. 43 (7) Subsections (6) and (6.1) do not apply unless the administrator has, in accordance with the prescribed requirements, given notice to the following persons, as applicable, that it intends to file the certificate mentioned in subsection (6) or (6.1): 1.  The former member in respect of whom the purchase was made. 2.  The retired member in respect of whom the purchase was made. 3.  The surviving spouse in respect of whom the purchase was made. 4.  The spouse of a retired member, if the purchase was made in respect of a retired member whose spouse is receiving a specified amount or a portion of the pension instalment otherwise payable to the retired member under section 67.4 or 67.6. 2018, c. 17, Sched. 33, s. 4 (8). Effect of discharge (8) If an administrator is discharged under this section, the former member or retired member in respect of whom the purchase was made is no longer a former member or retired member under this Act for any purpose, subject to subsection (9). 2017, c. 34, Sched. 33, s. 20. Entitlement to surplus on plan wind up (9) If the pension plan has a surplus on wind up, a former member or retired member in respect of whom a purchase was made has the same rights with respect to payment of surplus under the pension plan as former members and retired members who, as of the date of the wind up, are entitled to payments under the pension plan. However, this only applies if the former member or retired member would have been entitled to payment of surplus under the pension plan if the pension plan had been wound up on the date of the purchase whether or not the pension plan actually had a surplus on the date of the purchase. 2017, c. 34, Sched. 33, s. 20; 2018, c. 17, Sched. 33, s. 4 (9). No discharge if requirements not met (10) Subject to subsection (12), if it is discovered after the filing of a certificate mentioned in subsection (5), (6) or (6.1) that the purchase referred to in the certificate did not satisfy the requirements of this section, the administrator is deemed, as of the filing of the certificate, not to have been discharged under this section. 2018, c. 17, Sched. 33, s. 4 (10). Notice (11) An administrator that is deemed under subsection (10) not to have been discharged shall promptly notify the former member, retired member, spouse or surviving spouse, as applicable, that the administrator, (a)  failed to satisfy the requirements of this section; and (b)  is no longer deemed to have been discharged under this section. 2018, c. 17, Sched. 33, s. 4 (10). Discharge after subs. (10) applies (12) If an administrator is deemed under subsection (10) not to have been discharged, the administrator may be discharged again if the administrator satisfies the requirements of this section. 2018, c. 17, Sched. 33, s. 4 (10). Order for repayment (13) Subject to section 89 (notices and hearings), the Chief Executive Officer may, by order, require the insurance company from which the pension, deferred pension or ancillary benefit was purchased under subsection (2), (6) or (6.1) to repay an amount not greater than the amount of the payment, with interest, if the purchase does not satisfy the requirements of this section. 2018, c. 17, Sched. 33, s. 4 (10); 2018, c. 8, Sched. 23, s. 23. Enforcement (14) Subject to section 89 (notices and hearings), an order for repayment under subsection (13) may be filed in the Superior Court of Justice without reasons and, on filing, is enforceable as an order of that court. 2018, c. 17, Sched. 33, s. 4 (10). Section Amendments with date in force (d/m/y) 2017, c. 34, Sched. 33, s. 20 - 01/07/2018 2018, c. 8, Sched. 23, s. 23- 08/06/2019; 2018, c. 17, Sched. 33, s. 4 (4, 9) - 06/12/2018; 2018, c. 17, Sched. 33, s. 4 (1-3, 5-8, 10) - 15/10/2019