Home / UK and Canadian Pension Fund – Appendix G

UK and Canadian Pension Fund – Appendix G

Comparative Study of U.K. and Canadian Pension Fund Transparency Practices 

Previous - Content - Next

Appendix G: Selected Sections from the Pension Benefits Standards Regulations, 1985 (Canada)

(a) categories of investments and loans, including derivatives, options and futures, (b) diversification of the investment portfolio, (c) asset mix and rate of return expectations, (d) liquidity of investments, (e) the lending of cash or securities, (f) the retention or delegation of voting rights acquired through plan investments, (g) the method of, and basis for, the valuation of investments that are not regularly traded at a public exchange, and (h) related party transactions permitted under section 17 of Schedule III and the criteria to be used to establish whether a transaction is nominal or immaterial to the plan, having regard to all factors that may affect the funding and solvency of the plan and the ability of the plan to meet its financial obligations.

(a) to any pension council that has been established, within 60 days after the later of

(i) the day on which the statement is established, and (ii) the day on which the pension council is established; and

(b) where a plan is a defined benefit plan, to the actuary to the plan on or before the day that is the later of

(i) 60 days after the day on which the statement is established, and (ii) the day on which the actuary is appointed. SOR/93-299, s. 2; SOR/2002-78, s. 5.

(a) to any pension council that has been established; and (b) where the plan is a defined benefit plan, to the actuary to the plan. SOR/93-299, s. 2; SOR/2002-78, s. 6.

(a) a defined contribution plan where the contributions under the plan are allocated to individual plan members; and (b) a defined benefit plan that is an insured plan.

(a) the estimated cost of benefits under the plan and the contributions to the plan, showing separately employer and plan member contributions

(i) for the plan year following the effective date of the amendment, where the effective date falls on the last day of the plan year, or (ii) for the plan year in which the effective date of the amendment falls, where the effective date falls on any other day of the plan year; and

(b) the formula for computing the cost of benefits, showing the formula for allocating the cost between the employer and the plan members for subsequent plan years.

(a) subject to subsection (2), a list of assets held by the plan on the date directed by the Superintendent, showing

(i) the book value of each asset, (ii) the market value of each asset, and (iii) such information as will permit the verification of the market value attributed to an asset and the determination of whether the requirements of section 6 have been met;

(b) an appraisal that will permit the verification of the market value attributed to an asset held by the plan; (c) if the plan is not an insured plan,

(i) a financial statement of the pension fund, (ii) any information that the Handbook of the Canadian Institute of Chartered Accountants requires to be set out in a financial statement of a pension plan, and (iii) an auditor's report of the pension fund;

(d) information concerning the investments of the pension fund, including the information set out in Form 2.1 of Schedule II; (e) any information relating to the determination of the solvency and funding status of a pension plan; (f) the location of any books, records or other documents relating to a pension plan or to any securities, obligations or other investments in which pension fund money is invested; (g) the name of the collective bargaining agent, if any, who represents the pension plan members; (h) the information necessary to identify the employers who participate in or who have ceased participation in the plan; (i) a certificate of the administrator or any person preparing, compiling or filing any information on behalf of the administrator that certifies that the information submitted to the Superintendent is accurate; (j) a record of, or any other document evidencing, any operating expenses paid from the plan fund or that are due or accrued from the plan fund, including the names of any payees, the purpose and amounts of any payments made or to be made to each payee, including the aggregate amounts; and (k) a record of, or any other document evidencing, all direct and indirect compensation that a person received or that is due or accrued in relation to any service provided by the person in respect of the plan.

(a) a contract issued by a person authorized to carry on a life insurance business in Canada, other than a contract in respect of which separate and distinct funds are maintained by the person; or (b) a contract issued by the Government of Canada. SOR/93-299, s. 4; SOR/95-171, s. 6; SOR/2002-78, s. 11.

(a) given to the plan member or the employee at the place of employment; or (b) mailed to the residence of the plan member or employee. SOR/95-171, s. 6(F); SOR/2001-194, s. 5.

(a) the name of the plan member; (b) the period to which the statement applies; (c) the date of birth of the plan member; (d) the period that has been credited to the plan member for the purpose of calculating the pension benefit of the plan member; (e) the date on which the plan member attains pensionable age; (f) the date on which the plan member is first entitled to an immediate pension benefit pursuant to subsection 16(2) of the Act; (g) the name of the spouse or common-law partner of the plan member listed on the records of the administrator; (h) the name of any person on the records of the administrator designated as the beneficiary of the pension benefit of the member; (i) the additional voluntary contributions of the plan member made for the plan year and the accumulated additional voluntary contributions of the plan member as of the end of the plan year; (j) the required contributions of the plan member made for the plan year and the accumulated required contributions of the plan member as of the end of the plan year; (k) in the case of a plan with a defined contribution provision, the contributions of the employer in respect of the plan member made for the plan year and the accumulated contributions of the employer in respect of the plan member as of the end of the plan year; (l) the amount of any funds transferred to the plan in respect of the plan member and the benefit under the plan attributable to that amount or the length of service credited to the plan member in respect of that amount; (m) in the case of a plan other than a defined contribution plan, the annual amount of the pension benefit accrued in respect of the plan member as of the end of the plan year and payable at pensionable age; (n) if applicable, the interest rates credited to the contributions of the plan member for the plan year; (o) the benefit payable on the death of the plan member and the extent to which that benefit would be reduced by a payment under a group life insurance plan; (p) a statement setting out the right to access the documents described in paragraph 28(1)(c) of the Act; (q) in respect of the defined benefit provisions of an uninsured defined benefit plan, (i) if the ratio as calculated in accordance with paragraph (b) of the definition "solvency ratio" in subsection 2(1) is less than one,

(A) the value and description of the ratio, (B) a description of the measures the administrator has implemented or will implement to bring that ratio to one, and (C) the extent to which the member's benefit would be reduced if the plan were terminated and wound up with that solvency ratio; and

(ii) in any other case, a statement that the plan is fully funded based on the most recent solvency ratio of the plan. (2) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a member who has retired from a plan, shall be in the form set out in Form 1 of Schedule IV. (3) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a plan member who has ceased to be a member of the plan or where the whole or part of the plan has terminated and that member is entitled to a deferred pension benefit, shall be in the form set out in Form 2 of Schedule IV. (4) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a plan member who has ceased to be a member of the plan and who is not entitled to a deferred pension benefit, shall be in the form set out in Form 3 of Schedule IV. (5) A written statement referred to in paragraph 28(1)(d) of the Act, in the case of a plan member who has died, shall be in the form set out in Form 4 of Schedule IV. SOR/2001-194, s. 5; SOR/2002-78, s. 14.