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O. Reg. 133/07: ASSESSMENT OF EXPENSES AND EXPENDITURES

filed March 30, 2007 under Financial Services Commission of Ontario Act, 1997, S.O. 1997, c. 28

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ontario regulation 133/07

made under the

financial services commission of ontario act, 1997

Made: March 28, 2007
Filed: March 30, 2007
Published on e-Laws: April 2, 2007
Printed in The Ontario Gazette: April 14, 2007

Amending O. Reg. 11/01

(Assessment of Expenses and Expenditures)

1. Ontario Regulation 11/01 is amended by adding the following Part:

part iv
pension sector

7. (1) In this Part,

“assessable pension plan” means a pension plan,

(a) for which an application for registration under section 9 of the Pension Benefits Act has been filed, or

(b) for which a certificate of registration has been issued under section 16 of that Act;

“assessment period” means the period of time with respect to which the Lieutenant Governor in Council makes an assessment under section 25 of the Act;

“discontinued plan” means a pension plan for which an annual information return has been filed under section 29.1 of Regulation 909 of the Revised Regulations of Ontario, 1990 (General) made under the Pension Benefits Act at any time before the beginning of the applicable assessment period;

“pension sector” means the entities referred to in clause (f) of the definition of “regulated sector” in section 1 of the Act.

(2) Words and expressions relating to pension plans have the same meaning in this Part as they have under the Pension Benefits Act.

2. Section 8 of the Regulation is revoked and the following substituted:

8. An entity’s share of an assessment of the pension sector under section 25 of the Act for an assessment period is the following:

1. For the administrator of an assessable pension plan, other than a discontinued plan, the share calculated in accordance with section 9.

2. For the administrator of a discontinued plan, nil.

3. For any other entity in the pension sector, nil.

9. For the purposes of paragraph 1 of section 8, the share of the assessment payable by the administrator of an assessable pension plan for an assessment period is calculated by,

(a) determining the preliminary amount of the assessment for the pension plan under section 10 for the assessment period;

(b) determining the adjustment amount for the pension plan under section 11 for the assessment period; and

(c) adding the adjustment amount to the preliminary amount of the assessment.

10. (1) Subject to subsections (2) and (3), the preliminary amount of the assessment for an assessable pension plan for an assessment period is the amount calculated using the formula,

(A × $6.15) + (B × $4.25)

in which,

  “A” is the number of members of the pension plan on the December 31 that falls within the assessment period, determined as specified in subsection (4), and

  “B” is the number of former members of the pension plan on the December 31 that falls within the assessment period, determined as specified in subsection (4).

(2) If the amount calculated under subsection (1) is less than $250, the preliminary amount of the assessment for the pension plan is $250.

(3) If the amount calculated under subsection (1) is greater than $75,000, the preliminary amount of the assessment for the pension plan is $75,000.

(4) The number of members and former members of a pension plan on the December 31 that falls within the assessment period is the number of each indicated in the most recent annual information return filed with the Commission under the Pension Benefits Act on or before that December 31 or, in the absence of such a return, the number of each indicated in the application for registration of the pension plan submitted under that Act.

11. (1) The adjustment amount for an assessable pension plan for an assessment period is the amount calculated using the formula,

(C – D – E) × F/E

in which,

  “C” is the total of all expenses incurred and expenditures made by the Commission in respect of the pension sector for the assessment period, other than the reasonable expenses charged to the Pension Benefits Guarantee Fund by the Superintendent under subsection 82 (3) of the Pension Benefits Act,

  “D” is the total of all amounts recovered or recoverable during the assessment period by the pension sector to the Commission under the Act or to the Minister or the Superintendent under the Pension Benefits Act for the assessment period, excluding the assessments calculated under this Regulation,

  “E” is the sum of the preliminary amount of the assessment for every assessable pension plan for the assessment period, as determined under section 10 for each pension plan, and

“F” is the preliminary amount of the assessment for the particular pension plan for the assessment period, as determined under section 10.

(2) The adjustment amount for a pension plan may be a negative number.

3. This Regulation comes into force on April 1, 2007.