PART I INTERPRETATION
 34. (1) This section applies if the Guarantee Fund applies to a pension plan with a wind up date of December 8, 2010 or later.  O. Reg. 466/11, s. 3. (2) If, when the order is made declaring that the Guarantee Fund applies to the pension plan, the plan’s Ontario assets are less than its Ontario wind up liability, (a)  the administrator of the plan shall provide benefits under the plan in accordance with subsection (3); and (b)  on application by the administrator, the Chief Executive Officer shall allocate from the Guarantee Fund and pay to the plan sufficient money to provide, together with the Ontario assets, for those benefits.  O. Reg. 466/11, s. 3; O. Reg. 149/19, s. 1. (2.1) The Chief Executive Officer may determine the timing and manner of allocating and paying the amount referred to in clause (2) (b) and may determine that the amounts are to be paid in one or more instalments. O. Reg. 412/17, s. 3; O. Reg. 149/19, s. 1. (3) The administrator shall pay the greater of the following amounts to each person who is entitled on wind up to payment of benefits guaranteed by the Guarantee Fund or to payment of other amounts guaranteed by the Guarantee Fund: 1.  The value of the person’s contributions to the plan plus interest. 2.  The amount calculated using the formula, A + B in which, “A”  is 100 per cent of the benefits and other amounts for the person that are included in the calculation of the plan’s Guaranteed Benefit liability, and “B”  is the amount determined in accordance with subsection (4) that is related to all other benefits for the person that are included in the calculation of the plan’s Ontario wind up liability. O. Reg. 466/11, s. 3. (4) The amount of the variable “B” for a person is determined as follows: 1.  If the plan’s Ontario assets are less than or equal to its modified Ontario wind up liability, the amount of the variable “B” is calculated using the formula, C × D/E in which, “C”  is the amount of the benefits in respect of the person that are included in the calculation of the plan’s modified Ontario wind up liability but are not included in the calculation of the plan’s Guaranteed Benefit liability, “D”  is the plan’s Ontario assets, and “E”  is the plan’s modified Ontario wind up liability. 2.  If the plan’s Ontario assets are greater than its modified Ontario wind up liability but are less than or equal to the sum of its modified Ontario wind up liability plus its liability, if any, for recent benefit improvements, the amount of the variable “B” is calculated using the formula, C + F in which, “C”  has the same meaning as in paragraph 1, and “F”  is the amount calculated using the formula, G × W/X in which, “G”  is the amount of the benefits in respect of the person included in the calculation of the plan’s liability, if any, for recent benefit improvements, “W”  is the amount by which the plan’s Ontario assets exceed its modified Ontario wind up liability, and “X”  is the amount of the plan’s liability, if any, for recent benefit improvements. 3.  If the plan’s Ontario assets are greater than its modified Ontario wind up liability plus its liability, if any, for recent benefit improvements, the amount of the variable “B” is calculated using the formula, C + G + H in which, “C”  has the same meaning as in paragraph 1, “G”  has the same meaning as in paragraph 2, and “H”  is the amount calculated using the formula, J × Y/Z in which, “J”  is the amount, if any, of the benefits described in subsection 47 (2) for the person, “Y”  is the amount by which the plan’s Ontario assets exceed the sum of its modified Ontario wind up liability and its liability, if any, for recent benefit improvements, and “Z”  is the amount of the plan’s liability for the benefits described in subsection 47 (2). O. Reg. 466/11, s. 3. (5) The Guaranteed Benefit liability of a pension plan is the total liability of the plan for benefits guaranteed by the Guarantee Fund and for other amounts guaranteed by the Guarantee Fund, excluding the amount by which the contributions made by any member, plus interest, for those guaranteed benefits and those other guaranteed amounts exceeds the liability for the member’s guaranteed benefits and other guaranteed amounts.  O. Reg. 466/11, s. 3. (6) The modified Ontario wind up liability of the pension plan is the amount calculated using the formula, K – (L + M) in which, “K”  is the plan’s Ontario wind up liability, “L”  is the amount of the liability, if any, for recent benefit improvements, and “M”  is the amount of the liability, if any, for benefits described in subsection 47 (2). O. Reg. 466/11, s. 3. (7) The liability, if any, for recent benefit improvements in respect of a pension plan is the liability for any increase to a pension or pension benefit or increase to the value of a pension or pension benefit that became effective within five years before the date of the wind up.  However, it does not include any liability for benefits described in subsection 47 (2).  O. Reg. 466/11, s. 3. (8) In this section, “Guaranteed Benefit liability” means, for a pension plan, the liability described in subsection (5); (“passif rattaché aux prestations garanties”) “liability, if any, for recent benefit improvements” means, for a pension plan, the liability described in subsection (7); (“passif éventuel rattaché aux améliorations récentes des prestations”) “modified Ontario wind up liability” means, for a pension plan, the liability described in subsection (6). (“passif ontarien de liquidation modifié”)  O. Reg. 466/11, s. 3.