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CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 1017/96

Pensions Funding Regulations
under the
Pensions Funding Act

Under the authority of section 15 of the Pensions Funding Act and the Subordinate Legislation Revision and Consolidation Act , the Lieutenant-Governor in Council makes the following regulations.

REGULATIONS

Analysis



Short title

        1. These regulations may be cited as the Pensions Funding Regulations .

134/95 s1

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Definitions

        2. In these regulations

             (a)  "contributions due date" means the date on which contributions are deducted from employees; and

             (b)  "minister" means the minister appointed under the Executive Council Act to administer the Pension Funding Act .

134/95 s2

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Remittance of contributions

        3. All contributions required to be paid under a plan shall be remitted by an employer to the minister so as to be received by the minister on or before the 10th working day following the contributions due date as specified under these regulations.

134/95 s3

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Failure to remit

        4. Where an employer fails to remit contributions in accordance with section 3

             (a)  interest shall be assessed at 1.2% compounded monthly from the contributions due date to the date of receipt by the minister; and

             (b)  a penalty shall be assessed at the greater of $500 or 1% of the late remittance.

134/95 s4

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Repeal

        5. The Pensions Funding Regulations, 1995, Newfoundland Regulation 134/95, are repealed.