NEWFOUNDLAND AND LABRADOR
REGULATION 44/21

Pension Benefits Act Regulations (Amendment)
under the
Pension Benefits Act, 1997
(O.C. 2021-202)

(Filed July 29, 2021)

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, July 28, 2021.

Krista Quinlan
Clerk of the Executive Council (Acting)

REGULATIONS

Analysis

        1.   S.7.1 R&S
Solvency funding exemption for multi-employer plans

        2.   S.15 Amdt.
Transfer

        3.   Commencement

NLR 114/96
as amended

        1. Section 7.1 of the Pension Benefits Act Regulations is repealed and the following substituted:

 

Solvency funding exemption for multi-employer plans

      7.1 (1) Notwithstanding any other provision of these regulations, multi-employer pension plans shall be exempt from the following:

             (a)  paragraph 12(3)(d);

             (b)  subsection 12(4);

             (c)  paragraph 13(1)(b); and

             (d)  subsection 13(5).

             (2)  Notwithstanding paragraph 12(3)(c), the maximum period for liquidating a going concern unfunded liability for a multi-employer pension plan is within 10 years of the review date.

 

        2. Section 15 of the regulations is amended by adding immediately after subsection (12) the following:

          (13)  Subsections (1) to (9) do not apply to a multi-employer pension plan and the transfer value of a pension benefit from a multi-employer pension plan shall be equal to the commuted value.

Commencement

        3. Section 1 of these regulations is considered to have come into force on December 31, 2020.

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