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Newfoundland and Labrador
Regulation 2011


NEWFOUNDLAND AND LABRADOR REGULATION 102/11

NEWFOUNDLAND AND LABRADOR
REGULATION 103/11

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2011-254)

(Filed November 22, 2011)

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, November 18, 2011.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.25 R&S
Payments upon plan termination

        2.   S.25.1 Added
Payments upon plan termination to fund benefits

        3.   Transitional


NLR 114/96
as amended

        1. Section 25 of the Pension Benefits Act Regulations is repealed and the following substituted:

Payments upon plan termination

      25. Where an employer is required or liable to make payments into a pension fund in accordance with subsection 61(1) of the Act, the employer shall make those payments within 30 days of the date of termination of the plan.

 

        2. The regulations are amended by adding immediately after section 25 the following:

Payments upon plan termination to fund benefits

   25.1 (1) The amount required to be paid under subsection 61(2) of the Act shall be divided into equal payments that are calculated over a period of not more than 5 years commencing from the date of termination of the pension plan.

             (2)  Payments shall be made at least quarterly, with interest at the solvency valuation rate, commencing from the date of termination of the pension plan.

             (3)  Notwithstanding subsection (2), the first payment is due no later than 2 weeks following the date that the report required by the superintendent under subsection 60(2) of the Act is filed by the administrator of the pension plan.

             (4)  Notwithstanding subsections (2) and (3), where the report required by the superintendent under subsection 60(2) of the Act is filed by the administrator of the pension plan later than 6 months after the date of termination of the pension plan, the payment for the quarter in which the report is filed and earlier quarters is due no later than 2 weeks following the date that the report is filed.

             (5)  An administrator of a pension plan shall continue to file annual information returns and actuarial valuation reports as required under the Act until the amount under subsection (1) has been paid in full.

             (6)  A report under subsection (5) shall show

             (a)  the gain or the loss in the pension plan since the valuation date of the immediately preceding report as a result of differences between the actual experience and the experience anticipated by the assumptions made in the previous report; and

             (b)  where a loss referred to in paragraph (a) is shown, the amount required to liquidate the loss within the remainder of the period of not more than 5 years commencing from the date of termination of the pension plan.

             (7)  The loss shown in a report under subsection (6) shall be

             (a)  funded separately under subsection 61(2) of the Act and not combined with the amount under subsection (1) of these regulations; and

             (b)  paid by equal payments made at least quarterly, with interest at the solvency valuation rate, within the remainder of the period of not more than 5 years commencing from the date of termination of the pension plan.

Transitional

        3. These regulations apply

             (a)  to a pension plan that is terminated on or after the day these regulations are published; and

             (b)  to a pension plan that is terminated before the day these regulations are published but for which the report required by the superintendent under subsection 60(2) of the Act has not been filed by the administrator of the pension plan.