R-15.1, r. 7 - Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act

Section 71 Disposition versions

2017-09-21

71. The following provisions of the aforementioned Regulation apply to the member-funded pension plan with the changes mentioned below:

(1)  section 4:

(a)  by replacing subparagraph 6 of the first paragraph with the following subparagraph:

“(6)  the member contribution required under the plan, if such contribution is greater than the contribution provided for in sections 79 and 92 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act (chapter R-15.1, r. 7);”;

(b)  by replacing, in subparagraph 15 of the first paragraph, the words and numbers “sections 133, 134 or 140 of the Act” with the words and numbers “section 134 of the Act and sections 91 or 92 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act;”;

(c)  by replacing subparagraph 19 of the first paragraph with the following:

“(19)  a description of the contribution adjustments resulting from the application of the second paragraph of section 80 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act;”;

(d)  by striking out the second paragraph;

(2)  section 15.3:

(a)  by replacing the first and second paragraphs with the following paragraph:

“15.3. Where the payment of the early benefit referred to in section 69.1 of the Act is made from pension plan benefits accumulated by the member that are not referred to in section 15.1, the pension committee shall determine, at the payment date, a pension amount equal to “M” in the following formula:

“

R x p = M
    -
    v

““R” is equal to the normal pension that, determined according to the value of the member’s benefits at the payment date, would have been payable to the member at the normal retirement age in accordance with the conditions and characteristics provided for in the plan for such pension;

““p” is equal to the pension benefit paid;

““v” is equal to the value of the member’s benefits determined in accordance with subparagraph 3 of the first paragraph of section 69.1 of the Act.”;

(b)  by replacing, each time that it appears in the third paragraph, the word “second” with the word “first”;

(3)  section 48, by replacing the first paragraph with the following paragraph:

“Interest calculated at the rate of return obtained on the investment of the plan’s assets, less investment and administration costs, must be added to the amount granted to the spouse.”;

(4)  section 54, by replacing the first paragraph with the following:

“54. The pension committee must, where no pension is being paid to the member at the date of execution of the partition or transfer of pension amounts, determine at such date an amount equal to “M” in the following formula:

“

A x c = M
    -
    p

““A” is equal to the normal pension that, determined according to the value of the member’s benefits at the date of execution of the partition or transfer, would have been payable to the member at the normal retirement age in accordance with the conditions and characteristics provided for in the plan for such pension;

““c” is equal to the sum that corresponds to the benefits granted to the spouse following the partition or transfer;

““p” is equal to the value taken into consideration for the purposes of the partition or transfer of the member’s benefits.

“The pension committee must keep a record of that amount.”;

(5)  section 56.0.3, by replacing the first paragraph with the following:

“56.0.3. Where the benefits attributed to the spouse are paid from the benefits of the member that are pension benefits within the meaning of section 33 and no pension is being paid to the member at the date on which the seizure is effected, the pension committee shall determine at that date a pension amount equal to “M” in the following formula:

“

R x s = M
    -
    v

““R” is equal to the normal pension that, determined according to the value of the member’s benefits at the date on which the seizure is effected, would have been payable to the member at the normal retirement age in accordance with the conditions and characteristics provided for in the plan for such pension;

““s” is equal to the amount paid in execution of the seizure;

““v” is equal to the value of the member’s benefits taken into consideration for the purposes of the seizure.

“The pension committee must keep a record of that amount.”;

(6)  section 56.1:

(a)  by striking out paragraphs 1 and 6;

(b)  by adding, at the end, the following paragraph:

“It must also indicate:

“(1)  that the plan is exempted from several provisions of the Act;

“(2)  that the cost of the plan’s commitments, less the employer contribution, shall be borne by the plan’s active members;

“(3)  that the benefits of the members and beneficiaries of the plan may be indexed only if the plan is fully funded;

“(4)  that the accumulated surplus assets at the termination of the plan is entirely allocated to the plan’s members and beneficiaries and distributed among them pro rata to the value of their benefits.”;

(7)  section 57, by replacing subparagraph 1 of the second paragraph with the following subparagraph:

“(1)  the value of the member’s benefits at the end of that fiscal year as well as the value that he would have been able to transfer taking into account the plan’s degree of solvency at that date, accompanied with a mention that the information is provided for information purposes and that the value of the benefits is subject to large variations by reason in particular of fluctuations in interest rates, variations in the degree of solvency as well as the payment conditions of the pension benefits;”;

(8)  section 58:

(a)  by striking out subparagraph g of paragraph 4;

(b)  by replacing paragraph (9) with the following paragraph:

“(9)  the pension plan’s degree of solvency that would have been taken into account for payment of the member’s benefits if he had exercised his right to the refund or transfer of his benefits at the date on which he ceased to be an active member, accompanied with a mention that the plan was fully funded or partially funded, as the case may be, at the date of the last actuarial valuation of the entire plan;”;

(9)  section 59, by replacing subparagraph 1 of the second paragraph with the following subparagraph:

“(1)  the value, at the end of the fiscal year, of the member’s benefits as well as the value that he would have been able to transfer taking into account the plan’s degree of solvency at that date, accompanied with a mention that the information is provided for information purposes and that the values are subject to large variations by reason in particular of fluctuations in interest rates, variations in the degree of solvency as well as the payment conditions of the pension benefits;”;

(10)  section 59.0.1, by striking out paragraph 6;

(11)  section 59.0.2:

(a)  by replacing subparagraph 1 of the first paragraph with the following subparagraph:

“(1)  the degree of solvency of the pension plan determined at the earlier of the date of the last actuarial valuation of the whole plan or the date of the end of the last completed fiscal year of the plan, and, where the degree is less than 100%, the measures taken to bring it up to 100;%;”;

(b)  by replacing each time that they appear in subparagraph 5 of the first paragraph and in the second paragraph, the words “employer contribution” with the words “member contributions”.

O.C. 159-2007, s. 5; O.C. 833-2017, s. 4.

2012-09-01

71. The following provisions of the aforementioned Regulation apply to the member-funded pension plan with the changes mentioned below:

(1)  section 4:

(a)  by replacing subparagraph 6 of the first paragraph with the following subparagraph:

“(6)  the member contribution required under the plan, if such contribution is greater than the contribution provided for in sections 79 and 92 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act (chapter R-15.1, r. 7);”;

(b)  by replacing, in subparagraph 15 of the first paragraph, the words and numbers “sections 133, 134 or 140 of the Act” with the words and numbers “section 134 of the Act and sections 91 or 92 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act;”;

(c)  by replacing subparagraph 19 of the first paragraph with the following:

“(19)  a description of the contribution adjustments resulting from the application of the second paragraph of section 80 of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act;”;

(d)  by striking out the second paragraph;

(2)  section 15.3:

(a)  by replacing the first and second paragraphs with the following paragraph:

“15.3. Where the payment of the early benefit referred to in section 69.1 of the Act is made from pension plan benefits accumulated by the member that are not referred to in section 15.1, the pension committee shall determine, at the payment date, a pension amount equal to “M” in the following formula:

“

R x p = M
    -
    v

““R” is equal to the normal pension that, determined according to the value of the member’s benefits at the payment date, would have been payable to the member at the normal retirement age in accordance with the conditions and characteristics provided for in the plan for such pension;

““p” is equal to the pension benefit paid;

““v” is equal to the value of the member’s benefits determined in accordance with subparagraph 3 of the first paragraph of section 69.1 of the Act.”;

(b)  by replacing, each time that it appears in the third paragraph, the word “second” with the word “first”;

(3)  section 48, by replacing the first paragraph with the following paragraph:

“Interest calculated at the rate of return obtained on the investment of the plan’s assets, less investment and administration costs, must be added to the amount granted to the spouse.”;

(4)  section 54, by replacing the first paragraph with the following:

“54. The pension committee must, where no pension is being paid to the member at the date of execution of the partition or transfer of pension amounts, determine at such date an amount equal to “M” in the following formula:

“

A x c = M
    -
    p

““A” is equal to the normal pension that, determined according to the value of the member’s benefits at the date of execution of the partition or transfer, would have been payable to the member at the normal retirement age in accordance with the conditions and characteristics provided for in the plan for such pension;

““c” is equal to the sum that corresponds to the benefits granted to the spouse following the partition or transfer;

““p” is equal to the value taken into consideration for the purposes of the partition or transfer of the member’s benefits.

“The pension committee must keep a record of that amount.”;

(5)  section 56.0.3, by replacing the first paragraph with the following:

“56.0.3. Where the benefits attributed to the spouse are paid from the benefits of the member that are pension benefits within the meaning of section 33 and no pension is being paid to the member at the date on which the seizure is effected, the pension committee shall determine at that date a pension amount equal to “M” in the following formula:

“

R x s = M
    -
    v

““R” is equal to the normal pension that, determined according to the value of the member’s benefits at the date on which the seizure is effected, would have been payable to the member at the normal retirement age in accordance with the conditions and characteristics provided for in the plan for such pension;

““s” is equal to the amount paid in execution of the seizure;

““v” is equal to the value of the member’s benefits taken into consideration for the purposes of the seizure.

“The pension committee must keep a record of that amount.”;

(6)  section 56.1:

(a)  by striking out paragraphs 1 and 6;

(b)  by adding, at the end, the following paragraph:

“It must also indicate:

“(1)  that the plan is exempted from several provisions of the Act;

“(2)  that the cost of the plan’s commitments, less the employer contribution, shall be borne by the plan’s active members;

“(3)  that the benefits of the members and beneficiaries of the plan may be indexed only if the plan is fully funded and solvent;

“(4)  that the accumulated surplus assets at the termination of the plan is entirely allocated to the plan’s members and beneficiaries and distributed among them pro rata to the value of their benefits.”;

(7)  section 57, by replacing subparagraph 1 of the second paragraph with the following subparagraph:

“(1)  the value of the member’s benefits at the end of that fiscal year as well as the value that he would have been able to transfer taking into account the plan’s degree of solvency at that date, accompanied with a mention that the information is provided for information purposes and that the value of the benefits is subject to large variations by reason in particular of fluctuations in interest rates, variations in the degree of solvency as well as the payment conditions of the pension benefits;”;

(8)  section 58:

(a)  by striking out subparagraph g of paragraph 4;

(b)  by replacing paragraph (9) with the following paragraph:

“(9)  the pension plan’s degree of solvency that would have been taken into account for payment of the member’s benefits if he had exercised his right to the refund or transfer of his benefits at the date on which he ceased to be an active member, accompanied with a mention that the plan was fully funded or partially funded, as the case may be, at the date of the last actuarial valuation of the entire plan;”;

(9)  section 59, by replacing subparagraph 1 of the second paragraph with the following subparagraph:

“(1)  the value, at the end of the fiscal year, of the member’s benefits as well as the value that he would have been able to transfer taking into account the plan’s degree of solvency at that date, accompanied with a mention that the information is provided for information purposes and that the values are subject to large variations by reason in particular of fluctuations in interest rates, variations in the degree of solvency as well as the payment conditions of the pension benefits;”;

(10)  section 59.0.1, by striking out paragraph 6;

(11)  section 59.0.2:

(a)  by replacing subparagraph 1 of the first paragraph with the following subparagraph:

“(1)  the degree of solvency of the pension plan determined at the earlier of the date of the last actuarial valuation of the whole plan or the date of the end of the last completed fiscal year of the plan, and, where the degree is less than 100%, the measures taken to bring it up to 100;%;”;

(b)  by replacing each time that they appear in subparagraph 5 of the first paragraph and in the second paragraph, the words “employer contribution” with the words “member contributions”.

O.C. 159-2007, s. 5.