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Statutes of Newfoundland 1994


CHAPTER 19

CHAPTER 19

AN ACT TO AMEND THE PENSIONS FUNDING ACT

(Assented to December 16, 1994)

Analysis

1. S.10.1 Added
Interest penalty

2. S.15 Amdt.
Regulations

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:


RSN 1990 cP-6 as amended

1. The Pensions Funding Act is amended by adding immediately after section 10 the following:

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.

2. Section 15 of the Act is amended by striking out the word "and" at the end of paragraph (a), by striking out the period at the end of paragraph (b) and substituting a semicolon and by adding immediately after paragraph (b) the following:

(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.

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