Office of the Superintendent of Financial Institutions
Since this document has been superseded by Directives of the Superintendent, this document is no longer relevant.
(1) In these directives
means the Pension Benefits Standards Act, 1985;
means the Pension Benefits Standards Regulations, 1985;
has the same meaning as defined in section 2 of the Pension Benefits Standards Regulations, 1985;
means the amount, if any, by which the pension benefit credit exceeds the transfer value of a pension benefit credit that is described in paragraph 8(b), Text for screen readers: 8(b) = 8(2), of these Directives;.
(2) Except as where otherwise provided herein, the definitions contained in the Act and Regulations apply.
(2) An auditor's report of the pension fund that has not been established by or under a Pension Fund Society is not required to be filed if the pension fund is held as follows:
(1) For the purposes of this section, the "solvency ratio following the purchase of an annuity" is the solvency ratio set out in the most recent actuarial report adjusted to reflect the effect on the solvency ratio as a result of the purchase of an immediate or deferred life annuity described in this section.
(2) Pursuant to section 26.1 of the Act, where a purchase of an immediate or deferred life annuity is to be made other than for the purposes of section 26 of the Act and does not settle all the liabilities of the plan, consent is given to that purchase by an administrator, subject to the following terms and conditions: