PART I INTERPRETATION
 5. (0.1) Revoked: O. Reg. 533/21, s. 4 (1). (1) Except as otherwise provided in this section and in sections 4 and 7, the special payments required to be made shall be not less than the sum of, (a)  Revoked:  O. Reg. 178/12, s. 4 (2). (b)  the special payments required to liquidate any going concern unfunded liability, with interest at the going concern valuation interest rate, by equal monthly instalments over a period of 15 years beginning on the valuation date of the report in which the going concern unfunded liability was determined; and (c), (d)  Revoked:  O. Reg. 178/12, s. 4 (4). (e)  with respect to any solvency deficiency arising on or after November 26, 1992, the special payments required to liquidate the solvency deficiency, with interest at the rates described in subsection (2), by equal monthly instalments over the period beginning on the valuation date of the report in which the solvency deficiency was determined and ending on the 31st day of December, 2002, or five years, whichever is longer.  O. Reg. 712/92, s. 4; O. Reg. 178/12, s. 4 (1-5). (1.0.0.1) After a report is filed with a valuation date on or after December 31, 2017 for a plan that is not a jointly sponsored pension plan listed in subsection 1.3.1 (3), except as otherwise provided in this section and in sections 4, 7 and 7.0.1, the special payments required to be made shall be not less than the sum of, (a)  for the year beginning on the valuation date of the last filed report, the special payments to liquidate any going concern unfunded liability scheduled for that year as determined in the report filed immediately before the last filed report, other than the special payments described in clauses (c) and (d); (b)  for each year after the year described in clause (a), the special payments required to liquidate any going concern unfunded liability determined in the last filed report, other than the special payments described in clauses (c) and (d), with interest at the going concern valuation interest rate, by equal monthly instalments over a period of 10 years beginning one year after the valuation date of the last filed report; (c)  the special payments required to liquidate a past service unfunded actuarial liability that arose on a valuation date of a report filed before May 1, 2018 with interest at the going concern valuation interest rate, by equal monthly instalments over a period of 15 years beginning on the date it arose; (d)  the special payments required to liquidate a past service unfunded actuarial liability that arose on a valuation date of a report filed on or after May 1, 2018, with interest at the going concern valuation interest rate, by equal monthly instalments over a period of 10 years beginning on the effective date of the pension plan; (e)  where a plan amendment increases the going concern liabilities of the plan, the special payments required to liquidate any increase in the going concern liabilities related to the amendment that exceeds the lump sum benefit improvement contribution in respect of the increase, with interest at the going concern valuation interest rate, by equal monthly instalments over a period of eight years beginning on the effective date of the amendment; (f)  with respect to any reduced solvency deficiency, the special payments required to liquidate the reduced solvency deficiency, with interest at the rates described in subsection (2), by equal monthly instalments over a period of five years beginning on the valuation date of the report in which the reduced solvency deficiency was determined; and (g)  with respect to any solvency deficiency that arose on a valuation date of a report filed before May 1, 2018, the special payments required to liquidate the solvency deficiency, with interest at the rates described in subsection (2), by equal monthly instalments over a period of five years beginning on the valuation date of the report in which the solvency deficiency was determined. (h), (i) Revoked: O. Reg. 533/21, s. 4 (2). O. Reg. 250/18, s. 10 (2); O. Reg. 105/19, s. 6 (1); O. Reg. 533/21, s. 4 (2). (1.0.1) Despite subsection (1) and clauses (1.0.0.1) (f) and (g), if the valuation date of the report is on or after September 30, 2011, the beginning of the amortization period for special payments to liquidate a solvency deficiency, reduced solvency deficiency or going concern unfunded liability referred to in those clauses and determined in the report may be deferred to a day that is not later than 12 months after the valuation date. O. Reg. 250/18, s. 10 (3); O. Reg. 533/21, s. 4 (3). (1.0.2) Clause (1.0.0.1) (b) applies, and clause (1.0.0.1) (e) does not apply, with respect to an increase in the going concern unfunded liability that results from an amendment that, (a)  is made to confer a benefit improvement that is required by law; (b)  is filed before May 1, 2018; or (c)  implements a benefit improvement agreed to in a collective agreement before May 1, 2018 if the collective agreement is in place immediately before that date. O. Reg. 250/18, s. 10 (3). (1.1) Despite subsections (1) and (1.0.0.1), in the case of a jointly sponsored pension plan, the special payments may be determined in accordance with subsection (1.2) as of, (a)  the date the going concern unfunded liability arose, in the case of special payments referred to in clauses (1) (b) and (1.0.0.1) (a), (b), (c) and (d); (b)  the date of an amendment to a pension plan that increases going concern liabilities, in the case of special payments referred to in clause (1.0.0.1) (e); or (c)  t the date the solvency deficiency or reduced solvency deficiency arose, in the case of special payments referred to in clauses (1) (e) and (1.0.0.1) (f) and (g). O. Reg. 250/18, s. 10 (4); O. Reg. 533/21, s. 4 (4). (1.2) The special payments referred to in subsection (1.1) are determined under the following rules: 1.  Each scheduled payment must be a level percentage of the sum of pensionable earnings of the members of the pension plan at the valuation date projected to the date when the scheduled payments commence and, after that date, projected annually until the end of the amortization period without reference to, i.  changes in the membership of the plan that may occur after the valuation date and that arise from termination of employment or membership, the retirement or death of members or the addition of new members to the plan, or ii.  any other changes in the membership of the plan that may occur after the valuation date. 1.1  Despite paragraph 1, if there is reason to believe that there will be a material decline in the number of members before the end of the amortization period, the sum in paragraph 1 of the projected pensionable earnings must reflect the expected decline in the sum of projected pensionable earnings. 2.  The sum in paragraph 1 of the projected pensionable earnings must be determined based on actuarial assumptions that are consistent with those used to project pensionable earnings in the going concern valuation based on the benefit allocation method. 3.  The present value of the scheduled payments at the date described in subsection (1.1) must be equal to the amount of the going concern unfunded liability, increase in going concern liabilities due to an amendment to the pension plan, reduced solvency deficiency or solvency deficiency being liquidated. 4.  The amortization periods for each series of scheduled payments must be the same as the respective periods under clauses (1) (b) and (e) and subsection (1.0.0.1), beginning not later than 12 months after the valuation date. 5.  The present value of the scheduled payments must be determined, i.  with respect to any going concern unfunded liability, using the interest rate or rates used in the report to determine the going concern unfunded liability, ii.  for a report with a valuation date on or after December 31, 2017 with respect to any going concern unfunded liability or increase in going concern liabilities due to an amendment to a pension plan, using the interest rate or rates used in the report to determine the going concern unfunded liabilities or increase in going concern liabilities due to the amendment, and iii.  with respect to any solvency deficiency or reduced solvency deficiency, using the interest rates used in the report to determine the solvency deficiency or reduced solvency deficiency. O. Reg. 116/06, s. 5 (1); O. Reg. 570/06, s. 3; O. Reg. 250/18, s. 10 (5-7); O. Reg. 533/21, s. 4 (5, 6). (2) The rates of interest to be used in calculating the special payments under clauses (1) (e) and (1.0.0.1) (f) and (g) with respect to a solvency deficiency or reduced solvency deficiency are the rates used in the report under section 14 in which the solvency deficiency or reduced solvency deficiency was determined for the applicable portions of the amortization period for the special payments. O. Reg. 533/21, s. 4 (7). (3) If an employer provides a letter of credit under section 55.2 of the Act instead of making payments into the pension fund with respect to a solvency deficiency or reduced solvency deficiency, the employer is required to make interest payments with respect to the solvency deficiency or reduced solvency deficiency, calculated at the rate of interest described in subsection (2), unless the interest payments are included in the amount of the letter of credit. O. Reg. 364/12, s. 3; O. Reg. 250/18, s. 10 (9); O. Reg. 533/21, s. 4 (8). (4)-(12) Revoked:  O. Reg. 178/12, s. 4 (6). (13) The prior year credit balance to be used in a report filed under section 13 for a pension plan is zero.  O. Reg. 178/12, s. 4 (7); O. Reg. 250/18, s. 1. (14), (15) Revoked:  O. Reg. 178/12, s. 4 (8). (16) Subject to subsections (13) and (16.1), the prior year credit balance to be used in any report or actuarial cost certificate required under this Regulation in respect of a plan is the amount calculated using the formula, A + B – C in which, “A”  is the prior year credit balance stated in the last report or actuarial cost certificate filed or submitted in respect of the plan under this Regulation, “B”  is the total amount of contributions made to the plan by an employer or by a person or entity required to make contributions under the plan on behalf of an employer, (a)  after the valuation date of the last report or actuarial cost certificate filed or submitted in respect of the plan under this Regulation, and (b)  before the valuation date for the report or actuarial cost certificate being prepared, and “C”  is the total amount of contributions that, under section 4, would be required to have been made during the period described in the definition of “B” by an employer or by a person or entity required to make contributions under the plan on behalf of an employer if the contributions had been calculated without reference to any prior year credit balance. O. Reg. 239/09, s. 3; O. Reg. 178/12, s. 4 (9); O. Reg. 250/18, s. 1; O. Reg. 105/19, s. 6 (2, 3). (16.1) For a report filed under section 3 or 14 or submitted under section 4 that has a valuation date of December 31, 1998 or later, the prior year credit balance may be reduced to an amount that is, (a)  less than the amount otherwise determined in accordance with subsection (16); and (b)  not less than zero.  O. Reg. 144/00, s. 5 (2); O. Reg. 250/18, s. 1. (16.2) Despite subsections (13), (16) and (16.1), if a pension plan provides defined benefits and a benefit allocation method is not used to set the contribution rates, the prior year credit balance to be used in any report filed or submitted in respect of the pension plan shall be zero.  O. Reg. 116/06, s. 5 (2); O. Reg. 178/12, s. 4 (10); O. Reg. 250/18, s. 1. (16.3) Revoked: O. Reg. 105/19, s. 6 (5). (17) If, on any valuation date, the sum of the solvency assets and the solvency asset adjustment exceeds the sum of the solvency liabilities, the solvency liability adjustment and the prior year credit balance (such excess being referred to in this subsection as the “solvency excess”), the special payments under clause (1) (e) with respect to solvency deficiencies arising before the valuation date that are scheduled for payment after the valuation date shall be adjusted in accordance with the following rules: 1.  Where the solvency excess is greater than or equal to the present value of the special payments under clause (1) (e), the special payments shall be reduced to zero. 2.  Where the solvency excess is less than the present value of the special payments under clause (1) (e), the monthly rate of the special payments shall not be changed but the amortization period or periods for the special payments shall be reduced so as to reduce the solvency excess to zero.  O. Reg. 178/12, s. 4 (11); O. Reg. 250/18, s. 1. (17.1) Despite subsection (17), if, on a valuation date on or after December 31, 2017, the sum of the solvency assets and the solvency asset adjustment exceeds the sum of 85 per cent of the solvency liabilities, 85 per cent of the solvency liability adjustment and the prior year credit balance (such excess being referred to in this subsection as the “solvency excess”), the special payments under clauses (1.0.0.1) (f) and (g) with respect to solvency deficiencies or reduced solvency deficiencies arising before the valuation date that are scheduled for payment after the valuation date shall be adjusted in accordance with the following rules: 1.  Where the solvency excess is greater than or equal to the present value of the special payments under clauses (1.0.0.1) (f) and (g), the special payments shall be reduced to zero. 2.  Where the solvency excess is less than the present value of the special payments under clauses (1.0.0.1) (f) and (g), the monthly rate of the special payments shall not be changed but the amortization period or periods for the special payments shall be reduced so as to reduce the solvency excess to zero. 3., 4.  Revoked: O. Reg. 250/18, s. 10 (11). O. Reg. 250/18, s. 10 (10, 11); O. Reg. 533/21, s. 4 (9-11). (18) If on November 26, 1992 a plan provides plant closure benefits or permanent layoff benefits, the employer may elect, by filing written notice with the Superintendent within the time set out in subsection (19), to exclude all plant closure benefits and permanent layoff benefits in calculating the solvency liabilities of the plan.  O. Reg. 712/92, s. 4; O. Reg. 178/12, s. 4 (12). (19) An election under subsection (18) shall be made within the time set out in this Regulation for the filing of the first report on the plan after November 26, 1992 under section 3 or 14.  O. Reg. 712/92, s. 4; O. Reg. 178/12, s. 4 (13). (20) At any time after an election is made under subsection (18), the employer may rescind the election by filing written notice.  O. Reg. 712/92, s. 4. (21) A rescission under subsection (20) is effective from the date on which the written notice is filed.  O. Reg. 712/92, s. 4. (22) An employer who has rescinded an election under subsection (18) shall not make any further election under subsection (18) in respect of the plan.  O. Reg. 712/92, s. 4. (23)-(25) Revoked: O. Reg. 178/12, s. 4 (14).