task6_model_deployment/assets/C-228_4.txt

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First Session, Forty-fourth Parliament,
70-71 Elizabeth II – 1 Charles III, 2021-2022-2023
STATUTES OF CANADA 2023
CHAPTER 6
An Act to amend the Bankruptcy and
Insolvency Act, the Companies’ Creditors
Arrangement Act and the Pension Benefits
Standards Act, 1985
ASSENTED TO
APRIL 27, 2023
BILL C-228

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SUMMARY
This enactment amends the Bankruptcy and Insolvency Act and
the Companies’ Creditors Arrangement Act to ensure that claims
in respect of unfunded liabilities or solvency deficiencies of pen-
sion plans and claims relating to the cessation of an employer’s
participation in group insurance plans are paid in priority in the
event of bankruptcy proceedings.
It also amends the Pension Benefits Standards Act, 1985 to pro-
vide for the tabling of an annual report respecting the solvency
of pension plans.
Available on the House of Commons website at the following address:
www.ourcommons.ca
2021-2022-2023

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70-71 ELIZABETH II – 1 CHARLES III
CHAPTER 6
An Act to amend the Bankruptcy and Insolvency Act,
the Companies’ Creditors Arrangement Act and the
Pension Benefits Standards Act, 1985
[Assented to 27th April, 2023]
His Majesty, by and with the advice and consent
of the Senate and House of Commons of Canada,
enacts as follows:
Short Title
Short title
1 This Act may be cited as the Pension Protection Act.
R.S., c. B-3; 1992, c. 27, s. 2
Bankruptcy and Insolvency Act
2 (1) Subparagraph 60(1.5)(a)(ii) of the Bank-
ruptcy and Insolvency Act is amended by adding
the following after clause (A):
(A.1) an amount equal to the sum of all special
payments, determined in accordance with sec-
tion 9 of the Pension Benefits Standards Regula-
tions, 1985, that were required to be paid by the
employer to the fund referred to in sections 81.5
and 81.6 to liquidate an unfunded liability or a
solvency deficiency,
(A.2) any amount required to liquidate any oth-
er unfunded liability or solvency deficiency of
the fund as determined at the time of the filing of
the notice of intention or of the proposal, if no
notice of intention was filed,
(2) Subparagraph 60(1.5)(a)(iii) of the Act is
amended by adding the following after clause
(A):
(A.1) an amount equal to the sum of all special
payments, determined in accordance with sec-
tion 9 of the Pension Benefits Standards
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Regulations, 1985, that would have been re-
quired to be paid by the employer to the fund re-
ferred to in sections 81.5 and 81.6 to liquidate an
unfunded liability or a solvency deficiency if the
prescribed plan were regulated by an Act of Par-
liament,
(A.2) any amount required to liquidate any oth-
er unfunded liability or solvency deficiency of
the fund as determined at the time of the filing of
the notice of intention or of the proposal, if no
notice of intention was filed,
3 (1) Paragraph 81.5(1)(b) of the Act is amended
by adding the following after subparagraph (i):
(i.1) an amount equal to the sum of all special pay-
ments, determined in accordance with section 9 of
the Pension Benefits Standards Regulations, 1985,
that were required to be paid by the employer to the
fund referred to in this section and section 81.6 to
liquidate an unfunded liability or a solvency defi-
ciency,
(i.2) any amount required to liquidate any other
unfunded liability or solvency deficiency of the
fund,
(2) Paragraph 81.5(1)(c) of the Act is amended by
adding the following after subparagraph (i):
(i.1) an amount equal to the sum of all special pay-
ments, determined in accordance with section 9 of
the Pension Benefits Standards Regulations, 1985,
that would have been required to be paid by the
employer to the fund referred to in this section and
section 81.6 to liquidate an unfunded liability or a
solvency deficiency if the prescribed plan were reg-
ulated by an Act of Parliament,
(i.2) any amount required to liquidate any other
unfunded liability or solvency deficiency of the
fund,
4 (1) Paragraph 81.6(1)(b) of the Act is amended
by adding the following after subparagraph (i):
(i.1) an amount equal to the sum of all special pay-
ments, determined in accordance with section 9 of
the Pension Benefits Standards Regulations, 1985,
that would be required to be paid by the employer
to the fund referred to in section 81.5 and this sec-
tion to liquidate an unfunded liability or a solvency
deficiency,
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Chapter 6: An Act to amend the Bankruptcy and Insolvency Act, the Companies’
Creditors Arrangement Act and the Pension Benefits Standards Act, 1985
Bankruptcy and Insolvency Act
Sections 2-4

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(i.2) any amount required to liquidate any other
unfunded liability or solvency deficiency of the
fund,
(2) Paragraph 81.6(1)(c) of the Act is amended by
adding the following after subparagraph (i):
(i.1) an amount equal to the sum of all special pay-
ments, determined in accordance with section 9 of
the Pension Benefits Standards Regulations, 1985,
that would have been required to be paid by the
employer to the fund referred to in section 81.5 and
this section to liquidate an unfunded liability or a
solvency deficiency if the prescribed plan were reg-
ulated by an Act of Parliament,
(i.2) any amount required to liquidate any other
unfunded liability or solvency deficiency of the
fund,
R.S., c. C-36
Companies’ Creditors
Arrangement Act
5 (1) Subparagraph 6(6)(a)(ii) of the Companies’
Creditors Arrangement Act is amended by
adding the following after clause (A):
(A.1) an amount equal to the sum of all special
payments, determined in accordance with sec-
tion 9 of the Pension Benefits Standards Regula-
tions, 1985, that were required to be paid by the
employer to the fund referred to in sections 81.5
and 81.6 of the Bankruptcy and Insolvency Act
to liquidate an unfunded liability or a solvency
deficiency,
(A.2) any amount required to liquidate any oth-
er unfunded liability or solvency deficiency of
the fund as determined on the day on which pro-
ceedings commence under this Act,
(2) Subparagraph 6(6)(a)(iii) of the Act is amend-
ed by adding the following after clause (A):
(A.1) an amount equal to the sum of all special
payments, determined in accordance with sec-
tion 9 of the Pension Benefits Standards Regula-
tions, 1985, that would have been required to be
paid by the employer to the fund referred to in
sections 81.5 and 81.6 of the Bankruptcy and
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Chapter 6: An Act to amend the Bankruptcy and Insolvency Act, the Companies’
Creditors Arrangement Act and the Pension Benefits Standards Act, 1985
Bankruptcy and Insolvency Act
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Insolvency Act to liquidate an unfunded liability
or a solvency deficiency if the prescribed plan
were regulated by an Act of Parliament,
(A.2) any amount required to liquidate any oth-
er unfunded liability or solvency deficiency of
the fund as determined on the day on which pro-
ceedings commence under this Act,
R.S., c. 32 (2nd Supp.)
Pension Benefits Standards Act,
1985
6 Section 40 of the Pension Benefits Standards
Act, 1985 is replaced by the following:
Annual report
40 (1) The Superintendent shall, after consultation with
the Chief Actuary of the Office of the Superintendent of
Financial Institutions and as soon as possible after the
end of each fiscal year, submit to the Minister a report on
(a) the operation of this Act during that year; and
(b) the success of pension plans in meeting the fund-
ing requirements, determined in accordance with sec-
tion 9, and the corrective measures taken or directed
to be taken to deal with any pension plans that are not
meeting the funding requirements.
Tabling in Parliament
(2) The Minister shall cause the report to be tabled in
each House of Parliament on any of the first 15 days on
which that House is sitting after the day the Minister re-
ceives it.
Transmission to provinces
(3) As soon as possible after the tabling of the report in
Parliament, the Superintendent shall transmit the report
to the relevant provincial ministers responsible for fi-
nance and provincial securities commissions.
Transitional Provisions
Exception — employers
7 (1) Sections 2 to 4 do not apply in respect of a
person who is an employer and who, on the day
before the day on which those sections come into
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Chapter 6: An Act to amend the Bankruptcy and Insolvency Act, the Companies’
Creditors Arrangement Act and the Pension Benefits Standards Act, 1985
Companies’ Creditors Arrangement Act
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force, participated in a prescribed pension plan
for the benefit of the person’s employees until
the fourth anniversary of the day on which this
Act comes into force.
Exception — companies
(2) Subsections 5(1) and (2) do not apply in re-
spect of a company that, on the day before the
day on which those subsections come into force,
participated in a prescribed pension plan for the
benefit of its employees until the fourth anniver-
sary of the day on which this Act comes into
force.
Published under authority of the Speaker of the House of Commons
2021-2022-2023
Chapter 6: An Act to amend the Bankruptcy and Insolvency Act, the Companies’
Creditors Arrangement Act and the Pension Benefits Standards Act, 1985
Transitional Provisions
Section  
7

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Available on the House of Commons website
Disponible sur le site Web de la Chambre des com