PART I INTERPRETATION
 19. (1) For the purposes of section 42 of the Act, the commuted value of a pension, deferred pension or ancillary benefit shall not be less than the value determined in accordance with section 3500 (“Pension Commuted Values”) of the Standards of Practice of the Actuarial Standards Board, published by the Canadian Institute of Actuaries, as amended from time to time.  O. Reg. 178/12, s. 19 (1); O. Reg. 390/15, s. 1; O. Reg. 49/17, s. 1 (1); O. Reg. 420/19, s. 3 (1). (1.0.1) For a pension plan described in subsection 14 (2) or (3) of the Act, section 3500 of the Standards of Practice of the Actuarial Standards Board, published by the Canadian Institute of Actuaries, as amended from time to time, is to be applied for the purposes of subsection (1) of this section as if subsection 14 (1) of the Act applied in respect of the pension plan. O. Reg. 420/19, s. 3 (2). (1.1) Subsection (1) does not apply if a pension plan is being wound up in whole or in part.  O. Reg. 629/92, s. 1 (1). (1.2) For purposes other than those of section 42 of the Act and subsection 29 (2), the commuted value of a pension, deferred pension or ancillary benefit shall be calculated using methods and actuarial assumptions that are consistent with accepted actuarial practice.  O. Reg. 144/00, s. 14; O. Reg. 49/17, s. 1 (2). (2) That portion of the commuted value of a pension, deferred pension or ancillary benefit that can be transferred from a pension plan as of a given date shall be determined by multiplying the commuted value, as determined in accordance with subsection (1), by the lesser of, (a)  the most recently determined transfer ratio; (b)  one.  R.R.O. 1990, Reg. 909, s. 19 (2). (3) Subject to subsection (4), where the transfer ratio of a pension plan is equal to or greater than one, the administrator may transfer the commuted value of a pension, deferred pension or ancillary benefit in accordance with section 42, 43, 48 or 67.6 of the Act.  R.R.O. 1990, Reg. 909, s. 19 (3); O. Reg. 288/11, s. 2. (4) Where the administrator of a plan knows or ought to know that, since the valuation date of the report most recently filed or submitted in respect of the plan under section 3, 4, 13 or 14, events have taken place that may result in the reduction of the transfer ratio of the plan to a value less than 0.9, the administrator shall not undertake the transfer described in subsection (3) without the prior approval of the Chief Executive Officer under subsection 42 (8) of the Act.  O. Reg. 712/92, s. 14 (1); O. Reg. 178/12, s. 19 (2); O. Reg. 149/19, s. 1. (5) If the transfer ratio of a plan is less than one and the administrator of the plan knows or ought to know that, since the valuation date of the report most recently filed or submitted in respect of the plan under section 3, 4, 13 or 14, events have taken place that may result in the reduction of the transfer ratio by 10 per cent or more of the most recently determined transfer ratio, the administrator shall not undertake a transfer of any part of the commuted value without the prior approval of the Chief Executive Officer under subsection 42 (8) of the Act.  O. Reg. 239/09, s. 9 (1); O. Reg. 149/19, s. 1. (5.1) If the commuted value of the pension, deferred pension or ancillary benefit is calculated on a basis that produces a commuted value higher than the value calculated on the basis prescribed under subsection (1), the administrator shall not make any transfer calculated on the higher basis until the administrator files a statement describing in detail the basis for calculating the commuted value.  O. Reg. 712/92, s. 14 (1); O. Reg. 787/93, s. 1 (2); O. Reg. 307/98, s. 9. (6) Subject to subsections (4) and (5), the administrator may transfer 100 per cent of the commuted value of a pension, deferred pension or an ancillary benefit from a pension plan that has a transfer ratio that is less than one where, (a)  the administrator of the plan is satisfied that an amount equal to the transfer deficiency has been remitted to the pension fund; or (b)  the aggregate of transfer deficiencies for all transfers made since the last review date does not exceed 5 per cent of the assets of the plan at that time.  R.R.O. 1990, Reg. 909, s. 19 (6); O. Reg. 116/06, s. 15 (1); O. Reg. 239/09, s. 9 (2). (7) If less than 100 per cent of the commuted value of a pension, deferred pension or ancillary benefit is transferred, the balance shall be transferred by the administrator within five years after the date of the initial transfer.  O. Reg. 629/92, s. 1 (2). (7.1) Interest shall accumulate, at the same rate used to calculate the commuted value of the pension, deferred pension or ancillary benefit, on the balance to be transferred under subsection (7).  O. Reg. 629/92, s. 1 (2). (7.2) A transfer under subsection (7) after the initial transfer shall be made in accordance with subsection (6).  O. Reg. 629/92, s. 1 (2). (8) Subsections (2) to (7) do not apply with respect to the following transfers: 1.  Amounts transferred pursuant to a reciprocal transfer agreement that is filed. 2.  Amounts that are paid under subsection 44 (7) of the Act. 3.  Amounts that are paid under subsection 50 (1) of the Act.  O. Reg. 178/12, s. 19 (3). (9) Revoked:  O. Reg. 116/06, s. 15 (2). (10) Revoked:  O. Reg. 570/06, s. 5.