79 (1) Subject to section 89, the Chief Executive Officer shall not consent to payment of surplus to an employer out of a continuing pension plan unless, (a)  the Chief Executive Officer is satisfied, based on reports provided with the employer’s application for payment of the surplus, that the pension plan has a surplus; (b)  the withdrawal of surplus by the employer while the pension plan continues in existence is authorized either as provided in section 77.11 or by a court order declaring that the employer is entitled to the surplus while the plan continues; (c)  where all pension benefits under the pension plan are guaranteed by an insurance company, an amount equal to at least the sum of two years of the normal cost of the pension plan and two years of the provision for adverse deviations in respect of the normal cost of the pension plan, determined in accordance with the regulations, is retained in the pension fund as surplus; (d)  the greater of the following amounts is retained in the pension fund as surplus: (i)  the sum of “A” and “B” where, “A”  is an amount equal to the sum of twice the normal cost of the pension plan and twice the provision for adverse deviations in respect of the normal cost of the pension plan, and “B”  is an amount equal to 5 per cent of the liabilities of the pension plan, determined in accordance with the regulations, and (ii)  an amount equal to 25 per cent of the liabilities of the pension plan, determined in accordance with the regulations; and (e)  Repealed:  2010, c. 24, s. 29 (1). (f)  the applicant and the pension plan comply with all other requirements prescribed under other sections of this Act in respect of the payment of surplus money out of a pension fund.  R.S.O. 1990, c. P.8, s. 79 (1); 1997, c. 28, s. 202 (1, 2); 2010, c. 9, s. 63 (1, 2); 2010, c. 24, s. 29 (1); 2017, c. 8, Sched. 27, s. 15; 2017, c. 34, Sched. 33, s. 30; 2018, c. 8, Sched. 23, s. 23. (2) Repealed:  2010, c. 24, s. 29 (2). Wind up, payment to employer (3) Subject to section 89, the Chief Executive Officer shall not consent to payment of surplus to an employer out of a pension plan that is being wound up in whole unless, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 79 (3) of the Act is amended by striking out “being wound up in whole” in the portion before clause (a) and substituting “being wound up”. (See: 2020, c. 36, Sched. 37, s. 15 (1)) (a)  the Chief Executive Officer is satisfied, based on reports provided with the employer’s application for payment of the surplus, that the pension plan has a surplus; (b)  the payment of surplus to the employer on the wind up of the pension plan is authorized either as provided in section 77.11 or by a court order declaring that the employer is entitled to the surplus when the plan is being wound up; (c)  provision has been made for the payment of all liabilities of the pension plan as calculated for purposes of the termination of the pension plan; and (d)  the applicant and the pension plan comply with all other requirements prescribed under other sections of this Act in respect of the payment of surplus.  2010, c. 24, s. 29 (3); 2017, c. 8, Sched. 27, s. 15; 2018, c. 8, Sched. 23, s. 23. Same, partial wind up (3.1) Subject to section 89, the Chief Executive Officer shall not consent to payment of surplus to an employer out of a pension plan that is being wound up in part unless, (a)  all of the criteria described in clauses (3) (a), (c) and (d) are satisfied; and (b)  the payment of surplus to the employer on the partial wind up of the pension plan is authorized either as provided in section 77.11 or by a court order declaring that the employer is entitled to the surplus when the plan is being wound up in part.  2010, c. 24, s. 29 (6); 2017, c. 8, Sched. 27, s. 15; 2018, c. 8, Sched. 23, s. 23. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 79 (3.1) of the Act is repealed. (See: 2020, c. 36, Sched. 37, s. 15 (2)) (3.2) Repealed:  2010, c. 24, s. 29 (6). Wind up, payment to members, etc. (4) If a pension plan is being wound up in whole or in part, payment from surplus may be made to or for the benefit of members, former members, retired members and other persons, other than an employer, who are entitled to payments under the plan as of the date of the wind up or partial wind up.  2010, c. 24, s. 29 (9, 10). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 79 (4) of the Act is amended by striking out “being wound up in whole or in part” and substituting “being wound up” and by striking out “or partial wind up” at the end. (See: 2020, c. 36, Sched. 37, s. 15 (3)) (5)-(8) Repealed:  1997, c. 28, s. 202 (5). Section Amendments with date in force (d/m/y) 1997, c. 28, s. 202 (1-5) - 01/07/1998 2010, c. 9, s. 63 (1-3, 9) - 18/05/2010; 2010, c. 9, s. 63 (4, 5, 8, 10) - no effect - see 2010, c. 24, s. 48 (3-5) - 01/07/2012;
2010, c. 9, s. 63 (6, 7) - no effect - see 2010, c. 24, s. 29 (6) - 08/12/2010;
2010, c. 24, s. 29 (1, 10) - 01/07/2012; 2010, c. 24, s. 29 (2, 3, 6, 9) - 08/12/2010; 2010, c. 24, s. 29 (4, 8, 11) - no effect - see 2020, c. 36, Sched. 37, s. 24 - 08/12/2020; 2010, c. 24, s. 29 (5, 7) - no effect - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2020 2017, c. 8, Sched. 27, s. 15 - 17/05/2017; 2017, c. 34, Sched. 33, s. 30 (1, 2) - 01/05/2018 2018, c. 8, Sched. 23, s. 23 - 08/06/2019 2020, c. 36, Sched. 37, s. 15 (1-3) - not in force