90p08 Pension Benefits Act, R.S.O. 1990, c. P.8 Ont.

For the purposes of this Act, a pension plan is a jointly sponsored pension plan if it has the following characteristics:

A pension plan that is a jointly sponsored pension plan on August 24, 2010 continues to be a jointly sponsored pension plan after that date even if the documents that create and support the plan are amended so that its members are not required to make contributions in respect of any reduced solvency deficiency of the plan. ;

For the purposes of this Act, a pension plan is a multi-employer pension plan if it is established and maintained for employees of two or more employers who contribute, or on whose behalf contributions are made, to a pension fund by reason of agreement, statute or municipal by-law to provide a pension benefit that is determined by service with one or more of the employers.

Despite subsection (3), a pension plan is not a multi-employer pension plan for the purposes of this Act,

For the purposes of this Act, a pension plan is a public sector pension plan if it is provided in respect of any of the following employers:

For the purposes of this Act, an individual is a former member of a pension plan if he or she has either terminated the employment that relates to the pension plan or has terminated membership in the pension plan and if either of the following criteria is also satisfied:

Despite subsection (2), if an individual is a retired member of a pension plan, the individual is not a former member of the pension plan.

An individual who was a member of a pension plan is neither a former member nor a retired member of the pension plan if either of the following criteria are satisfied:

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

Without limiting the generality of section 101, the agreement governs the manner and extent to which this Act and the regulations apply with respect to the designated multi-jurisdictional pension plan.

The administrator of the designated multi-jurisdictional pension plan shall comply with the requirements in the agreement that apply with respect to the pension plan and with any requirements imposed under the authority of the agreement.

An employer or person required to make contributions to a designated multi-jurisdictional pension plan on the employer’s behalf shall comply with the requirements in the agreement that apply with respect to the pension plan and with any requirements imposed under the authority of the agreement.

The amount of the pension benefits, deferred pension, pension or ancillary benefits or any other amount payable under a designated multi-jurisdictional pension plan in relation to a member, former member or retired member is determined in accordance with such requirements as may be contained in the agreement.

This section applies despite any documents that create and support a designated multi-jurisdictional pension plan and the pension fund.

This section applies despite any trust that may exist in favour of any person.

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

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

No person or entity other than a person or entity described in subsection (1) shall administer a pension plan.

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

The Chief Executive Officer may, in prescribed circumstances, appoint an administrator for a pension plan and may terminate the appointment if the Chief Executive Officer considers the termination reasonable in the circumstances. ;

The Chief Executive Officer may, in prescribed circumstances, act as administrator of a pension plan. ;

A pension committee, or a board of trustees, that is the administrator of a pension plan may include one or more representatives of retired members.

For the purposes of clause (1) (b), “employer” includes the following persons and entities:

An application for registration shall be made by paying the fee established by the Minister and filing,

The regulations may provide that the requirement to file a particular document listed in subsection (2) does not apply in specified circumstances or for prescribed classes of pension plans.

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

For greater certainty, the documents that create and support a pension plan include a collective agreement if,

The regulations may provide that the requirement to include specified information described in subsection (1) in the documents that create and support a pension plan does not apply in specified circumstances or for prescribed classes of pension plans.

The documents that create and support a multi-employer pension plan pursuant to a collective agreement or a trust agreement shall also set out the powers and duties of the board of trustees that is the administrator of the multi-employer pension plan. ;

The documents that create and support a multi-employer pension plan shall specify the consequences, if any, of the withdrawal of a participating employer from the pension plan in respect of the funding and payment of pension benefits of a member, a former member, a retired member or any other person affected by the withdrawal and must satisfy such requirements as may be imposed by this Act and the regulations.

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

The documents that create and support a jointly sponsored pension plan may authorize a prescribed person or entity to establish or maintain a separate jointly sponsored pension plan for persons employed in less than full-time continuous employment.

The documents that create and support a pension plan that provides any target benefits shall also set out the pension plan’s funding and benefits policy, its governance policy and its communications policy.

If some or all of the benefits provided by a multi-employer pension plan that was registered before the day subsection 1 (1) of Schedule 8 to the Building a Better Ontario Act (Budget Measures), 2024 comes into force are converted to target benefits, the administrator of the pension plan shall, within the prescribed time, file with the Chief Executive Officer the pension plan’s funding and benefits policy, its governance policy and its communications policy.

If some or all of the benefits provided by a multi-employer pension plan that is registered on or after the day subsection 1 (1) of Schedule 8 to the Building a Better Ontario Act (Budget Measures), 2024 comes into force are converted to target benefits, the administrator of the pension plan shall, within the prescribed time, file with the Chief Executive Officer the pension plan’s funding and benefits policy, its governance policy and its communications policy.

The policies referred to in subsection (5) must satisfy such requirements and contain such information as may be prescribed, and must be reviewed in accordance with the regulations.

An application for registration of an amendment shall be made by paying the fee established by the Minister and filing,

The regulations may provide that the requirement to file a particular document or information described in subsection (2) does not apply in specified circumstances or for prescribed classes of pension plans.

The administrator of a pension plan shall file 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 may be made effective as of a date before the date on which the amendment is registered.

Subsection (1) does not apply in respect of a multi-employer pension plan established pursuant to a collective agreement or a trust agreement.

Subsection (1) does not apply in respect of a pension plan that provides defined benefits if the obligation of the employer to contribute to the pension fund is limited to a fixed amount set out in a collective agreement.

Subsection (1) does not apply in respect of a pension plan that provides only target benefits or in respect of that part of a pension plan that provides target benefits.

Subsection (1) does not apply with respect to an amendment that relates to a transfer of assets authorized by section 80, 80.2 or 81 and that affects the transferred members. ; ; ;

Subsection (1) does not apply with respect to an amendment that relates to a transfer of assets under section 80.4 from a single employer pension plan to a jointly sponsored pension plan.

Subsection (1) does not apply with respect to an amendment that relates to the conversion under section 81.0.1 of a single employer pension plan into a jointly sponsored pension plan.

An amendment relating to target benefits is void,

Subsections (1) and (1.1) do not apply if an amendment is required as a result of a judicial decision or in such other circumstances as may be prescribed. ;

A pension plan must not provide that the formula for computation of the employer’s contributions under the pension plan 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 must not provide that the formula governing allocation of contributions under the pension plan and profits among members of the plan is variable at the discretion of the employer.

The Chief Executive Officer may register a pension plan that does not comply with subsection (1), (2) or (3), and the Chief Executive Officer may permit the continued registration of such a plan, if the Chief Executive Officer is of the opinion that registration is justified in the circumstances of the pension plan and the members. ;

The authority of the Chief Executive Officer under subsection (1) is subject to the right to a hearing under section 89. ;

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 Chief Executive Officer. ;

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

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.

Subsection (1) applies whether or not the pension plan is amended to comply 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,

Subsection (3) does not apply to enable the administrator to administer the pension plan contrary to this Act and the regulations.

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 additional reports at the prescribed times and containing the prescribed information. ;

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 possesses or, by reason of the administrator’s profession, business or calling, ought to possess.

Subsection (2) applies with necessary modifications to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or commission made responsible by an Act of the Legislature for the administration of a pension plan.

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 the administrator’s interest to conflict with the administrator’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.

No person other than a prescribed person shall be a trustee of a 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 (1), (2) and (4).

The administrator of a pension plan is not entitled to any benefit from the pension plan other than pension benefits, ancillary benefits and a refund of contributions.

Subsection (9) applies, with necessary modifications, to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or commission made responsible by an Act for the administration of a pension plan.

However, the administrator is not entitled to be paid from the pension fund any fees and expenses relating to the administration of the pension plan or the administration and investment of the pension fund,

Subsections (1) and (2) apply, with necessary modifications, to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or commission made responsible by an Act for the administration of a pension plan.

The administrator of a pension plan may pay from the pension fund to an agent of the administrator, to the employer or to any other person who provides services relating to the administration of the pension plan or the administration and investment of the pension fund the reasonable fees and expenses of the agent, employer or other person.

However, the administrator is not permitted to pay from the pension fund to an agent, employer or other person described in subsection (4) the fees and expenses relating to the administration of the pension plan or the administration and investment of the pension fund,

If the Chief Executive Officer appoints an administrator under subsection 8 (1.1), the appointed administrator is entitled to be paid, from the pension fund, the appointed administrator’s reasonable fees and expenses relating to the administration of the pension plan and the administration and investment of the pension fund. ;

If the Chief Executive Officer acts as administrator under subsection 8 (1.2), the Chief Executive Officer is entitled to be paid, from the pension fund, his or her reasonable expenses relating to the administration of the pension plan and the administration and investment of the pension fund. ; ;

The order may specify the time within which the meeting must be held.

The Chief Executive Officer may,

If members of the pension plan are represented by a trade union, the trade union may act on their behalf for the purpose of establishing an advisory committee.

The following rules govern the composition of the advisory committee:

One or more former members of the pension plan may be appointed as representatives on the advisory committee.

The purposes of an advisory committee are,

Upon receiving written notice from members, a trade union acting on their behalf, or retired members of their intent to establish an advisory committee, and if such conditions as may be prescribed are satisfied, the administrator shall do the following things to help them to establish the committee:

Once the advisory committee has been established, the administrator has the following duties:

The advisory committee or its representative has the right to examine the records of the administrator in respect of the administration of the pension plan and the pension fund and to make extracts from and copies of the records, but this subsection does not apply in respect of information as to the service, salary, pension benefits or other personal information related to any specific person without the person’s prior consent.

This section does not apply,

Such costs associated with the advisory committee as may be prescribed are payable out of the pension fund, subject to the prescribed restrictions.

The regulations may provide for transitional rules for the application of this section and the regulations made under it to advisory committees that are established under this section before the day this subsection comes into force.

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.

The order may specify the manner in which the information is to be provided and the timeline for doing so.

If the Chief Executive Officer has required the administrator to transmit notices under subsection (1), the Chief Executive Officer shall not register an amendment mentioned in that subsection before the expiration of forty-five days after the date certified to the Chief Executive Officer under that subsection, but after the expiration of the forty-five day period the Chief Executive Officer 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 a written explanation of the amendment to each member, former member or other person entitled to payment from the pension fund who is affected by the amendment.

The Chief Executive Officer need not require the transmittal of notices under subsection (1), or by order may dispense with the notice required by subsection (3), or both, in any of the following circumstances:

Where a proposed amendment affects members or former members represented by a trade union that is a party to a collective agreement filed as a document that creates or supports a pension plan, the administrator shall transmit to the trade union the written notice mentioned in subsection (1).

This section does not apply with respect to an amendment that relates to a transfer of assets under section 80.4 from a single employer pension plan to a jointly sponsored pension plan.

Subsection (1) does not apply with respect to an amendment that relates to the conversion under section 81.0.1 of a single employer pension plan into a jointly sponsored pension plan.

Subsection (1) does not apply with respect to an amendment that relates to a conversion under section 81.0.2 of benefits provided by a multi-employer pension plan.

The regulations may prescribe different notice requirements than as provided for in this section with respect to a pension plan that provides target benefits.

The administrator of a pension plan shall give to each former member and retired member, within the prescribed period, a written statement containing the prescribed information about the pension plan or about the member’s pension benefits and any ancillary benefits.

The Chief Executive Officer may waive the requirement in subsection (2) in respect of a former member or retired member if the Chief Executive Officer is satisfied that the administrator of the pension plan is unable to locate the former member or retired member after making reasonable efforts to do so.

For the purposes of subsection (3), in determining whether the administrator has made reasonable efforts to locate the former member or retired member, the Chief Executive Officer shall consider the following factors:

A waiver of the requirement under subsection (2) in respect of a former member or retired member is revoked on the day on which the administrator receives the former member or retired member’s contact information and, for clarity, the waiver continues to apply until it is revoked.

The administrator of a pension plan shall promptly notify the Chief Executive Officer if the administrator receives the contact information of the former member or retired member in respect of whom the requirement under subsection (2) was waived.

Subsection (1) applies in respect of a multi-employer pension plan where 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.

The administrator shall make the prescribed records available,

A person described in clause (1) (a), (b) or (d), or the person’s agent is entitled to make an inspection under subsection (1) not more than once in a calendar year. ;

The administrator shall permit the person making the inspection to make extracts from, or to copy, the prescribed records and, upon request, the administrator shall give the person a copy of any of the prescribed records upon payment of the applicable fee to the administrator.

If the administrator receives a written request from a person described in subsection (1) and receives payment of the applicable fee, the administrator shall provide prescribed records by mail or electronically to the person in such circumstances as may be prescribed.

A person described in clause (1) (a), (b) or (d), or the person’s agent is entitled to make a request under subsection (5) for a particular prescribed record not more than once in a calendar year. ;

The applicable fee referred to in subsection (4) or (5) cannot exceed such amount as may be prescribed.

Upon payment of the applicable fee, the Chief Executive Officer shall give the person making an inspection under subsection (1) a copy of any record that the person is entitled to inspect. ;

If the Chief Executive Officer receives a written request from the administrator or from a person described in subsection 29 (1) and receives payment of the applicable fee, the Chief Executive Officer shall provide prescribed records by mail or electronically to the administrator or other person in such circumstances as may be prescribed. ;

The administrator shall not send a document in electronic form if the document contains personal information or any prescribed information, unless the administrator sends the document by way of a secure information system that,

The administrator may send a notice to a member or former member by regular mail to his or her last known address, setting out,

The member, former member or retired member who has received the notice referred to in subsection (3) may at any time instruct the administrator to send documents to them in a written form other than electronic form, in which case the administrator shall send the documents in a written form other than electronic form.

The member, former member or retired member who has received the notice referred to in subsection (3) is deemed to consent to accept the documents in electronic form, unless the member, former member or retired member has instructed the administrator under subsection (5).

The administrator of a pension plan shall comply with such conditions, requirements, limitations or prohibitions as may be prescribed with respect to sending a document in electronic form.

The administrator shall comply with any prescribed requirements respecting the electronic designation of beneficiaries.

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

A pension plan may require not more than twenty-four months of less than full-time continuous employment with the employer, with the lesser of,

A multi-employer pension plan may require not more than the lesser of,

The Chief Executive Officer may give the approval mentioned in subsection (3) or (4) if the Chief Executive Officer is of the opinion that the basis is equivalent in the circumstances to the earnings mentioned in the subsection. ;

The Chief Executive Officer may make the order if the Chief Executive Officer is of the opinion that, on the basis of the nature of the employment or of the terms of employment of the employee, the employee is a member of the class. ;

If the documents that create and support a jointly sponsored pension plan so authorize, a prescribed person or entity may establish or maintain a separate jointly sponsored pension plan for employees employed in less than full-time continuous employment if the separate plan provides pension benefits and other benefits reasonably equivalent to those provided under the jointly sponsored pension plan maintained for employees of the same class employed in full-time continuous employment.

Every pension plan registered or submitted for registration before the 1st day of January, 1988 shall be deemed to specify a normal retirement date in respect of pension benefits that accrue after the 1st day of January, 1988, that is not later than one year after attainment of sixty-five years of age, unless the pension plan specifies an earlier retirement date.

If a member of a pension plan continues employment and membership in the pension plan after reaching the normal retirement date under the plan, he or she is entitled, on termination of employment, to payment of,

A member of a pension plan who continues employment after attaining the age that is the normal retirement date under the pension plan and who is not receiving a pension under the pension plan is entitled to continue membership in the pension plan and has the right to continue to accrue pension benefits under the pension plan subject to any terms of the pension plan,

The benefit is a deferred pension equal to the pension benefit provided under the pension plan as it existed on December 31, 1986 in respect of employment before January 1, 1987 in Ontario or in a designated jurisdiction,

Subsections (1) and (3) do not apply in respect of benefits that result from additional voluntary contributions. ;

The benefit is a deferred pension equal to the pension benefit provided in respect of employment in Ontario or in a designated jurisdiction,

Subsections (1) and (3) do not apply in respect of benefits that result from additional voluntary contributions. ;

If the person elects to terminate his or her membership in the pension plan, the membership is terminated when the person delivers written notice of his or her election to the administrator of the pension plan or at the end of the period described in subsection (1), whichever is later.

For the purpose of determining benefits under this Act, the person is deemed to have terminated his or her employment when his or her membership in the pension plan is terminated.

Subsections (1) and (2) do not apply if contributions are not paid or are not required to be paid because the person has become a member of another pension plan and there is a reciprocal transfer agreement respecting the two pension plans.

For the purpose of determining entitlement to a deferred pension, a member of a multi-employer pension plan who terminates employment with a participating employer or an employer on whose behalf contributions are made under the pension plan shall be deemed not to have terminated employment until the member terminates membership in the pension plan.

Where a member of a multi-employer pension plan is represented by a trade union, which, in accordance with section 62 of the Labour Relations Act, 1995, ceases to represent the member, and the member joins a different pension plan, the member is entitled to terminate membership in the first plan. ;

Subsection (5) does not apply where there is a reciprocal agreement respecting the two pension plans.

An increase in the value of the pension or deferred pension in respect of employment before the 1st day of January, 1987 that results from an amendment to the pension plan made on or after that date may be included in calculating the commuted value of the pension or deferred pension for the purposes of subsection (1).

Contributions made on or after January 1, 1987 by a member, and interest on the contributions, shall not be used to provide more than 50 per cent of the commuted value of a deferred pension or pension in respect of contributory benefits accrued after that date to which the member is entitled under the pension plan on termination of employment or membership.

A former member or retired member who is entitled to a deferred pension or a pension, as the case may be, on termination of employment or membership is entitled to a lump sum payment from the pension fund that is equal to the amount by which his or her contributions, as a member, made on or after January 1, 1987, and interest on the contributions, exceeds one-half of the commuted value of the deferred pension or pension in respect of contributory benefits accrued after that date.

A person entitled to a lump sum payment under subsection (4) may require the administrator to pay the lump sum into a registered retirement savings arrangement by delivering a direction to the administrator within the prescribed period.

Section 50.1 applies with respect to the payment into the registered retirement savings arrangement.

Subsections (3) and (4) do not apply with respect to a pension or a deferred pension if the benefits to which the pension or deferred pension relates are target benefits.

The following may be excluded in determining that part of the commuted value of a pension or deferred pension to which subsections (3) and (4) apply:

The following may be included by the administrator of the pension plan in calculating a member’s contributory benefit for the purposes of subsection (3):

A pension plan that provides defined contribution benefits may authorize payment of pension benefits that are variable benefits in the manner authorized by the Income Tax Act (Canada) and in accordance with such requirements and subject to such restrictions as may be prescribed.

No variable benefit account shall be established for a retired member who has a spouse who would be entitled to a joint and survivor pension under section 44 unless the retired member and the spouse have waived the entitlement to receive payment of pension benefits in the form of a joint and survivor pension in accordance with subsection 46 (1).

A waiver under subsection (2.1) is not effective unless the following condition is satisfied:

Persons who have delivered a waiver under subsection (2.1) may jointly cancel it by delivering a written and signed notice of cancellation to the administrator before the variable benefit account is established.

A pension plan that provides for the payment of variable benefits may provide that a retired member receiving variable benefits is entitled to transfer, to the extent authorized by the Income Tax Act (Canada) and in accordance with such requirements and subject to such restrictions as may be prescribed, any amount to the retired member’s variable benefit account,

A pension plan that provides for the payment of variable benefits shall provide that a retired member or specified beneficiary receiving variable benefits is entitled to require the administrator to pay, to the extent authorized by the Income Tax Act (Canada) and in accordance with such requirements and subject to such restrictions as may be prescribed, any amount remaining in the retired member’s variable benefit account,

Within 60 days after the establishment of a variable benefit account for a retired member, the retired member may apply to the administrator, in accordance with such requirements and subject to such restrictions as may be prescribed, to withdraw from the retired member’s variable benefit account or transfer from it to a registered retirement savings arrangement an amount representing up to 50 per cent of the amount transferred to the retired member’s variable benefit account at the time the account was established.

Before a pension plan ceases to provide for the payment of a variable benefit, the administrator shall offer a retired member or specified beneficiary who receives that variable benefit the options referred to in subsection (4).

A retired member or specified beneficiary may exercise his or her entitlement under subsection (4) or (6) by delivering a direction to the administrator in accordance with the prescribed rules. ; ;

Subject to compliance with the requirements of this section and the regulations, the administrator shall comply with the direction within the prescribed period of time after delivery of the direction.

The administrator shall not make a payment,

The administrator is discharged in respect of the amount that is paid or transferred under subsection (4) on making the payment or transfer in accordance with the direction of the retired member or specified beneficiary if the payment or transfer complies with this Act and the regulations. ;

If, on the date of death, a retired member has a spouse described in clause (a) of the definition of “spouse” in subsection 1 (1) from whom the retired member is living separate and apart, that spouse does not have an entitlement under subsection (1).

If, on the date of death, a retired member has a spouse described in clause (b) of the definition of “spouse” in subsection 1 (1) and a spouse described in clause (a) of that definition from whom the retired member is living separate and apart, the spouse described in clause (b) of the definition has an entitlement under subsection (1).

Subsection (2) does not prevent a spouse from having an entitlement as a designated beneficiary under subsection (5) or a personal representative under subsection (6).

A retired member for whom a variable benefit account has been established may designate a beneficiary and the beneficiary is entitled to receive the balance remaining in the retired member’s variable benefit account in a lump sum payment unless on the date of death the retired member has a spouse who has an entitlement under subsection (1).

The personal representative of a retired member for whom a variable benefit account has been established is entitled to receive the balance remaining in the retired member’s variable benefit account in a lump sum payment unless,

A spouse entitled to a lump sum payment under subsection (1) may require the administrator to pay the lump sum into a registered retirement savings arrangement by delivering a direction to the administrator within the prescribed period.

Section 50.1 applies with respect to any payment into a registered retirement savings arrangement that is made in accordance with a direction given under subsection (7).

Despite subsection (1), the retired member’s variable benefits may continue to be paid, after the retired member’s death, to the retired member’s spouse if the spouse is a specified beneficiary in relation to the retired member and the spouse elects to continue receiving the variable benefits instead of requiring the balance remaining in the retired member’s variable benefit account to be paid in accordance with subsection (1) or (7).

The spouse’s election under subsection (9) must be in the form approved by the Chief Executive Officer and must be delivered to the administrator within the prescribed period after the retired member’s death. ;

If a specified beneficiary elects under subsection (9) to continue receiving the variable benefits, the administrator shall give to the specified beneficiary, within the prescribed period, a written statement containing the prescribed information about the pension plan or about the retired member’s variable benefit account.

It is the responsibility of the person entitled to the payment to provide to the administrator the information needed to make the payment.

In the absence of actual notice to the contrary, when the administrator makes one of the following payments in accordance with the information provided by the relevant person, the administrator is discharged in respect of the particular payment:

An entitlement to a benefit under this section is subject to any right to or interest in the benefit set out in an order made under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

The spouse of a retired member may waive the spouse’s entitlement under subsection (1) by delivering a written waiver, in the form approved by the Chief Executive Officer, to the administrator. ;

A spouse who has delivered a waiver may cancel it by delivering a written and signed notice of cancellation to the administrator before the date of death of the retired member.

If a waiver is in effect on the date of death of the retired member, subsections (5) and (6) apply as if the retired member does not have a spouse on the date of death.

In this section,

A beneficiary designated under subsection (1) is entitled to receive the balance remaining in the retired member’s variable benefit account in a lump sum payment on the death of the specified beneficiary.

The personal representative of the specified beneficiary is entitled to receive the balance remaining in the retired member’s variable benefit account in a lump sum payment on the death of the specified beneficiary unless the specified beneficiary has designated a beneficiary who has an entitlement under this section.

In this section,

Despite subsections (1) and (3), a benefit provided by a pension plan is not a target benefit if the administrator’s authority to reduce the benefit is restricted in a manner or to an extent that is prohibited by regulation for target benefits.

Except as otherwise prescribed by regulation and despite subsection (1), a pension plan shall not provide both target benefits and defined benefits.

The regulations may specify circumstances in which a target benefit must be reduced.

The regulations may prescribe rules relating to how a target benefit is to be reduced, including prescribing any restrictions, limitations or conditions on the reduction.

If one or more of the criteria specified in subsection (1) are no longer satisfied, such that the benefit provided by a pension plan ceases to be a target benefit, the prescribed requirements apply.

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.

For the purposes of subsection (2) and clause 14 (1) (c), if the consent of an employer is an eligibility requirement for entitlement to receive an ancillary benefit and a member, former member or retired member has met all other eligibility requirements, the employer is deemed to have consented.

For the purposes of subsection (2) and clause 14 (1) (c), if the consent of the administrator is an eligibility requirement for entitlement to receive an ancillary benefit under a jointly sponsored pension plan and a member, former member or retired member has met all other eligibility requirements, the administrator is deemed to have consented.

Subsection (2) applies with respect to ancillary benefits under a pension plan that provides target benefits, except in such circumstances as may be prescribed.

A member who is within ten years of attaining the normal retirement date and who would be entitled to a deferred pension on termination of employment with the employer is entitled upon termination of the employment or on the wind up of the pension plan in whole or in part to receive an early retirement pension under the pension plan.

The commuted value of a member’s early retirement pension must be not less than the commuted value of the member’s pension benefit under the pension plan.

The commuted value of a former member’s early retirement pension must be not less than the commuted value of the former member’s deferred pension benefit under the pension plan.

The member or former member is entitled to require the commencement of payment of the early retirement pension at any time within the ten year period mentioned in subsection (1) or (2).

An election under subsection (1) or (2) shall be made in writing, signed by the member or former member and delivered to the administrator of the pension plan.

The transfer described in clause (1) (a) to the pension fund related to another pension plan is authorized,

The entitlement under subsection (1) is subject to the prescribed limitations in respect of the transfer of funds from pension funds.

Subsection (1) does not apply to a former member who is entitled to immediate payment of a pension under the pension plan or under section 41 unless the pension plan provides such an entitlement.

A former member may exercise his or her entitlement under subsection (1) by delivering a direction to the administrator within the prescribed period.

Subject to compliance with the requirements of this section and the regulations, the administrator shall comply with the direction within the prescribed period of time after delivery of the direction.

The administrator shall not make payment,

If the amount of the commuted value of the deferred pension of the former member to be paid into a prescribed retirement savings arrangement under clause (1) (b) is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the former member.

If a life annuity is purchased under clause (1) (c) for a former member and if the amount of the commuted value of the former member’s deferred pension that is used to purchase the life annuity is greater than the amount permitted under the Income Tax Act (Canada) for such a purchase, the administrator shall pay to the former member as a lump sum the portion of the commuted value that exceeds the amount permitted under that Act for the purchase of the life annuity. ;

If a payment under subsection (1) does not meet the limitations prescribed in relation to transfers of funds from pension funds, the administrator shall not make the payment without the approval of the Chief Executive Officer. ;

The Chief Executive Officer may approve the payment subject to such terms and conditions as the Chief Executive Officer considers appropriate in the circumstances. ;

If a payment that does not meet the limitations prescribed in relation to transfers of funds from pension funds is made without the approval of the Chief Executive Officer or there is failure to comply with a term or condition attached to the approval, the Chief Executive Officer by order, subject to section 89 (notices and hearings), may require any person to whom payment under subsection (1) has been made to repay an amount not greater than the amount of the payment together with interest thereon. ;

Subject to section 89 (notices and hearings), an order for payment under subsection (9), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. ;

The administrator is discharged on making the payment or transfer in accordance with the direction of the former member if the payment or transfer complies with this Act, the regulations and the Authority rules. ;

This section applies, with necessary modifications, to a retired member who is entitled to begin to receive a pension from the pension fund by virtue of having reached the normal retirement date under the pension plan but who has not yet elected to receive the pension, if the pension plan so permits.

The authority of the administrator under subsection (1) is subject to the entitlement of a member under section 42 and to the limitations prescribed in relation to transfers of funds from pension funds.

If a purchase under subsection (1) does not meet the limitations prescribed in relation to transfers of funds from pension funds, the administrator shall not make the purchase without the prior approval of the Chief Executive Officer. ;

The Chief Executive Officer may approve a purchase mentioned in subsection (3) subject to such terms and conditions as the Chief Executive Officer considers appropriate in the circumstances. ;

If a purchase that does not meet the limitations prescribed in relation to transfers of funds from pension funds is made without the approval of the Chief Executive Officer or there is a failure to comply with a term or condition attached to the approval, the Chief Executive Officer, subject to section 89 (notices and hearings), by order may require any person to whom payment under subsection (1) has been made to repay an amount not greater than the amount of the payment together with interest thereon. ;

Subject to section 89 (notices and hearings), an order for payment under subsection (5), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court. ;

The administrator of a single employer pension plan that provides defined benefits who is required by the pension plan to provide a pension, a deferred pension or an ancillary benefit to a former member or retired member or to the surviving spouse of a member, former member or retired member may purchase the pension, deferred pension or ancillary benefit from an insurance company. ;

The administrator shall give notice of the purchase under subsection (2), in accordance with the prescribed requirements, to the following persons, as applicable:

The purchase under subsection (2) must meet the following requirements:

An administrator is discharged,

Subject to subsection (7), an administrator of a single employer pension plan that provides defined benefits who purchased a pension, deferred pension or ancillary benefit from an insurance company under section 43 before the day the Restoring Trust, Transparency and Accountability Act, 2018 received Royal Assent is discharged,

Subject to subsections (6.2) and (7), an administrator of a single employer pension plan that provides defined benefits who purchases a pension, deferred pension or ancillary benefit from an insurance company under section 43 on or after the day the Restoring Trust, Transparency and Accountability Act, 2018 received Royal Assent is discharged,

The administrator is only discharged under subsection (6.1) if, on the date of the purchase of the pension, deferred pension or ancillary benefit under section 43, the purchase satisfies the prescribed requirements, conditions or limitations relating to funding.

Subsections (6) and (6.1) do not apply unless the administrator has, in accordance with the prescribed requirements, given notice to the following persons, as applicable, that it intends to file the certificate mentioned in subsection (6) or (6.1):

If an administrator is discharged under this section, the former member or retired member in respect of whom the purchase was made is no longer a former member or retired member under this Act for any purpose, subject to subsection (9).

If the pension plan has a surplus on wind up, a former member or retired member in respect of whom a purchase was made has the same rights with respect to payment of surplus under the pension plan as former members and retired members who, as of the date of the wind up, are entitled to payments under the pension plan. However, this only applies if the former member or retired member would have been entitled to payment of surplus under the pension plan if the pension plan had been wound up on the date of the purchase whether or not the pension plan actually had a surplus on the date of the purchase. ;

Subject to subsection (12), if it is discovered after the filing of a certificate mentioned in subsection (5), (6) or (6.1) that the purchase referred to in the certificate did not satisfy the requirements of this section, the administrator is deemed, as of the filing of the certificate, not to have been discharged under this section.

An administrator that is deemed under subsection (10) not to have been discharged shall promptly notify the former member, retired member, spouse or surviving spouse, as applicable, that the administrator,

If an administrator is deemed under subsection (10) not to have been discharged, the administrator may be discharged again if the administrator satisfies the requirements of this section.

Subject to section 89 (notices and hearings), the Chief Executive Officer may, by order, require the insurance company from which the pension, deferred pension or ancillary benefit was purchased under subsection (2), (6) or (6.1) to repay an amount not greater than the amount of the payment, with interest, if the purchase does not satisfy the requirements of this section. ; .

Subject to section 89 (notices and hearings), an order for repayment under subsection (13) may be filed in the Superior Court of Justice without reasons and, on filing, is enforceable as an order of that court.

If, on the date that the payment of the first instalment of the pension is due, a retired member has a spouse described in clause (a) of the definition of “spouse” in subsection 1 (1) from whom the retired member is living separate and apart, that person is not a spouse for the purposes of subsection (1).

If, on the date that the payment of the first instalment of the pension is due, a retired member has a spouse described in clause (b) of the definition of “spouse” in subsection 1 (1) and a spouse described in clause (a) of that definition from whom the retired member is living separate and apart, the spouse described in clause (b) of the definition is the spouse for the purposes of subsection (1).

The commuted value of a joint and survivor pension under subsection (1) shall not be less than the commuted value of the pension that would be payable under the pension plan to the retired member. ;

Upon the death of the retired member, the pension payable to his or her surviving spouse shall not be less than 60 per cent of the pension paid to the retired member during their joint lives.

If the spouse of the retired member dies before the retired member, the pension payable to the retired member after the spouse’s death shall not be less than 60 per cent of the pension paid to the retired member during their joint lives.

Subsections (1) to (3.1) do not apply in respect of a pension benefit if payment of the pension commenced before January 1, 1988.

Where,

For the purposes of subsection (5), the insurance company shall be deemed to be the administrator under sections 45 and 46.

A pension plan may provide for payment, upon the death of a retired member, of the commuted value of the survivor benefit to a person who is entitled to the survivor benefit if, at the date of death,

However, if the first instalment of the retired member’s pension is due before the date on which subsection (7) comes into force, subsection (7) does not apply unless the person entitled to the survivor benefit upon the retired member’s death consents in writing to the payment of the commuted value of the survivor benefit.

The person to whom the payment under subsection (7) is to be made may require the administrator to pay the commuted value into a registered retirement savings arrangement and the person may exercise this entitlement by delivering a direction to the administrator within the prescribed period.

Section 50.1 applies with respect to the payment into the registered retirement savings arrangement.

An administrator who commenced payment of a pension under this section before the day on which subsection (1.2) comes into force is deemed to have been discharged on making the payment if all of the following circumstances exist:

If, before the day on which subsection (1.2) comes into force, an administrator made a payment of a pension as a joint and survivor pension and the circumstances set out in subsection (10) existed, no person has a claim against the administrator or against the recipient of the payment in respect of the payment.

The person entitled to the payment shall provide the information to the administrator.

In the absence of actual notice to the contrary, the administrator is discharged on paying the pension or pension benefit in accordance with the information provided by the person in accordance with subsection (2) or, if the person does not provide the information, in accordance with the latest information in the records of the administrator.

The waiver is not effective unless the following condition is satisfied:

Persons who have delivered a waiver may jointly cancel it by delivering a written and signed notice of cancellation to the administrator or the insurance company, as the case may be, before the commencement of payment of the pension benefit.

If a member of a pension plan continues in employment after the normal retirement date under the pension plan and dies before payment of pension benefits referred to in section 37 begins, the person who is the spouse of the member on the date of death is entitled,

If, on the date of death, a member, former member or retired member has a spouse described in clause (a) of the definition of “spouse” in subsection 1 (1) from whom the member, former member or retired member is living separate and apart, that spouse does not have an entitlement under subsection (1) or (2).

If, on the date of death, a member, former member or retired member has a spouse described in clause (b) of the definition of “spouse” in subsection 1 (1) and a spouse described in clause (a) of that definition from whom the member, former member or retired member is living separate and apart, the spouse described in clause (b) of the definition has an entitlement under subsection (1) or (2).

Subsection (3) does not prevent a spouse from having an entitlement as a designated beneficiary under subsection (6) or as a personal representative under subsection (7).

For greater certainty, subsections (3), (3.1) and (3.2) apply if the member, former member or retired member dies on or after the day subsection 5 (1) of Schedule 26 to the Building Opportunity and Securing Our Future Act (Budget Measures), 2014 comes into force.

A spouse may exercise his or her entitlement under subsection (1) or (2) by delivering a direction to the administrator within the prescribed period and, if the spouse does not do so, the spouse is deemed to have elected to receive an immediate pension.

For the purposes of this section, the deferred pension or pension benefits to which a member is entitled if the member dies while employed shall be calculated as if the member’s employment were terminated immediately before the member’s death.

A member, former member or retired member described in subsection (1) may designate a beneficiary and the beneficiary is entitled to be paid an amount equal to the commuted value of the deferred pension or pension benefits mentioned in subsection (1) or (2) unless on the date of death the member, former member or retired member has a spouse who has an entitlement under subsection (1) or (2).

The personal representative of a member, former member or retired member described in subsection (1) is entitled to receive payment of the commuted value mentioned in subsection (1) or (2) as the property of the member, former member or retired member unless,

If the pension plan provides for payment of pension benefits to or for a dependent child or dependent children of the member, former member or retired member upon the death of the member, former member or retired member,

A spouse who has an entitlement under subsection (1) or (2), a designated beneficiary who has an entitlement under subsection (6) or a personal representative who has an entitlement under subsection (7) is entitled to a lump sum payment from the pension fund equal to the amount of any contributions that the member or former member was required to make under the pension plan in respect of employment before January 1, 1987, plus interest credited to the contributions.

A spouse entitled to a lump sum payment under subsection (8.1) may require the administrator to pay the lump sum into a registered retirement savings arrangement and may exercise this entitlement by delivering a direction to the administrator within the prescribed period.

Section 50.1 applies with respect to any payment into a registered retirement savings arrangement.

The entitlements under this section are subject to the prescribed limitations in respect of the transfer of funds from pension funds.

It is the responsibility of the person entitled to the payment to provide to the administrator the information needed to make the payment.

In the absence of actual notice to the contrary, the administrator is discharged on making payment in accordance with the information provided by the person.

An administrator who made a payment under subsection (1) or (2) before October 31, 2012 is deemed to have been discharged on making the payment if all of the following circumstances exist:

If, before October 31, 2012, an administrator made a payment under subsection (1) or (2) and the circumstances set out in subsection (10.1) existed, no person has a claim against the administrator or against the recipient of the payment in respect of the payment.

A pension plan may provide for reduction of an amount to which a person is entitled under this section to offset any part of a prescribed additional benefit that is attributable to an amount paid by an employer, subject to the following:

Payment in accordance with this section replaces the entitlement of a member, former member or retired member in respect of a deferred pension mentioned in section 37. ;

An entitlement to a benefit under this section is subject to any right to or interest in the benefit set out in an order made under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

The spouse of a member or former member may waive the spouse’s entitlement under subsection (1) or (2) by delivering a written waiver, in the form approved by the Chief Executive Officer, to the administrator of the pension plan. ; ;

A spouse who has delivered a waiver may cancel it by delivering a written and signed notice of cancellation to the administrator before the date of death of the member or former member. ;

If a waiver is in effect on the date of death of the member or former member, subsections (6) and (7) apply as if the member or former member does not have a spouse on the date of death. ;

In this section,

A pension plan shall be deemed to permit variation in the terms of payment of a pension or deferred pension in such circumstances of shortened life expectancy as may be prescribed, if the prescribed conditions are satisfied.

A pension plan registered before the 1st day of January, 1988 may provide that upon termination of employment a person entitled to a deferred pension under section 36 (deferred pension) is entitled to payment of an amount not greater than 25 per cent of the commuted value of the deferred pension.

A person entitled to a payment described in subsection (1) or (2) may require the administrator to pay the applicable amount into a registered retirement savings arrangement and may exercise this entitlement by delivering a direction to the administrator within the prescribed period.

Section 50.1 applies with respect to the payment into the registered retirement savings arrangement.

If the amount to be paid into the registered retirement savings arrangement is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the person who gave the administrator the direction.

The administrator is discharged on making the payment in accordance with the person’s direction if the payment complies with this Act and the regulations.

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

This section applies in respect of contributions, benefits and conditions in relation to,

Any formula or formulas for any inflation related adjustments to pension benefits, pensions or deferred pensions shall be established only by amendment to this Act.

The amount of the reduction that is required by the pension plan in relation to those payments shall not be increased by reason of an increase in those payments after the date on which the member’s employment or membership in the plan is terminated.

A pension plan for registration of which application is made on or after the 1st day of January, 1988 shall not permit the reduction of a pension benefit based on a person’s entitlement under the Old Age Security Act (Canada).

Subsection (3) does not apply to a pension plan that is a successor of a pension plan registered under the Pension Benefits Act, being chapter 373 of the Revised Statutes of Ontario, 1980, that permitted such a reduction.

A pension plan shall not permit reduction of a pension benefit based on a person’s entitlement under the Old Age Security Act (Canada) in respect of a benefit accrued on or after the 1st day of January, 1987.

If a pension plan provides for the reduction of a bridging benefit because a person receives or is eligible to receive retirement benefits under the Canada Pension Plan or the Quebec Pension Plan before he or she reaches 65 years of age, the reduction may only be made in the prescribed circumstances.

Where a pension plan provides for the variation of a pension benefit by reason of benefits payable under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada), the variation shall be applied in the prescribed manner.

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

Members of a pension plan that provides contributory benefits shall make the contributions required under the plan in the prescribed manner and at the prescribed times.

Members of a jointly sponsored pension plan shall make the contributions required under the plan (including their obligations in respect of any going concern unfunded liability and, except in the case of plans described in subsection 1 (2.1), in respect of any reduced solvency deficiency) in accordance with the prescribed requirements for funding and shall make the contributions in the prescribed manner and at the prescribed times. ;

The contributions that members of a pension plan are required to make for the normal cost of the pension plan may be reduced or suspended in the prescribed manner if the pension plan has an available actuarial surplus and if such other requirements as may be prescribed are satisfied. ;

Any contributions that members of a jointly sponsored pension plan are required to make for the provision for adverse deviations in respect of the normal cost of the pension plan may be reduced or suspended in the prescribed manner if the pension plan has a surplus and if such other requirements as may be prescribed are satisfied.

However, contributions cannot be reduced or suspended under this section if the documents that create and support the pension plan or the pension fund prohibit the reduction or suspension.

This section prevails over subsections 55 (2), (3) and (4).

This section does not prevent the reduction or suspension of contributions for normal cost of the pension plan or contributions for the provision for adverse deviations in respect of the normal cost of the pension plan if the reduction or suspension is otherwise authorized by this Act or the regulations.

In this section,

Instead of making payments into the pension fund with respect to the reduced solvency deficiency, the employer may provide a letter of credit to a prescribed person or entity if the requirements of this section are satisfied. ;

The letter of credit must satisfy such requirements as may be prescribed.

The employer is not entitled to provide a letter of credit if the total amount of all letters of credit provided to the prescribed person or entity for the pension plan would exceed 15 per cent of the solvency liabilities of the pension plan.

For the purposes of subsection (4), the regulations may specify that solvency liabilities must be determined in a manner that may differ from the requirements that otherwise apply.

The employer must provide the letter of credit to the prescribed person or entity within such period after it is issued as may be prescribed and the employer must give a copy of the letter of credit to the administrator within the same period.

The administrator shall notify the Chief Executive Officer in the prescribed manner and within the prescribed period that a letter of credit has been provided and, upon request, the administrator shall give the Chief Executive Officer such information about the letter of credit as the Chief Executive Officer may specify. ;

The prescribed person or entity holds the letter of credit in trust for the pension plan.

In such circumstances as may be prescribed, the prescribed person or entity shall demand payment of the amount of the letter of credit into the pension fund by the issuer of the letter of credit.

The fees or expenses associated with obtaining, holding, amending or cancelling a letter of credit are not payable from the pension fund. However, subject to section 22.1, the fees and expenses associated with enforcing a letter of credit are payable from the pension fund.

This section does not apply with respect to a public sector pension plan unless the regulations specify that it applies to the pension plan.

Despite subsection (11), this section does not apply with respect to a jointly sponsored pension plan or a multi-employer pension plan.

This section prevails over subsection 55 (2).

If a contribution is not paid when due, the administrator and the agent, if any, shall notify the Chief Executive Officer in the prescribed manner and within the prescribed period. ;

Subsection (1) does not apply if the administrator is also the trustee of the pension fund.

A person who is entitled to receive a summary shall notify the Chief Executive Officer in the prescribed manner and within the prescribed period if the person is not given the summary in accordance with subsection (1). ;

A person who is entitled to receive a summary shall notify the Chief Executive Officer in the prescribed manner and within the prescribed period if a contribution is not paid when due. ;

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 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 the employer contributions due and not paid into the pension fund.

Where 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 of money equal to employer contributions accrued to the date of the wind up but not yet due under the plan or regulations.

An employer who transfers assets under section 80.4 from a single employer pension plan to a jointly sponsored pension plan and who is required to make a payment under subsection 80.4 (18) for the benefit of transferred members and other transferees shall be deemed to hold in trust for the transferred members and other transferees an amount of money equal to any payment due under subsection 80.4 (18) that has not been paid into the pension fund of the jointly sponsored pension plan.

The administrator of the pension plan has a lien and charge on the assets of the employer in an amount equal to the amounts deemed to be held in trust under this section. ;

Subsections (1), (3), (4) and (4.1) apply whether or not the money has been kept separate and apart from other money or property of the employer. ;

Subsections (1) to (6) apply with necessary modifications in respect of money to be paid to an insurance company that guarantees pension benefits under a pension plan.

Interest on contributions shall be calculated and credited at a rate not less than the prescribed rates and in accordance with prescribed requirements.

The administrator of the pension plan is not permitted to make or authorize a payment from the pension fund to reimburse the employer for a payment described in subsection (1) unless the Chief Executive Officer consents in advance to the payment from the pension fund to the employer. ;

The employer or, in the case of a jointly sponsored pension plan or multi-employer pension plan, the administrator may apply to the Chief Executive Officer for consent to the payment from the pension fund to reimburse the employer for a payment described in subsection (1). ;

The application must be made before the later of,

Subject to section 89, the Chief Executive Officer may consent to the payment from the pension fund to the employer if the application is made before the deadline described in subsection (4). ;

Subsection (1) does not prevent the refund of an additional voluntary contribution and interest thereon to a member, former member or retired member or a payment under subsection 39 (4) (entitlement to excess amount). ;

, (4) Repealed:

Subsection (1) does not apply,

Despite subsection (1), on application by the administrator of a pension plan, contributions may be refunded to a member, former member or retired member with the consent of the Chief Executive Officer. ; ;

On application by the administrator of a pension plan, the Chief Executive Officer may consent to a refund under subsection (7) if the pension plan provides or has been amended to provide for the refund and the employer has assumed responsibility for funding all pension benefits associated with the contributions. ; ; ;

A person entitled to a payment under subsection (2) or (7) may require the administrator to pay the applicable amount into a registered retirement savings arrangement and may exercise this entitlement by delivering a direction to the administrator within the prescribed period.

Section 50.1 applies with respect to the payment into the registered retirement savings arrangement.

Every transaction that purports to assign, charge, anticipate or give as security money transferred from a pension fund in accordance with the following provisions is void:

0.1 Section 39.1 (variable benefits).

0.2 Subsection 39.1.1 (7) (spouse’s right to transfer entitlement).

Subsections (1) and (2) do not apply to prevent the assignment, by an order under the Family Law Act, a family arbitration award or a domestic contract, of an interest in money payable under a pension plan or an interest in money payable as a result of a purchase or transfer under the following provisions:

0.1 Section 39.1 (variable benefits).

0.2 Subsection 39.1.1 (7) (spouse’s right to transfer entitlement).

Money transferred from a pension fund to a prescribed retirement savings arrangement or for the purchase of a life annuity under section 39.1, 42, 43, 43.1, 48, 67.3, 67.4 or 67.8 or subsection 73 (2) is exempt from execution, seizure or attachment. ; ; ; ;

Money payable from a prescribed retirement savings arrangement or from a life annuity purchased in accordance with section 39.1, 42, 43, 43.1, 48, 67.3, 67.4 or 67.8 or subsection 73 (2) is exempt from execution, seizure or attachment. ; ; ; ;

Despite subsection (1), payments under a pension plan or that result from a purchase or transfer under the following provisions are subject to execution, seizure or attachment in satisfaction of an order for support enforceable in Ontario to a maximum of one-half the money payable:

0.1 Section 39.1 (variable benefits).

0.2 Subsection 39.1.1 (7) (spouse’s right to transfer entitlement).

Subsection (4) applies to orders for support enforceable in Ontario whether made before or after the 1st day of January, 1988.

The entitlement of a person, in his or her discretion, to withdraw money from a locked-in retirement account as defined in the regulations shall not be considered when determining, for the purposes of any other Act, the income or assets available to the person.

A transaction that purports to commute or surrender, in whole or in part, such a pension, deferred pension, pension benefit, annuity or prescribed retirement savings arrangement is void. ;

Subsections (1) and (2) do not apply to a variation of a pension or deferred pension under section 49 (variation of payment to disabled person) or to a commutation of a benefit under subsection 39.1 (5) (withdrawal from variable benefit account), section 50 (commuted value) or section 50.0.1 (unlocking for non-resident). ; ;

Subsections (1) and (2) do not apply to the commutation or surrender, in whole or in part, of a prescribed retirement savings arrangement in such circumstances or in such amounts as may be prescribed, subject to such restrictions as may be prescribed.

A reference in this section and in sections 67.2 to 67.9 to the spouse of a member, former member or retired member of a pension plan is, where circumstances require, a reference to him or her as the former spouse of the member, former member or retired member. ;

The preliminary value of the pension of the spouse of a retired member under a pension plan, before apportionment for family law purposes, is determined by the administrator in accordance with the regulations and as of the family law valuation date of the spouse and the retired member.

If the pension benefits, pension or deferred pension are provided under a pension plan that provides defined benefits, the preliminary value includes such adjustments as may be prescribed for ancillary benefits and other entitlements.

There is no preliminary value attributable to ancillary benefits and other entitlements otherwise than by virtue of subsection (3).

The imputed value, for family law purposes, of each spouse’s pension benefits, deferred pension or pension, as the case may be, is that portion of the preliminary value that is attributed by the administrator, in accordance with the regulations,

The following persons may apply to the administrator of the pension plan, in accordance with the prescribed requirements, for a statement of the imputed value, for family law purposes, of each spouse’s pension benefits, deferred pension or pension, as the case may be:

The application must be accompanied by the applicable fee, if any, imposed by the administrator and the applicable fee must not exceed the prescribed amount.

Once the application is complete, the administrator shall determine the imputed value, for family law purposes, of each spouse’s pension benefits, deferred pension or pension, as the case may be.

The administrator shall give a statement containing the prescribed information to both spouses within the prescribed period.

Neither spouse is eligible to apply under paragraph 1 of subsection (6) for the statement if an order made under Part I of the Family Law Act before the day on which this section comes into force requires one spouse to pay to the other spouse the amount to which the other spouse is entitled under section 5 (equalization of net family properties) of that Act.

The eligible spouse may apply, in accordance with the prescribed requirements, to the administrator of the plan for any of the following:

The transfer is subject to the restrictions set out in this section and to such other restrictions as may be prescribed.

Once the application is complete, the administrator shall make the transfer within the prescribed period.

If the lump sum is not transferred under subsection (4) before the death of the eligible spouse, the lump sum is payable instead to the eligible spouse’s estate or as otherwise prescribed. ;

The order, family arbitration award or domestic contract is not effective to the extent that it purports to entitle the eligible spouse to the transfer of a lump sum that exceeds 50 per cent of the imputed value, for family law purposes, of the pension benefits or deferred pension, as updated for the purposes of this subsection if the regulations or the Authority rules require the imputed value to be updated. ;

If the amount that would otherwise be transferred in accordance with the application is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the eligible spouse.

Upon making the transfer, the administrator shall, in accordance with the regulations, adjust the benefits and entitlements of the member or former member under the pension plan to take into account the transfer.

In the absence of actual notice to the contrary, the administrator is entitled to rely upon the information provided by the spouse in the application and is discharged upon making the transfer in accordance with the application and this section and making the adjustments required by subsection (8).

Once the transfer is made in accordance with the application and this Act, the eligible spouse has no further claim against the pension plan in respect of the member or former member.

This section does not affect any order for support enforceable in Ontario.

An entitlement to a transfer under this section prevails over any other entitlement under this Act to a payment from the pension plan in respect of the member or former member.

For the purposes of subsection (12), an entitlement to a transfer under this section arises on application under subsection (2) by an eligible spouse.

The eligible spouse may apply, in accordance with the prescribed requirements, to the administrator of the plan for division of the retired member’s pension and for payment of the eligible spouse’s share to him or her. ; ;

The division and payment of the pension is subject to the restrictions set out in this section and to such other restrictions as may be prescribed.

Once the application is complete, the administrator shall revalue the retired member’s pension in the prescribed manner and begin the payments to the eligible spouse within the prescribed period. ;

The order, family arbitration award or domestic contract is not effective to the extent that it purports to entitle the eligible spouse to a share that exceeds 50 per cent of the imputed value, for family law purposes, of the pension, as updated for the purposes of this subsection if the regulations or the Authority rules require the imputed value to be updated. ;

In the absence of actual notice to the contrary, the administrator is entitled to rely upon the information provided by the spouse in the application and is discharged on revaluing the retired member’s pension and making the payments to the eligible spouse in accordance with the application and this section. ;

This section does not affect any order for support enforceable in Ontario.

Despite subsection 46 (2), the eligible spouse may waive his or her entitlement to a joint and survivor pension after payment of the first instalment of the retired member’s pension is due and before the pension is divided in accordance with this section. ;

A waiver authorized by subsection (8) cannot be cancelled.

The following rules and any additional prescribed rules apply if the eligible spouse is entitled to a joint and survivor pension in respect of the retired member in addition to being entitled to payment of a share of the retired member’s pension in accordance with this section:

This section applies whether the family law valuation date for the member, former member or retired member and his or her spouse is before, on or after the date on which this section comes into force. ;

This section does not apply to an order, family arbitration award or domestic contract to which section 67.6 applies.

The application of this section to an order, family arbitration award or domestic contract described in subsection (1) is not affected by an amendment or variation made on or after the date on which this section comes into force to the order, award or contract, if,

The order, family arbitration award or domestic contract is not effective to require payment of a pension benefit before the earlier of,

The order, family arbitration award or domestic contract is not effective to cause the spouse to become entitled to more than 50 per cent of the pension benefits, calculated in the prescribed manner, accrued by the member, former member or retired member during the period when they were spouses. ;

If payment of a pension or a deferred pension is divided between spouses by the order, family arbitration award or domestic contract, the administrator is discharged on making payment in accordance with the order, award or contract.

If the order, family arbitration award or domestic contract affects a pension, the administrator of the pension plan shall revalue the pension in the prescribed manner.

The spouse has the same entitlement, on termination of employment by the member, former member or retired member, to any option available in respect of the spouse’s interest in the pension benefits as the member, former member or retired member has in respect of his or her pension benefits.

The preliminary value of the funds in a retired member’s variable benefit account, before apportionment for family law purposes, is determined by the administrator in accordance with the regulations and as of the family law valuation date of the retired member and the retired member’s spouse.

The imputed value, for family law purposes, of the funds in a retired member’s variable benefit account is that portion of the preliminary value that is attributed by the administrator, in accordance with the regulations,

The following persons may apply to the administrator, in accordance with the prescribed requirements, for a statement of imputed value, for family law purposes, of the funds in the retired member’s variable benefit account:

The application must be accompanied by the applicable fee, if any, imposed by the administrator and the applicable fee must not exceed the prescribed amount.

Once the application is complete, the administrator shall determine the imputed value, for family law purposes, of the funds in the retired member’s variable benefit account.

The administrator shall give a statement containing the prescribed information to both spouses within the prescribed period.

The eligible spouse may apply, in accordance with the prescribed requirements, to the administrator of the plan for any of the following:

The transfer is subject to the restrictions set out in this section and to such other restrictions as may be prescribed.

Once the application is complete, the administrator shall make the transfer within the prescribed period.

If the lump sum is not transferred under subsection (4) before the death of the eligible spouse, the lump sum is payable instead to the eligible spouse’s estate or as otherwise permitted by regulation.

The order, family arbitration award or domestic contract is not effective to the extent that it purports to entitle the eligible spouse to the transfer of a lump sum that exceeds 50 per cent of the imputed value, for family law purposes, of the funds in the retired member’s variable benefit account, as updated for the purposes of this subsection if the regulations require the imputed value to be updated.

If the amount that would otherwise be transferred in accordance with the application is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the eligible spouse.

On making the transfer, the administrator shall, in accordance with the regulations, adjust the funds in the retired member’s variable benefit account in light of the transfer.

In the absence of actual notice to the contrary, the administrator is entitled to rely on the information provided by the eligible spouse in the application and is discharged on making the transfer in accordance with the application and this section and making the adjustments required by subsection (8).

Once the transfer is made in accordance with the application and this Act, the eligible spouse has no further claim against the defined contribution provision of the pension plan in respect of the retired member.

This section does not affect any order for support enforceable in Ontario.

An entitlement to a transfer under this section prevails over any other entitlement under this Act to a payment from the defined contribution provision of the pension plan in respect of the retired member.

For the purposes of subsection (12), an entitlement to a transfer under this section arises on application under subsection (2) by an eligible spouse.

The following rules apply, and subsection (1) does not apply, with respect to jointly sponsored pension plans:

If the employer or the administrator, as the case may be, intends to wind up the pension plan, the administrator shall give written notice of the intended wind up to,

The notice of the intended wind up must contain such information as may be prescribed.

The Chief Executive Officer may require the administrator to give specified additional information and documents to the persons entitled to notice of the intended wind up, and to do so within a specified period. ;

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 members.

Subject to section 89, the Chief Executive Officer by order may change the effective date of the wind up if the Chief Executive Officer is of the opinion that there are reasonable grounds for the change. ; ;

The order must specify the effective date of the wind up.

The administrator of the pension plan shall give notice of the order to the persons and entities listed in clauses 68 (2) (b) to (e) and shall include in the notice such information about the wind up as the order may specify.

The administrator shall file with the Chief Executive Officer a copy of the notice given under subsection (3). ;

A reduction or suspension of contributions under section 55.1 (contribution holidays) does not constitute a cessation or suspension of employer contributions for the purposes of clause (1) (a) or subclause (1) (h) (ii).

If the administrator has given notice under section 68 or 69 of the intended wind up of the pension plan, no payment shall be made out of the pension fund until the Chief Executive Officer has approved the wind up report. ;

However, subsection (2) does not prevent the continued payment of a pension or other benefit if the payment commenced before the administrator gave notice of the intended wind up and it does not prevent any other payment that is prescribed or that is approved by the Chief Executive Officer. ;

An administrator shall not make payment out of the pension fund except in accordance with the wind up report approved by the Chief Executive Officer. ;

The Chief Executive Officer may refuse to approve a wind up report that does not meet the requirements of this Act and the regulations or that does not protect the interests of the members, former members, retired members and other persons entitled to benefits under the pension plan. ; ;

The Chief Executive Officer may require the administrator to give specified additional information and documents to persons to whom notice is to be given under subsection (1), and to do so within a specified period. ;

If a person to whom notice is given under subsection (1) is required to make an election, the person shall make the election within the prescribed period of time or shall be deemed to have elected to receive immediate payment of a pension benefit, if eligible therefor, or, if not eligible to receive immediate payment of a pension benefit, to receive a pension commencing at the earliest date mentioned in clause 74 (1.3) (b). ; ;

If the notice under subsection (1) is given in respect of a pension plan for which an election under section 74.1 is in effect and if the person to whom the notice is given does not make an election within the prescribed period of time,

Within the prescribed period of time, the administrator shall make payment in accordance with the election or deemed election.

The following rules apply when a pension plan is wound up:

, (4) Repealed:

This section applies if the effective date of the wind up is on or after April 1, 1987.

Subject to subsection (3), the Chief Executive Officer may defer the giving of approval in respect of the purchase of some or all of the life annuities if the Chief Executive Officer is of the opinion, on reasonable and probable grounds, that the purchase would adversely affect the financial position of the Guarantee Fund. ;

The Chief Executive Officer shall approve the purchase within the prescribed period after approving the wind up report in respect of the pension plan under section 70. ;

Termination of employment is not an activating event if the termination is a result of wilful misconduct, disobedience or wilful neglect of duty by the member that is not trivial and has not been condoned by the employer or if the termination occurs in such other circumstances as may be prescribed.

This section does not apply with respect to a jointly sponsored pension plan or a multi-employer pension plan while an election made under section 74.1 for the plan and its members is in effect.

A member in Ontario of a pension plan whose combination of age plus years of continuous employment or membership in the pension plan equals at least 55 on the effective date of the activating event has the right to receive,

In determining the combination of age plus employment or membership, one-twelfth credit shall be given for each month of age and for each month of continuous employment or membership on the effective date of the activating event. ;

Bridging benefits offered under the pension plan to which a member would be entitled if the activating event had not occurred and if his or her membership were continued shall be included in calculating the pension benefit under subsection (1.3) of a person who has at least 10 years of continuous employment with the employer or has been a member of the pension plan for at least 10 years.

For the purposes of subsection (3), if the bridging benefit offered under the pension plan is not related to periods of employment or membership in the pension plan, the bridging benefit shall be prorated by the ratio that the member’s actual period of employment bears to the period of employment that the member would have to the earliest date on which the member would be entitled to payment of pension benefits and a full bridging benefit under the pension plan if the activating event had not occurred. ;

Membership in a pension plan that is wound up includes the period of notice of termination of employment required under Part XV of the Employment Standards Act, 2000. ; ;

Subsection (5) does not apply for the purpose of calculating the amount of a pension benefit of a member who is required to make contributions to the pension fund unless the member makes the contributions in respect of the period of notice of termination of employment.

For the purposes of this section, where the consent of an employer is an eligibility requirement for entitlement to receive an ancillary benefit, the employer shall be deemed to have given the consent.

For the purposes of this section, where the consent of the administrator of a jointly sponsored pension plan is an eligibility requirement for entitlement to receive an ancillary benefit, the administrator shall be deemed to have given the consent.

A benefit described in clause (1.3) (a), (b) or (c) for which a member has met all eligibility requirements under this section shall be included in calculating the member’s pension benefit or the commuted value of the pension benefit.

The administrator of a multi-employer pension plan may elect, in accordance with this section, to exclude the plan and its members from the operation of section 74.

An election may only be made within the prescribed period and the persons or entities making the election must satisfy such requirements as may be prescribed in connection with the election.

Only one election may be made in respect of a pension plan.

An election to exclude a pension plan and its members from the operation of section 74 takes effect when notice of the election is filed with the Chief Executive Officer or on a later date specified in the notice. ;

An election may be rescinded by the persons and entities described in subsection (1) or (2), as the case may be, and the rescission takes effect when notice of the rescission is filed with the Chief Executive Officer or on a later date specified in the notice. ;

The employer shall pay the money due under subsection (1) in the prescribed manner and at the prescribed times.

This section does not apply with respect to jointly sponsored pension plans.

This section does not apply with respect to a single employer pension plan that has transferred assets under section 80.4 to a jointly sponsored pension plan.

The Lieutenant Governor in Council may make regulations exempting an employer or a successor employer from this section in whole or in part in respect of a pension plan, in accordance with such restrictions as may be prescribed, if the following conditions are met:

The Chief Executive Officer may approve the agreement if,

A decision by the Chief Executive Officer under this section to approve or not to approve an agreement is final and is not subject to a hearing or an appeal. ;

For the purposes of subsection (5),

If an employer has transferred assets under section 80.4 from a single employer pension plan to a jointly sponsored pension plan that is subsequently wound up, the employer shall, in prescribed circumstances, pay the prescribed amount into the pension fund of the jointly sponsored pension plan for the benefit of the transferred members and other transferees under section 80.4.

If an employer has converted a single employer pension plan under section 81.0.1 into a jointly sponsored pension plan that is subsequently wound up, the employer shall, in prescribed circumstances, pay the prescribed amount into the pension fund of the jointly sponsored pension plan for the benefit of the members, former members, retired members and other persons entitled to benefits under the plan.

Where a jointly sponsored pension plan is wound up, the members shall pay into the pension fund,

The payments required by this section shall be made in the prescribed manner and at the prescribed times. ;

Any payments that may be required by subsections (1.1) and (1.2) are in addition to the payments required by subsection (1).

If the amount paid under subsection (1.1) and the money in the pension fund of the jointly sponsored pension plan, allocated in accordance with the regulations, is not sufficient to pay all the pension benefits and other benefits of the transferred members and other transferees under section 80.4, the pension benefits and other benefits shall be reduced in the prescribed manner on the wind up of the jointly sponsored pension plan.

If the amount paid under subsection (1.2) and the money in the pension fund of the jointly sponsored pension plan, allocated in accordance with the regulations, is not sufficient to pay all the pension benefits and other benefits of the members, former members, retired members and other persons entitled to benefits under the plan, the pension benefits and other benefits shall be reduced in the prescribed manner on the wind up of the plan.

A pension plan cannot be wound up in part if the effective date of the partial wind up would fall on or after the date on which this section comes into force.

The effective date of the partial wind up may be determined after the date on which this section comes into force.

The Chief Executive Officer by order may change the effective date of the partial wind up if the Chief Executive Officer is of the opinion that there are reasonable grounds for the change. ;

In this section and in sections 77.2 to 77.9,

The order must specify the effective date of the partial wind up.

The administrator of the pension plan shall give notice of the order to the persons and entities listed in clauses 68 (2) (b) to (e) and shall include in the notice such information about the partial wind up as the order may specify.

The administrator shall file with the Chief Executive Officer a copy of the notice given under subsection (3). ;

On a partial wind up, the members, former members, retired members and other persons entitled to benefits 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.

Subsections 72 (2) and (3) apply, with necessary modifications, with respect to the partial wind up of a pension plan.

Except as provided under subsection 73 (2), the administrator is not required to purchase life annuities for members, former members, retired members or other persons entitled to benefits under the pension plan in order to distribute the assets of the plan in connection with the partial wind up.

If the administrator does not purchase life annuities in the circumstances described in subsection (2), the administrator shall comply with such requirements as may be prescribed in connection with the distribution of the assets of the pension fund in connection with the partial wind up.

Section 74 applies, with necessary modifications, with respect to members’ entitlements on a partial wind up of a pension plan.

A pension plan that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be construed to prohibit the withdrawal of surplus money accrued after December 31, 1986.

If a pension plan does not provide for payment of surplus to the employer on the wind up of the pension plan, the pension plan shall be construed to require that surplus accrued after December 31, 1986 shall be distributed proportionately on the wind up of the pension plan among members, former members, retired members and other persons entitled to payments under the pension plan on the date of the wind up.

If a pension plan is a successor pension plan and if it is being wound up in whole or in part, the employer is not entitled to payment of surplus under the pension plan unless the documents that created and supported the original pension plan and pension fund and those that create and support the successor pension plan and pension fund both provide for payment of surplus to the employer on the wind up or partial wind up, as the case may be, of the pension plan.

Subsection (4) does not preclude a written agreement described in subsection (7) from providing for payment of surplus to the employer in the circumstances specified in the agreement.

Subsection (4) does not apply if the effective date of the transfer of assets from the original pension plan to the successor pension plan is earlier than the date on which the Securing Pension Benefits Now and for the Future Act, 2010 received Royal Assent.

A written agreement among the following persons may provide for payment of surplus to the employer in the circumstances specified in the agreement and as of the date specified in the agreement:

A written agreement prevails over any document that creates and supports the pension plan and pension fund, it prevails over subsections (2), (3) and (4), and it prevails despite any trust that may exist in favour of any person.

A pension plan that provides target benefits that does not provide for the withdrawal of surplus money while the pension plan continues in existence shall be construed to prohibit the withdrawal of surplus money.

Despite anything in this Act or in a document that creates and supports a pension plan, no employer is entitled to payment of surplus under a pension plan that provides target benefits.

A pension plan that provides target benefits shall be construed to require that surplus shall be distributed proportionately on the wind up of the pension plan among members, former members, retired members and other persons entitled to payments under the pension plan on the date of the wind up.

An employer who applies to the Chief Executive Officer for consent to payment of money that is surplus to the employer out of a pension fund shall transmit notice of the application, containing the prescribed information, to,

A person to whom notice has been transmitted under subsection (2) may make written representations to the Chief Executive Officer with respect to the application within thirty days after receiving the notice. ; ;

, (5) Repealed:

Subject to section 89, the Chief Executive Officer shall not consent to payment of surplus to an employer out of a pension plan that is being wound up in whole unless,

Subject to section 89, the Chief Executive Officer shall not consent to payment of surplus to an employer out of a pension plan that is being wound up in part unless,

If a pension plan is being wound up in whole or in part, payment from surplus may be made to or for the benefit of members, former members, retired members and other persons, other than an employer, who are entitled to payments under the plan as of the date of the wind up or partial wind up.

The order of the Chief Executive Officer is final. ;

An order under this section, excluding the reasons for the order, may be filed in the Superior Court of Justice and upon being filed it is enforceable as an order of that Court.

No person shall transfer assets between pension plans if the transferred assets relate to the provision of defined contribution benefits unless,

No person shall transfer assets between pension plans if the transferred assets relate to the provision of target benefits unless,

This section applies to every transfer of assets between pension plans that is authorized under section 79.1, 80, 80.2 or 81. ; ;

Subsections (3) to (5), (7) to (9) and (14) to (16) apply, with necessary modifications, with respect to a transfer of assets to which section 80.4 applies.

The effective date of the transfer of assets is determined in accordance with the regulations.

If any of the assets to be transferred relate to the provision of defined benefits in the original pension plan, the transferred assets must be used to provide defined benefits in the successor pension plan at the effective date, in accordance with such requirements as may be prescribed.

If any of the assets to be transferred relate to the provision of target benefits in the original pension plan, the transferred assets must be used to provide target benefits in the successor pension plan at the effective date, in accordance with such requirements as may be prescribed.

Every transfer of assets must satisfy such funding requirements as may be prescribed.

If either pension plan has going concern unfunded liabilities or solvency deficiencies determined as of the effective date of the transfer, the transfer of assets must satisfy such additional requirements as may be prescribed.

The administrator of each pension plan shall comply with such requirements as may be prescribed with respect to the giving of notice of the transfer of assets between the pension plans, including requirements respecting the time within which the notice must be given and the information that must be contained in it.

The administrator of each pension plan shall comply with such other requirements as may be prescribed with respect to the transfer of assets between the pension plans.

If the amount of the assets to be transferred in relation to an individual’s pension benefits and other benefits under the original pension plan is greater than the amount allowed under the Income Tax Act (Canada) for such a transfer, the administrator of the original pension plan shall pay the portion that exceeds that allowed amount into a prescribed retirement savings arrangement on behalf of the individual.

If the amount to be paid under subsection (8) into a prescribed retirement savings arrangement is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the individual.

When the assets are transferred in accordance with this Act and the regulations, the transferred assets become part of the assets of the pension fund for the successor pension plan and they cease to be identified as assets of the original pension plan.

When the assets are transferred in accordance with this Act and the regulations,

Subsection (11) does not require the successor pension plan to provide the same pension benefits and other benefits for the transferred members that were provided for them under the original pension plan.

Subsection (12) does not affect any claims of the transferred members, former members, retired members or other persons under the successor pension plan.

If the transfer of assets is made with the consent of the transferred member, former member, retired member or other person, the administrator of the original pension plan is discharged on transferring the assets in accordance with this Act and the regulations.

The Chief Executive Officer by order may require the administrator of the successor pension plan to return to the original pension plan, with interest calculated in the prescribed manner, assets transferred in contravention of this Act or the regulations. ;

Subject to section 89, an order under subsection (15), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court.

This section applies if an employer who contributes under a pension plan (or on whose behalf another person or entity makes contributions under 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 to another person or entity.

If, in conjunction with the sale of the business, an employee of the original employer who is a member of the original pension plan becomes an employee of the successor employer and a member of the successor pension plan, his or her employment is deemed, for the purposes of this Act, not to have been terminated by the change of employer.

If the original employer’s employee who is a member of the original pension plan becomes the successor employer’s employee and a member of the successor pension plan,

If the successor employer assumes responsibility for the accrued pension benefits of the transferred member under the original pension plan, clause (4) (a) does not apply with respect to him or her and the successor pension plan is deemed to be a continuation of the original pension plan with respect to any benefits or assets transferred.

The original employer and the successor employer may enter into an agreement,

A person or entity required to make contributions on behalf of the original employer or the successor employer, as the case may be, under the employer’s pension plan may enter into the employers’ agreement on behalf of that employer.

Clause (6) (a) does not require the successor pension plan to provide the same pension benefits and other benefits for the transferred members that were provided for them under the original pension plan.

If the employers’ agreement provides for the consent of any member, the consent of any former member, the consent of any retired member or the consent of any other person to the transfer of assets in respect of his or her pension benefits and ancillary benefits for which any eligibility requirements have been met,

The Chief Executive Officer’s prior consent is required to authorize the transfer of assets from the original pension plan to the successor pension plan. ;

The administrator of either pension plan or such other person as may be prescribed may apply for the Chief Executive Officer’s consent to the transfer of assets from the original pension plan to the successor pension plan. ;

If the employers’ agreement to transfer assets requires the consent of transferred members, former members, retired members or other persons, the applicant shall ensure that notice of the application for the Chief Executive Officer’s consent is given in accordance with such requirements as may be prescribed. ;

The Chief Executive Officer shall consent to the transfer of assets in accordance with the application and in accordance with the employers’ agreement if all of the following criteria, and such other criteria as may be prescribed, are satisfied:

The notices required by subsection (13) must comply with such requirements as may be prescribed.

The Chief Executive Officer may waive one or more of the conditions referred to in subsections 79.2 (5) and (6) in the prescribed circumstances. ;

The Chief Executive Officer may, if he or she considers it appropriate in the circumstances, waive or vary the application of any provision of the regulations that is made for the purpose of subsection 79.2 (7), or any Authority rule made for the purpose of that subsection.

The administrator of the original pension plan shall transfer to the successor pension plan all the assets and liabilities respecting those members who have elected under section 42 to transfer their entitlement to the successor pension plan and the administrator of the successor pension plan shall accept them as assets and liabilities of the successor pension plan.

If the members of the original pension plan are not entitled to make an election under section 42, the administrator shall transfer to the successor pension plan all assets and liabilities of the pension plan attributable to such members determined as prescribed and the administrator of the successor pension plan shall accept them as assets and liabilities, determined as prescribed, of the successor pension plan.

This section does not apply where there is a reciprocal transfer agreement respecting the pension plans or in such other circumstances as may be prescribed. ;

This section applies if an employer proposes to convert a single employer pension plan that provides defined benefits into a jointly sponsored pension plan, and proposes to implement the conversion through a transfer of assets and liabilities from the single employer pension plan to another pension plan that is a jointly sponsored pension plan.

If the single employer pension plan provides defined contribution benefits as well as defined benefits, the employer of the single employer pension plan may elect to transfer the assets in respect of the defined contribution benefits to the jointly sponsored pension plan and if the employer so elects, the transfer of assets in respect of the defined contribution benefits must comply with the requirements, if any, that are prescribed by the regulations.

The administrator shall give the members, former members, retired members and other persons entitled to benefits under the single employer pension plan a notice about the proposed conversion of the pension plan and transfer of assets to the jointly sponsored pension plan, in accordance with such requirements as may be prescribed by regulation, and the notice must contain the following information and such other information as may be prescribed:

The administrator shall give notice of the proposed conversion and transfer of assets to any trade union that represents members of the single employer pension plan, and the notice must be given within the prescribed period and must contain the information specified by the regulations.

The transfer of assets is not authorized unless the members, former members, retired members and other persons entitled to benefits under the single employer pension plan consent to the proposed conversion and transfer of assets, or are deemed in accordance with the regulations to have consented to the conversion and transfer.

The consent of the members, former members, retired members and other persons entitled to benefits under the single employer pension plan to the proposed conversion and transfer of assets must be obtained in accordance with such requirements as may be prescribed by regulation, and the regulations may permit a trade union that represents members of the pension plan to consent on their behalf.

The regulations may authorize the Chief Executive Officer to vary the prescribed requirements for determining whether consent is given or is deemed to have been given by the members of the single employer pension plan, and to vary the prescribed requirements for obtaining their consent. ;

The administrator shall give notice of the proposed conversion and transfer of assets to the Chief Executive Officer and the notice must be given within the prescribed period and must contain the information specified by the regulations. ;

The transfer of assets is not authorized unless the Chief Executive Officer consents to it in advance. ;

The employer may apply for the Chief Executive Officer’s consent to the transfer of assets from the single employer pension plan to the jointly sponsored pension plan. ;

An employer may apply for the Chief Executive Officer’s consent under subsection (11) before the jointly sponsored pension plan is registered under this Act. However, if the application for registration of the jointly sponsored pension plan is not received by the Chief Executive Officer within 90 days after the application for consent is made, the application for consent is deemed not to have been made.

The administrator shall ensure that notice of the application for the Chief Executive Officer’s consent is given to members, former members, retired members and other persons entitled to benefits under the single employer pension plan, and to any trade union that represents members of the plan, in accordance with such requirements as may be prescribed. ;

The Chief Executive Officer may, if he or she considers it appropriate in the circumstances, waive or vary the application of,

The Chief Executive Officer shall consent to the transfer of assets in accordance with the application if all of the following criteria, and such other criteria as may be prescribed, are satisfied:

If the commuted value of a transferred member’s pension benefits provided under the jointly sponsored pension plan is less than the commuted value of the member’s pension benefits under the single employer pension plan, the administrator of the single employer pension plan shall pay the portion that exceeds the commuted value under the jointly sponsored pension plan into a prescribed retirement savings arrangement on the transferred member’s behalf.

If the amount to be paid under subsection (13.1) into a prescribed retirement savings arrangement is greater than the amount prescribed under the Income Tax Act (Canada) for such a transfer, the administrator shall pay the portion that exceeds the prescribed amount as a lump sum to the transferred member.

The regulations may authorize the Chief Executive Officer, in prescribed circumstances, to vary the amount of assets otherwise required to be transferred from the single employer pension plan to the jointly sponsored pension plan. ;

If any assets remain in the single employer pension plan after the transfer of assets under this section, the amount of the remaining assets, excluding any assets that relate to defined contribution benefits, is deemed to be surplus under the single employer pension plan.

If the jointly sponsored pension plan and its members are excluded from the operation of section 74 (grow-in benefits for members) on the effective date of the transfer of assets, the transferred members are excluded from the operation of section 74 as of that date.

If, before the effective date of the transfer of assets, the employer is required to make special payments under the single employer pension plan in respect of a going concern unfunded liability, solvency deficiency or reduced solvency deficiency, the regulations may specify circumstances in which the requirement to make special payments on or after the effective date of the transfer of assets is cancelled or the amount of the special payments is reduced, and the regulations may impose conditions relating to the cancellation or reduction. ;

If, after the transfer of assets, the employer withdraws as a participating employer in the jointly sponsored pension plan, the employer shall, in the prescribed circumstances, pay the prescribed amount into the pension fund of the jointly sponsored pension plan for the benefit of the transferred members and other transferees.

This section prevails over any document that creates and supports the single employer pension plan or the jointly sponsored pension plan and over any collective agreement and it prevails despite any trust that may exist in favour of any person.

The following rules apply with respect to the transfer of assets from the single employer pension plan to the jointly sponsored pension plan, if the transfer complies with this Act and the regulations:

If a trade union that represents members of the single employer pension plan is entitled to vote on the conversion and transfer of assets on behalf of the members, the trade union is entitled to be reimbursed from the pension fund its reasonable fees and expenses, of the type that are prescribed, relating to the vote.

If the transfer of assets does not comply with this Act or the regulations, the Chief Executive Officer may, by order, require the administrator of the jointly sponsored pension plan to pay to a transferred member from the pension fund the amount by which the transferred member’s contributions, made on or after the effective date of the transfer of assets, exceed the amount that would have been payable by him or her if the transfer had not been implemented, with interest calculated in the prescribed manner. ;

Subject to section 89, an order under subsection (22), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court.

In this section,

Where a pension plan is established by an employer to be a successor to an existing pension plan and the employer ceases to make contributions to the original pension plan, the original pension plan shall be deemed not to be wound up and the successor pension plan shall be deemed to be a continuation of the original pension plan. ;

Where a multi-employer pension plan established pursuant to a collective agreement or trust agreement is amended to be a successor to an existing multi-employer pension plan established pursuant to a collective agreement or trust agreement and the participating employers cease to make contributions to the original multi-employer pension plan, the original pension plan shall be deemed not to be wound up and the successor pension plan shall be deemed to be a continuation of the original pension plan.

The benefits under the original pension plan in respect of employment and membership before the establishment of the successor pension plan are deemed to be benefits under the successor pension plan. ;

Subsection (2) does not require the successor pension plan to provide the same pension benefits and other benefits for the transferred members that were provided for them under the original pension plan.

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

The Chief Executive Officer’s prior consent is required to authorize the transfer of assets from the original pension plan to the successor pension plan. ;

The administrator of either pension plan or such other persons as may be prescribed may apply for the Chief Executive Officer’s consent to the transfer of assets from the original pension plan to the successor pension plan. ;

The Chief Executive Officer shall consent to the transfer of assets in accordance with the application if all of the following criteria, and such other criteria as may be prescribed, are satisfied:

The Chief Executive Officer may waive one or more of the conditions referred to in subsections 79.2 (5) and (6) in the prescribed circumstances. ;

The Chief Executive Officer may, if he or she considers it appropriate in the circumstances, waive or vary the application of any provision of the regulations that is made for the purpose of subsection 79.2 (7), or any Authority rule made for the purpose of that subsection.

This section applies if an employer proposes to convert a single employer pension plan that provides defined benefits into a jointly sponsored pension plan, and proposes to implement the conversion by amending the pension plan.

Amendments to the pension plan to convert it into a jointly sponsored pension plan cannot be filed under section 12 until the requirements of this section are satisfied.

If the single employer pension plan provides defined contribution benefits as well as defined benefits, the conversion of the pension plan is not authorized unless the employer complies with such requirements relating to the defined contribution benefits as may be prescribed.

The administrator shall give notice of the proposed conversion to the members, former members, retired members and other persons entitled to benefits under the plan, in accordance with such requirements as may be prescribed by regulation, and the notice must contain the following information and such other information as may be prescribed:

The administrator shall give notice of the proposed conversion to any trade union that represents members of the pension plan, and the notice must be given within the prescribed period and must contain the information specified by the regulations.

The conversion of the pension plan is not authorized unless the members, former members, retired members and other persons entitled to benefits under the plan consent to the conversion, or are deemed in accordance with the regulations to have consented to the conversion.

The consent of the members, former members, retired members and other persons entitled to benefits under the pension plan to the proposed conversion of the plan must be obtained in accordance with such requirements as may be prescribed by regulation, and the regulations may permit a trade union that represents members of the pension plan to consent on their behalf.

The regulations may authorize the Chief Executive Officer to vary the prescribed requirements for determining whether consent is given or is deemed to have been given by the members of the pension plan, and to vary the prescribed requirements for obtaining their consent. ;

The administrator shall give notice of the proposed conversion to the Chief Executive Officer and the notice must be given within the prescribed period and must contain the information specified by the regulations. ;

The conversion of the pension plan is not authorized unless the Chief Executive Officer consents to it in advance. ;

The employer may apply for the Chief Executive Officer’s consent to the proposed conversion of the pension plan. ;

The administrator shall ensure that notice of the application for the Chief Executive Officer’s consent is given to members, former members, retired members and other persons entitled to benefits under the plan, and to any trade union that represents members of the plan, in accordance with such requirements as may be prescribed. ;

The Chief Executive Officer may, if he or she considers it appropriate in the circumstances, waive or vary the application of any provision of the regulations that is made for the purposes of subsection (5), (6), (10) or (13) or any Authority rule made for the purpose of any of those subsections. ;

The Chief Executive Officer shall consent to the conversion of the pension plan in accordance with the application if all of the following criteria and such other criteria as may be prescribed are satisfied:

This section prevails over any document that creates and supports the pension plan and over any collective agreement and it prevails despite any trust that may exist in favour of any person.

The following rules apply with respect to the conversion of the pension plan, if the conversion complies with this Act and the regulations:

If a trade union that represents members of the pension plan is entitled to vote on the conversion on behalf of the members, the trade union is entitled to be reimbursed from the pension fund its reasonable fees and expenses, of the type that are prescribed, relating to the vote.

If the conversion of the pension plan does not comply with this Act or the regulations, the Chief Executive Officer may, by order, require the administrator to pay to a member of the pension plan from the pension fund the amount by which the member’s contributions, made on or after the effective date of the conversion, exceed the amount that would have been payable by him or her if the conversion had not been implemented, with interest calculated in the prescribed manner. ;

Subject to section 89, an order under subsection (18), exclusive of the reasons therefor, may be filed in the Superior Court of Justice and is thereupon enforceable as an order of that court.

Benefits may only be proposed to be converted if all of the following criteria are satisfied:

Benefits shall not be converted to target benefits unless the administrator’s application for consent under subsection (12) is made before the fifth anniversary of the day on which subsection 18 (4) of Schedule 37 to the Protect, Support and Recover from COVID-19 Act (Budget Measures), 2020 comes into force.

Despite subsection (2.1), in the case of a designated multi-jurisdictional pension plan that was registered in a designated jurisdiction immediately before it was registered in Ontario, benefits shall not be converted to target benefits unless the administrator’s application for consent under subsection (12) is made before the fifth anniversary of the day on which the plan was most recently registered in Ontario.

Amendments to the pension plan to convert benefits to target benefits shall not be filed under section 12 until the requirements of this section are satisfied.

A proposal to convert defined benefits provided by a pension plan to target benefits must propose to convert all defined benefits provided by the plan that satisfy the criteria set out in subsection (2).

If not all of the defined benefits that a pension plan provides satisfy the criteria set out in subsection (2), the defined benefits that satisfy the criteria shall not be converted under this section except in accordance with the prescribed requirements.