hordruma/ontario_laws_and_regs huggingface dataset:
PART I INTERPRETATION
 49. (1) Subsection 22 (4) of the Act does not apply to an administrator of a multi-employer pension plan who enters into a transaction with a trade union, council of trade unions, employer, employers’ association or an employee benefit trust fund in which a member of the board of trustees or committee holds any office or position, where the transaction is, (a)  only for purchase or lease of office space, for legal, accounting or other services, materials or equipment necessary for the administration and operation of the pension plan, provided that the compensation paid therefor is reasonable in the circumstances; and (b)  permitted under the documents that create and support the pension plan or any amendments thereto.  R.R.O. 1990, Reg. 909, s. 49 (1). (2) Subsection 22 (4) of the Act does not apply to an administrator of a multi-employer pension plan or, where the administrator is a pension committee or a board of trustees, to a member of the committee or board who enters into a transaction, other than a transaction referred to in subsection (1), related to the administration of the pension plan or pension fund that, (a)  is in the interest of the members, former members and retired members of the pension plan; (b)  is protective of the rights of the members, former members and retired members of the pension plan; (c)  is permitted under the documents that create and support the pension plan; (d)  is disclosed to members, former members and retired members of the pension plan prior to entering into the transaction; and (e)  confers no direct or indirect personal benefit upon the administrator or member of the pension committee or board of trustees.  R.R.O. 1990, Reg. 909, s. 49 (2); O. Reg. 178/12, s. 49.
PART I INTERPRETATION
 49.1 The following provisions do not apply with respect to a multi- employer pension plan established pursuant to a collective agreement, a trust agreement, a statute or a municipal by-law: 1.  Subsection 56 (2) of the Act (notice that contributions not paid when due). 2.  Section 56.1 of the Act (summary of required contributions, etc.).  O. Reg. 144/00, s. 26. Miscellaneous
PART I INTERPRETATION
 50. For purposes of section 54 of the Act, the reduction of a pension or a deferred pension that may be required by a pension plan in relation to benefits under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act
(Canada) shall not exceed, (a)  if the plan has a Canada Pension Plan or Quebec Pension Plan offset, an amount calculated according to the following formula: A × (B / 35) where, A =  the amount of pension that would be payable to the person under the Canada Pension Plan or the Quebec Pension Plan, calculated as of the date of termination of the person’s employment or membership and calculated as if the person had reached 65 years of age at the date of termination, B =  the number of years, not exceeding thirty-five, including parts of a year, of employment credited to the person under the pension plan; and (b)  if the plan has, prior to the 1st day of January, 1987, an offset for the Old Age Security Act
(Canada), an amount calculated according to the following formula: C × (D / 35) where, C =  the amount of pension payable under the Old Age Security Act (Canada) calculated as of the date of termination of the person’s employment or membership, D =  the number of years, not exceeding thirty-five, including parts of a year, of employment credited to the person under the pension plan before the 1st day of January, 1987. R.R.O. 1990, Reg. 909, s. 50; O. Reg. 144/00, s. 27.
PART I INTERPRETATION
 51. (1) If a member or former member has satisfied all of the eligibility requirements to receive a bridging benefit or if a retired member is receiving a bridging benefit, the amount or value of the bridging benefit shall not be reduced simply because the member, former member or retired member is eligible or entitled, under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada), to receive actuarially reduced payments before reaching 65 years of age.  O. Reg. 178/12, s. 50. (2) If a pension plan provides a bridging benefit without specifying the age at which the benefit is reduced or ceases, the plan is deemed to specify that the bridging benefit is reduced or ceases when the member, former member or retired member reaches 65 years of age.  O. Reg. 178/12, s. 50. (3) However, subsection (2) does not apply if the pension plan is amended after December 31, 1986 to specify that the bridging benefit is reduced or ceases in one, or both, of the following circumstances: 1.  When the member, former member or retired member reaches a specified age that is younger than 65 years of age. 2.  When a specified event occurs.  O. Reg. 178/12, s. 50.
PART I INTERPRETATION
 52. (1) The age at which a variation shall be deemed to occur in a pension plan that provides that a pension benefit may be varied as the result of retirement benefits payable under the Canada Pension Plan or the Quebec Pension Plan where the pension plan does not state the specific age at which the variation is to occur is sixty-five years of age.  R.R.O. 1990, Reg. 909, s. 52 (1). (2) Subsection (1) does not apply to a pension plan that is amended after the 31st day of December, 1986 to establish a specific age or to provide for the occurrence of a specific event for variation of the pension benefit prior to the recipient attaining sixty-five years of age.  R.R.O. 1990, Reg. 909, s. 52 (2). (3) A pension plan that provides a pension benefit that may be varied as a result of a recipient’s entitlement to a retirement pension under the Canada Pension Plan
or the Quebec Pension Plan prior to attaining the age of sixty-five years shall take into account the adjustment made to the retirement pension under the Canada Pension Plan or the Quebec Pension Plan.  R.R.O. 1990, Reg. 909, s. 52 (3).
PART I INTERPRETATION
 53. A deferred pension referred to in sections 36 and 37 of the Act provided under a pension plan that is insured by individual level premium contracts may, in the case of an individual level premium contract issued prior to the qualification date, be equal to the paid up annuity under the contract arising from contributions made with respect to employment on or after the qualification date if the special payments required with respect to the deferred pension under the contract have all been paid or will continue to be paid.  R.R.O. 1990, Reg. 909, s. 53.
PART I INTERPRETATION
 54. A pension fund shall be administered only, (a)  by a government; (b)  by an insurance company; (c)  by a trust in Canada governed by a written trust agreement under which the trustees are, (i)  a trust corporation registered under the Loan and Trust Corporations Act, (ii)  three or more individuals, at least three of whom reside in Canada and at least one of whom is independent of any employer contributing to the pension fund, to the extent the individual is neither a significant shareholder, partner, proprietor, director, officer, nor an employee of an employer contributing to the fund or an affiliate of the employer, or (iii)  a corporate pension society (established under the Pension Fund Societies Act (Canada)); (d)  under the Government Annuities Act (Canada); (e)  by a board, agency, commission or corporation made responsible by an Act of the Legislature for the administration of the pension fund; or (f)  by any combination referred to in clauses (a) to (e).  R.R.O. 1990, Reg. 909, s. 54.
PART I INTERPRETATION
 55. (1) Unless otherwise stated in the pension plan documents, the fiscal year of a pension plan shall be deemed to commence on the 1st day of January and end on the 31st day of December.  R.R.O. 1990, Reg. 909, s. 55 (1). (2) No fiscal year of a pension plan shall exceed twelve months.  R.R.O. 1990, Reg. 909, s. 55 (2). 56. Revoked:  O. Reg. 288/11, s. 5.
PART I INTERPRETATION
 58. The following are prescribed as ancillary benefits for purposes of section 40 of the Act: 1.  Survivor benefits in excess of those required under subsection 44 (3) of the Act. 2.  Revoked:  O. Reg. 178/12, s. 52. R.R.O. 1990, Reg. 909, s. 58; O. Reg. 178/12, s. 52. 59. Revoked:  O. Reg. 178/12, s. 53. 60. Revoked:  O. Reg. 570/06, s. 7.
PART I INTERPRETATION
 61. For purposes of section 39 of the Act, the portion of the pension benefit attributable to employment after the 1st day of January, 1987 in a pension plan that provides a pension benefit based on a rate of remuneration of a plan member as of the date that the plan member terminates employment or that is based on an average of the rates of remuneration of a plan member over a specified or limited time period up to the date the plan member terminates employment is, (a)  the pension benefit, less, (b)  the pension benefit calculated in accordance with the terms of the plan at the 31st day of December, 1986 using the rate of remuneration of the plan member as of the date of termination of employment or the average of the rates of remuneration of the plan member over the specified or limited time period, as the case may be.  R.R.O. 1990, Reg. 909, s. 61.
PART I INTERPRETATION
 63. (1) A pension plan may provide for the reduction of an entitlement under section 48 of the Act by an amount equal to that part of a group life insurance payment payable on the death of the member, former member or retired member that can be considered to have been paid by employer premiums.  R.R.O. 1990, Reg. 909, s. 63 (1); O. Reg. 178/12, s. 54 (1). (2) An entitlement under section 48 of the Act shall not be offset by an amount greater than the group life insurance payment times the rate of the employer paid cost of the group life insurance policy to the total cost of the policy for the relevant class of employees, taking into account in both the numerator and the denominator the ratio of any experience or other refunds.  R.R.O. 1990, Reg. 909, s. 63 (2). (3) The ratio referred to in subsection (2) shall be averaged over a period not exceeding five years.  R.R.O. 1990, Reg. 909, s. 63 (3). (4) The actuarial present value of a reduction to an entitlement under section 48 of the Act may not exceed the amount of the payment under the group life insurance plan.  R.R.O. 1990, Reg. 909, s. 63 (4). (5) In the case of a pension plan that provides contributory benefits, the reduction referred to in subsection (1) shall not reduce an entitlement under section 48 of the Act to less than the aggregate of the required contributions of the member, former member or retired member, with interest in accordance with section 24.  R.R.O. 1990, Reg. 909, s. 63 (5); O. Reg. 178/12, s. 54 (2). (6) A reduction under this section may not be made unless the group life insurance contract provides for payment of the insurance payment to the spouse of a member, former member or retired member, where there is a spouse at the date of death or the spouse has waived the insurance payment.  O. Reg. 324/05, s. 14; O. Reg. 178/12, s. 54 (3). (7) Subsection 48 (11) of the Act does not apply to pension plans that provide defined contribution benefits.  R.R.O. 1990, Reg. 909, s. 63 (7).
PART I INTERPRETATION
 65.2 For the purposes of subsections 8 (1.1) and (1.2) of the Act, the following circumstances are prescribed as circumstances in which the Chief Executive Officer may appoint an administrator for a pension plan or act as administrator of a pension plan: 1.  The pension plan is to be wound up in whole or in part and does not have an administrator. 2.  The pension plan is to be wound up in whole or in part and has an administrator who fails to act. 3.  As a result of an application under the Companies’ Creditors Arrangement Act (Canada), a court has made an order staying all proceedings taken against the employer who is required to make contributions under the pension plan. 4.  A proposal, within the meaning of the Bankruptcy and Insolvency Act (Canada), has been filed with an official receiver under that Act with respect to the employer who is required to make contributions under the pension plan. 5.  A receiver or receiver-manager has been appointed in respect of some or all of the property of the employer who is required to make contributions under the pension plan.  O. Reg 352/16, s. 1; O. Reg. 149/19, s. 1. PART II   PENSION FUND REQUIREMENTS
PART II PENSION FUND REQUIREMENTS
 66. (1) In this Part, “federal investment regulations” means sections 6, 7, 7.1 and 7.2 and Schedule III to the “Pension Benefits Standards Regulations, 1985” made under the Pension Benefits Standards Act, 1985
(Canada) as they may be amended from time to time.  O. Reg. 85/11, s. 1. (2) For the purposes of this Part, a reference in the federal investment regulations to the Superintendent shall be deemed to be a reference to the Chief Executive Officer as defined in section 1 of the Pension Benefits Act.  O. Reg. 144/00, s. 29; O. Reg. 149/19, s. 1; O. Reg. 32/20, s. 2. (3) For the purposes of this Part, a reference in the federal investment regulations to a person’s spouse shall be deemed to be a reference to his or her spouse as defined in section 1 of the Pension Benefits Act.  O. Reg. 324/05, s. 15. 67.-75. Revoked:  O. Reg. 144/00, s. 29.
PART II PENSION FUND REQUIREMENTS
 77. (1) The administrator of a pension plan that provides defined benefits shall file an investment information summary in a form approved by the Chief Executive Officer within six months after the fiscal year end of the plan.  O. Reg. 178/12, s. 56; O. Reg. 149/19, s. 1. (1.1) Revoked: O. Reg. 287/20, s. 16 (2). (2) Subsection (1) does not apply if the pension plan is an individual pension plan or a designated plan.  O. Reg. 178/12, s. 56.
PART II PENSION FUND REQUIREMENTS
 78. (1) The administrator of a pension plan shall establish a statement of investment policies and procedures for the plan that meets the requirements of the federal investment regulations as modified in sections 47.8 and 79 of this Regulation. O. Reg. 51/14, s. 1. (2) The federal investment regulations, as modified in sections 47.8 and 79 of this Regulation, apply with respect to the statement of investment policies and procedures for the plan. O. Reg. 51/14, s. 1. (3) The statement of investment policies and procedures shall include information as to whether environmental, social and governance factors are incorporated into the plan’s investment policies and procedures and, if so, how those factors are incorporated. O. Reg. 235/14, s. 8. (4) The administrator of a pension plan that is registered before January 1, 2016 shall file a statement of investment policies and procedures within 60 days after January 1, 2016. O. Reg. 235/14, s. 8. (5) The administrator of a pension plan that is registered on or after January 1, 2016 shall file a statement of investment policies and procedures within 60 days after the pension plan is registered. O. Reg. 235/14, s. 8. (5.1) Revoked: O. Reg. 287/20, s. 17 (2). (6) The administrator of a pension plan shall file an amendment to the statement of investment policies and procedures within 60 days after the date the amendment is made. O. Reg. 235/14, s. 8. (6.1) Revoked: O. Reg. 287/20, s. 17 (2). (7) The statement of investment policies and procedures shall include the plan’s target asset allocation for assets in respect of defined benefits for each investment category listed in subsection 76 (12). O. Reg. 250/18, s. 38; O. Reg. 105/19, s. 23 (1). (7.1) Subsection (7) does not apply with respect to a jointly sponsored pension plan listed in subsection 1.3.1 (3). O. Reg. 105/19, s. 23 (2). (8) The target asset allocation for an investment category is the target proportion of the plan’s assets invested in a particular investment category in proportion to the total target investment in all investment categories, expressed as a percentage. O. Reg. 250/18, s. 38.
PART II PENSION FUND REQUIREMENTS
 79. (1) The assets of every pension plan shall be invested in accordance with the federal investment regulations, as modified in section 47.8 of this Regulation and subsection (2), and in accordance with the statement of investment policies and procedures for the plan. O. Reg. 235/14, s. 9. (1.1) In the event of a conflict, the federal investment regulations, as modified in section 47.8 of this Regulation and subsection (2), prevail to the extent of the conflict over the statement of investment policies and procedures for the plan, the provisions of the plan or an instrument governing the plan. O. Reg. 235/14, s. 9. (2) Despite subsection (1), investments in the following securities are excluded from the restriction set out in subsection 9 (1) of Schedule III of the federal investment regulations: 1.  Securities issued by the Government of the United States of America. O. Reg. 51/14, s. 2. Transition
PART II PENSION FUND REQUIREMENTS
 80. (1) References in this Regulation to a form approved by the Chief Executive Officer are deemed to include the last form approved by the Superintendent for the purposes of the relevant provision prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018
came into force until the Chief Executive Officer approves a subsequent form for the purposes of the relevant provision. O. Reg. 149/19, s. 8. (2) Any application, statement, report, certificate, election, notice, information or copy of a trust agreement provided to, submitted to or filed with the Superintendent under this Regulation, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018
came into force, is deemed to have been provided to, submitted to or filed with the Chief Executive Officer. O. Reg. 149/19, s. 8. (3) Any determination relating to the allocation of funds from the Guarantee Fund to a pension plan made by the Superintendent under this Regulation, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018 came into force, is deemed to have been made by the Chief Executive Officer. O. Reg. 149/19, s. 8. (4) Any information the Superintendent requires under this Regulation, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018 came into force, is deemed to be information the Chief Executive Officer requires. O. Reg. 149/19, s. 8. (5) If the Superintendent causes a report to be prepared or causes work on a report to cease under this Regulation, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018
came into force, the report is deemed to have been caused to be prepared or work on the report is deemed to have been caused to cease, as the case may be, by the Chief Executive Officer. O. Reg. 149/19, s. 8. (6) For the purposes of this Regulation, an approval given by the Superintendent under the Act, or a deferral of the giving of approval by the Superintendent under the Act, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018 came into force, is deemed to have been given or deferred by the Chief Executive Officer. O. Reg. 149/19, s. 8. (7) For the purposes of this Regulation, any notice or application provided to or filed with the Superintendent under the Act, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018
came into force, is deemed to have been provided to or filed with the Chief Executive Officer. O. Reg. 149/19, s. 8. (8) For the purposes of this Regulation, any appointment, order, or dispensation of notice made or issued by the Superintendent under the Act, as it read prior to the day section 1 of Schedule 23 to the Plan for Care and Opportunity Act (Budget Measures), 2018 came into force, is deemed to have been made or issued by the Chief Executive Officer. O. Reg. 149/19, s. 8.
PART II PENSION FUND REQUIREMENTS
 82. (1) This section applies in respect of a pension plan that meets the following criteria: 1.  In the first report of the pension plan filed by the administrator under section 13 or 14 for which the valuation date was on or after September 30, 2008 and before September 30, 2011, the administrator elected to use one or more of the options for solvency relief listed in subsection 5.6 (3), as it read immediately before its revocation. 2.  Special payments in respect of the pension plan’s new going concern unfunded liability, new solvency deficiency or consolidated prior solvency deficiency disclosed by the first report are scheduled for payment after August 31, 2021. O. Reg. 533/21, s. 12. (2) Sections 1.2, 4, 4.1, 5, 5.1, 5.6, subsection 5.7 (7) and sections 6, 6.0.5 and 14, as they read immediately before September 1, 2021, continue to apply to a pension plan described in subsection (1). O. Reg. 533/21, s. 12. (3) Sections 1.2, 4, 4.1, 5, 5.1, 5.6, subsection 5.7 (7) and sections 6, 6.0.5 and 14, as they read immediately before September 1, 2021, cease to apply in respect of a pension plan described in subsection (1) on the first day on which there are no special payments scheduled in respect of the pension plan’s new going concern unfunded liability, new solvency deficiency or consolidated prior solvency deficiency, as the case may be. O. Reg. 533/21, s. 12.
PART II PENSION FUND REQUIREMENTS
 83. (1) This section applies in respect of a pension plan that meets the following criteria: 1.  In the first report of the pension plan filed by the administrator under section 13 or 14 for which the valuation date was on or after September 30, 2011 and before September 30, 2014, the administrator elected to use one or both of the options for solvency relief listed in subsection 5.6.1 (3), as it read immediately before its revocation. 2.  Special payments in respect of the pension plan’s consolidated prior solvency deficiency or new solvency deficiency disclosed by the first report are scheduled for payment after August 31, 2021. O. Reg. 533/21, s. 12. (2) Sections 1.2, 4, 4.1, 5, 5.1, 5.6.1, subsection 5.7 (7) and sections 6, 6.0.5 and 14, as they read immediately before September 1, 2021, continue to apply to a pension plan described in subsection (1). O. Reg. 533/21, s. 12. (3) Sections 1.2, 4, 4.1, 5, 5.1, 5.6.1, subsection 5.7 (7) and sections 6, 6.0.5 and 14, as they read immediately before September 1, 2021, cease to apply in respect of a pension plan described in subsection (1) on the first day on which there are no special payments scheduled in respect of the pension plan’s consolidated prior solvency or new solvency deficiency, as the case may be. O. Reg. 533/21, s. 12.
PART II PENSION FUND REQUIREMENTS
 84. (1) This section applies in respect of a pension plan that meets the following criteria: 1.  In the first report of the pension plan filed by the administrator under section 13 or 14 for which the valuation date was on or after December 31, 2015 and before May 1, 2018, the administrator elected to use one or both of the options for solvency relief listed in subsection 5.6.2 (3), as it read immediately before its revocation. 2.  Special payments in respect of the pension plan’s consolidated prior solvency deficiency or new solvency deficiency disclosed by the first report are scheduled for payment after August 31, 2021. O. Reg. 533/21, s. 12. (2) Sections 1.2, 4, 4.1, 5, 5.1, 5.6.2, subsection 5.7 (7) and sections 6, 6.0.5 and 14, as they read immediately before September 1, 2021, continue to apply to a pension plan described in subsection (1). O. Reg. 533/21, s. 12. (3) Sections 1.2, 4, 4.1, 5, 5.1, 5.6.2, subsection 5.7 (7) and sections 6, 6.0.5 and 14, as they read immediately before September 1, 2021, cease to apply in respect of a pension plan described in subsection (1) on the first day on which there are no special payments scheduled in respect of the pension plan’s consolidated prior solvency deficiency or new solvency deficiency, as the case may be. O. Reg. 533/21, s. 12.