75.1 (1) Where a jointly sponsored pension plan is wound up, the employer or the person or entity required to make contributions under the plan on behalf of the employer shall pay into the pension fund, (a)  an amount equal to the total of all payments that, under this Act, the regulations and the plan, are payable by the employer or by the person or entity on behalf of the employer, that are due or have accrued and that have not been paid into the pension fund; and (b)  any additional amounts that, under the documents that create and support the plan, are payable in the circumstances by the employer or the person or entity on behalf of the employer.  2005, c. 31, Sched. 18, s. 11; 2010, c. 9, s. 59 (1). Same re: transfer of assets (1.1) If an employer has transferred assets under section 80.4 from a single employer pension plan to a jointly sponsored pension plan that is subsequently wound up, the employer shall, in prescribed circumstances, pay the prescribed amount into the pension fund of the jointly sponsored pension plan for the benefit of the transferred members and other transferees under section 80.4. 2014, c. 7, Sched. 26, s. 8 (1). Same re: conversion of single employer pension plan (1.2) If an employer has converted a single employer pension plan under section 81.0.1 into a jointly sponsored pension plan that is subsequently wound up, the employer shall, in prescribed circumstances, pay the prescribed amount into the pension fund of the jointly sponsored pension plan for the benefit of the members, former members, retired members and other persons entitled to benefits under the plan. 2014, c. 7, Sched. 26, s. 8 (2). Members (2) Where a jointly sponsored pension plan is wound up, the members shall pay into the pension fund, (a)  an amount equal to the total of all payments that, under this Act, the regulations and the plan, are payable by the members, that are due or have accrued and that have not been paid into the pension fund; and (b)  any additional amounts that, under the documents that create and support the plan, are payable in the circumstances by the members.  2005, c. 31, Sched. 18, s. 11; 2010, c. 9, s. 59 (2). Payments (3) The payments required by this section shall be made in the prescribed manner and at the prescribed times.  2005, c. 31, Sched. 18, s. 11; 2014, c. 7, Sched. 26, s. 8 (3). Same (4) Any payments that may be required by subsections (1.1) and (1.2) are in addition to the payments required by subsection (1). 2014, c. 7, Sched. 26, s. 8 (4). Insufficient pension fund (5) If the amount paid under subsection (1.1) and the money in the pension fund of the jointly sponsored pension plan, allocated in accordance with the regulations, is not sufficient to pay all the pension benefits and other benefits of the transferred members and other transferees under section 80.4, the pension benefits and other benefits shall be reduced in the prescribed manner on the wind up of the jointly sponsored pension plan. 2014, c. 7, Sched. 26, s. 8 (5). Same (6) If the amount paid under subsection (1.2) and the money in the pension fund of the jointly sponsored pension plan, allocated in accordance with the regulations, is not sufficient to pay all the pension benefits and other benefits of the members, former members, retired members and other persons entitled to benefits under the plan, the pension benefits and other benefits shall be reduced in the prescribed manner on the wind up of the plan. 2014, c. 7, Sched. 26, s. 8 (6). Section Amendments with date in force (d/m/y) 2005, c. 31, Sched. 18, s. 11 - 30/04/2006 2010, c. 9, s. 59 (1, 2) - 01/07/2012 2014, c. 7, Sched. 26, s. 8 (1-6)
- 01/11/2015