PART I INTERPRETATION
 14. (0.1) This section does not apply with respect to a pension plan where all the pension benefits provided under the plan are defined contribution benefits.  O. Reg. 144/00, s. 9 (1). (0.2) Revoked: O. Reg. 533/21, s. 9 (1). (1) Subject to subsections (2) to (6.1), the administrator of a pension plan shall cause the plan to be reviewed and a report prepared and certified by a person authorized under section 15 at regular intervals, with the first valuation date not more than three years after the date of the establishment of the plan and with valuation dates at intervals of not more than three years thereafter.  O. Reg. 712/92, s. 10; O. Reg. 73/95, s. 4 (1). (2) For the purposes of subsection (3), a report indicates solvency concerns if any of the following circumstances exist: 1.  The employer has elected under subsection 5 (18) to exclude plant closure benefits or permanent layoff benefits and this election has not been rescinded. 2.  The ratio of the solvency assets to the solvency liabilities is less than 0.85 for a valuation date on or after December 31, 2012. 3.  Revoked: O. Reg. 177/11, s. 7 (2). O. Reg. 177/11, s. 7 (1, 2). (3) Where a report filed under this section or submitted under section 4 indicates solvency concerns, the next report under this section in respect of the plan shall be prepared and certified with a valuation date within one year rather than the three year interval set out in subsection (1).  O. Reg. 712/92, s. 10. (4) Subsections (2) and (3) do not apply to a plan established for less than three years except where the plan is a successor pension plan as described in subsection 80 (5) or section 81 of the Act. O. Reg. 712/92, s. 10; O. Reg. 306/13, s. 3 (1). (4.1) Subsections (2) and (3) do not apply to a pension plan that is a designated plan or an individual pension plan.  O. Reg. 73/95, s. 4 (2); O. Reg. 178/12, s. 14 (1). (4.2) Subsections (2) and (3) do not apply to a jointly sponsored pension plan listed in subsection 1.3.1 (3). O. Reg. 400/19, s. 6 (1). Note: On January 1, 2025, subsection 14 (4.2) of the Regulation is revoked. (See: O. Reg. 320/23, s. 1) (5) Subject to subsection (6), subsections (2) and (3) do not apply to a multi-employer pension plan that is a specified Ontario multi-employer pension plan under section 6.0.1 that files a report required to be filed in respect of the plan under this section. O. Reg. 400/19, s. 6 (1). (6) Subsection (5) ceases to apply to a multi-employer pension plan referred to in that subsection as of the earlier of the following dates: 1.  The first anniversary of the date on which section 81.0.2 of the Act comes into force. 2.  January 1, 2024. O. Reg. 400/19, s. 6 (1). Note: On January 1, 2024, subsection 14 (6) of the Regulation is revoked and the following substituted: (See: O. Reg. 321/23, s. 5) (6) As of January 1, 2025, subsection (5) ceases to apply to a multi-employer pension plan referred to in that subsection. O. Reg. 321/23, s. 5. (6.1) If a pension plan ceases to be a designated pension plan or an individual pension plan, the administrator of the plan shall cause the plan to be reviewed and a report prepared with a valuation date no later than the end of the fiscal year of the plan in which the plan ceased to be a designated pension plan or an individual pension plan.  The plan must be reviewed, and the report prepared and certified, by an actuary.  O. Reg. 178/12, s. 14 (3). (7) Each report under this section with a valuation date before December 31, 2017 or that is in respect of a jointly sponsored pension plan listed in subsection 1.3.1 (3) shall set out, on the basis of a going concern valuation, (a)  the normal cost in the year following the valuation date of the report and the rule for computing the cost in subsequent years up to the valuation date of the next report; (b)  an estimate of the normal cost in the subsequent years up to the valuation date of the next report; (c)  the estimated aggregate employee contributions to the pension plan during the year following the valuation date of the report and the subsequent years up to the valuation date of the next report; (c.1)  the special payments remaining to be paid after the valuation date with respect to the going concern unfunded liability determined in any of the previously filed reports; (c.2)  if there is a going concern unfunded liability in the report, the amount of the going concern unfunded liability and the special payments required to liquidate it in accordance with section 5; (c.3)  despite clause (c.2), in the case of a specified Ontario multi-employer pension plan, if there is a going concern unfunded liability in the report, the amount of the going concern unfunded liability and the special payments required to liquidate it in accordance with section 6.0.4; (d)  the present value of future special payments remaining to be paid after the valuation date and established in certificates appended to previous reports; (e)  where the plan provides for an escalated adjustment, whether and to what extent, (i)  liability for the future cost of the adjustment has been included in the determination of any going concern unfunded liability, or (ii)  the cost for the escalated adjustment is included in the normal cost; and (f)  the actuarial gain or actuarial loss in the plan and, (i)  where there is an actuarial loss, the special payments that will liquidate any increase in a going concern unfunded liability resulting from the loss over a term not exceeding fifteen years, and (ii)  where there is an actuarial gain, any intended application of the gain in accordance with section 7.  O. Reg. 712/92, s. 10; O. Reg. 570/06, s. 4 (1); O. Reg. 489/07, s. 3; O. Reg. 250/18, s. 27 (2). (8) Each report under this section with a valuation date before December 31, 2017 or that is in respect of a jointly sponsored pension plan listed in subsection 1.3.1 (3) shall also set out, on the basis of a solvency valuation, (a)  whether there is a solvency deficiency; (b)  the special payments remaining to be paid after the valuation date with respect to the solvency deficiency determined in any of the previously filed reports; (b.1)  if there is a solvency deficiency in the report, the amount of the solvency deficiency and the special payments required to liquidate it in accordance with section 5; (c)  the liabilities referred to in clauses (a) to (h) of the definition of “solvency liabilities” in subsection 1 (2) that are being excluded from the calculation of the solvency liabilities; (d)  whether there is a Guarantee Fund assessment required to be paid under section 37; (e)  if a Guarantee Fund assessment is required to be paid, the PBGF assessment base; (e.1)  if a Guarantee Fund assessment is required to be paid and if the PBGF assessment base is greater than zero, the PBGF liabilities and, if applicable, the value of “B” described in subsection 37 (4); (f)  whether the transfer ratio is less than one; and (g)  if the transfer ratio is less than one, the transfer ratio.  O. Reg. 712/92, s. 10; O. Reg. 144/00, s. 9 (2, 3); O. Reg. 489/07, s. 4; O. Reg. 250/18, s. 27 (3-5). (8.0.1) Subsections (8.0.2) to (8.0.6) do not apply to reports in respect of jointly sponsored pension plans listed in subsection 1.3.1 (3). O. Reg. 250/18, s. 27 (6). (8.0.2) Each report under this section with a valuation date on or after December 31, 2017 shall set out, on the basis of a going concern valuation, (a)  the normal cost in the year following the valuation date of the report and the rule for computing the cost in subsequent years up to the valuation date of the next report; (b)  an estimate of the normal cost in the subsequent years up to the valuation date of the next report; (c)  if a plan has a provision for adverse deviations that is greater than zero, (i)  the provision for adverse deviations for the plan, calculated in accordance with section 11.2, and (ii)  the estimated contributions required to pay the amount that is equal to the provision for adverse deviations in respect of the normal cost for each year up to the date of the next report; (d)  the estimated aggregate employee contributions to the pension plan during the year following the valuation date of the report and the subsequent years up to the valuation date of the next report; (e)  the special payments remaining to be paid after the valuation date with respect to any plan amendment that increases going concern liabilities; (f)  the special payments required with respect to any going concern unfunded liability determined in the previously filed report in accordance with section 5; (g)  the special payments remaining to be paid after the valuation date to liquidate a past service unfunded actuarial liability; (h)  if there is a going concern unfunded liability in the report, the amount of the going concern unfunded liability and the special payments required in respect of it in accordance with section 5; (i)  in the case of a specified Ontario multi-employer pension plan, if there is a going concern unfunded liability in the report, the amount of the going concern unfunded liability and the special payments required to liquidate it in accordance with section 6.0.4; (j)  the present value of future special payments remaining to be paid after the valuation date with respect to any plan amendment that increases going concern liabilities; (k)  the present value of future special payments remaining to be paid after the valuation date with respect to a past service unfunded actuarial liability; (l)  where the plan provides for an escalated adjustment, (i)  the liability for the future costs of the adjustment included in the determination of the plan’s going concern liabilities, (ii)  the future costs for the adjustment included in the normal cost, (iii)  whether and to what extent liabilities for the future costs of the adjustment are taken into account when determining the provision for adverse deviations in respect of the going concern liabilities, and (iv)  whether and to what extent future costs of the adjustment are taken into account when determining the provision for adverse deviations in respect of the normal cost; and (m)  the going concern excess or going concern unfunded liability in the plan and, where there is a going concern excess, any intended application of that excess in accordance with section 7.0.1. O. Reg. 250/18, s. 27 (6). (8.0.3) Clauses (8.0.2) (e), (f), (g) and (h) do not apply to a report that is in respect of a specified Ontario multi-employer pension plan. O. Reg. 250/18, s. 27 (6). (8.0.4) Each report under this section with a valuation date on or after December 31, 2017 shall also set out, on the basis of a solvency valuation, (a)  whether there is a solvency deficiency; (b)  whether there is a reduced solvency deficiency; (c)  the special payments remaining to be paid after the valuation date with respect to the solvency deficiency or reduced solvency deficiency determined in any previously filed report; (c.1)  in the case of a specified Ontario multi-employer pension plan in respect of which section 6.0.5 applies, the amount of the specified consolidated prior solvency deficiency, within the meaning of that section, and the special payments required to liquidate it in accordance with that section; (d)  if there is a reduced solvency deficiency in the report, the amount of the reduced solvency deficiency and the special payments required to liquidate it in accordance with section 5; (e)  if there is a solvency deficiency in the report, the amount of the solvency deficiency; (f)  the liabilities referred to in clauses (a) to (h) of the definition of “solvency liabilities” in subsection 1 (2) that are being excluded from the calculation of the solvency liabilities; (g)  whether there is a Guarantee Fund assessment required to be paid under section 37; (h)  if a Guarantee Fund assessment is required to be paid, (i)  the pension plan’s PBGF assessment base, its PBGF liabilities and, if applicable, the value of “B” described in subsection 37 (4), (ii)  the amount of the pension plan’s modified PBGF liabilities, as described in subsection (8.0.4.1), (iii)  the number of Ontario plan beneficiaries, (iv)  the number of Ontario plan beneficiaries who are receiving pensions under the pension plan, including any bridging benefit, of $1,500 or less per month, (v)  the number of Ontario plan beneficiaries who have accrued pension benefits under the pension plan, including any bridging benefit, of $1,500 or less per month, (vi)  the 10th, 20th, 30th, 40th, 50th, 60th, 70th, 80th and 90th percentiles of amounts payable under the pension plan to Ontario plan beneficiaries, determined with reference to, (A)  all of the pensions under the pension plan, including any bridging benefit, and (B)  all of the pension benefits that have accrued under the pension plan, including any bridging benefit, (vii)  for each percentile referred to in subclause (vi), the amount of the PBGF liabilities that relates to, (A)  all of the pensions under the pension plan, including any bridging benefit, that are less than the percentile, and (B)  all of the pension benefits that have accrued under the pension plan, including any bridging benefit, that are less than the percentile, and (viii)  the amount of the largest pension or pension benefit that has accrued under the pension plan, including any bridging benefit, to an Ontario plan beneficiary; (i)  whether the transfer ratio is less than one; (j)  if the transfer ratio is less than one, the transfer ratio; and (k)  the solvency ratio. O. Reg. 250/18, s. 27 (6); O. Reg. 400/19, s. 6 (3); O. Reg. 529/21, s. 2 (1); O. Reg. 533/21, s. 9 (2). (8.0.4.1) The amount of a pension plan’s modified PBGF liabilities for the purpose of subclause (8.0.4) (h) (ii) is the amount of the pension plan’s PBGF liabilities in respect of, (a)  all Ontario plan beneficiaries who are receiving a pension under the pension plan, including any bridging benefit, of $1,500 or less per month or who have accrued a pension benefit under the pension plan, including any bridging benefit, of $1,500 or less per month; and (b)  all other Ontario plan beneficiaries who are receiving a pension under the pension plan, including any bridging benefit, or who have accrued a pension benefit under the pension plan, including any bridging benefit, calculated as if each of those individuals were receiving a pension of $1,500 per month or had accrued a pension benefit of $1,500 per month, as the case may be. O. Reg. 529/21, s. 2 (2). (8.0.4.2) Subclauses (8.0.4) (h) (ii) to (viii) do not apply to a report that is in respect of a pension plan whose PBGF liabilities are less than $10,000,000. O. Reg. 529/21, s. 2 (2). (8.0.5) Each report under this section with a valuation date on or after December 31, 2017 shall set out any available actuarial surplus for each year up to the date of the next report. O. Reg. 250/18, s. 27 (6). (8.0.6) If the report indicates that contributions were determined using subsection 4 (2.1.1) or 6 (4.4), the report shall include the information required by clauses (7) (c.1), (c.2), (d), (e) and (f) and (8) (b.1) of this section, calculated in accordance with those provisions as they read immediately before May 1, 2018. O. Reg. 250/18, s. 27 (6). (8.1) A report prepared under subsection (1) in which a benefit allocation method was not used to set contribution rates must, (a)  if the plan is not a jointly sponsored pension plan, set out the contribution rate or rates that are required under the pension plan; (a.1)  if the plan is a jointly sponsored pension plan, set out the required contribution rate or rates that are determined in accordance with paragraph 6 of subsection 4 (2.3) and, if applicable, the required contribution rates that are determined in accordance with paragraph 7 or 10 of that subsection; (b)  identify the normal cost or the equivalent of normal cost determined using the actuarial cost method adopted by the pension plan; (c)  include the information required under subsection (7) or (8.0.2), as applicable, determined using a benefit allocation method; and (d)  include the information required under subsection (8) or (8.0.4), (8.0.5) and (8.0.6), as applicable. O. Reg. 116/06, s. 13; O. Reg. 570/06, s. 4 (2); O. Reg. 250/18, s. 27 (7). (9) Each report under this section shall also set out the prior year credit balance on the valuation date of the report.  O. Reg. 712/92, s. 10; O. Reg. 250/18, s. 1. (9.1) Each report under this section for a designated plan shall contain a maximum funding valuation.  O. Reg. 73/95, s. 4 (2). (10) The administrator shall file each report required under this section within nine months of the valuation date.  O. Reg. 712/92, s. 10. (10.1) Revoked: O. Reg. 287/20, s. 4 (2). (11) A report under this section is a prescribed document for the purposes of paragraph 1 of subsection 105 (2) of the Act (extension of time). O. Reg. 306/13, s. 3 (2). 14.1 Revoked:  O. Reg. 178/12, s. 15.