101.1 (1) An employer of a pension plan that is an individual pension plan or a designated plan for the purposes of the Income Tax Act (Canada), and for which a certificate of registration has been issued under section 16 of this Act, may elect to be exempt from the application of this Act, the regulations and the Authority rules, except as necessary to give effect to this section, if the following conditions are satisfied at the time the election is filed: 1.  Every member of the pension plan, if any, is connected with the employer within the meaning of subsection 8500 (3) of the Income Tax Regulations (Canada). 2.  Every former member of the pension plan, if any, and every retired member of the pension plan, if any, was connected with the employer within the meaning of subsection 8500 (3) of the Income Tax Regulations (Canada) immediately before becoming a former member or retired member, as the case may be. 3.  The following persons have consented to the exemption in accordance with subsection (3): i.  Every member, former member and retired member of the pension plan. ii.  Every person who, on the day they give the consent, is not a member, former member or retired member of the pension plan but is a spouse of a member, former member or retired member of the pension plan who is not living separate and apart from the member, former member or retired member on that day. iii.  Any other person entitled to pension benefits under the pension plan. 2020, c. 34, Sched. 18, s. 6. Election (2) The election referred to in subsection (1) must be filed with the Chief Executive Officer and must contain the following information: 1.  The name of the individual pension plan or designated plan and its provincial registration number. 2.  A statement from the administrator of the pension plan certifying that, as of the date on which the election is filed, the requirements set out in paragraphs 1 and 2 of subsection (1), as applicable, are satisfied. 3.  A statement from the administrator of the pension plan certifying that consent to the exemption has been obtained from every person referred to in paragraph 3 of subsection (1). 4.  A copy of every consent obtained from the persons referred to in paragraph 3 of subsection (1). 5.  A copy of every declaration obtained from the members, former members and retired members of the pension plan. 6.  The date on which the exemption is effective, which must be at least 14 days after the date on which the election is filed, but no later than 60 days after that date. 7.  A statement from the employer acknowledging that, after the election is filed, no person may become a member of the pension plan unless the person is connected with the employer within the meaning of subsection 8500 (3) of the Income Tax Regulations (Canada) on the date on which they become a member. 2020, c. 34, Sched. 18, s. 6. Consent (3) For the purposes of paragraph 3 of subsection (1), the consent of every person referred to in paragraph 3 of subsection (1) to the exemption of a pension plan must be signed by the person and must include both of the following: 1.  A statement that the person consents to the exemption. 2.  A statement that the person acknowledges that as a result of the exemption, this Act, the regulations and the Authority rules would not apply to any benefits or entitlements accrued under the pension plan, whether the benefits or entitlements accrued before or after the effective date of the exemption. 2020, c. 34, Sched. 18, s. 6. Declaration (4) For the purposes of paragraph 5 of subsection (2), every member, former member and retired member of the pension plan must sign a declaration attesting to one of the following facts: 1.  That they have a spouse and the spouse has consented to the exemption in accordance with subsection (3). 2.  That they were living separate and apart from their spouse on the date on which they consented to the exemption in accordance with subsection (3). 3.  That they did not have a spouse on the date on which they consented to the exemption in accordance with subsection (3). 2020, c. 34, Sched. 18, s. 6. Exemption (5) The following apply if an employer of a pension plan files an election under this section and the requirements set out in subsections (1), (2), (3) and (4) have been met: 1.  Except as necessary to give effect to this section, this Act, the regulations and the Authority rules do not apply as of the effective date of the exemption set out in the election in respect of any matter relating to the pension plan, including in respect of any benefits or entitlements accrued under the pension plan, whether the matter arose or the benefits or entitlements accrued before or after the effective date. 2.  The powers and duties conferred on or assigned to the Chief Executive Officer, the Authority, the Tribunal or any other person, body or court on or to whom powers and duties related to the enforcement of this Act, the regulations or the Authority rules are conferred or assigned, do not apply in respect of any matter relating to the pension plan as of the effective date of the exemption set out in the election, including in respect of any benefits or entitlements accrued under the pension plan, whether the matter arose or the benefits or entitlements accrued before or after the effective date. However, those powers and duties do apply in respect of the restriction set out in subsection (6). 2020, c. 34, Sched. 18, s. 6. Restriction re new members (6) After an election referred to in subsection (1) is filed in respect of a pension plan, no person may become a member of the pension plan unless the person is connected with the employer within the meaning of subsection 8500 (3) of the Income Tax Regulations
(Canada) on the date on which they become a member. 2020, c. 34, Sched. 18, s. 6. Exemption not cancelled (7) An exemption under this section continues to apply with respect to a pension plan even if a member, former member or retired member who was connected with the employer within the meaning of subsection 8500 (3) of the Income Tax Regulations (Canada) ceases to be connected with the employer after the date on which the election is filed. 2020, c. 34, Sched. 18, s. 6. Section Amendments with date in force (d/m/y) 2020, c. 34, Sched. 18, s. 6 - 08/12/2020