77.11 (1) The documents that create and support a pension plan and pension fund govern the entitlement of the employer and other persons to payment of surplus under the pension plan, except as otherwise provided under this Act and subject to the restrictions on payment set out in sections 78 and 79.  2010, c. 24, s. 26 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 77.11 (1) of the Act is amended by adding “Subject to section 77.11.1” at the beginning. (See: 2020, c. 36, Sched. 37, s. 13 (1)) If no provision in a pension plan (2) A pension plan that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be construed to prohibit the withdrawal of surplus money accrued after December 31, 1986.  2010, c. 24, s. 26 (1). Same, on wind up (3) If a pension plan does not provide for payment of surplus to the employer on the wind up of the pension plan, the pension plan shall be construed to require that surplus accrued after December 31, 1986 shall be distributed proportionately on the wind up of the pension plan among members, former members, retired members and other persons entitled to payments under the pension plan on the date of the wind up.  2010, c. 24, s. 26 (1, 2). On wind up of successor pension plan (4) If a pension plan is a successor pension plan and if it is being wound up in whole or in part, the employer is not entitled to payment of surplus under the pension plan unless the documents that created and supported the original pension plan and pension fund and those that create and support the successor pension plan and pension fund both provide for payment of surplus to the employer on the wind up or partial wind up, as the case may be, of the pension plan.  2010, c. 24, s. 26 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 77.11 (4) of the Act is amended by striking out “if it is being wound up in whole or in part” and substituting “if it is being wound up” and by striking out “on the wind up or partial wind up, as the case may be, of the pension plan” at the end and substituting “on the wind up of the pension plan”. (See: 2020, c. 36, Sched. 37, s. 13 (2)) Same (5) Subsection (4) does not preclude a written agreement described in subsection (7) from providing for payment of surplus to the employer in the circumstances specified in the agreement.  2010, c. 24, s. 26 (1). Transition (6) Subsection (4) does not apply if the effective date of the transfer of assets from the original pension plan to the successor pension plan is earlier than the date on which the Securing Pension Benefits Now and for the Future Act, 2010
received Royal Assent.  2010, c. 24, s. 26 (1). Agreement about surplus (7) A written agreement among the following persons may provide for payment of surplus to the employer in the circumstances specified in the agreement and as of the date specified in the agreement: 1.  If the surplus is to be paid to the employer while the pension plan continues in existence, i.  the employer, ii.  at least two-thirds of the members of the pension plan (and, for this purpose, a trade union that represents members may agree on behalf of those members), and iii.  the number which is considered appropriate in the circumstances by the Chief Executive Officer of former members, retired members and other persons who are entitled to payments under the pension plan as of the specified date for payment of the surplus. 2.  If the surplus is to be paid to the employer on the wind up of the pension plan in whole, Note: On a day to be named by proclamation of the Lieutenant Governor, paragraph 2 of subsection 77.11 (7) of the Act is amended by striking out “on the wind up of the pension plan in whole” in the portion before subparagraph i and substituting “on the wind up of the pension plan”. (See: 2020, c. 36, Sched. 37, s. 13 (3)) i.  the employer, ii.  at least two-thirds of the members of the pension plan (and, for this purpose, a trade union that represents or represented members on the date of the wind up may agree on behalf of those members), and iii.  the number which is considered appropriate in the circumstances by the Chief Executive Officer of former members, retired members and other persons who are entitled to payments under the pension plan as of the date of the wind up. 3.  If the surplus is to be paid to the employer on the partial wind up of the pension plan, i.  the employer, ii.  at least two-thirds of the members of the pension plan affected by the partial wind up (and, for this purpose, a trade union that represents or represented affected members on the date of the partial wind up may agree on behalf of those members), and iii.  the number which is considered appropriate in the circumstances by the Chief Executive Officer of former members, retired members and other persons who are affected by the partial wind up and who are entitled to payments under the pension plan as of the date of the partial wind up.  2010, c. 24, s. 26 (1, 5); 2018, c. 8, Sched. 23, s. 23. Note: On a day to be named by proclamation of the Lieutenant Governor, paragraph 3 of subsection 77.11 (7) of the Act is repealed. (See: 2020, c. 36, Sched. 37, s. 13 (4)) Effect of agreement (8) A written agreement prevails over any document that creates and supports the pension plan and pension fund, it prevails over subsections (2), (3) and (4), and it prevails despite any trust that may exist in favour of any person.  2010, c. 24, s. 26 (1). Section Amendments with date in force (d/m/y) 2010, c. 24, s. 26 (1) - 08/12/2010;
2010, c. 24, s. 26 (2, 5) - 01/07/2012;
2010, c. 24, s. 26 (3, 6, 7) - no effect - see 2020, c. 36, Sched. 37, s. 24 - 08/12/2020; 2010, c. 24, s. 26 (4, 8-10) - no effect - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2020 2018, c. 8, Sched. 23, s. 23 - 08/06/2019 2020, c. 36, Sched. 37, s. 13 (1-4) - not in force Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following section: (See: 2020, c. 36, Sched. 37, s. 14) Entitlement to surplus — target benefits 77.11.1 (1) The documents that create and support a pension plan and pension fund govern the entitlement of persons other than the employer to payment of surplus under a pension plan that provides target benefits, except as otherwise provided under this Act. 2020, c. 36, Sched. 37, s. 14. If no provision in a pension plan (2) A pension plan that provides target benefits that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be construed to prohibit the withdrawal of surplus money. 2020, c. 36, Sched. 37, s. 14. Employer not entitled to surplus (3) Despite anything in this Act or in a document that creates and supports a pension plan, no employer is entitled to payment of surplus under a pension plan that provides target benefits. 2020, c. 36, Sched. 37, s. 14. Proportional distribution on wind up (4) A pension plan that provides target benefits shall be construed to require that surplus shall be distributed proportionately on the wind up of the pension plan among members, former members, retired members and other persons entitled to payments under the pension plan on the date of the wind up. 2020, c. 36, Sched. 37, s. 14. Section Amendments with date in force (d/m/y) 2020, c. 36, Sched. 37, s. 14 - not in force 77.12 Section Amendments with date in force (d/m/y) 2010, c. 24, s. 27 (1-3) - no effect - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2020 2018, c. 8, Sched. 23, s. 7 - 08/06/2019