P-5.1 Pension Benefits Act N.B.

In this Act

If a spouse and a common-law partner both claim a right or a benefit under this Act or the regulations, the spouse is entitled to the right or benefit, if he or she is otherwise eligible, unless there is a valid domestic contract between the member or the former member and the spouse, or a decree, order or judgment of a competent tribunal, that bars the spouse’s claim.

This Act applies to every pension plan, other than a pooled registered pension plan under the Pooled Registered Pension Plans Act, provided for persons employed in the Province.

For the purposes of this Act, a person shall be deemed to be employed in the province or territory in which the establishment of the person’s employer is located and to which the person is required to report for work.

A person who is not required to report for work at an establishment of the person’s employer shall be deemed to be employed in the province or territory in which is located the establishment of the person’s employer from which the person’s remuneration is paid.

In the event of a conflict between a provision of this Act or the regulations and a provision of a pension plan, this Act and the regulations prevail.

Notwithstanding subsection (1), the Superintendent shall not refuse to register a pension plan or revoke the registration of a pension plan governed by a collective agreement or an arbitration award under the Industrial Relations Act or the Public Service Labour Relations Act that requires a provision that is contrary to or does not comply with this Act and the regulations if the collective agreement or arbitration award is in effect on the day this section comes into force.

Subsection (2) does not apply after the day on which the collective agreement or arbitration award expires or after the day that is two years after the day this section comes into force, whichever occurs first.

No person shall administer a pension plan unless an acknowledgment of registration of the pension plan has been issued by the Superintendent.

Subsection (1) does not apply to prevent administration during the first ninety days after the establishment of the pension plan.

Repealed: 2021, c.41, s.2

No person shall administer a pension plan if the registration of the pension plan has been refused or revoked by the Superintendent.

Subsection (1) does not apply to prevent administration for the purposes of wind-up of a pension plan.

A pension plan is not eligible for registration unless it is administered by an administrator who is

A pension committee or a board of trustees that is the administrator of a pension plan may include representatives of former members.

The administrator of a pension plan shall, within sixty days after the establishment of the plan, apply to the Superintendent for registration of the pension plan.

An application for registration of a pension plan shall be made by paying the prescribed fee and filing with the Superintendent

For the purposes of subsection (2), “document” includes a collective agreement.

The documents that create and support a pension plan shall set out the following information:

A pension plan is not eligible for registration unless it provides for the accrual of pension benefits in a gradual and uniform manner.

A pension plan is not eligible for registration if the formula for computation of the employer’s contributions to the pension fund or the pension benefit provided under the pension plan is variable at the discretion of the employer.

A deferred profit-sharing pension plan or a pension plan that provides defined contribution benefits is not eligible for registration if the formula governing allocation of contributions to the pension fund and profits among members of the plan is variable at the discretion of the employer.

Notwithstanding subsections (5), (6) and (7), the Superintendent may register a pension plan if the Superintendent is of the opinion that registration is justified in the circumstances of the pension plan and the members.

Repealed: 2002, c.12, s.4

The Superintendent shall issue an acknowledgment of registration in respect of each pension plan that is registered under this Act.

The administrator of a pension plan shall apply to the Superintendent for registration of an amendment to a pension plan within 60 days after the effective date of the amendment.

An application for registration under subsection (1) shall be made by paying the prescribed fee and filing with the Superintendent

The administrator of a pension plan shall file with the Superintendent a certified copy of each document that changes the documents that create and support the pension plan or pension fund.

An amendment to a pension plan is not effective until an application for the registration of the amendment is made in accordance with this Act and the regulations.

An amendment to a pension plan may be made effective as of a date before the date on which the amendment is registered.

The Superintendent shall issue to the administrator of a pension plan notice of registration for each amendment to the plan registered under this Act.

An amendment to a pension plan is void if the amendment purports to reduce

Notwithstanding subsection (1), an amendment to a pension plan is not void if the amendment

A pension plan converted under paragraph 2(a) or (b) shall be deemed to be a new pension plan for the purposes of sections 70 and 71.

The Superintendent may

Registration under this Act of a pension plan or an amendment to a pension plan shall not be construed as proof that the plan or the amendment complies with this Act and the regulations.

A refusal of registration of a pension plan or a revocation of registration of a pension plan operates to terminate the pension plan as of the date specified by the Superintendent.

A refusal of registration of an amendment to a pension plan or the revocation of registration of an amendment to a pension plan operates to terminate the amendment as of the date specified by the Superintendent.

Where registration of a pension plan is refused or revoked the administrator shall wind up the pension plan in accordance with this Act and the regulations.

The administrator of a pension plan shall ensure that the pension plan and pension fund are administered in accordance with this Act and the regulations.

The administrator of a pension plan shall ensure that the pension plan and the pension fund are administered in accordance with

The administrator of a pension plan may administer or permit administration of the pension plan and the pension fund in accordance with an amendment pending registration or refusal of registration of the amendment.

The administrator of a pension plan shall file each year an annual information return in respect of the pension plan in the form provided by the Superintendent and shall pay the prescribed filing fee.

The administrator of a pension plan shall file additional reports at the prescribed times and containing the prescribed information.

The administrator of a pension plan shall exercise the care, diligence and skill in the administration and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another person.

The administrator or, if the administrator is a committee or a board of trustees, a member of the committee or board that is the administrator of a pension plan shall use in the administration of the pension plan, and in the administration and investment of the pension fund, all relevant knowledge and skill that the administrator or member possesses or, by reason of that person’s profession, business or calling, ought to possess.

An administrator or, if the administrator is a pension committee or a board of trustees, a member of the committee or board that is the administrator of a pension plan shall not knowingly permit that person’s interest to conflict with the person’s duties and powers in respect of the pension fund.

Where it is reasonable and prudent in the circumstances so to do, the administrator of a pension plan may employ one or more agents to carry out any act required to be done in the administration of the pension plan and in the administration and investment of the pension fund.

An administrator of a pension plan who employs an agent shall personally select the agent and be satisfied of the agent’s suitability to perform the act for which the agent is employed, and the administrator shall carry out such supervision of the agent as is prudent and reasonable.

An employee or agent of an administrator is also subject to the standards that apply to the administrator under subsections 17(1), (2) and (3).

The administrator of a pension plan or, if the administrator is a pension committee or a board of trustees, a member of the committee or board is not entitled to any benefit from the pension plan as administrator or member of a committee or board other than fees and expenses related to the administration of the pension plan and permitted by law or provided for in the pension plan.

An agent of the administrator of a pension plan is not entitled as an agent to payment from the pension fund other than the usual and reasonable fees and expenses for the services provided by the agent in respect of the pension plan.

Except when the administrator is a pension committee under paragraph 9(1)(b) or (c) or when the pension plan is a multi-employer plan established pursuant to a collective agreement, the members of a pension plan may by a majority vote form an advisory committee in respect of the plan and the pension fund.

The purposes of an advisory committee are

The advisory committee of a pension plan or its representative is entitled to examine and to make copies of or extracts from the records of the administrator in respect of the administration of the pension plan.

The administrator of a pension plan shall make available to the advisory committee or its representative any information under the administrator’s control that is required by the committee or its representative for the purposes of the committee.

This section does not apply to records of the service, benefits, salary and other personal information relating to any person without the prior consent in writing of the person.

The administrator of a pension plan shall provide in writing to each person who will be eligible or is required to become a member of the pension plan

The administrator shall provide the information mentioned in subsection (1)

The employer shall transmit to the administrator the information necessary to enable the administrator to comply with subsection (2) and shall transmit the information in sufficient time to enable the administrator to comply with the time limits set out in that subsection.

If the administrator of a pension plan applies for registration of an amendment to the pension plan that may adversely affect the pension benefits, rights or obligations of a member or former member or a person entitled to payments under the pension plan, the administrator shall transmit to each such member, former member or other person a written notice containing an explanation of the amendment and inviting comments to be submitted to the administrator and the Superintendent, and the administrator shall provide to the Superintendent a copy of the notice and shall certify to the Superintendent the date on which the last such notice was transmitted.

The Superintendent shall not register an amendment mentioned in subsection (1) before the expiration of forty-five days after the date certified to the Superintendent under that subsection, but after the expiration of the forty-five-day period the Superintendent may register the amendment with such changes as are requested in writing by the administrator.

Within the prescribed period of time after an amendment to a pension plan is registered, the administrator shall transmit notice and an explanation of the amendment to each member, former member and other person affected by the amendment.

The Superintendent by order may dispense with the notice required by subsection (1) or (3), or both, if the Superintendent is of the opinion that the amendment is of a technical nature and will not substantially affect the pension benefits, rights or obligations of a member or former member or a person entitled to payments under the pension plan or if the amendment has been agreed to by a trade union that represents the members.

The administrator of a pension plan shall transmit to each member a written statement at the prescribed intervals and containing the prescribed information in respect of the pension plan and of the member’s pension benefits and ancillary benefits.

The administrator of a pension plan shall transmit to each former member a written statement at the prescribed intervals and containing the prescribed information in respect of the pension plan and of the former member’s pension benefits and ancillary benefits.

If a member of a pension plan terminates employment with the employer or otherwise ceases to be a member, the administrator of the pension plan shall, within thirty days after the date of termination or cessation of membership, give to the member, or to any other person who as a result becomes entitled to a payment under the pension plan, a written statement setting out the prescribed information in respect of the benefits, rights and obligations of the member or other person.

Subsection (1) applies in respect of a multi-employer pension plan if a member ceases to be a member, but does not apply where a member terminates employment with an employer but continues to be a member.

On written request, the administrator of a pension plan shall make available the prescribed documents and information in respect of the pension plan for inspection without charge by

The administrator shall make the prescribed documents and information available

The administrator shall permit the person making the inspection to make extracts from or to copy the prescribed documents and information.

On request, the administrator shall provide the person making the inspection with copies of any of the prescribed documents or information upon payment to the administrator of a reasonable fee.

A member, former member or spouse or common-law partner, or the agent of any of them, or a trade union by a representative, is entitled to make an inspection under subsection (1) not more than once in a calendar year.

Subject to subsection (2) and to the Financial and Consumer Services Commission Act, all information collected by, submitted to or filed with the Superintendent regarding a pension plan is confidential and is not subject to disclosure.

Only the persons mentioned in subsection (3) are entitled to inspect at the offices of the Superintendent during business hours of the Superintendent the documents that comprise a pension plan and such other prescribed documents as are filed in respect of the pension plan, and are entitled to copies of the documents upon payment of the prescribed fee.

The persons entitled to make the inspection in respect of a pension plan are

If a provision of this Act is inconsistent or in conflict with a provision of the Right to Information and Protection of Privacy Act, the provision of this Act prevails.

Notwithstanding subsection (1), any information that was disclosed contrary to subsection (1) before the enactment of this section shall be deemed to have been validly disclosed.

In the case of a conflict or an inconsistency between a provision of this Act and a provision of the Financial and Consumer Services Commission Act, this Act prevails.

Subject to section 31, every employee of a class of employees for whom a pension plan is established is eligible to be a member of the pension plan.

If there is a dispute as to whether an employee is a member of a class of employees for whom a pension plan is established or maintained, the Superintendent by order may require the administrator to accept the employee as a member.

The Superintendent may make an order under subsection (2) if the employee performs work that in the opinion of the Superintendent is similar or identical to the work performed by an employee who is a member of the pension plan.

An employee in a class of employees for whom a pension plan is established is entitled to become a member of the pension plan upon application at any time after completing twenty-four months of full-time continuous employment or any shorter period of full-time continuous employment provided for by the pension plan.

A pension plan may require not more than twenty-four months of less than full-time continuous employment with the employer with earnings of not less than thirty-five per cent of the Year’s Maximum Pensionable Earnings in each of two consecutive calendar years immediately before membership in the pension plan, or such equivalent basis as is approved by the Superintendent, as a condition precedent to membership in the pension plan.

A multi-employer pension plan may require a total of not more than twenty-four months of employment with one or more participating employers and earnings of not less than thirty-five per cent of the Year’s Maximum Pensionable Earnings in each of two consecutive calendar years immediately before membership in the plan, or such equivalent basis as may be approved by the Superintendent, as a condition precedent to membership in the pension plan.

The Superintendent may give the approval referred to in subsection (5) or (6) if the Superintendent is of the opinion that the basis is equivalent in the circumstances to the earnings mentioned in the subsections.

A member of a pension plan does not cease to be a member of the pension plan by reason only that the member earns less than thirty-five per cent of the Year’s Maximum Pensionable Earnings in a calendar year.

An employee who is a member of a religious group which has as one of its articles of faith the belief that members of the group are precluded from being members of a pension plan is not required to become a member of a pension plan.

An employee who intends under subsection (1) not to become a member of a pension plan shall complete the form provided by the Superintendent and submit it to the administrator.

A pension plan may provide the following ancillary benefits:

An ancillary benefit for which a member has met all eligibility requirements under the pension plan necessary to exercise the right to receive payment of the benefit shall be included in calculating the member’s pension benefit or the commuted value of the pension benefit.

Subject to section 36, the administrator of a pension plan who is required by the plan to provide a pension, a deferred pension or an ancillary benefit may purchase the pension, deferred pension or ancillary benefit from an insurance company in the prescribed manner and to the prescribed extent and subject to prescribed limitations in relation to transfers of money from pension funds.

The administrator may permit variation in the terms of payment of a pension or deferred pension by reason of mental or physical disability of the member or former member in accordance with the regulations.

In the case of a pension plan containing a defined benefit provision, an administrator who has made a purchase under subsection (1) is discharged from liability in respect of the defined benefits if the administrator ensures the prescribed requirements are met.

A pension plan may, in accordance with the regulations, provide for the payment, on termination of employment or wind-up of the pension plan, of the commuted value of a benefit under the plan if the adjusted commuted value of the benefit payable, calculated in accordance with subsection (2), is less than forty per cent of the Year’s Maximum Pensionable Earnings for the calendar year in which employment is terminated or the pension plan is wound-up.

For the purposes of subsection (1) and subject to subsection (3), the adjusted commuted value of the benefit payable is calculated using the following formula:

For the purposes of subsection (2), “n” shall not be greater than sixty-five.

A pension plan may only make a payment authorized by subsection (1) if the spouse or common-law partner, if any, of the member or former member waives in writing any rights that he or she may have in the pension fund under this Act, the regulations or the pension fund.

A member of a pension plan who acquires a right to receive a pension benefit under that plan either before or after the commencement of this section is entitled, upon termination of employment after the commencement of this section and before attaining normal retirement date under the plan, to a deferred pension, calculated in accordance with the benefit formula of the pension plan, equal to

A member of a pension plan who has been employed for a continuous period of not less than five years, which period may begin before the commencement of this section, is entitled, upon termination of employment after the commencement of this section and prior to attaining normal retirement date under the plan, to a deferred pension, calculated in accordance with the benefit formula of the pension plan, equal to

Notwithstanding subsection (2), a member of a pension plan is entitled, upon termination of employment after the commencement of this subsection and prior to attaining normal retirement date under the plan, to a deferred pension, calculated in accordance with the benefit formula of the pension plan, equal to the pension benefit provided under the pension plan at the time of termination if, at termination, the member

For the purposes of subsection (2) and in relation to a multi-employer pension plan, the greater of a continuous period of membership in the plan and a continuous period of employment shall be deemed to be the continuous period of employment.

The deferred pension referred to in subsection (1) or (2) does not apply to benefits resulting from additional voluntary contributions.

For the purposes of this section and section 36, a member of a multi-employer pension plan shall have the right to be deemed to have terminated employment where no contributions have been made or are required to be made by or on behalf of the member for a period of twenty-four consecutive months or such shorter period as may be provided in the plan.

Subsection (5) does not apply if contributions are not made or not required to be made because the person has become a member of another pension plan and there is a reciprocal transfer agreement respecting the two pension plans.

Where a member is entitled to a deferred pension under subsection (1) and, on the date of termination of employment, the commuted value of the deferred pension is less than the member’s contributions with interest, the deferred pension shall be increased to an amount such that its commuted value is not less than the contributions with interest.

Subject to the regulations, a defined benefit pension plan may provide for benefits to be paid to a member if

The administrator shall ensure that the plan referred to in subsection (1) complies with the Income Tax Act (Canada) and the regulations under that Act and shall provide the Superintendent with proof of the compliance.

A member of a pension plan who is entitled to a deferred pension under the plan or pursuant to section 35 is entitled, upon termination of employment,

A member of a pension plan who terminates employment on or after attaining the normal retirement date and who is entitled to the immediate payment of a defined contribution benefit under the pension plan or under section 39 may, upon termination, require the administrator to transfer the commuted value of the pension in accordance with the regulations to a prescribed retirement savings arrangement.

The administrator shall not

A member who terminates employment before attaining normal retirement date and who is entitled to the immediate payment of a pension benefit under the pension plan or under section 40 is not eligible to exercise the rights provided in subsection (1) unless the plan so provides.

A member who desires to exercise any rights under subsection (1) or (1.1) shall deliver a direction to the administrator in the form provided by the Superintendent within ninety days after receipt of notice of the rights.

The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.

Money transferred from a pension fund to a retirement savings arrangement or an annuity purchased pursuant to a right exercised under subsection (1) or (1.1) shall be administered in accordance with this Act and the regulations, and sections 40, 41, 42, 43 and 56 apply to the amount transferred or any annuity purchased.

Subsection (6) applies to the initial transfer or purchase and to any subsequent transfer or purchase.

The administrator of a pension plan may require a member to request a transfer of the commuted value of the deferred pension under subsection (1) where the commuted value is less than ten per cent of the Year’s Maximum Pensionable Earnings or such other amount as is prescribed.

Where an administrator has complied with a request in accordance with this section, the administrator and the pension fund are not liable for providing the deferred pension.

The administrator of a pension plan shall not transfer money out of the pension fund pursuant to section 36, 40.1, 43 or 56.1 without the consent of the Superintendent if the transfer is not within the prescribed limitations in relation to transfers of money from pension funds.

Upon request for consent under subsection (1), the Superintendent may consent to the transfer on such terms and conditions as the Superintendent considers appropriate in the circumstances.

A member of a pension plan who terminates employment after the commencement of this section and on or after attaining the normal retirement date, and who would have been entitled to a deferred pension under subsection 35(1), is entitled to a pension calculated in accordance with the benefit formula of the pension plan in respect of employment before the commencement of this section.

A member of a pension plan who terminates employment after the commencement of this section and on or after attaining the normal retirement date, and who would have been entitled to a deferred pension under subsection 35(2) or (2.1), is entitled to a pension calculated in accordance with the benefit formula of the pension plan in respect of employment after the commencement of this section.

The normal retirement date under a pension plan registered after the commencement of this section shall not be later than one year after the attainment of sixty-five years of age.

Notwithstanding any provision of this Act or the regulations, a pension plan may include one of the prescribed provisions respecting the pension of a former member of a plan who recommences work or service in employment covered by that plan.

A person who has terminated employment, is entitled to a deferred pension under section 35 and who is within ten years of the normal retirement date specified in the plan may elect to receive an early retirement pension, commencing at any time within ten years before the normal retirement date, that is not less in value than the commuted value of the former member’s deferred pension under the pension plan.

A member of a pension plan who is within ten years of the normal retirement date specified in the plan and who would be entitled to a deferred pension under section 35 on termination of employment may elect to receive an early retirement pension commencing at any time within ten years before the normal retirement date that is not less in value than the commuted value of the member’s pension benefit under the pension plan.

Where a pension plan permits continuation of membership in the plan after attaining normal retirement date and the member continues to be employed and is not receiving a pension under the plan, the member may continue to accrue pension benefits in accordance with the benefit and contribution formula under the plan to the date of termination of the employment to the maximum benefits allowed under the pension plan.

Notwithstanding section 12, a pension plan may include a provision permitting a member who is entitled to a pension under section 39 or 40 to require the administrator to transfer an amount from the pension fund to a registered retirement income fund as defined in the Income Tax Act (Canada), but the pension plan shall not permit a transfer of more than twenty-five per cent of the commuted value of the member’s pension benefit.

A request to an administrator made in accordance with a pension plan provision permitted under subsection (1) shall be made by a member in the form provided by the Superintendent.

Repealed: 2008, c.5, s.6

A pension that commences to be paid under a pension plan on or after the commencement of this subsection to a member or former member who has a spouse or common-law partner when the pension commences to be paid shall be in the form of a joint and survivor pension payable during the lives of the member or former member and the member’s or former member’s spouse or common-law partner.

The commuted value of the joint and survivor pension payable under subsection (1.1) shall not be less than the commuted value of the pension that would be payable under the pension plan if the member or former member did not have a spouse or common-law partner.

Despite subsection (1.1), in the case of a member or former member, who when the payments commenced did not have a “spouse” as this term was defined at the time, a joint and survivor pension may be paid if:

The commuted value of the joint and survivor pension referred to under subsection (2.1) shall be valued as of the date of the directive given in accordance with paragraph (2.1)(c), but shall not be less than the commuted value of the pension, evaluated as of the same date, which is then being paid to the member or former member.

Subject to subsection (2.2), the pension benefits and ancillary benefits under the joint and survivor pension under subsection (2.1) shall not be less than those which would have been provided under the pension plan if the pension had been paid from the commencement of payments in the form of the joint and survivor pension.

The joint and survivor pension payable following the death of a former member or the former member’s spouse or common-law partner shall not be less than sixty per cent of the pension paid during their joint lives under the terms of the pension plan.

A member and the member’s spouse or common-law partner or a former member who is entitled to a deferred pension and the former member’s spouse or common-law partner may, in accordance with the regulations, jointly in writing direct the administrator of the pension plan to waive the joint and survivor pension under subsection (1.1).

A waiver under subsection (4) is not valid unless delivered to the administrator of the pension plan within the year preceding payment of the pension.

A waiver under subsection (4) may be revoked, in writing, by the member and the member’s spouse or common-law partner or by the former member and the former member’s spouse or common-law partner before the commencement of payment of the pension.

Before the payment of a pension to a person under a pension plan, the administrator may require from the person and the person’s spouse or common-law partner such information and documentation as the administrator requires for the purpose of complying with the provisions of the plan and requirements of this Act and the regulations.

A person from whom the administrator requires information and documentation shall provide the information and documentation to the administrator.

The spouse or common-law partner of a deceased former member of a pension plan who is receiving a pension under the pension plan is not disentitled to payment of the pension by reason only of entering into a marriage or common-law partnership after the death of the former member.

Repealed: 2008, c.5, s.7

Subsection (1) applies to pensions in payment at the commencement of this subsection and to pensions that commence to be paid after the commencement of this subsection.

Subject to subsections (7) and (8), if a former member of a pension plan dies before the commencement of payment of a deferred pension to which the former member is entitled under section 35, the spouse or common-law partner of the deceased former member at the date of death is entitled to a payment equal in amount to the commuted value of the deferred pension.

Subject to subsections (7) and (8), if a member of a pension plan is entitled to a deferred pension under section 35 on termination of employment and dies while employed, the spouse or common-law partner of the deceased member is entitled to a payment equal in amount to the commuted value of the deferred pension.

Where a member of a pension plan is not entitled to a deferred pension under section 35 and dies while employed, the spouse or common-law partner of the deceased member is entitled to payment of the deceased member’s contributions with interest.

A member or former member may designate a beneficiary and the beneficiary is entitled to the payment referred to in subsection (1), (2) or (3), as the case may be.

If the member or former member has a spouse or a common-law partner at the date of death, a designation under subsection (4) has no effect unless the spouse or common-law partner waives any entitlement he or she may have to a payment under this section in a form provided by the Superintendent.

A waiver under subsection (5) is not valid unless delivered to the administrator of the pension plan before the date of death of the member or former member.

A waiver under subsection (5) may be revoked by the member and the member’s spouse or common-law partner or by the former member and the former member’s spouse or common-law partner in a form provided by the Superintendent.

A revocation under subsection (5.2) is not valid unless delivered to the administrator of the pension plan before the date of death of the member or former member.

Where the member or former member does not have a spouse or common-law partner at the date of death and has not designated a beneficiary under subsection (4), the payment shall be made to the estate of the member or former member.

Where the member or former member is covered by a group life insurance plan sponsored, and paid for wholly or in part, by the employer, and the benefit to the surviving spouse, surviving common-law partner, designated beneficiary or estate under that plan is at least equal to the benefit referred to in subsection (1) or (2), a pension plan may provide that the benefit referred to in subsection (1) or (2) does not apply and the administrator shall pay to the surviving spouse, surviving common-law partner, designated beneficiary or estate, as the case may be, a sum equal to the contributions of the member or former member with interest.

Where the member or former member is covered by a group life insurance plan sponsored, and paid for wholly or in part, by the employer and the benefit to the surviving spouse, surviving common-law partner, designated beneficiary or estate under that plan is less than the benefit referred to in subsection (1) or (2), a pension plan may provide that the benefit referred to in subsection (1) or (2) shall be reduced by the amount of the benefit under the group life insurance plan.

Where the contributions with interest of the member or former member are in excess of those required for the benefit referred to in subsection (1), (2) or (8), the administrator shall pay that excess to the surviving spouse, surviving common-law partner, designated beneficiary or estate, as the case may be.

This section applies only in respect of deaths occurring after the commencement of this section.

Where a competent tribunal makes a decree, order or judgment in relation to the division of a benefit under a pension plan on the breakdown of a marriage or common-law partnership, the commuted value of the benefit shall be determined in accordance with this Act and the regulations as of the date of the breakdown of the marriage or common-law partnership and shall be divided in accordance with the decree, order or judgement of the tribunal.

The portion of the benefits to which a non-member spouse or common-law partner is entitled pursuant to a tribunal decree, order or judgement referred to in subsection (1) shall be dealt with in accordance with section 36.

If the non-member spouse or common-law partner fails to direct the administrator of the pension plan in relation to the manner in which the non-member spouse or common-law partner’s entitlement is to be dealt with under section 36, the non-member spouse or common-law partner shall be deemed to have directed the administrator to purchase a deferred life annuity.

If benefits under a pension plan have been divided in accordance with subsection (1), the non-member spouse or common-law partner has no further right under the pension plan and the member or former member’s benefits shall be revalued accordingly.

If a domestic contract provides for the division of benefits under a pension plan on the breakdown of the marriage or common-law partnership, the commuted value of the benefits shall be determined in accordance with this Act and the regulations as of the date of the breakdown of the marriage or common-law partnership and shall be divided in accordance with the domestic contract.

A division of benefits under a pension plan on the breakdown of the marriage or common-law partnership pursuant to a domestic contract shall not result in a reduction of the commuted value of a member’s or former member’s benefits by more than fifty per cent.

Subsections (2), (3) and (4) apply with the necessary modifications to a division of benefits under subsection (5).

The commuted value of benefits for the purposes of this section that are not deferred pensions shall be determined as if the member had terminated employment on the date of the breakdown of the marriage or common-law partnership.

If a competent tribunal makes a decree, order or judgment in relation to the division of a pension under a pension plan on the breakdown of a marriage or common-law partnership, the commuted value of the pension, taking into account any survivor rights under the pension plan, shall be determined in accordance with this Act and the regulations as of the date of the breakdown of the marriage or common-law partnership and shall be divided in accordance with the decree, order or judgment of the tribunal.

The value of the pension determined under subsection (9) that is to be attributed to the spouse or common-law partner of the former member shall be dealt with in accordance with section 36 and the spouse or common-law partner shall have no further right under the pension plan and the pension of the former member shall be revalued accordingly.

If the spouse or common-law partner of the former member fails to direct the administrator of the pension plan in relation to the manner in which the spouse or common-law partner’s entitlement is to be dealt with under section 36, the spouse or common-law partner shall be deemed to have directed the administrator to purchase a deferred life annuity.

If a domestic contract provides for the division of a pension under a pension plan on the breakdown of the marriage or common-law partnership, the commuted value of the pension, taking into account any survivor rights under the pension plan, shall be determined as of the date of the breakdown of the marriage or common-law partnership in accordance with this Act and the regulations and shall be divided in accordance with the domestic contract.

A division of a pension on the breakdown of the marriage or common-law partnership under a domestic contract shall not result in a reduction of the commuted value of a former member’s pension by more than fifty per cent.

Subsections (10) and (11) apply with the necessary modifications to a division of a pension under subsection (12).

If a member would not be entitled to a deferred pension under section 35 on termination of employment, the portion of the member’s contributions with interest to be attributed to the non-member spouse or common-law partner may be paid out in cash.

A division of benefits, including a pension, or contributions under this section applies only in relation to benefits or contributions accrued between the date of marriage or formation of the common-law partnership and the date of the breakdown of the marriage or common-law partnership.

The division of benefits, including pensions, or contributions under this section is limited by any restrictions imposed by this Act or the regulations in relation to the payment of money out of a pension fund.

Revaluation of a benefit or pension pursuant to this section shall be in accordance with the regulations.

The sex of a member, former member or other beneficiary under a pension plan shall not be taken into account in

In order to comply with subsection (1), the administrator may

If a pension plan provides that a pension or a deferred pension may be reduced by reason of payments under the Canada Pension Plan, the Quebec Pension Plan, or under the Old Age Security Act (Canada), the reduction shall not exceed the sum of

The ratio referred to in paragraphs (1)(a) and (b) shall not exceed one.

The reduction referred to in subsection (1) shall be applied before any other adjustments required under the pension plan.

The amount of the reduction referred to in subsection (1) shall not be increased by reason of increases in payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada) after the date of the member’s termination of employment, retirement, or death.

The value of a bridging benefit, for receipt of which a member or former member has satisfied all eligibility requirements of the pension plan, shall not be reduced by reason only of the eligibility of the member or former member to receive a payment before reaching sixty-five years of age under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada).

If a pension plan provides for variation of a pension benefit by reason of a benefit payable under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada) without specifically stating the age at which the variation is to occur, the pension shall be deemed to provide that the variation is to occur when the recipient of the pension benefit reaches sixty-five years of age.

A pension plan shall not permit the reduction of a pension or deferred pension based on a person’s entitlement under the Old Age Security Act (Canada) in respect of a benefit accrued after the commencement of this section.

A pension plan is not eligible for registration unless it provides for funding sufficient to provide the pension benefits, ancillary benefits and other benefits under the pension plan and under this Act in accordance with this Act and the regulations.

An employer required to make contributions under a pension plan, or a person required to make contributions under a pension plan on behalf of an employer, shall make the contributions in the prescribed manner and in accordance with the prescribed requirements for funding

If the administrator is not the employer, the administrator shall take all necessary action so that contributions required to be paid under the pension plan and under the Act and the regulations are paid to the pension fund.

The administrator of a multi-employer pension plan may require a person who receives contributions to the pension fund or who administers or invests the pension fund to be bonded in the amounts required by the administrator or in the prescribed amounts.

An employer who is required to make contributions to a multi-employer pension plan shall transmit to the administrator of the plan a copy of the agreement that requires the employer to make the contributions or a written statement that sets out the contributions the employer is required to make and any other obligations of the employer under the pension plan.

Every person engaged in the investment of money of a pension fund shall ensure that the money is invested in accordance with this Act and the regulations.

The administrator of a pension plan or, if there is an agent of the administrator responsible for receiving contributions under the plan, the administrator and the agent shall give written notice to the Superintendent of unpaid contributions to the fund.

If the written notice under subsection (7) is not given to the Superintendent within sixty days after the date on which the contributions become due, the administrator of the pension plan and the employer are jointly liable to pay the contributions plus interest.

Subject to section 59, a pension fund is trust property for the benefit of the beneficiaries of the fund.

The beneficiaries of the pension fund are members, former members, and any other persons entitled to pensions, pension benefits, ancillary benefits or refunds under the plan.

If an employer receives money from an employee under an arrangement that the employer will pay the money into a pension fund as the employee’s contribution under the pension plan, the employer shall be deemed to hold the money in trust for the employee until the employer pays the money into the pension fund.

For the purposes of subsection (1), money withheld by an employer, whether by payroll deduction or otherwise, from money payable to an employee shall be deemed to be money received by the employer from the employee.

An employer who is required by a pension plan to pay contributions to a pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount of money equal to employer contributions due and not paid into the pension fund.

If a pension plan is wound up in whole or in part, an employer who is required to pay contributions to the pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount equal to employer contributions accrued to the date of the wind-up but not yet due under the plan or regulations.

The administrator of the pension plan has a lien and charge upon the assets of the employer in an amount equal to the amount that is deemed to be held in trust under subsections (1), (3) and (4).

Subsections (1), (3) and (4) apply whether or not the money mentioned in those subsections is kept separate and apart from other money or property of the employer.

This section applies if

The administrator of a pension plan may reimburse the employer from the pension fund for a payment or overpayment described in subsection (1) if the administrator obtains the consent of the Superintendent.

The administrator may apply for the consent of the Superintendent before the later of

The Superintendent may consent to the payment from the pension fund to the employer if the application is made before the time described in subsection (3).

If a pension plan contains a defined benefit provision, the administrator may establish a reserve account for the defined benefit portion of the plan.

Contributions to a reserve account are limited to the following:

Despite subsection (2), assets shall not be transferred from an account in a pension fund to the reserve account.

In this section, “surplus” means surplus as defined in subsection 59(1).

This section applies to a pension plan

The balance shall not be withdrawn from the reserve account until all benefits and payments that members, former members and other persons are entitled to on full wind-up of the pension plan have been paid or made.

Despite the provisions of a pension plan and after all of the benefits and payments referred to in subsection (3) have been paid or made, the administrator may withdraw the balance in the reserve account if all of the following conditions are met:

An application referred to in paragraph (4)(a) shall be made in writing and shall contain the following information:

If the Superintendent is of the opinion that it is appropriate to do so, the Superintendent may revoke the Superintendent’s consent and direct the administrator to cease making withdrawals from the reserve account.

If a member of a pension plan has become entitled to the immediate payment of a contributory pension benefit or has become entitled to a deferred pension in respect of a contributory pension benefit, the member’s accumulated contributions with interest are to be applied to offset not more than the percentage of the commuted value of the pension benefit fixed by the plan.

For the purposes of subsection (1), a pension plan may fix a different percentage of the commuted value of a contributory pension benefit that a member’s contributions with interest are to offset for the portion of the pension benefit that is attributable, in accordance with the benefit formula of the pension plan, to a purchase of past service made after the commencement of this subsection.

Upon termination of employment or wind-up of a pension plan, a member of a plan is entitled to a refund of the amount, if any, equal to the aggregate of the contributions made by the member with interest less the amount required to offset the percentage of the commuted value of the pension benefit referred to in subsection (1), and that amount, at the option of the member, shall be dealt with in one or more of the following ways:

Notwithstanding subsection (2), an optional ancillary contribution shall not be refunded if

If a pension plan does not fix the percentage of the commuted value of a contributory pension benefit that a member’s contributions with interest are to offset, the plan shall be deemed to have fixed the percentage at fifty per cent.

Subsections (1) and (3) do not apply in respect of defined contribution benefits or benefits arising from additional voluntary contributions or optional ancillary contributions.

Subsections (1) and (3) apply to pension benefits provided in respect of employment after the commencement of this section and to pension benefits resulting from an amendment to the pension plan made after the commencement of this section whether or not the amendment applies in respect of employment before the commencement of this section.

Except as otherwise specifically permitted in this Act and the regulations, contributions and interest shall not be withdrawn from a pension fund.

Subsection (1) does not prevent the withdrawal with interest of additional voluntary contributions or optional ancillary contributions made to a pension fund.

Upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(1), is entitled to withdraw contributions with interest made in respect of employment before the commencement of this section.

Subject to subsection 55(2.1), upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(2) or (2.1), is entitled to withdraw contributions with interest made in respect of employment after the commencement of this section.

A pension plan may provide for shorter qualification periods for entitlement to a deferred pension than those set out in subsections 35(2) and (2.1).

A pension plan that provides for qualification periods for a deferred pension that are shorter than the periods set out in subsections 35(2) and (2.1) may permit a member to withdraw the member’s own contributions with interest made in respect of employment before or after the commencement of this subsection if the member terminates employment after becoming entitled to a deferred pension under the pension plan before the completion of the qualification period referred to in subsection 35(2) or (2.1).

When a member withdraws contributions with interest under subsection (2), (3), (4) or (4.2), the amount withdrawn, at the option of the member, shall be dealt with in one or more of the following ways:

Upon termination of employment, a member of a pension plan who is entitled to a deferred pension under section 35, is entitled to withdraw the commuted value of the deferred pension from the pension fund if

If a member makes a withdrawal under subsection (1), the member is no longer entitled to a deferred pension under section 35.

Except as otherwise provided in this Act, a transaction that purports to assign, charge, anticipate or give as security any interest in or under a pension plan or any money payable under a pension plan is void.

Except as otherwise provided by this Act, a transaction that purports to assign, charge, anticipate or give as security any interest in or under a retirement savings arrangement or a deferred life annuity referred to in section 36 or any money payable under such an arrangement or annuity is void.

Except as otherwise provided in this Act, any interest in or under a pension plan and any money payable under a pension plan are exempt from execution, seizure or other process of law.

Except as otherwise provided by this Act, money paid out of a pension fund to another pension plan, to a retirement savings arrangement or for the purchase of a deferred life annuity under section 36 is exempt from execution, seizure or other process of law.

Except as otherwise provided in this Act, any interest in or under a retirement savings arrangement or a deferred life annuity referred to in section 36 and any money payable under any such retirement savings arrangement or deferred life annuity are exempt from execution, seizure or other process of law.

Money payable under a pension plan, including a refund of contributions with interest, and money payable under a retirement savings arrangement or a deferred life annuity referred to in section 36 are subject to execution, seizure or other process of law in satisfaction of a support order or an order for maintenance enforceable in the Province, whether made before or after the commencement of this section, but, other than in the case of a refund of contributions with interest, to a maximum of fifty per cent of the payment unless otherwise ordered by a court of competent jurisdiction.

Except as otherwise provided by this Act, a transaction that purports to commute or surrender a pension or a pension benefit, or a retirement savings arrangement or a deferred life annuity referred to in section 36, is void.

In this section

For the purposes of subsection (1), the value of assets and liabilities shall be calculated in the prescribed manner.

No money shall be paid out of a pension fund to an employer without the prior consent of the Superintendent.

The Superintendent may consent to an application for payment of surplus to an employer.

The Superintendent shall not consent to an application for payment of surplus to an employer unless the application is in accordance with the regulations and the prescribed criteria are met.

A pension plan that does not provide for the payment of surplus money on the wind-up of the pension plan shall be deemed to require that surplus money accrued after the commencement of this subsection shall be distributed proportionately among the members, former members and any other persons entitled to payments under the pension plan at the effective date of the wind-up.

A pension plan that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be deemed to prohibit the withdrawal of surplus money accrued after the commencement of this subsection.

This section does not apply to funds in a reserve account.

An employer or, the case of a multi-employer plan, the administrator, may wind up a pension plan in whole or in part.

Subject to section 61, if an employer or administrator intends to wind up a pension plan the administrator of the plan shall give notice of the wind-up of the plan in writing to

The notice referred to in subsection (2) shall be given personally or to the last known address of the person entitled to notice and shall include advice that a wind-up report will be filed with the Superintendent at whose offices, upon the filing, it will be available for viewing and comment for thirty days before any disbursement of funds is approved.

The notice referred to in subsection (2) shall specify the effective date of the wind-up and shall include the prescribed information.

The effective date of the wind-up shall not be earlier than the date member contributions, if any, cease to be deducted in the case of contributory pension benefits or, in any other case, on the date notice is given to the members.

Notwithstanding subsection (5), the Superintendent may by order change the effective date of a wind-up if the Superintendent is of the opinion that there are reasonable grounds for the change.

The withdrawal of a participating employer under a multi-employer pension plan does not constitute wind-up in part of the plan unless, in the opinion of the Superintendent, a partial wind-up of the plan is appropriate in the circumstances.

The Superintendent may by order require the wind-up of a pension plan, in whole or in part, on such date and with such notice as in the opinion of the Superintendent are appropriate, if

In an order under subsection (1), the Superintendent shall specify the effective date of the wind-up, the persons or class or classes of persons to whom the administrator shall give notice of the order and the information that shall be given in the notice.

The administrator of a pension plan that is to be wound up in whole or in part shall file a wind-up report that sets out

No payment shall be made out of the pension fund in respect of which notice of proposal to wind up has been given until the Superintendent has approved the wind-up report.

Subsection (2) does not apply to prevent continuation of payment of a pension or any other benefit the payment of which commenced before the giving of the notice of proposal to wind up the pension plan, or to prevent any other payment that is prescribed or that is approved by the Superintendent.

An administrator shall not make payment out of the pension fund except in accordance with the wind-up report approved by the Superintendent.

The Superintendent may refuse to approve a wind-up report that does not meet the requirements of this Act and the regulations or that, in the Superintendent’s opinion, does not protect the interests of the members and former members of the pension plan.

On the partial wind-up of a pension plan, members, former members and other persons entitled to benefits or payments under the pension plan shall have rights and benefits that are not less than the rights and benefits they would have on a full wind up of the pension plan on the effective date of the partial wind-up.

The Superintendent may require the distribution of any or all assets of a pension plan as a condition of the approval of the wind-up report.

The Superintendent shall not approve the wind-up report before the expiry of thirty days after the receipt of the report filed under subsection (1).

On the wind-up of a pension plan in whole or in part, the administrator shall give to each person entitled to a pension, deferred pension or other benefit or to a refund in respect of the pension plan a statement setting out the person’s entitlement under the pension plan, the options available to the person and any other prescribed information.

For the purposes of determining the amount of pension benefits to which a person may be entitled on the wind-up of a pension plan, in whole or in part,

Section 36, other than subsection 36(3) applies to members and former members of a pension plan upon wind-up other than persons who are receiving a pension.

Upon wind-up of a pension plan, in whole or in part, an employer required to make contributions to the pension fund shall pay into the fund

For the purpose of paragraph (1)(a), if a pension plan is wound up, in whole or in part, and as of the date of the wind-up the market value of the investments held by the plan does not equal or exceed its solvency liabilities, the employer shall pay into the fund in accordance with subsection (4), an amount so that

Subsection (1.1) does not apply to a defined benefit plan established under one or more collective agreements or a trust agreement in which the requirement that an employer’s contributions, or a person required to make contributions on behalf of an employer, to a pension fund are limited to a fixed amount established in a collective agreement or a trust agreement.

For the purposes of subsection (1), the amount required to be paid shall be deemed to accrue on a daily basis.

The employer shall pay the amounts required under subsection (1), other than an amount determined pursuant to subsection (1.1), to the pension fund in the manner and on the terms prescribed.

Where a pension plan is wound up, in whole or in part, and an amount under subsection (1.1) is determined to be owing and the employer is not insolvent,

If a plan is wound up, in whole or in part, and an amount is owing pursuant to subsection (1.1), a schedule of special payments shall be established, subject to the approval of the Superintendent, for the amount to be retired over a period of not more than five years, commencing as of the effective date of the wind-up.

For the purposes of subsection (1.1), the amount shall be considered to have been retired if a subsequent actuarial valuation reveals that the market value of investments of the plan or of the part of the plan that was wound up, as the case may be, equals or exceeds its solvency liabilities.

Upon the wind-up of a pension plan in whole or in part, if insufficient funds are available to pay the pensions and benefits under the plan, the amount of the pension or benefit to which a person is entitled may be reduced in accordance with the regulations.

Nothing in subsection (1) prevents the Superintendent from ordering a reduction in pensions and benefits under a pension plan before the wind-up of the plan is completed if the Superintendent is of the opinion, upon reasonable and probable grounds, that there are or are likely to be insufficient funds available to pay the pensions and benefits under the plan.

If a pension plan is wound up in whole or in part, after satisfaction of all pensions, pension benefits and ancillary benefits and payments to which members, former members and other persons are entitled under the plan or in accordance with this Act and the regulations, any remaining assets in the pension fund may be distributed proportionately to the members, former members and other persons entitled to benefits or payments under the plan unless the plan provides for payment to the employer.

If a pension plan provides for payment of any assets remaining in the pension fund after wind-up to an employer, no such payment shall be made without the approval of the Superintendent under section 59.

Subsections (1) and (2) do not apply to funds in a reserve account.

Assets in a pension fund that are distributed in accordance with subsection (1), at the option of the person to whom they are distributed, shall be dealt with in one or more of the following ways:

In this section

If an employer who contributes to a pension plan sells, assigns or otherwise disposes of all or part of the employer’s business or all or part of the assets of the employer’s business, a member of the pension plan who, in conjunction with the sale, assignment or disposition becomes an employee of the successor employer and becomes a member of a pension plan provided by the successor employer

Paragraph (2)(a) does not apply if the successor employer assumes responsibility for the accrued pension benefits of the employer’s pension plan.

If a transaction described in subsection (2) takes place, the employment of the employee shall be deemed, for the purposes of this Act, not to be terminated by reason of the transaction.

If a transaction described in subsection (2) occurs and the successor employer assumes responsibility in whole or in part for the pension benefits provided under the employer’s pension plan, no transfer of assets shall be made from the employer’s pension fund to the pension fund of the plan provided by the successor employer without the prior consent of the Superintendent or contrary to the prescribed terms and conditions.

The Superintendent shall refuse to consent to a transfer of assets that does not protect the pension benefits and any other benefits of the members and former members of the employer’s pension plan and of any other person entitled to benefits or payments under the plan or that does not meet the prescribed requirements and qualifications.

The Superintendent by order may require the transferee to return to the pension fund, with interest, assets transferred without the prior consent required by subsection (5).

If a transaction described in subsection (2) takes place and the successor employer does not provide a pension plan for members of the employer’s pension plan who become employees of the successor employer, the administrator of the employer’s pension plan shall wind up the pension plan in respect of those members.

An order for a return of assets under subsection (7), exclusive of the reasons for the order, may be filed in the Court of King’s Bench and shall be entered and recorded in the Court, and when so entered and recorded becomes a judgment of the Court and may be enforced as a judgment obtained in the Court by the Superintendent.

All reasonable costs and charges attendant upon the filing, entering and recording of an order under subsection (9) are recoverable in like manner as if the amount had been included in the order.

A pension plan shall not be wound up for the reason only that a new pension plan is established and the employer has ceased to make contributions to the original pension plan.

The benefits under the original pension plan in respect of employment before the establishment of the new pension plan shall be deemed to be benefits under the new pension plan.

Subsection (2) applies whether or not the assets and liabilities of the original pension plan are consolidated with those of the new pension plan.

No transfer of assets shall be made from the pension fund of the original pension plan to the pension fund of the new pension plan without the prior consent of the Superintendent or contrary to the prescribed terms and conditions.

The Superintendent shall refuse to consent to a transfer of assets that does not protect the pension benefits and any other benefits of the members and former members of the original pension plan and of any other person entitled to benefits or payments under the plan or that does not meet the prescribed requirements and qualifications.

The Superintendent by order may require the transferee to return to the pension fund assets, with interest calculated in the prescribed manner, transferred without the prior consent of the Superintendent under section 70 or transferred contrary to a prescribed term or condition.

An order for return of assets under subsection (1), exclusive of the reasons for the order, may be filed in the Court of King’s Bench and shall be entered and recorded in the Court, and when so entered and recorded becomes a judgment of the Court and may be enforced as a judgment obtained in the Court by the Superintendent.

All reasonable costs and charges attendant upon the filing, entering and recording of an order under subsection (2) are recoverable in like manner as if the amount had been included in the order.

The Superintendent, in the circumstances mentioned in subsection (2), by a written order may require an administrator, or any other person whom the Superintendent considers appropriate in the circumstances, to take or to refrain from taking any action in respect of a pension plan, a pension fund or a retirement savings arrangement prescribed for the purposes of subparagraph 36(1)(a)(ii).

The Superintendent may make an order under this section if the Superintendent is of the opinion, upon reasonable and probable grounds,

In an order under this section, the Superintendent may specify the time or times when or the period or periods of time within which the person to whom the order is directed must comply with the order.

An order under paragraph (2)(d), (e) or (f) may include, but is not limited to, requiring the preparation of a new report and specifying the assumptions or methods or both that shall be used in the preparation of the new report.

An order under this section is not effective unless the reasons for the order are set out in the order.

In an order made under paragraph (2)(c), the Superintendent shall specify the provision of this Act or the regulations that, in the Superintendent’s opinion, has not been complied with.

In an order made under paragraph (2)(c.1), the Superintendent shall specify the provision of the multilateral agreement that, in the Superintendent’s opinion, has not been complied with.

If the Superintendent has made an order or decision under this Act or the regulations, the person against whom the order or decision is made or who is affected by the order or decision may appeal the order or decision to the Tribunal within 30 days after the date of the order or decision.

Repealed: 2013, c.31, s.23

The Tribunal may hear a matter appealed to it under this section despite that a time period set out in subsection (1) was not complied with.

If a matter is appealed to the Tribunal, an order of the Superintendent or decision issued by the Superintendent with respect to the matter is stayed pending the disposition of the matter by the Tribunal, unless the Tribunal directs otherwise.

Despite subsection 74(1), the Tribunal may refer a matter to the Labour and Employment Board that, in the opinion of the Tribunal, involves a question of law or a question of mixed law and fact involving labour or employment law.

If the Tribunal refers a matter to the Labour and Employment Board under subsection (1), the Tribunal shall

The Labour and Employment Board shall consider and determine the question, and the decision of the Labour and Employment Board on the question is final and binding on the Tribunal and the parties and shall be deemed to be a part of the Tribunal’s decision.

When the Labour and Employment Board hears a matter referred to it under this section, subsections 73(3) and (4) and sections 75, 76 and 80 apply with the necessary modifications to the hearing.

To the extent they are not inconsistent with the Labour and Employment Board Act, the practice and procedure of the Tribunal apply with the necessary modifications to a hearing under this section.

The Superintendent is a party to a matter appealed to the Tribunal and is responsible to present a case in support of a decision or order made by the Superintendent.

In a matter appealed to the Tribunal under section 73, the appellant, the Superintendent and any other person who, in the opinion of the Tribunal, is interested in or affected by the proceedings have the right to be heard.

If a matter has been appealed to the Tribunal under section 73, after hearing and considering the matter the Tribunal may issue an order

Repealed: 2013, c.31, s.23

On the application of the Superintendent or any other interested person, the Tribunal may issue a summons requiring the person named in the summons to appear before the Tribunal to show cause why an order of the Superintendent or of the Tribunal has not been complied with and why a further order should not be made.

A summons issued under this section by the Tribunal may be served outside the Province, and a failure to appear by any person summoned shall not affect the ability of the Tribunal to act.

If the Tribunal determines that a person has failed or refused to comply with an order of the Superintendent or the Tribunal without reasonable cause, the Tribunal may file a copy of the order in the Court of King’s Bench and the order shall be entered and recorded in the Court, and when entered and recorded becomes a judgment of the Court that may be enforced as a judgment obtained by the Tribunal in the Court.

All reasonable costs and charges attendant on the filing, entering and recording of an order under subsection (1) are recoverable as if the amount had been included in the order.

The following definition applies in this section.

Any person shall deliver to the Superintendent, or to any other employee of the Financial and Consumer Services Commission, at any time that the Superintendent or other employee requires

No person shall make any false, misleading or deceptive statements in any advertisement, circular, pamphlet or similar material prepared or used in respect of a regulated activity.

If, in the opinion of the Superintendent, a person has made a false, misleading or deceptive statement in any advertisement, circular, pamphlet or similar material referred to in subsection (1), the Superintendent may order the person to stop using that material immediately.

The Financial and Consumer Services Commission may appoint in writing a person as a compliance officer for the purpose of ensuring compliance with this Act and the regulations.

The Financial and Consumer Services Commission shall issue to every compliance officer a certificate of appointment and every compliance officer, in the execution of his or her duties under this Act or the regulations, shall produce his or her certificate of appointment on request.

For the purpose of determining whether this Act and the regulations are being complied with, the Superintendent or a compliance officer, in carrying out a compliance review, may

In carrying out a compliance review, the Superintendent or a compliance officer may

The Superintendent or a compliance officer may carry out a compliance review within or outside the Province.

The Superintendent or a compliance officer shall not enter a private dwelling under subsection (3) unless the compliance officer or Superintendent has the consent of the occupier or has obtained an entry warrant under the Entry Warrants Act.

Before or after attempting to enter or to have access to any business premises, the Superintendent or a compliance officer may apply for an entry warrant under the Entry Warrants Act.

The Financial and Consumer Services Commission may, in prescribed circumstances, require a person in respect of whom a compliance review was carried out to pay the Financial and Consumer Services Commission any prescribed fee and to reimburse the Financial and Consumer Services Commission for any prescribed expenses.

No person shall obstruct or interfere with the Superintendent or a compliance officer who is carrying out or attempting to carry out a compliance review under this Act, or withhold, destroy, conceal, alter or refuse to produce any information or thing reasonably required by the Superintendent or a compliance officer for the purposes of the compliance review.

A refusal of consent to enter a private dwelling is not and shall not be considered to be interfering with or obstructing within the meaning of subsection (1), except if an entry warrant has been obtained.

The Superintendent may make an order under subsection (2)

By an order applicable generally or to one or more persons named or otherwise described in the order, the Superintendent may require any of the following persons to provide information or to produce books, records or documents or classes of books, records or documents specified or otherwise described in the order within the time or at the intervals specified in the order:

The Superintendent may require that the authenticity, accuracy or completeness of information provided or of a book, record or document or a class of books, records or documents produced pursuant to an order under subsection (2) be verified by affidavit.

The Superintendent may require that the information provided or that the books, records or documents or classes of books, records or documents produced pursuant to an order made under subsection (2) be delivered in electronic form, if the information or the books, records or documents or classes of books, records or documents are already available in that form.

The Financial and Consumer Services Commission may, by order, appoint a person as an investigator to make any investigation that the Financial and Consumer Services Commission considers expedient

In its order, the Financial and Consumer Services Commission shall specify the scope of an investigation to be carried out under subsection (1).

An investigator may, with respect to the person who is the subject of the investigation, investigate, inspect and examine

For the purposes of an investigation under this Act, an investigator may inspect and examine any book, record, document or thing, whether in possession or control of the person in respect of whom the investigation is ordered or any other person.

An investigator making an investigation under this Act may, on production of the order appointing him or her,

Inspection or examination under this section shall be completed as soon as possible and the books, records, documents or things shall be returned promptly to the person who produced them.

No person shall withhold, destroy, conceal, alter or refuse to give any information or withhold, destroy, conceal, alter or refuse to produce any book, record, document or thing reasonably required under subsection (3) by an investigator.

An investigator making an investigation under this Act has the same power to summon and enforce the attendance of witnesses, to compel witnesses to give evidence under oath or in any other manner and to compel witnesses to produce books, records, documents and things or classes of books, records, documents and things as the Court of King’s Bench has for the trial of civil actions.

On the application of an investigator to the Court of King’s Bench, the failure or refusal of a person to attend, to take an oath, to answer questions or to produce books, records, documents and things or classes of books, records, documents and things in the custody, possession or control of the person makes the person liable to be committed for contempt as if in breach of an order or judgment of the Court of King’s Bench.

A person giving evidence at an investigation conducted under this section may be represented by legal counsel.

Testimony given by a person under this section shall not be admitted into evidence against that person in any prosecution other than for perjury in the giving of that testimony or the giving of evidence contradictory to that testimony.

On request to the investigator by the person who, at the time of the seizure, was in lawful possession of books, records, documents or things seized under this Act, the books, records, documents or things seized shall, at a time and place mutually convenient to the person who was in lawful possession of them at the time of the seizure and the investigator, be made available for consultation and copying by the person.

If books, records, documents or things are seized under this Act and the matter for which the books, records, documents or things were seized is concluded, the investigator shall return those books, records, documents or things to the person who was in lawful possession of them at the time of the seizure within 60 days after the day that the matter is concluded.

If books, records, documents or things are seized under this Act and the person who was in lawful possession of the books, records, documents or things at the time of the seizure alleges that the books, records, documents or things are not relevant in respect of the matter for which they were seized, that person may apply by notice of motion to the Court of King’s Bench for the return of the books, records, documents or things.

On a motion under subsection (3), the Court of King’s Bench shall order the return of any books, records, documents or things that it determines are not relevant to the matter for which they were seized to the person who was in lawful possession of the books, records, documents or things at the time of the seizure.

If an investigation has been made under this Act, the investigator shall, at the request of the Financial and Consumer Services Commission, provide to the Financial and Consumer Services Commission a report of the investigation or any transcripts of evidence or any material or other things in the investigator’s possession relating to the investigation.

A report that is provided to the Financial and Consumer Services Commission under this section is privileged and is inadmissible in evidence in any action or proceeding.

For the purpose of protecting the integrity of an investigation under this Act, the Financial and Consumer Services Commission may make an order that applies for the duration of the investigation, prohibiting a person from disclosing to any person other than the person’s lawyer the following information:

An order under subsection (1) does not apply to disclosures authorized by the regulations or by the Superintendent in writing.

An investigator making an investigation under this Act may make, or authorize the making of, any disclosure of information that may be required for the effectual conduct of the investigation.

A person who does any of the following commits an offence, and is liable on conviction, for each offence, if a director on the board of directors of a person or an officer of a person, to a fine of not more than $100,000 or to imprisonment for a term of not more than one year, or to both, if an individual who is not a director on the board of directors of a person or an officer of a person, to a fine of not more than $250,000 or to imprisonment for a term of not more than one year, or to both, and if a person other than an individual, to a fine of not more than $250,000:

Despite subsection (1), on a second or subsequent conviction for an offence under this Act, a person is liable, if a director on the board of directors of a person or an officer of a person, to a fine of not more than $200,000 or to imprisonment for a term of not more than one year, or to both, if an individual who is not a director on the board of directors of a person or an officer of a person, to a fine of not more than $500,000 or to imprisonment for a term of not more than one year, or to both, and if a person other than an individual, to a fine of not more than $500,000.

Without limiting the availability of other defences, no person commits an offence under paragraph (1)(a) or (b) if

As well as imposing a fine, the court may stipulate that an additional amount be paid into court for the purpose of satisfying in whole or in part an amount payable by the convicted person under a provision of this Act or the regulations or under an order of the Tribunal or the Labour and Employment Board and the court shall, upon receipt of the amount, pay the amount to the appropriate person.

Except with respect to a payment made under subsection (4), a conviction for an offence under this Act does not relieve the convicted person of the obligation to comply with an order of the Tribunal or the Labour and Employment Board or to pay any amount established by the Tribunal or the Labour and Employment Board as being due and owing under this Act.

On the application of the Financial and Consumer Services Commission, the Tribunal may make one or both of the following orders if the Tribunal considers it expedient for the administration of this Act or the regulations or to assist in the administration of similar legislation of another jurisdiction:

An order under subsection (1) that names a financial institution shall apply only to the branches of the financial institution identified in the order.

An order under subsection (1) is effective for seven days after its making, but the Financial and Consumer Services Commission may apply to the Court of King’s Bench to continue the order or for any other order that the Court of King’s Bench considers appropriate.

An order under subsection (1) may be made ex parte but, in that event, copies of the order shall be sent without delay by any means that the Tribunal determines to all persons named in the order.

A person in receipt of an order under subsection (1) who is in doubt as to the application of the order to any funds, securities or property or as to a claim being made to that person by any person not named in the order may apply to the Tribunal for direction or clarification.

The Tribunal, on the application of the Financial and Consumer Services Commission or of a person directly affected by the order, may revoke an order under subsection (1) or permit the release of any funds, securities or property in respect of which the order was made.

A notice of an order under subsection (1) may be registered or recorded against the lands or claims identified in the order by submitting the notice to the appropriate registry office established under the Registry Act or to the appropriate land titles office established under the Land Titles Act.

The Tribunal may order a notice submitted under subsection (7) to be revoked or modified and, if an order is made, the Financial and Consumer Services Commission shall submit a copy of the revocation or modification to the appropriate registry office or land titles office.

On submission of a notice under subsection (7) or a copy of a written revocation or modification under subsection (8), the notice or the copy of the revocation or modification shall be registered or recorded in the registry office or land titles office, as the case may be, by the registrar and has the same effect as the registration or recording of a certificate of pending litigation.

On the application of the Financial and Consumer Services Commission, the Tribunal, if in its opinion it is in the public interest to do so, may make one or more of the following orders:

The Tribunal may impose any terms and conditions that the Tribunal considers appropriate on an order under this section.

A person who is the subject of an order made under this section shall comply with any terms and conditions imposed on the order.

Unless the parties and the Tribunal consent, no order shall be made under this section without a hearing.

Despite subsection (4), if in the opinion of the Tribunal the length of time required to hold a hearing could be prejudicial to the public interest, the Tribunal, without a hearing, may make a temporary order under paragraph (1)(a), (b) or (e).

The temporary order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Tribunal.

The Tribunal may extend a temporary order until the hearing is concluded if a hearing is commenced within the 15-day period.

The Financial and Consumer Services Commission shall without delay give written notice of an order or temporary order made under this section to any person directly affected by the order or temporary order.

On the application of the Financial and Consumer Services Commission and after conducting a hearing, the Tribunal may order a person to pay an administrative penalty of, in the case of an individual, not more than $25,000, and in the case of a person other than an individual, not more than $100,000, if the Tribunal

The Tribunal may make an order under this section despite the imposition of any other penalty on the person or the making of any other order by the Tribunal, the Financial and Consumer Services Commission or the Superintendent related to the same matter.

Despite any other provision of this Act or the regulations, an administrative proceeding conducted by the Financial and Consumer Services Commission or the Tribunal under this Act or the regulations may be disposed of by

An agreement, written undertaking or decision made, accepted or approved under subsection (1) may be enforced in the same manner as a decision made by the Financial and Consumer Services Commission or the Tribunal under any other provision of this Act or under the regulations.

No person shall interfere with or obstruct the Superintendent while the Superintendent is lawfully carrying out the powers and duties of the Superintendent under this Act.

A refusal of consent to enter a private dwelling is not and shall not be considered to be interfering with or obstructing within the meaning of subsection (1), except if an entry warrant has been obtained.

Any notice, order or other document under this Act or the regulations is sufficiently given, served or delivered if delivered personally or sent by registered mail addressed to the person to whom it is to be given, served or delivered at the person’s last known address.

A notice, order or other document sent by registered mail in accordance with subsection (1) shall be deemed to be given, served or delivered on the fifth day after the day of mailing, unless the person to whom it is sent establishes that, acting in good faith, the person did not receive the notice, order or other document, or did not receive it until a later date, through absence, accident, illness or other cause beyond the person’s control.

A certificate purporting to be signed by the Superintendent stating that a report, request or notice was or was not received, served or given by the Superintendent and, if so received, served or given, the date on which it was received, served or given, is, without proof of the signature, office or appointment of the person purporting to have signed the certificate, admissible in evidence in any proceeding and, in the absence of evidence to the contrary, is proof of the facts stated in the certificate.

A certificate referred to in subsection (1) shall not be received in evidence unless the party intending to produce it has before the proceeding given to the person against whom it is to be produced reasonable notice of the intention, together with a copy of the certificate.

A person against whom a certificate referred to in subsection (1) is produced may, with leave of the Tribunal, require the attendance of the Superintendent for purposes of cross-examination.

The Superintendent may establish forms for the purposes of any provision of this Act or the regulations.

The Superintendent may establish the form and content of forms, including establishing whether a form is required to be signed, certified or made under oath or solemn declaration and any additional requirements respecting signatures.

The Superintendent may, in forms, request personal information either directly from an individual to whom the information relates, or indirectly, from any other person authorized to complete the form.

The Regulations Act does not apply to the forms established by the Superintendent or to the requirements referred to in subsection (2).

If there is a conflict or an inconsistency between a form established by the Superintendent and this Act or a regulation made under this Act, this Act or the regulation made under this Act prevails.

The Financial and Consumer Services Commission is responsible for the administration of this Act.

Repealed: 2013, c.31, s.23

The Superintendent or the Financial and Consumer Services Commission may delegate in writing any power or duty of the Superintendent under this Act or the regulations to any person, subject to any limitation or condition set out in the delegation.

The Minister may, subject to the approval of the Lieutenant-Governor in Council,

With the approval of the Lieutenant-Governor in Council, the Minister may enter into an agreement with an authorized representative of a designated jurisdiction in relation to a pension plan that is required to be registered in the designated jurisdiction.

An agreement entered into under subsection (1) shall provide for the administration, application and enforcement of pension benefits legislation with respect to the pension plan that is the subject of the agreement.

Without limiting the generality of subsection (1), an agreement may

The Minister may sub-delegate in writing any functions and powers delegated to the Minister in an agreement under subsection (1) to the Financial and Consumer Services Commission or the Superintendent, subject to any limitation or condition set out in the sub-delegation.

With the approval of the Lieutenant-Governor in Council, the Minister may

The Minister or his or her delegate may enter into an agreement with an authorized representative of a designated jurisdiction respecting the application of any provision of the multilateral agreement for which the Minister and the authorized representative have discretion as to its application.

The multilateral agreement entered into under section 93.3 shall have the force of law in the Province on the date the Minister signs the agreement, including any provision in the agreement that

The administrator of a multi-jurisdictional pension plan shall comply with any requirement set out in the multilateral agreement entered into under section 93.3 that applies with respect to the plan and with any requirement imposed under the authority of the agreement.

An employer or person required to make contributions to a multi-jurisdictional pension plan on the employer’s behalf shall comply with any requirement set out in the multilateral agreement entered into under section 93.3 that applies with respect to the plan and with any requirement imposed under the authority of the agreement.

The amount of pension benefits, deferred pension or ancillary benefits or any other amount payable under a multi-jurisdictional pension plan in relation to a member or former member shall be determined in accordance with the requirements set out in the multilateral agreement entered into under section 93.3.

This section does not apply to a multi-jurisdictional pension plan unless the Minister has entered into a multilateral agreement under section 93.3 with the authorized representative of the designated jurisdiction to which the plan is subject.

The Minister or his or her delegate may exercise any of the duties or powers of a designated jurisdiction for which the multilateral agreement entered into under section 93.3 permits a delegation to the Province as a major or minor authority.

The Minister may delegate to a party to the multilateral agreement entered into under section 93.3 any duty or power of the Minister under this Act for which the agreement permits a delegation to the designated jurisdiction as a major or minor authority.

The Minister or his or her delegate may order the splitting of the assets of a multi-jurisdictional pension plan that is subject to the multilateral agreement entered into under section 93.3.

In the case of the splitting of the assets of a multi-jurisdictional pension plan, the portion of the assets of the plan with respect to persons employed in the Province is no longer subject to the multilateral agreement.

The Labour and Employment Board and each member and alternate member have the powers, privileges, immunities and responsibilities of a commissioner under the Inquiries Act and regulations under that Act.

The Labour and Employment Board may receive and accept any evidence and information on oath, affidavit or otherwise as it in its discretion considers fit and proper, whether admissible as evidence in a court or not.

The Labour and Employment Board may make rules governing its procedure.

Repealed: 1994, c.52, s.4

The Labour and Employment Board has exclusive jurisdiction to exercise the powers conferred on it under this Act and to determine all questions of fact or law that arise in a matter before it.

A decision, determination, direction, declaration or ruling of the Labour and Employment Board is final and conclusive and, except on the grounds of jurisdiction or a denial of natural justice, shall not be questioned or reviewed in any court, and no order shall be made or proceedings taken in any court, whether by way of injunction, declaratory judgment, order on judicial review or otherwise to question, review, prohibit or restrain the Labour and Employment Board or any of its proceedings.

If a decision of the Labour and Employment Board is reviewed and set aside because of an excess of jurisdiction or a denial or natural justice, no costs shall be awarded against any party to the matter before the Labour and Employment Board.

Despite subsection 38(5) of the Financial and Consumer Services Commission Act, the Tribunal, on its own motion, may state a case in writing for the opinion of The Court of Appeal of New Brunswick on a question that, in the opinion of the Tribunal, is a question of law.

The Court of Appeal of New Brunswick shall hear and determine the question or questions of law arising in the stated case and shall remit the matter to the Tribunal with the opinion of the Court, and the opinion of the Court on a question of law is binding on the Tribunal and the parties.

No costs shall be awarded in a case stated under this section.

This section applies to the following pension plans:

On the wind-up of the pension plans mentioned in subsection (1) a person who is receiving a pension under one of the plans is entitled to require the administrator to transfer the commuted value of the pension in accordance with the regulations

The administrator shall not make a transfer under paragraph (2)(a) to a pension plan that is not registered in the Province unless

The administrator shall not make a transfer under paragraph (2)(b) unless the retirement savings arrangement meets the prescribed requirements.

A person who desires to exercise any rights under subsection (2) shall deliver a direction to the administrator in the form provided by the Superintendent within ninety days after receipt of notice of the rights.

The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.

Money transferred from a pension fund to a retirement savings arrangement purchased pursuant to a right exercised under subsection (2) shall be administered in accordance with this Act and the regulations, and sections 41, 42 and 56 apply to the amount transferred.

Subsection (7) applies to the initial transfer or purchase and to any subsequent transfer or purchase.

Where an administrator has complied with a request in accordance with this section, the administrator and the pension fund are not liable for providing the pension.

The administrator of a pension plan shall not transfer money out of the pension fund pursuant to section 99.1without the consent of the Superintendent if the transfer is not within the prescribed limitations in relation to transfers of money from pension funds.

On request for consent under subsection (1), the Superintendent may consent to the transfer on such terms and conditions as the Superintendent considers appropriate in the circumstances.

Except as otherwise provided by this Act, a transaction that purports to assign, charge, anticipate or give as security any interest in or under a retirement savings arrangement referred to in section 99.1 or any money payable under such an arrangement is void.

Except as otherwise provided by this Act, money paid out of a pension fund to another pension plan or to a retirement savings arrangement under section 99.1 is exempt from execution, seizure or other process of law.

Except as otherwise provided in this Act, any interest in or under a retirement savings arrangement referred to in section 99.1 and any money payable under any such retirement savings arrangement are exempt from execution, seizure or other process of law.

Money payable under a retirement savings arrangement referred to in section 99.1 is subject to execution, seizure or other process of law in satisfaction of a support order or an order for maintenance enforceable in the Province, whether made before or after the commencement of this section, but, other than in the case of a refund of contributions with interest, to a maximum of fifty per cent of the payment unless otherwise ordered by a court of competent jurisdiction.

Except as otherwise provided by this Act, a transaction that purports to commute or surrender a retirement savings arrangement referred to in section 99.1 is void.

Despite section 12 and subject to the regulations, the administrator may make an amendment to either pension plan for the purpose of establishing a shared risk plan provision subject to Part 2.

Sections 100.52 and 100.81 apply with the necessary modifications to an amendment made under subsection (1).

On the sale of all or part of the business of or the assets of Fraser Papers Inc., FPS Canada Inc., Fraser Papers Holdings Inc., Fraser Timber Ltd., Fraser Papers Limited and Fraser N.H. LLC to Twin Rivers Paper Company Inc., Twin Rivers Paper Company Inc. shall be deemed not to be a successor employer under section 69.

On and after the effective date of the wind-up of either pension plan, sections 70 and 71 do not apply to the pension plan.

Within 6 months after the effective date of the wind-up of either pension plan, the administrator shall file with the Superintendent an interim wind-up report as at the effective date of the wind-up, prepared by an actuary and containing the information required by the Superintendent.

Beginning in the calendar year following the effective date of the wind-up and ending in the calendar year prior to the calendar year in which a wind-up report is filed, not later than October 1 each year, the administrator shall file an interim wind-up report as at April 1 of that year, prepared by an actuary and containing the information required by the Superintendent.

Beginning in the calendar year following the effective date of the wind-up and ending in the calendar year in which a wind-up report is filed, not later than October 1 each year, the administrator shall give to the persons listed in subsection 60(2) a notice containing the information required by the Superintendent as at April 1 of that year.

Despite paragraph 49(2)(b) of Regulation 91-195, the administrator shall

The administrator shall not give the statement required under subsection 64(1) to the persons listed in that subsection until the wind-up report has been approved by the Superintendent.

On and after the effective date of the wind-up of either pension plan, for the purpose of improving the plan’s funded ratio, the administrator may

A source from which money is received under paragraph (1)(a) shall not be considered a pension fund.

On and after the effective date of the wind-up of either pension plan, subsections 62(2) and (3) of this Act and subsection 49(7) of Regulation 91-195 do not apply to the pension plan.

On and after the effective date of the wind-up of either pension plan until the date of the distribution of the assets of the pension fund, only the following payments may be made out of the fund:

The value of any projected payments into a pension fund and the investment earnings included in an interim wind-up report filed by the administrator under section 99.93 shall be taken into account when making payments under paragraphs (2)(a), (b), (c), (d) or (g) or when ordering the reduction of any of those payments under subsection 66(2).

Subject to subsection 99.96(2), the assets in the fund of a pension plan shall not be distributed until the wind-up report is approved by the Superintendent.

On approval of the wind-up report, if insufficient funds are available to pay the pensions and benefits under a plan, the funds that are available shall be allocated in the following manner in order of priority:

If the calculation under paragraph (2)(d) results in a negative figure for a member, former member or persons entitled to benefits or payments through a member or former member, the amount payable under that paragraph shall be 0.

If there are insufficient funds to allocate fully, but sufficient funds to allocate partly the amounts provided for under paragraph (2)(a), (b), or (c), as the case may be, the amount to be allocated to each person shall be calculated by multiplying the full amount to which the person would have been entitled by the quotient obtained by dividing the amount of funds available to be allocated to the group under that paragraph by the amount of funds that would be required to allocate fully the amounts to the group under that paragraph.

The amount available at the distribution date for the person entitled to a benefit shall be the amount determined in accordance with subsections (2), (3) and (4), reduced by the amount paid to the member or former member or persons entitled to benefits or payments through the member or former member, between the effective date of the wind-up and the distribution date, adjusted with interest based on the interest rate determined in accordance with paragraph 99.99(3)(c).

If the calculation under subsection (5) results in a negative figure for a person entitled to a benefit, the amount available at the distribution date for that person under that subsection shall be 0.

For the purpose of the wind-up of either pension plan, the commuted value of a benefit as of the effective date of the wind-up, in respect of a member or former member who requires a transfer under paragraph 36(1)(a), shall be determined as if the pension plan were fully funded on a wind-up basis and shall not be less than the amount referred to in paragraph 19(4)(b) of Regulation 91-195 determined as if the transfer occurred on the effective date of the wind-up, or a lesser amount approved by the Superintendent.

For the purpose of the wind-up of either pension plan, the commuted value of a benefit as of the effective date of the wind-up, in respect of a person who is receiving a pension at the wind-up date or in respect of a member or former member who requires a purchase under paragraph 36(1)(b), shall not be less than the sum of the present value of payments made between the effective date of the wind-up and the distribution date, and the present value of the amount required to purchase the annuity referred to in paragraph 19(4)(b) of Regulation 91-195 as at the distribution date, or a lesser amount approved by the Superintendent.

The amounts referred to in subsection (2) shall be determined as follows:

The Superintendent may, by an order made retroactive to March 31, 2010, rescind in whole or in part a wind-up order for either pension plan.

The Superintendent may not rescind a wind-up order for a pension plan if the assets in the fund of the pension plan have been distributed under section 99.98.

On approval of the wind-up report for either pension plan, each person who is entitled to a pension, a deferred pension or other benefit or to a refund with respect to the wound-up pension plan is entitled, in addition to the options available under this Act, to require the administrator to transfer the commuted value of the pension to the shared risk plan provision established under section 99.81.

Subsections 36(4) and (5) apply with the necessary modifications to the exercise of the right to transfer the commuted value of the pension to the shared risk plan provision.

A person who has not exercised any of the options referred to in subsection (1) within 90 days after receipt of notice of his or her rights shall be deemed to have required the administrator to transfer the commuted value of the pension to the shared risk plan provision.

The Lieutenant-Governor in Council may make regulations

The Commission may make a rule in respect of any matter in respect of which the Lieutenant-Governor in Council has authority to make a regulation under paragraphs (1)(b) to (i), (l), (m), (q), (t) to (t.1), (t.3), (u) and (w.1).

A regulation or rule may be general or particular in its application and may be limited as to time or place or both.

A regulation or rule may adopt by reference, in whole or in part, with such changes as the Lieutenant-Governor in Council or the Commission, as the case may be, considers necessary, any code, formula, standard or procedure, and may require compliance with a code, formula, standard or procedure so adopted.

A code, formula, standard or procedure adopted by the Canadian Institute of Actuaries may be adopted by reference under subsection (3) as it read at a fixed time or as it is amended from time to time.

The Lieutenant-Governor in Council may, by order, amend or repeal a rule made by the Commission.

Subject to the approval of the Minister, the Commission, concurrently with making a rule, may make a regulation that amends or repeals any provision of a regulation made by the Lieutenant-Governor in Council under this Act or by the Commission under this subsection that in the opinion of the Commission is necessary or advisable to effectively implement the rule.

A regulation made under subsection (6) is not effective before the rule referred to in that subsection comes into force.

Subject to subsection (7), a regulation made under subsection (6) may be retroactive in its operation.

The Regulations Act does not apply to the rules made under this Act.

If there is a conflict or an inconsistency between a regulation made by the Lieutenant-Governor in Council under this Act and a rule made under this Act, the regulation prevails but in all other respects a rule has the same force and effect as a regulation.

As soon as the circumstances permit after a rule is made under section 100, the Commission shall

Without delay after the Commission makes a rule, it shall make a copy of the rule available for public inspection at each of the Commission’s offices during the normal business hours of the Commission.

When notice of a rule has been published in The Royal Gazette in accordance with paragraph (1)(b), a person affected by the rule shall be deemed to have notice of it on the date the rule is published in accordance with paragraph (1)(a).

The Secretary of the Commission may maintain a consolidation of the rules made by the Commission.

In maintaining a consolidation of the rules, the Secretary of the Commission may make changes respecting form and style and respecting typographical errors without changing the substance of a rule.

The Commission may publish the consolidated rules in the frequency that it considers appropriate.

A consolidated rule does not operate as new law but shall be interpreted as a consolidation of the law contained in the original rule and any subsequent amendments.

In the event of an inconsistency between a consolidated rule published by the Commission and the original rule or a subsequent amendment, the original rule or amendment prevails to the extent of the inconsistency.

A regulation respecting the following pension plans may be made retroactive to December 31, 1991, or any date thereafter:

Subsection (1) ceases to have effect on June 30, 2008.

A regulation with retroactive effect does not cease to have effect by virtue of the fact that subsection (1) ceases to have effect on June 30, 2008.

A regulation with retroactive effect may affect any right, privilege, obligation or liability acquired, accrued, accruing or incurred by any person under or in respect of the pension plans identified in subsection (1).

No action for damages or other proceedings shall be taken against the Province, the Minister, or a person designated to act on behalf of the Minister with respect to anything done or purported to be done, or with respect to anything omitted in respect of a regulation with retroactive effect, either before or after the coming into force of this section.

Part 1 and the regulations under that Part apply with the necessary modifications to a shared risk plan but if a provision of this Part or the regulations for the purposes of this Part is inconsistent with or in conflict with a provision of Part 1 or the regulations under that Part, the provision of this Part or the regulations prevails.

The references to “commuted value” in Part 1 and the regulations under that Part shall be read as references to “termination value” for the purposes of this Part.

A shared risk plan shall meet the following criteria:

The financial obligation of persons making contributions under a shared risk plan is limited to making or remitting, within the time prescribed by regulation, the contributions required under the shared risk plan and the funding policy.

The administrator of a shared risk plan shall be a trustee, a board of trustees or a non-profit corporation.

If the administrator is a non-profit corporation, each director on the board of directors of the corporation is a trustee of the shared risk plan.

A shared risk plan shall provide for the appointment of the administrator and if the administrator is a board of trustees, the composition of the board.

A trustee shall act independently of the person who appointed him or her.

The sole obligation and fiduciary duty of a trustee is to carry out the purposes of the shared risk plan.

A trustee shall manage financial risk in accordance with the funding policy, the investment policy and the risk management procedures for the shared risk plan.

Subject to subsection (8), the term of office of a trustee is three years or such longer period of time as the shared risk plan permits and may be renewed.

The Superintendent may remove a trustee from office if the Superintendent believes, on reasonable and probable grounds, that the trustee has acted improperly, has acted to the detriment of the purposes of the shared risk plan, has not acted in accordance with this Act and the regulations or has failed to act when required to act by this Act and the regulations.

If a trustee is removed from office under subsection (8), another trustee shall be appointed in accordance with the shared risk plan but if not so appointed within 60 days after the removal, the Superintendent shall appoint the other trustee.

If there is a deadlock among the trustees on a board of trustees with respect to any resolution or motion before them, it shall be resolved in accordance with the dispute resolution process required under paragraph 100.4(1)(h).

If the board of trustees fails to act in accordance with the dispute resolution process within the time prescribed by regulation, the Superintendent may determine the process to follow and may appoint such persons as he or she considers necessary to resolve the dispute.

Despite section 12, the Local Governance Act and the regulations under that Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, a conversion of a defined benefit plan to a shared risk plan may affect escalated adjustments not yet granted as of the conversion date and future increases in the pension benefits accrued as of the conversion date resulting from increases in the member’s pensionable earnings after the conversion date.

Despite section 12, the Local Governance Act and the regulations under that Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, a conversion of a pension plan to a shared risk plan is not void if the amount of the pension benefits is frozen as of the conversion date and changed to a form of contingent indexing as of that date.

Despite section 12, the Local Governance Act and the regulations under that Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, a conversion of a pension plan to a shared risk plan is not void if the vested right to escalated adjustments is changed to a form of contingent indexing as of the conversion date.

Despite section 12, the Local Governance Act and the regulations under that Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, a pension plan may be amended for the purpose of converting the pension plan to a shared risk plan, including converting pension benefits to base benefits as of the conversion date and reducing accrued or vested pension benefits as of the conversion date.

Despite section 12, the Local Governance Act and the regulations under that Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, a conversion of a pension plan to a shared risk plan is not void if the pension benefits under the pension plan are converted to base benefits as of the conversion date, if accrued or vested pension benefits are reduced as of the conversion date and if the base benefits are reduced after the conversion date.

On the conversion date and despite section 12, the Local Governance Act and the regulations under that Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, the administrator of the pension plan shall transfer the ownership of all of the assets in the plan as of that date to the shared risk plan.

Sections 69 and 70 do not apply to a conversion of a pension plan to a shared risk plan.

Section 10, except the fee referred to in subsection 10(2), applies with the necessary modifications to an application for the registration

An applicant shall pay the fee prescribed by regulation for the purposes of this section and file the following with the Superintendent:

An actuarial valuation report pertaining to a shared risk plan shall be submitted to the Superintendent annually within the time prescribed by regulation.

If an employer intends to significantly increase or reduce the number of members of a shared risk plan, the employer shall notify the administrator who shall assess the financial impact on the plan and make recommendations on any required corrective measures.

On the wind-up of a shared risk plan in whole or in part, section 36, other than paragraph 36(1)(b) and subsection 36(3), applies with the necessary modifications to the members, former members and persons receiving a pension.

Subject to subsection (4), on termination of employment or on termination of membership, the termination value of the base benefits of a member or former member shall remain in the shared risk plan until the retirement, death or breakdown of the marriage or common-law partnership of the member or former member.

A member or former member referred to in subsection (2) is entitled to all future improvements to base benefits or ancillary benefits in accordance with the funding policy if the improvements are made while he or she is a member or former member.

Subsection (2) does not apply if the member or former member elects within the time prescribed by regulation to require the administrator to transfer the termination value of his or her base benefits to another pension plan with the consent of the administrator of that plan or to a retirement savings arrangement prescribed by regulation.

Section 36 applies with the necessary modifications to the transfer referred to in subsection (4).

On the termination of employment, termination of membership, retirement, death or breakdown of the marriage or common-law partnership of the member or former member, as the case may be, the termination value of his or her base benefits shall be calculated in accordance with the regulations.

The termination value referred to in subsection (6) shall not exceed the amount calculated in accordance with the regulations.

In each year within the time prescribed by regulation, an administrator shall file the following documents with the Superintendent:

As soon as practicable, an administrator shall file with the Superintendent documents pertaining to a change to the asset liability model used to apply the risk management procedures and the reasons for the change.

If there is a known significant increase or reduction of the number of current or future members of a shared risk plan and as soon as practicable, the administrator shall file with the Superintendent the results of the application of the risk management procedures to the plan and the required adjustments to the base benefits, the ancillary benefits and the contributions, as the case may be.

The Superintendent may issue guidelines with respect to any matter dealt with in this Part or in the regulations.

The Regulations Act does not apply to guidelines issued by the Superintendent.

The Crown in right of the Province, the Minister, a person designated to act on behalf of the Minister, the Financial and Consumer Service Commission, the Superintendent or an administrator or any of their officers, directors, employees or members is not liable under this Act or the regulations if the Minister, person designated to act on behalf of the Minister, Financial and Consumer Services Commission, Superintendent or administrator or any of their officers, directors, employees or members exercised the care, diligence and skill that a reasonably prudent person would have exercised in comparable circumstances, including reliance in good faith on a report of a person whose profession lends credibility to a statement made by that person.

Despite section 12, the Local Governance Act and the regulations under that Act and any contract or trust, including a document that creates or supports a pension plan or pension fund, no cause of action, claim or demand arises and no action for damages or other proceeding shall be instituted against the Crown in right of the Province, the Minister, a person designated to act on behalf of the Minister, the Financial and Consumer Services Commission, the Superintendent, an administrator, a trustee, a board of trustees, an employer, a trade union that represents the members, an employee organization that is the bargaining agent of the members or any other person, board or committee with the right to amend a pension plan or any of their officers, directors, employees, members, agents or advisors in relation to

Despite the repeal of the City of Saint John Pension Act and after The City of Saint John and the unions that represent the members of the pension plan established by that Act have entered into a memorandum of understanding that provides for the conversion of the pension plan to a shared risk plan, including the governance structure of the shared risk plan, the council of The City of Saint John has the power to amend, by resolution and in accordance with the memorandum of understanding, the pension plan for the purpose of converting the pension plan to a shared risk plan, including amending the governance structure of the pension plan for that purpose.

A resolution referred to in subsection (1) may be made retroactive to July 1, 2012, or to any date after July 1, 2012.

Subsection 100.81(2) applies with the necessary modifications to the council.

Subsections 100(1) and (1.1) apply with the necessary modifications for the purposes of this Part.

The Lieutenant-Governor in Council may make regulations

The Financial and Consumer Services Commission may make a rule in respect of any matter in respect of which the Lieutenant-Governor in Council has authority to make a regulation under paragraphs (2)(h) and (r).

Subsections 100(5) to (10) and sections 100.01 to 100.03 apply with the necessary modifications for the purposes of this section.

Regulations or rules made under subsections (1) and (2) may be made retroactive to July 1, 2012, or to any date after July 1, 2012.

A regulation or rule with retroactive effect may affect any right, privilege, obligation or liability acquired, accrued, accruing or incurred by any person under or in respect of a shared risk plan or a pension plan converted to a shared risk plan.