PART I INTERPRETATION
 37. (1) An employer who is required to make contributions to a pension plan providing defined benefits, other than a designated plan, an individual pension plan or a plan described in subsection 6 (1), shall, subject to subsections 7 (5) and 7.0.3 (2), pay to the Guarantee Fund on or before each assessment date an annual assessment determined in accordance with subsections (3) to (12).  O. Reg. 712/92, s. 23; O. Reg. 73/95, s. 7; O. Reg. 178/12, s. 36; O. Reg. 105/19, s. 18. (1.1) Subsection (1) does not apply with respect to a jointly sponsored pension plan.  O. Reg. 413/07, s. 4 (1). (2) For the purposes of this section, assessment dates shall be nine months after the last day of each fiscal year of the pension plan.  O. Reg. 712/92, s. 23. (3) Revoked:  O. Reg. 413/07, s. 4 (2). (4) If the assessment date falls on or after January 1, 2019, the amount of the annual assessment is the amount calculated using the formula, A + B in which, “A”  is the lesser of “C” and “D” where, “C”  is the sum of the following amounts: 1.  0.75 per cent of any portion of the PBGF assessment base that is less than 10 per cent of the PBGF liabilities. 2.  1.5 per cent of any portion of the PBGF assessment base that is 10 per cent or more but less than 20 per cent of the PBGF liabilities. 3.  2.25 per cent of any portion of the PBGF assessment base that is 20 per cent or more of the PBGF liabilities. 4.  0.015 per cent of PBGF liabilities; and “D”  is $600 multiplied by the number of persons who were Ontario plan beneficiaries at the end of the plan fiscal year immediately preceding the assessment date, and “B”  is zero or, if an election under subsection 5 (18) is in effect on the assessment date, three per cent of the amount by which “E” exceeds “F” where, “E”  is the amount of the additional liability that would result if, on the valuation date of the last report filed or submitted on or before the assessment date under any of section 3, 4 or 14 for the plan, all plant closure benefits and permanent layoff benefits under the plan were payable for those members in Ontario who, on that date, met the age and service requirements for those benefits, and “F”  is the amount, if any, by which the amount determined under clause (b) of the definition of “PBGF assessment base” in subsection 1 (2) exceeds the PBGF liabilities, both determined as of the valuation date referred to in the definition of “E”. O. Reg. 250/18, s. 30 (1). (5), (6) Revoked:  O. Reg. 466/11, s. 4 (1). (7) For the purposes of an assessment required under this section, the PBGF assessment base and the PBGF liabilities shall be as set out in the last report filed or submitted on or before the assessment date under any of section 3, 4, 13 or 14 for the plan.  O. Reg. 712/92, s. 23. (8) Despite subsection (7), where a payment is made in respect of an assessment under this section and a report is filed or submitted under section 3, 4, 13 or 14 after the payment date with a valuation date earlier than the assessment date, the amount of the assessment required under this section shall be recalculated with the PBGF assessment base and PBGF liabilities as set out in the report and shall be paid on that basis.  O. Reg. 712/92, s. 23. (9) Despite subsection (7), if a revised report under section 3, 13 or 14 is filed at the request of the Chief Executive Officer or is accepted by the Chief Executive Officer, the amount of the assessment required under this section shall be recalculated with the PBGF assessment base and PBGF liabilities as set out in the revised report and shall be paid on that basis.  O. Reg. 712/92, s. 23; O. Reg. 149/19, s. 1. (10) Where a report referred to in subsection (8) or (9) is filed, an increase in the assessment resulting from a recalculation based on the report is payable sixty days after the date on which the report is filed.  O. Reg. 712/92, s. 23. (11) A decrease in the assessment resulting from a recalculation shall be refunded.  O. Reg. 712/92, s. 23. (12) If between the valuation date of the last report filed or submitted and the assessment date the employer has made special payments in excess of the minimum special payments required in accordance with that report, the PBGF assessment base shall be decreased for the purposes of an assessment required under this section by the amount of the excess special payments.  O. Reg. 712/92, s. 23. (13) Despite subsection (4), the amount of the assessment is zero for a pension plan that was established fewer than five years before the assessment date, other than a pension plan that is a successor pension plan as described in subsection 80 (5) or section 81 of the Act. O. Reg. 466/11, s. 4 (2); O. Reg. 306/13, s. 5. (14) An employer who fails to pay an amount due under this section within the time provided by this section shall pay 120 per cent of the amount to the Guarantee Fund, together with interest on the 120 per cent calculated from the date the amount is due to the date of payment, at a rate equal to 3 per cent plus the chartered banks’ rate on prime business loans as determined under subsection (15) for the month in which the amount is due.  O. Reg. 712/92, s. 23; O. Reg. 287/20, s. 10 (1). (14.1), (14.2) Revoked: O. Reg. 187/20, s. 1 (3). (15) For the purposes of subsection (14), the chartered banks’ rate on prime business loans for a month shall be determined using the rate reported for the last Wednesday of each month as determined from the Canadian Socio-Economic Information Management System (CANSIM) series V80691311 compiled by Statistics Canada and available on the website maintained by the Bank of Canada. O. Reg. 712/92, s. 23; O. Reg. 116/06, s. 19; O. Reg. 187/20, s. 1 (2); O. Reg. 287/20, s. 10 (2); O. Reg. 187/20, s. 1 (4). (16) Revoked:  O. Reg. 466/11, s. 4 (4). Provision of Information