R-15.1 - Supplemental Pension Plans Act

Section 44 Disposition versions

2020-12-11

44. All member contributions and additional voluntary contributions and, in the case of a defined contribution plan, all employer contributions shall bear interest, from the first day of the month following the month in which they are payable into the pension fund or to the insurer,

(1)  in the case of an uninsured plan other than a defined contribution plan, at the rate of return derived from the investment of the plan assets, less investment expenses and administration costs, or, if the plan so provides and to the extent that the contribution relates to refunds or pension benefits that remain insured, at the weekly rate for personal five-year term deposits published the last week of every month, as compiled by the Bank of Canada;

(2)  in the case of a defined contribution plan, at the rate of return derived from the investment of all the assets of the plan or, where the plan so provides, of only such part of the assets as may be related to a particular group of members, less investment expenses and administration costs;

(3)  in the case of an insured plan, at the monthly rate referred to in subparagraph 1 or, if the plan so provides, at the rate of return derived from the investment of the insurer’s assets that are not included in the separate groups of assets constituted by the insurer, less, in the last case, investment expenses and administration costs.

However, if the plan provides that the members may direct what investments are made with all or part of the contributions credited to their accounts or if additional voluntary contributions are invested into a separate uninsured plan, all such investments shall be excluded from the plan assets for the purposes of subparagraphs 1 and 2 of the first paragraph, and the contributions so invested shall bear interest at the rate of return on such investments.

The provisions of this section which are applicable to the contributions paid under a defined contribution plan also apply to the contributions paid under terms in a defined benefit plan or a target benefit plan that are identical to those of a defined contribution plan.

1989, c. 38, s. 44; 2000, c. 41, s. 24; 2020, c. 30, s. 12.

2001-01-01

44. All member contributions and additional voluntary contributions and, in the case of a defined contribution plan, all employer contributions shall bear interest, from the first day of the month following the month in which they are payable into the pension fund or to the insurer,

(1)  in the case of an uninsured plan other than a defined contribution plan, at the rate of return derived from the investment of the plan assets, less investment expenses and administration costs, or, if the plan so provides and to the extent that the contribution relates to refunds or pension benefits that remain insured, at the monthly rate of return on personal five-year term deposits with chartered banks, as compiled by the Bank of Canada;

(2)  in the case of a defined contribution plan, at the rate of return derived from the investment of all the assets of the plan or, where the plan so provides, of only such part of the assets as may be related to a particular group of members, less investment expenses and administration costs;

(3)  in the case of an insured plan, at the monthly rate referred to in subparagraph 1 or, if the plan so provides, at the rate of return derived from the investment of the insurer’s assets that are not included in the separate groups of assets constituted by the insurer, less, in the last case, investment expenses and administration costs.

However, if the plan provides that the members may direct what investments are made with all or part of the contributions credited to their accounts or if additional voluntary contributions are invested into a separate uninsured plan, all such investments shall be excluded from the plan assets for the purposes of subparagraphs 1 and 2 of the first paragraph, and the contributions so invested shall bear interest at the rate of return on such investments.

The provisions of this section which are applicable to the contributions paid under a defined contribution plan also apply to the contributions paid under terms in a defined benefit plan that are identical to those of a defined contribution plan.

1989, c. 38, s. 44; 2000, c. 41, s. 24.

1990-01-01

44. All member contributions and additional voluntary contributions and, in the case of a defined contribution plan, all employer contributions shall bear interest, from the first day of the month following the month in which they are payable into the pension fund or to the insurer,

(1)  in the case of an uninsured plan other than a defined contribution plan, at the rate of return derived from the investment of the plan assets, less investment expenses and administration costs, or, if the plan so provides, at the monthly rate of return on personal five-year term deposits with chartered banks, as compiled by the Bank of Canada;

(2)  in the case of a defined contribution plan, at the rate of return derived from the investment of all the assets of the plan or, where the plan so provides, of only such part of the assets as may be related to a particular group of members, less investment expenses and administration costs;

(3)  in the case of an insured plan, at the monthly rate referred to in subparagraph 1 or, if the plan so provides, at the rate of return derived from the investment of the insurer’s assets that are not included in the separate groups of assets constituted by the insurer, less, in the last case, investment expenses and administration costs.

However, if the plan provides that the members may select the investments to be made with all or part of the contributions, all investments so selected shall, for the purposes of subparagraphs 1 and 2 of the first paragraph, be excluded from the plan assets and the contributions so invested shall bear interest at the rate of return on such investments.

The provisions of this section which are applicable to the contributions paid under a defined contribution plan also apply to the contributions paid under terms in a defined benefit plan that are identical to those of a defined contribution plan.

1989, c. 38, s. 44.