O. Reg. 319/23: CONVERSIONS AND TRANSFERS OF ASSETS UNDER SECTION 80.4 OF THE ACT AND CONVERSIONS UNDER SECTION 81.0.1 OF THE ACT

 

ontario regulation 319/23

made under the

Pension Benefits Act

Made: September 28, 2023
Filed: October 3, 2023
Published on e-Laws: October 3, 2023
Published in The Ontario Gazette: October 21, 2023

Amending O. Reg. 311/15

(CONVERSIONS AND TRANSFERS OF ASSETS UNDER SECTION 80.4 OF THE ACT AND CONVERSIONS UNDER SECTION 81.0.1 OF THE ACT)

1. Ontario Regulation 311/15 is amended by adding the following section:

Copies of consents, objections

7.1 (1) If the Chief Executive Officer requests, the administrator shall provide the Chief Executive Officer with copies of any consent forms received from members or any trade unions that represent members of the single employer pension plan as well as any objection forms received from former members, retired members or other persons entitled to benefits under the single employer pension plan.

(2) For greater certainty, subsection (1) applies regardless of whether the request for copies is made before or after the Chief Executive Officer gives consent under section 80.4 or 81.0.1 of the Act.

2. (1) Section 10 of the Regulation is amended by striking out the portion before paragraph 1 and substituting the following:

Report re completion of transfer of assets under s. 80.4 of the Act

10. On or before the deadline set out in subsection (2), the administrator of the jointly sponsored pension plan to which the assets of the single employer pension plan have been transferred shall file a report containing the following information:

. . . . .

(2) Section 10 of the Regulation is amended by adding the following subsection:

(2) The deadline referred to in subsection (1) is,

(a)  in the case of a plan in respect of which subsection 16 (2) applies, 210 days after the transfer of assets under section 80.4 of the Act is completed; and

(b)  in all other cases, 210 days after the later of the effective date of the transfer and the date on which the Chief Executive Officer consents to the transfer.

3. Paragraph 7 of section 1 of Schedule 10 to the Regulation is revoked and the following substituted:

7.  A statement from the administrator of the single employer pension plan certifying how the requirements under section 6 of this Regulation respecting the consent of members, former members, retired members and other persons entitled to benefits under the single employer pension plan were met.

Commencement

4. This Regulation comes into force on the later of January 1, 2024 and the day this Regulation is filed.