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O. Reg. 116/09: GENERAL

filed March 27, 2009 under Pension Benefits Act, R.S.O. 1990, c. P.8

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ontario regulation 116/09

made under the

pension benefits act

Made: March 25, 2009
Filed: March 27, 2009
Published on e-Laws: March 31, 2009
Printed in The Ontario Gazette: April 11, 2009

Amending Reg. 909 of R.R.O. 1990

(General)

1. Subsection 1 (1) of Regulation 909 of the Revised Regulations of Ontario, 1990 is amended by adding the following definition:

Canadian Institute of Actuaries Standards of Practice” means the Canadian Institute of Actuaries Standards of Practice (December 2008), developed and adopted by the Actuarial Standards Board and published by the Canadian Institute of Actuaries; (“Normes de pratique de l’Institut canadien des actuaires”)

2. Subsection 16 (4.1) of the Regulation is revoked and the following substituted:

(4.1) A person preparing a report under subsection (1) or (2) shall use actuarial cost methods and assumptions,

(a) that include a benefit allocation method or a cost allocation method; and

(b) that are consistent with section 3000 of the Canadian Institute of Actuaries Standards of Practice, available to the public from the Canadian Institute of Actuaries at Suite 800, 150 Metcalfe Street, Ottawa, Ontario K2P 1P1 or electronically on its website.

3. Subsection 19 (1) of the Regulation is revoked and the following substituted:

(1) For the purposes of subsection 42 (1) of the Act, the commuted value of a pension, deferred pension or ancillary benefit shall not be less than the value determined in accordance with section 3800 of the Canadian Institute of Actuaries Standards of Practice, effective April 1, 2009, which is available to the public from the Canadian Institute of Actuaries at Suite 800, 150 Metcalfe Street, Ottawa, Ontario K2P 1P1 or electronically on its website.

4. Subsection 29 (2) of the Regulation is revoked and the following substituted:

(2) If a pension plan is being wound up in whole or in part, the minimum commuted value of a pension, deferred pension or ancillary benefit in respect of a person who exercises his or her entitlement under subsection 73 (2) of the Act is the amount determined as of the effective date of the wind up in accordance with section 3800 of the Canadian Institute of Actuaries Standards of Practice, effective April 1, 2009, which is available to the public from the Canadian Institute of Actuaries at Suite 800, 150 Metcalfe Street, Ottawa, Ontario K2P 1P1 or electronically on its website.

5. This Regulation comes into force on the later of April 1, 2009 and the day this Regulation is filed.

 

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