Office of the Superintendent of Financial Institutions
(1) In these directives
(2) Except as where otherwise provided herein, the definitions contained in the Act and Regulations apply.
The actuarial reports referred to in subsection 12(2) of the Act must be prepared,
(1) Subject to subsection (2), the auditor's report of the pension fund referred to in paragraph 15(1)(c) of the Regulations must be prepared as at the end of the plan year.
(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:
Pursuant to subsection 12(4) of the Act, the documents referred to in section 12 of the Act must be filed with the Superintendent,
Following the termination of a pension plan, the actuarial report referred to in subsection 24.1(4) of the Regulations must be prepared annually as at the anniversary of the effective date of termination and must be filed with the Superintendent within six months after the valuation date.
For the purposes of paragraph 19(2)(a) of the Act, the interest rate that is fixed is the average of the yields of the 5-year personal fixed term chartered bank deposit rate (CANSIM V80691336, or its successor data series, published weekly by the Bank of Canada) using the value of the last weekly series for that month, over a reasonably recent period, the averaging period not to exceed twelve months.
For the purposes of subsection 23(6) of the Act, the part of the group life insurance payment that can be considered to have been paid by employer premiums must not be greater than the amount of the group life insurance benefit multiplied by the ratio of the employer-paid cost of the policy to the total cost of the policy for the class of employees, taking into account in both the numerator and denominator of the ratio any experience or other refunds to the employer, with such ratio averaged over a period not exceeding five years.
(1) Pursuant to section 26.1 of the Act, and subject to subsection 8(2) of these directives, consent is given to the transfer of moneys that relate to defined benefit provisions out of the pension fund under section 26 of the Act, subject to the following terms and conditions:
(1.1) Where moneys were transferred out of the pension fund under section 26 of the Act between December 1, 2020 and the effective date of these directives, and the pension benefit credit was calculated in accordance with subsection 3570 of the
Standards of Practice for Pension Plans of the Canadian Institute of Actuaries, any amount of the pension benefit credit that remains payable must be transferred forthwith with interest credited from the date of determination of the pension benefit credit to the date of transfer, at the rate of interest used in the determination of the pension benefit credit.
(2) Where a pension plan is regulated by a province on behalf of the Superintendent under a bi-lateral or multi-lateral agreement, transfers of moneys out of the pension fund under section 26 of the Act, are subject to any transfer conditions applicable to benefits subject to the pension legislation of that province.
(1) For the purposes of this section, the "solvency ratio following the purchase of the annuity" is the solvency ratio adjusted to reflect the effect on solvency assets and liabilities 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 pension plan, consent is given to that purchase by an administrator if