Regulation - LGIC
Proposed Amendments to Regulation 909: Superintendent Power to Appoint or Act as Administrator
Regulation Number(s):
Instrument Type:
Regulation - LGIC
Bill or Act:
Pension Benefits Act
Summary of Decision:
Ontario Regulation 352/16 was filed on October 31, 2016.
Further Information:
Pension Benefits Act
Regulation 909
Superintendent Power to Appoint or Act as Administrator
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O. Reg. 352/16
Proposal Number:
16-MOF023
Posting Date:
September 13, 2016
Summary of Proposal:
In the 2014 Ontario Economic Outlook and Fiscal Review and the 2015 Budget, the government indicated its intention to develop regulations needed to proclaim amendments to the Pension Benefits Act (PBA) which would allow the Superintendent to appoint or act as administrator of a pension plan. This posting describes the proposed prescribed circumstances in which the Superintendent could appoint or act as administrator. The circumstances would include:
• A pension plan that is being wound up in whole or in part and does not have an administrator or the administrator fails to act; and
• The employer is bankrupt, in receivership, or the subject of corporate restructuring through proceedings under the Bankruptcy and Insolvency Act or the Companies' Creditors Arrangement Act.
If the proposed regulation were to be approved, s. 8(1.1) and 8(1.2) and related unproclaimed provisions of the PBA would be proclaimed. In particular, s. 8(1.1) would provide that the Superintendent may terminate the appointment if the Superintendent considers the termination reasonable in the circumstances.
Further details of the proposal are attached below.
• A pension plan that is being wound up in whole or in part and does not have an administrator or the administrator fails to act; and
• The employer is bankrupt, in receivership, or the subject of corporate restructuring through proceedings under the Bankruptcy and Insolvency Act or the Companies' Creditors Arrangement Act.
If the proposed regulation were to be approved, s. 8(1.1) and 8(1.2) and related unproclaimed provisions of the PBA would be proclaimed. In particular, s. 8(1.1) would provide that the Superintendent may terminate the appointment if the Superintendent considers the termination reasonable in the circumstances.
Further details of the proposal are attached below.
Contact Address:
Superintendent Power to Appoint or Act as Administrator
Pension Initiatives Unit, Pension Policy Branch
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent East
Toronto, ON
M7A 1Y7
Or
Pension.Feedback@ontario.ca
Pension Initiatives Unit, Pension Policy Branch
Ministry of Finance
5th Floor, Frost Building South
7 Queen's Park Crescent East
Toronto, ON
M7A 1Y7
Or
Pension.Feedback@ontario.ca
Effective Date:
October 31, 2016
Decision:
Approved