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RSNL1990 CHAPTER P-6

PENSIONS FUNDING ACT

Amended:

1991 c12 s42; 1991 c19 s39; 1992 c48 s28; 1994 c19; 2001 c42 s32; 2001 cN-3.1 s2; 2004 cP-29.1 s31; 2004 c49; 2005 cM-6.1 s36;
2006 c40 s21; 2009 c6; 2012 cU-4.1 s41

CHAPTER P-6

AN ACT PROVIDING FOR THE FUNDING OF CERTAIN PENSION PLANS AND RETIREMENT BENEFITS SPONSORED BY THE PROVINCE

Analysis



Short title

        1. This Act may be cited as the Pensions Funding Act.

1981 c3 s1

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Definitions

        2. In this Act

             (a)  "fund" means the Province of Newfoundland and Labrador Pooled Pension Fund referred to in section 5;

             (b)  "minister" means the minister appointed under the Executive Council Act to administer this Act; and

             (c)  "plan" means a pension plan, retirement benefit or arrangement as established by the Acts referred to in section 3 and another pension plan, retirement benefit or arrangement included under this Act by order of the Lieutenant-Governor in Council under section 4.

1981 c3 s2; 2001 cN-3.1 s2; 2006 c40 s21

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Interpretation

        3. This Act shall be read as one with

             (a)  the Uniformed Services Pensions Act, 2012 and the Royal Newfoundland Constabulary Act, 1992;

             (b)  theTeachers' Pensions Act and The Education Act, 1927;

          (b.1)  the Provincial Court Judges’ Pension Plan Act ;

             (c)  the Members of the House of Assembly Retiring Allowances Act and an Act or Acts replaced by that Act; and

             (d)  thePublic Service Pensions Act, 1991 and the Public Employees Act.

1981 c3 s3; 1991 c12 s42; 1991 c19 s39; 1992 c48 s28; 2004 cP-29.1 s31; 2005 cM-6.1 s36; 2012 cU-4.1 s41

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Other pension plans

        4. The Lieutenant-Governor in Council may by order include under this Act a pension plan that covers an employee or pensioner

             (a)  of the government of the province; or

             (b)  of a corporation, agency, commission or board created by a statute of the province in respect of which control, directly or indirectly, whether by the appointment of members or otherwise vests in the Crown, or a corporation of which 50% of the outstanding common shares are owned by the body, agency, commission or corporation.

1981 c3 s4

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Fund established

        5. The Province of Newfoundland and Labrador Pooled Pension Fund is continued.

1981 c3 s5; 2001 cN-3.1 s2

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Investment of fund

        6. The fund shall be held in trust by the minister and may be invested on the terms and conditions that the minister considers advisable in the securities and investments that conform to the investment requirements of the regulations made under section 37 of the Pension Benefits Act, 1997.

2001 c42 s32

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Participation in fund

        7. (1) A plan shall participate in the fund proportionate to its equity in the fund.

             (2)  The participation of a plan in the fund shall operate under the regulations.

1981 c3 s7

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Lines of credit

        8. The minister may establish temporary lines of credit, with or without guarantee, for the orderly conduct of the affairs of the fund.

1981 c3 s8

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Acquisition of real property and mortgages for fund

      8.1 Money may be borrowed by way of mortgage and a mortgage may be assumed by a corporation incorporated for the purposes of investment of the fund in real estate.

2004 c49 s1

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Deficiency guarantee

        9. Where

             (a)  there are insufficient assets to meet the obligations of the fund; or

             (b)  the equity apportioned to a plan referred to in section 7 is insufficient to meet the obligations of the plan under section 11,

the minister shall pay out of the Consolidated Revenue Fund sufficient money as may be necessary to cover the deficit, and the money shall be paid on a timely basis in order to protect the other plans included under this Act.

1981 c3 s9

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Contributions

      10. There shall be deposited into the fund

             (a)  contributions made by employees and employers under each plan;

             (b)  assets taken over by the absorption of pension plans under the terms of each plan;

             (c)  the share of each plan proportionate to the share of the income of the fund;

             (d)  other income arising from the operation of each plan; and

             (e)  amounts as may be voted by the Legislature for the purpose of each plan or the fund,

and deposits shall be credited to the appropriate plan.

1981 c3 s10

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Interest penalty

   10.1 Where an employer does not make a contribution or deposit to its plan in the manner required by this Act, a penalty and interest shall be assessed and levied upon the amount of that contribution or deposit in the manner prescribed by the regulations.

1994 c19 s1

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Disbursements

      11. There shall be paid out of the fund

             (a)  pensions, refunds and payments as they fall due for payment under each plan;

             (b)  unpaid liabilities taken over by the absorption of pension plans under the terms of each plan;

             (c)  the proportionate share for each plan of the operating costs of the fund; and

             (d)  other expenditures arising from the operation of each plan,

and payments shall be charged against the appropriate plan.

1981 c3 s11

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Accounts

      12. (1) The minister shall keep complete books of account in which shall be entered the amounts deposited into and paid out of the fund and details carried on in connection with the fund.

             (2)  The books of account referred to in subsection (1) shall provide for a separate accounting for each plan participating in the fund.

             (3)  The minister shall establish those bank accounts for the fund that may be required and each bank account shall be operated and administered under this Act and the regulations.

1981 c3 s12

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Report and audit of fund

      13. (1) [Rep. by 2009 c6 s1]

             (2)  The auditor general shall audit the financial statements of the fund and attach to them a report that the auditor general may make in relation to those financial statements.

             (3)  [Rep. by 2009 c6 s1]

             (4)  The financial statements of the fund shall be signed by the minister and the officers or agents authorized to administer the fund.

1981 c3 s13; 1984 c18 s11; 2009 c6 s1

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Officers to administer fund

      14. The minister may appoint officers, agents and other staff that may be necessary to administer and manage the fund for the purposes of this Act.

1981 c3 s14

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Regulations

      15. The Lieutenant-Governor in Council may make regulations

             (a)  respecting the proportionate participation of each plan in the fund;

             (b)  respecting the operation and administration of the fund and the bank accounts established under subsection 12(3);

             (c)  prescribing the time and manner in which contributions and deposits referred to in section 10 are to be made; and

             (d)  prescribing rates and methods of calculating interest payments and assessing penalties under section 10.1.

1981 c3 s15; 1994 c19 s2

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Consolidated Revenue Fund

      16. Money paid into and out of the Consolidated Revenue Fund for the purposes of this Act shall be considered to have been paid into and out of the fund under this Act.

1981 c3 s17