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Newfoundland and Labrador NEWFOUNDLAND Pension Benefits Act Regulations (Amendment) (Filed July 29, 2021) Under the authority of section 78 of the Pension Benefits Act, 1997, the Lieutenant-Governor in Council makes the following regulations. Dated at St. John’s, July 28, 2021. Krista Quinlan REGULATIONS Analysis 1.
S.7.1 R&S 2.
S.15 Amdt. 3. Commencement NLR 114/96 1. Section 7.1 of the Pension Benefits Act Regulations is repealed and the following substituted: Solvency funding exemption for multi-employer plans 7.1 (1) Notwithstanding any other provision of these regulations, multi-employer pension plans shall be exempt from the following: (a) paragraph 12(3)(d); (b) subsection 12(4); (c) paragraph 13(1)(b); and (d) subsection 13(5). (2) Notwithstanding paragraph 12(3)(c), the maximum period for liquidating a going concern unfunded liability for a multi-employer pension plan is within 10 years of the review date. 2. Section 15 of the regulations is amended by adding immediately after subsection (12) the following: (13) Subsections (1) to (9) do not apply to a multi-employer pension plan and the transfer value of a pension benefit from a multi-employer pension plan shall be equal to the commuted value. Commencement 3. Section 1 of these regulations is considered to have come into force on December 31, 2020. ©Queen's Printer |