81 (0.1) This section applies with respect to pension plans in either of the following circumstances: 1.  A pension plan is established by an employer to be a successor to an existing pension plan and the employer ceases to make contributions to the original pension plan. 2.  A multi-employer pension plan established pursuant to a collective agreement or trust agreement is amended to be a successor to an existing multi-employer pension plan established pursuant to a collective agreement or trust agreement and the participating employers cease to make contributions to the original multi-employer pension plan. 2020, c. 34, Sched. 18, s. 4 (1). Same (1) Where a pension plan is established by an employer to be a successor to an existing pension plan and the employer ceases to make contributions to the original pension plan, the original pension plan shall be deemed not to be wound up and the successor pension plan shall be deemed to be a continuation of the original pension plan.  R.S.O. 1990, c. P.8, s. 81 (1); 2010, c. 9, s. 70 (1). Same, multi-employer pension plans (1.1) Where a multi-employer pension plan established pursuant to a collective agreement or trust agreement is amended to be a successor to an existing multi-employer pension plan established pursuant to a collective agreement or trust agreement and the participating employers cease to make contributions to the original multi-employer pension plan, the original pension plan shall be deemed not to be wound up and the successor pension plan shall be deemed to be a continuation of the original pension plan. 2015, c. 38, Sched. 17, s. 2 (1). Continuation of benefits (2) The benefits under the original pension plan in respect of employment and membership before the establishment of the successor pension plan are deemed to be benefits under the successor pension plan.  2010, c. 9, s. 70 (2); 2015, c. 38, Sched. 17, s. 2 (2). Same (2.1) Subsection (2) does not require the successor pension plan to provide the same pension benefits and other benefits for the transferred members that were provided for them under the original pension plan.  2010, c. 9, s. 70 (2). Application of subs. (2) (3) Subsection (2) applies whether or not the assets and liabilities of the original pension plan are consolidated with those of the successor pension plan.  R.S.O. 1990, c. P.8, s. 81 (3); 2010, c. 9, s. 70 (3). Requirement for Chief Executive Officer’s consent (4) The Chief Executive Officer’s prior consent is required to authorize the transfer of assets from the original pension plan to the successor pension plan.  2010, c. 9, s. 70 (4); 2018, c. 8, Sched. 23, s. 24. Application (5) The administrator of either pension plan or such other persons as may be prescribed may apply for the Chief Executive Officer’s consent to the transfer of assets from the original pension plan to the successor pension plan.  2010, c. 9, s. 70 (4); 2018, c. 8, Sched. 23, s. 24. Statutory criteria for Chief Executive Officer’s consent (6) The Chief Executive Officer shall consent to the transfer of assets in accordance with the application if all of the following criteria, and such other criteria as may be prescribed, are satisfied: 1.  The administrators of the two pension plans must have agreed upon the manner of determining the amount of assets to be transferred, and the applicant must give the Chief Executive Officer notice of their agreement. 2.  If the pension benefits and other benefits to be provided under the successor pension plan for the transferred members are not the same as the pension benefits and other benefits provided for them under the original pension plan, the commuted value of the benefits provided for the transferred members under the successor pension plan must not be less than the commuted value of the benefits provided for them under the original pension plan, as adjusted for any payments made from the original pension plan to a prescribed retirement savings arrangement or directly to the transferred members in connection with the transfer of the assets. 3.  The commuted value of the benefits referred to in paragraph 2 is determined as of the effective date of the transfer of the assets. 4.  If the original pension plan has a surplus as of the effective date of the transfer of assets, the amount of assets to be transferred must include a portion of the surplus determined in accordance with the regulations.  2010, c. 9, s. 70 (4); 2010, c. 24, s. 37; 2018, c. 8, Sched. 23, s. 23, 24. Waiver of conditions (7) The Chief Executive Officer may waive one or more of the conditions referred to in subsections 79.2 (5) and (6) in the prescribed circumstances.  2010, c. 9, s. 70 (4); 2018, c. 8, Sched. 23, s. 23. Waiver of notice requirements (8) The Chief Executive Officer may, if he or she considers it appropriate in the circumstances, waive or vary the application of any provision of the regulations that is made for the purpose of subsection 79.2 (7), or any Authority rule made for the purpose of that subsection. 2020, c. 34, Sched. 18, s. 4 (2). Section Amendments with date in force (d/m/y) 2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006 2010, c. 9, s. 70 (1-5) - 01/01/2014; 2010, c. 24, s. 37 (1, 2) - 01/01/2014 2015, c. 38, Sched. 17, s. 2 (1, 2)
- 01/07/2016 2018, c. 8, Sched. 23, s. 23, 24 - 08/06/2019 2020, c. 34, Sched. 18, s. 4 (1, 2) - 08/12/2020 Conversion of Single Employer Pension Plans