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Statutes of Newfoundland and Labrador 2018


CHAPTER 12

AN ACT TO AMEND THE PENSION BENEFITS ACT, 1997

(Assented to May 31, 2018)

Analysis


        1.   S.2 Amdt.
Definitions

        2.   S.61 Amdt.
Termination payments

        3.   Commencement


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

SNL1996 cP-4.01
as amended

        1. (1) Section 2 of the Pension Benefits Act, 1997 is amended by adding immediately after paragraph (p) the following:

         (p.1)  "individual pension plan" means a defined benefit plan with 2 or fewer members or former members where at least

                      (i)  one of the members is a specified individual, or

                     (ii)  one of the former members was a specified individual in the year he or she ceased membership in the pension plan;

             (2)  Section 2 of the Act is amended by adding immediately after paragraph (ee) the following:

        (ee.1)  "specified individual" has the same meaning as in the Income Tax Regulations (Canada);

 

        2. Section 61 of the Act is amended by adding immediately after subsection (2) the following:

             (3)  Subsection (2) shall not apply to an individual pension plan.

             (4)  Notwithstanding subsection (3), subsection (2) shall apply to an individual pension plan in effect on the date subsection (3) comes into force unless the following persons consent to the exemption in writing and provide a certificate of independent legal advice satisfactory to the superintendent:

             (a)  the members and former members of the individual pension plan; and

             (b)  the principal beneficiaries of the members and former members of the individual pension plan.

Commencement

        3. This Act comes into force on December 31, 2018.