PART I INTERPRETATION
 1. (1) In this Regulation, “accountant” means a public accountant licensed under the Public Accounting Act, 2004; (“comptable”) “designated plan” means a pension plan that is a designated plan for the purposes of the Income Tax Act (Canada); (“régime désigné”) “eligible contribution” means a payment made by an employer to a pension fund or an insurance company, as applicable, in respect of a pension plan, that qualifies as an eligible contribution for the purposes of the Income Tax Act (Canada); (“cotisation admissible”) “family law valuation date” has the same meaning as in subsection 67.1 (1) of the Act; (“date d’évaluation en droit de la famille”) “government” means Her Majesty in right of Ontario, an agent of Her Majesty, a municipality as defined in the Municipal Affairs Act and a regional municipality as defined in the Ontario Unconditional Grants Act; (“gouvernement”) “individual pension plan” means a pension plan that is an individual pension plan for the purposes of the Income Tax Act (Canada); (“régime de retraite individuel”) “life income fund” means an RRIF that meets the requirements of either Schedule 1 or Schedule 1.1; (“fonds de revenu viager”) “life income fund that is governed by this Schedule” means an RRIF that meets the requirements of Schedule 1 or Schedule 1.1, as the case may be; (“fonds de revenu viager régi par la présente annexe”) “locked-in retirement account” means an RRSP that meets the requirements set out in Schedule 3; (“compte de retraite avec immobilisation des fonds”) “locked-in retirement income fund” means an RRIF that meets the requirements set out in Schedule 2; (“fonds de revenu de retraite immobilisé”) “maximum funding valuation” means a maximum funding valuation for the purposes of the Income Tax Act
(Canada); (“évaluation du financement maximal”) “normal cost” means the cost of pension benefits and ancillary benefits allocated to a fiscal year of a pension plan, determined on the basis of a going concern valuation; (“coût normal”) “plan” means a pension plan; (“régime”) “RRIF” means a registered retirement income fund established in accordance with the Income Tax Act
(Canada); (“FERR”) “RRSP” means a registered retirement savings plan established in accordance with the Income Tax Act
(Canada); (“REÉR”) “special payment” means a payment determined in accordance with section 5, 31, 32, 32.1 or 35. (“paiement spécial”)  R.R.O. 1990, Reg. 909, s. 1 (1); O. Reg. 712/92, s. 1 (1, 2); O. Reg. 558/94, s. 1; O. Reg. 73/95, s. 1; O. Reg. 144/00, s. 1 (1); O. Reg. 116/06, s. 1 (1); O. Reg. 416/07, s. 1; O. Reg. 116/09, s. 1; O. Reg. 239/09, s. 1 (1); O. Reg. 84/11, s. 1; O. Reg. 288/11, s. 1; O. Reg. 178/12, s. 1 (1, 2); O. Reg. 420/19, s. 1. (2) In this Part, “actuarial cost certificate” means an actuarial cost certificate that satisfies the requirements of section 7.1; (“certificat actuariel”) “actuarial gain” means the sum, if positive, of, (a)  the gain to the pension plan during the period since the valuation date of the immediately preceding going concern valuation resulting from the difference between actual experience and the experience expected by the actuarial assumptions on which that valuation was based, (b)  the amount by which the going concern liabilities decrease as a result of an amendment to the plan, and (c)  the amount by which the going concern liabilities decrease or the going concern assets increase as a result of a change in actuarial methods or assumptions upon which the current going concern valuation is based, as of the valuation date for a going concern valuation provided that clause (a), (b) or (c) or any combination thereof shall be counted as a negative in the calculation of the sum where, (d)  the experience of the plan results in a loss rather than a gain, (e)  an amendment increases the going concern liabilities, or (f)  a change in actuarial methods or assumptions results in an increase in going concern liabilities or a decrease in going concern assets, as the case may be; (“gain actuariel”) “actuarial loss” means the sum, if negative, of, (a)  the gain to the pension plan during the period since the valuation date of the immediately preceding going concern valuation resulting from the difference between actual experience and the experience expected by the actuarial assumptions on which that valuation was based, (b)  the amount by which the going concern liabilities decrease as a result of an amendment to the plan, and (c)  the amount by which the going concern liabilities decrease or the going concern assets increase as a result of a change in actuarial methods or assumptions upon which the current going concern valuation is based, as of the valuation date for a going concern valuation provided that any of clause (a), (b) or (c) or any combination thereof shall be counted as a negative in the calculation of the sum where, (d)  the experience of the plan results in a loss rather than a gain, (e)  an amendment increases the going concern liabilities, or (f)  a change in actuarial methods or assumptions results in an increase in going concern liabilities or a decrease in going concern assets, as the case may be; (“perte actuarielle”) “actuary” means a Fellow of the Canadian Institute of Actuaries; (“actuaire”) “ancillary benefits” means the benefits referred to in subsection 40 (1) of the Act; (“prestation accessoire”) “basic Ontario liabilities”, in relation to a plan, means the portion of the liabilities of the plan allocated under clause 30 (2) (d) to employment in Ontario; (“passif de base ontarien”) “consent benefit” means an ancillary benefit, other than a plant closure benefit or a permanent layoff benefit, the eligibility requirements for which include the consent of an employer or, in the case of a jointly sponsored pension plan, the consent of the employer or the administrator; (“prestation assujettie à un consentement”) “early retirement window benefit value” means the amount by which, (a)  the portion of the solvency liabilities of a plan that relates to all the pension and ancillary benefits to which a member is entitled if the member elects early retirement under a temporary program offered for a maximum period of twelve months, exceeds, (b)  the portion of the solvency liabilities of a plan that relates to all the pension and ancillary benefits to which the member would be entitled in the absence of the temporary program; (“valeur des prestations pendant la période d’admissibilité à la retraite anticipée”) “escalated adjustment” means an adjustment that is made to a deferred pension of a former member of a pension plan or to the pension of a retired member where, (a)  the adjustment is not capable of being determined with certainty at the time the plan or a relevant amendment to the plan is submitted for registration because the adjustment is related to the investment earnings of the pension fund or to future changes in a general wage or price index, or (b)  the adjustment is an increase in the pension or deferred pension at a fixed annual percentage rate specified in the plan; (“rajustement indexé”) “excluded permanent layoff benefit” means a permanent layoff benefit provided under a pension plan in respect of which an election under subsection 5 (18) is in effect; (“prestation de mise à pied permanente exclue”) “excluded plant closure benefit” means a plant closure benefit provided under a pension plan in respect of which an election under subsection 5 (18) is in effect; (“prestation de fermeture d’entreprise exclue”) “funded consent benefit” means a consent benefit for which a member has met all eligibility requirements except the consent of an employer or, in the case of a jointly sponsored pension plan, the consent of the employer or the administrator; (“prestation financée assujettie à un consentement”) “funded special allowance” means a special allowance for which a member has met all age and service eligibility requirements; (“allocation spéciale financée”) “going concern assets” means, in respect of a report under this Regulation relating to a pension plan, the sum of, (a)  the value of the assets of the pension plan determined on the basis of a going concern valuation, including accrued and receivable income but excluding the amount of any letter of credit held in trust for the pension plan, (b)  if the report has a valuation date before December 31, 2017 or is in respect of a jointly sponsored pension plan listed in subsection 1.3.1 (3), the present value of any special payments in respect of a going concern unfunded liability disclosed in previously filed reports, and (c)  if the report has a valuation date on or after December 31, 2017 and is not in respect of a jointly sponsored pension plan listed in subsection 1.3.1 (3), (i)  the present value of special payments in respect of any past service unfunded actuarial liability, other than special payments required to liquidate any past service unfunded liability determined in the report, (ii)  the present value of special payments described in clause 5 (1.0.0.1) (e) in respect of any plan amendment that increases going concern liabilities, and (iii)  the present value of special payments in respect of a going concern unfunded liability that are scheduled for payment within one year after the valuation date of the report and that are disclosed in the previously filed report, excluding any special payments described in subclause (i); (“actif à long terme”) “going concern excess” means, in respect of a pension plan, the amount, if any, by which the going concern assets of the pension plan exceed the sum of, (a)  the going concern liabilities of the pension plan, (b)  the amount equal to the provision for adverse deviations in respect of the going concern liabilities of the pension plan, and (c)  the prior year credit balance of the pension plan; (“excédent à long terme”) “going concern funded ratio” means, in relation to a pension plan, the ratio of “Y” to “Z” where, “Y”  is the amount by which the value of the assets of the pension plan determined on the basis of a going concern valuation, including accrued and receivable income but excluding the amount of any letter of credit held in trust for the pension plan, exceeds the prior year credit balance, and “Z”  is the total amount of the going concern liabilities of the pension plan; (“ratio de capitalisation à long terme”) “going concern liabilities” means the present value of the accrued benefits of a pension plan determined on the basis of a going concern valuation; (“passif à long terme”) “going concern unfunded liability” means, (a)  for a report 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), the amount, if any, by which the sum of the going concern liabilities and the prior year credit balance exceeds the going concern assets, and (b)  for a report with a valuation date on or after December 31, 2017, other than a report in respect of a jointly sponsored pension plan listed in subsection 1.3.1 (3), the amount, if any, by which the sum of the going concern liabilities, the amount equal to the provision for adverse deviations in respect of going concern liabilities and the prior year credit balance exceeds the going concern assets; (“passif à long terme non capitalisé”) “going concern valuation” means a valuation of the assets and liabilities of a pension plan using methods and actuarial assumptions that are consistent with accepted actuarial practice for the valuation of a continuing pension plan;  (“évaluation à long terme”) “lump sum benefit improvement contribution” means a lump sum contribution that was made before the date a report is filed under subsection 3 (1) to fund, in whole or in part, any increase in going concern liabilities or solvency liabilities, or both, due to an amendment; (“cotisation forfaitaire pour amélioration des prestations”) “Ontario assets” means the portion of the market value of the plan assets allocated for employment in Ontario under clause 30 (2) (e) or (e.1); (“actif ontarien”) “Ontario plan beneficiary” means, (a)  a member employed in Ontario, (b)  a former member who was employed in Ontario immediately before he or she ceased to be a member, other than a former member for whom all pension and ancillary benefits are secured under a qualifying annuity contract or a contract issued under the Government Annuities Act (Canada), (c)  a retired member who was employed in Ontario immediately before he or she ceased to be a member, other than a retired member for whom all pension and ancillary benefits are secured under a qualifying annuity contract or a contract issued under the Government Annuities Act (Canada), and (d)  the surviving spouse of, or a beneficiary of, a former member who was an Ontario plan beneficiary under clause (b) or a retired member who was an Ontario plan beneficiary under clause (c), if the surviving spouse or the beneficiary is receiving a pension from the plan as a result of the death of the former member or retired member; (“bénéficiaire ontarien du régime”) “Ontario wind up liability” of a pension plan means the sum of the liabilities of the plan on wind up for benefits relating to employment in Ontario of members, former members or retired members of the plan, (a)  including the liabilities of the plan under subsection 39 (1), (2), (3) or (4) of the Act and under section 74 of the Act, (b)  excluding any liability for benefits that are provided under qualifying annuity contracts; (“passif ontarien de liquidation”) “past service unfunded actuarial liability” means, (a)  the amount of going concern unfunded liability that arose on a valuation date before December 31, 2017 resulting from the provision of benefits with respect to employment prior to the effective date of the pension plan or from an amendment to a pension plan that provides benefits for employment prior to the date of the amendment where the employment had not previously been recognized for the purposes of the provision of pension benefits, or (b)  the amount of going concern unfunded liability that arose on a valuation date on or after December 31, 2017 resulting from the provision of benefits with respect to employment prior to the effective date of the pension plan; (“passif actuariel pour services antérieurs non capitalisé”) “PBGF assessment base” means, as of a given valuation date, the amount by which, (a)  the PBGF liabilities, exceed, (b)  the solvency assets multiplied by the PBGF liabilities and divided by the solvency liabilities; (“base de cotisation au Fonds de garantie”) “PBGF liabilities” means the portion of the solvency liabilities of a plan that relates to the Ontario plan beneficiaries, determined in accordance with section 37; (“passif du Fonds de garantie”) “pensionable earnings” means the earnings on which contributions are based by virtue of the documents that create and support the pension plan; (“gains ouvrant droit à pension”) “permanent layoff benefit” means a pension benefit or ancillary benefit for which the eligibility requirements include permanent layoff, whether or not the benefit requires the consent of the employer or, in the case of a jointly sponsored pension plan, the consent of the employer or the administrator; (“prestation de mise à pied permanente”) “plant closure benefit” means a pension benefit or ancillary benefit payable only if all or a significant portion of the business carried on by the employer at a specific location is discontinued, whether or not the pension plan is wound up in whole or in part; (“prestation de fermeture d’entreprise”) “potential early retirement window benefit value” means the early retirement window benefit value for a member who is eligible to elect, but has not yet elected, to receive the benefit; (“valeur potentielle des prestations pendant la période d’admissibilité à la retraite anticipée”) “prior year credit balance” means the amount determined in accordance with subsections 5 (13) and (16); (“solde créditeur de l’année antérieure”) “prospective benefit increase” means an increase to a pension benefit or ancillary benefit set out in the pension plan or agreed to by the parties to a collective agreement, but not yet in effect; (“augmentation future des prestations”) “provision for adverse deviations” means the percentage determined under section 11.2 to be the provision for adverse deviations; (“provision pour écarts défavorables”) “qualifying annuity contract” means an annuity contract for the purpose of providing benefits under a plan, with the following characteristics: 1.  The contract does not contain a provision allowing for the redistribution of benefits on a wind up or partial wind up of the pension plan. 2.  The contract was entered into before the 1st day of January, 1988. 3.  The contract was issued by an insurance company or under the Government Annuities Act
(Canada). 4.  The benefits provided under the contract consist only of pensions and pension benefits purchased before the 1st day of January, 1993; (“contrat de rente admissible”) “reduced solvency deficiency”, in relation to a report, means the amount determined in accordance with section 1.3.2 for a pension plan that provides defined benefits; (“déficit de solvabilité réduit”) “remaining liabilities” means the value of benefits determined as required under clause 30 (2) (b); (“passif restant”) “significant shareholder” means an individual who alone or in combination with a parent, spouse or child, owns or has a beneficial interest, directly or indirectly, in shares that represent 10 per cent or more of the voting rights attached to the shares of the employer who contributes to the pension plan; (“actionnaire important”) “solvency asset adjustment” means the amount calculated under section 1.2; (“rajustement de l’actif de solvabilité”) “solvency assets” means the market value of investments held by a pension plan plus any cash balances of the plan and accrued or receivable income items of the plan but excluding the value of any qualifying annuity contract of the plan and the amount of any letter of credit held in trust for the plan; (“actif de solvabilité”) “solvency deficiency”, in relation to a report, means the amount determined in accordance with section 1.3.1 for a pension plan that provides defined benefits; (“déficit de solvabilité”) “solvency liabilities”, in relation to a report, means the liabilities of a plan determined as if the plan had been wound up on the valuation date of the report, including liabilities for plant closure benefits or permanent layoff benefits that would be immediately payable if the employer’s business were discontinued on the valuation date of the report, but excluding liabilities set out under clauses 14 (8) (c) and 14 (8.0.4) (f) in the report for, (a)  any escalated adjustment, (b)  excluded plant closure benefits, (c)  excluded permanent layoff benefits, (d)  special allowances other than funded special allowances, (e)  consent benefits other than funded consent benefits, (f)  prospective benefit increases, (g)  potential early retirement window benefit values, and (h)  pension benefits and ancillary benefits payable under a qualifying annuity contract; (“passif de solvabilité”) “solvency liability adjustment” means the amount specified by section 1.3; (“rajustement du passif de solvabilité”) “solvency ratio” means, in relation to a pension plan, the ratio of “Y” to “Z” where, “Y”  is the amount by which the sum of the total amount of the solvency assets of the pension plan related to defined benefits and ancillary benefits plus the total amount of any letters of credit held in trust for the pension plan exceeds the prior year credit balance, and “Z”  is the total amount of the solvency liabilities related to defined benefits and ancillary benefits of the pension plan; (“ratio de solvabilité”) “special allowance” means a bridging benefit that is adjusted according to the income of the retired member resulting from employment of the retired member subsequent to termination; (“allocation spéciale”) “transfer deficiency” means the amount by which the commuted value of a benefit determined in accordance with subsection 19 (1) exceeds the transfer value of that benefit determined in accordance with subsection 19 (2); (“déficit de transfert”) “transfer ratio”, in relation to a report, means the ratio of, (a)  the amount by which the solvency assets exceed the lesser of, (i)  the prior year credit balance, and (ii)  the sum of, (A)  if the report has a valuation date before December 31, 2017 or is in respect of a jointly sponsored pension plan listed in subsection 1.3.1 (3), (1)  the amount by which the sum of the estimates of normal cost given under clauses 14 (7) (a) and (b) in the report exceeds the sum of the estimates given under clause 14 (7) (c) in the report for the periods in respect of which the estimates under clauses 14 (7) (a) and (b) are given, and (2)  the sum of the special payments required to be made under this Regulation during the periods in respect of which the estimates under clauses 14 (7) (a) and (b) are given; (B)  if the report has a valuation date on or after December 31, 2017 and is not in respect of a jointly sponsored pension plan listed in subsection 1.3.1 (3), (1)  the amount by which the sum of the estimates of normal cost given under clauses 14 (8.0.2) (a) and (b) and the estimates of the amount equal to the provision for adverse deviations in respect of the normal cost given under subclause 14 (8.0.2) (c) (ii) in the report exceeds the sum of the estimates given under clause 14 (8.0.2) (d) in the report for the periods in respect of which the estimates under clauses 14 (8.0.2) (a) and (b) and subclause 14 (8.0.2) (c) (ii) are given, and (2)  the sum of the special payments required to be made under this Regulation during the periods in respect of which the estimates under clauses 14 (8.0.2) (a) and (b) and subclause 14 (8.0.2) (c) (ii) are given, to, (b)  the sum of, (i)  the solvency liabilities, and (ii)  the liabilities for benefits, other than pension benefits and ancillary benefits payable under qualifying annuity contracts, that were excluded in calculating the solvency liabilities; (“ratio de transfert”) “valuation date” means the date as of which the assets and liabilities are valued for the purposes of the going concern and solvency valuations in a report under section 3, 4, 13 or 14; (“date d’évaluation”) “wind up funded ratio” means the ratio of the Ontario assets to the Ontario wind up liability. (“ratio de financement à la liquidation”)  R.R.O. 1990, Reg. 909, s. 1 (2); O. Reg. 712/92, s. 1 (3-22); O. Reg. 409/94, s. 1; O. Reg. 115/00, s. 1; O. Reg. 144/00, s. 1 (2, 3); O. Reg. 324/05, s. 1; O. Reg. 116/06, s. 1; O. Reg. 570/06, s. 1; O. Reg. 413/07, s. 1; O. Reg. 239/09, s. 1 (2); O. Reg. 177/11, s. 1; O. Reg. 466/11, s. 1; O. Reg. 178/12, s. 1 (3-11); O. Reg. 364/12, s. 1; O. Reg. 250/18, s. 1, 2 (1-8); O. Reg. 105/19, s. 1. (3) If the solvency liabilities in respect of a member include liabilities for a funded special allowance, the liabilities for the funded special allowance shall be calculated on the assumption that the member receives no income from employment.  O. Reg. 712/92, s. 1 (23). (4) In calculating solvency assets, where there is no market value for an investment of a pension plan and the investment is issued or guaranteed by a government, the book value of the investment may be used instead of market value.  R.R.O. 1990, Reg. 909, s. 1 (4); O. Reg. 250/18, s. 2 (9). (5) For the purposes of this Regulation, a going concern unfunded liability, a past service unfunded actuarial liability, a solvency deficiency, a reduced solvency deficiency, a solvency liability, a transfer deficiency and a transfer ratio each arises on the valuation date of the report in which it is determined.  O. Reg. 712/92, s. 1 (24); O. Reg. 250/18, s. 2 (10). 1.1 Revoked: O. Reg. 250/18, s. 3.