Pension Benefits Regulations, 1993, P-6.001 Reg 1

1 PENSION BENEFITS, 1993 P-6.001 REG 1 The Pension Benefits Regulations, 1993 being Chapter P-6.001 Reg 1 (effective January 1, 1993) as amended by an Errata Notice (published in The Saskatchewan Gazette August 27, 1993) and by Saskatchewan Regulations 60/97, 32/2002, 19/2005, 41/2006, 84/2009, 47/2013, 40/2014, 104/2014, 41/2015, 87/2015, 112/2015, 26/2016, 100/2017, 47/2018, 29/2020, 40/2020, 121/2020, 25/2021 and 122/2021. NOTE: This consolidation is not official. Amendments have been incorporated for convenience of reference and the original statutes and regulations should be consulted for all purposes of interpretation and application of the law. In order to preserve the integrity of the original statutes and regulations, errors that may have appeared are reproduced in this consolidation. 2 P-6.001 REG 1 PENSION BENEFITS, 1993 Table of Contents TITLE, INTERPRETATION 29 Locked-in retirement account AND APPLICATION 29.01 Low expected income 1 Title 29.02 Medical expenses 2 Interpretation 29.03 Rent arrears 2.1 Best estimate funded number 29.04 Mortgage default 3 Application 29.05 First month’s rent, security deposit and pet damage deposit to secure principal residence ADMINISTRATION OF PLANS 29.06 Authorization to make the payment 4 When return to be filed 29.1 Registered retirement income fund 5 Fees contracts 6 Consolidated copy 29.2 Variable benefits 7 Time for filing 30 Repealed ACTUARIAL VALUATIONS 31 Repealed 8 Review 32 Pre-retirement survivor benefits 9 Filing 33 Post-retirement survivor benefits 10 Rules applying to reviews 34 Old age security offset 35 Conversion of pension benefits DISCLOSURE OF INFORMATION 36 Special payments 11 Administrator to provide information 36.1 Election 12 Information concerning interest 36.2 Suspension of special payments 13 Annual statement 36.3 Superintendent may impose conditions 14 Statement on termination of on elections membership 36.4 End of suspension period 15 Statement on retirement 36.5 If plan breaches conditions 16 Statement on death 36.6 Funding if plan terminates during 17 Examination of documents suspension period 18 Statements where pension is 36.7 Specified plans to be divided 36.8 Regina Police Pension Plan 19 Calculation data 36.9 Prescribed plans 20 Notice of plan termination 36.91 Suspension of special payments for certain plans 21 Statement on plan termination 36.92 The Regina Civic Employees’ Superannuation and Benefit Plan AMENDMENTS TO A PLAN 36.93 Plan documents to contain certain provisions 22 Amendments 36.94 Plan documents to contain deadlock 22.1 Certain amendments to limited resolution mechanism liability plans 36.95 Plan documents to contain sponsorship STANDARD PROVISIONS agreement provisions 23 Formulas 36.96 The City of Saskatoon Fire and Protective Services Department Superannuation Plan 24 Commuted value 36.97 The Retirement Plan for Employees of the 24.1 Exception to commuted value Saskatoon Board of Police Commissioners determination – certain limited liability plans 36.98 Limited liability plans 25 Classes of employees in a plan 36.99 Determination of PfAD 26 Pensioner recommencing covered 36.991 The Saskatchewan Teachers’ Retirement Plan employment 37 Remitting of contributions 26.1 Exception to locking in the commuted 38 Investment value of a pension for non-residency 27 Interest calculation and application TERMINATION OF PLAN 28 Transfers 39 Priorities on plan termination 28.1 Certain transfers and payments limited 40 Preparation of plan termination report 3 PENSION BENEFITS, 1993 P-6.001 REG 1 GENERAL Form 2 Spouse’s Waiver of Designated Beneficiary Status 41 Surplus refunds and use as employer contributions Form 2.01 Spouse's Consent to Transfer to a Variable 42 Exemptions Benefit Account 42.1 Calculation of costs Form 2.02 Spouse's Waiver of Designated Beneficiary 43 Coming into force Status Under a Variable Benefit Account Form 2.1 Spouse’s Waiver of Pre-Retirement Survivor Appendix Benefit Pursuant to Clause 33(6)(a) of The PART I Pension Benefits Act, 1992 Forms Form 3 Spouse’s Waiver of 60% of Post-Retirement Survivor Benefit Form 0.1 Spouse’s Waiver of Designated Beneficiary Status under a Locked-In Retirement Form 4 Certificate of Non-Residency Account Contract Form 5 Spouse's Consent to Withdrawal and Waiver Form 1 Spouse’s Consent to a Registered of Entitlements under a Pension Plan or a Retirement Income Fund Contract LIRA Contract for Non-Residency Status Form 1.1 Spouse’s Consent to Transfer From a Pooled Form 6 Spouse’s Consent to Withdrawal and Waiver of Registered Pension Plan or a Pooled Entitlements Pursuant to a LIRA Contract for Retirement Savings Account Contract to a Financial Hardship Registered Retirement Income Fund Contract PART II Tables Table 1 Specified Plans Table 2 Provision for Adverse Deviations (PfAD) – Limited Liability Plants 4 P-6.001 REG 1 PENSION BENEFITS, 1993 5 PENSION BENEFITS, 1993 P-6.001 REG 1 CHAPTER P-6.001 REG 1 The Pension Benefits Act, 1992 TITLE, INTERPRETATION AND APPLICATION Title 1 These regulations may be cited as The Pension Benefits Regulations, 1993. Interpretation 2(1) In these regulations: (a) “Act” means The Pension Benefits Act, 1992; (a.1) “best estimate funded number” means the best estimated funded number calculated in accordance with section 2.1; (b) “filed” means filed with the superintendent pursuant to the Act or these regulations or the former Act or regulations, as the case may be; (c) “fiscal year” where used in relation to a plan, means the fiscal year of that plan; (d) “former Act” means The Pension Benefits Act; (e) “former regulations” means The Pension Benefits Regulations; (f) “going concern assets” means the value of the assets of a plan as of the review date, determined on the basis of a going concern valuation; (g) “going concern liabilities” means the present value, determined in accordance with accepted actuarial practice, of a plan’s accrued benefits determined on the basis of a going concern valuation; (h) “going concern valuation” means a valuation of the going concern assets and going concern liabilities of a plan where the plan has not terminated, using methods and assumptions that are in accordance with accepted actuarial practice; (i) “insured plan” means a plan under which all the benefits are insured by a contract, issued by a corporation that is licensed in any jurisdiction in Canada to carry on life insurance business, pursuant to which the corporation guarantees to pay the plan’s benefits; (i.1) “limited liability plan” means a plan that is mentioned in subsection 40(5)of the Act, but does not include a plan to which section 36.7 or 36.991 of these regulations applies; 6 P-6.001 REG 1 PENSION BENEFITS, 1993 (i.2) “margin for adverse deviations” means the difference between the assumption for a calculation and the corresponding best estimate assumption, as is determined in accordance with recommendations issued by the Canadian Institute of Actuaries, as amended from time to time; (j) “normal actuarial cost” means the amount estimated by the reviewer, on the basis of a going concern valuation, to be the cost to persons required to contribute to the plan of the benefits of the plan for a fiscal year, excluding any special payments, determined in accordance with the same methods and assumptions that are used to determine the going concern liabilities; (j.1) “PfAD” or “Provision for Adverse Deviations”, respecting a limited liability plan or a plan to which section 36.991applies, as the case may be, means the percentage determined pursuant to subsection 36.99(3); (j.2) “PfAD liabilities” means the amount determined by multiplying PfAD by the going concern liabilities calculated using the best estimate assumptions, as determined in accordance with recommendations issued by the Canadian Institute of Actuaries, and as amended from time to time; (k) “plan termination basis” means a basis for determining the value of a plan’s liabilities that: (i) is predicated on the hypothesis of the plan’s terminating at the review date; and (ii) takes into account any benefit increases or decreases as a result of the hypothetical termination; (iii) Repealed. 5 Jly 2013 SR 47/2013 s3. (k.1) “pooled registered pension plan” means a pooled registered pension plan as defined in The Pooled Registered Pension Plans (Saskatchewan) Act; (k.2) “pooled retirement income account contract” means a pooled retirement income account contract as defined in The Pooled Registered Pension Plans (Saskatchewan) Regulations; (k.3) “pooled retirement savings account contract” means a pooled retirement savings account contract as defined in The Pooled Registered Pension Plans (Saskatchewan) Regulations; (l) Repealed. 5 Jly 2013 SR 47/2013 s3. (m) “review” means a review, pursuant to clause 11(4)(b) of the Act, of a plan that contains one or more defined benefit provisions; (n) “review date” means in relation to: (i) a review; or (ii) a report pursuant to sections 11, 12, 13 and 14 of the former regulations; the date as of which that review or report is or was required to be made; 7 PENSION BENEFITS, 1993 P-6.001 REG 1 (o) “reviewer” means the person making a review; (p) “solvency deficiency” means the amount, if any, by which the liabilities of a plan, determined on a plan termination basis and as of the latest review date, exceed the value of its assets as determined pursuant to subsection (2); (q) “solvency ratio” means the fraction obtained by dividing the value of the assets of a plan as determined pursuant to clause (2)(a) and (2)(b) by the liabilities of that plan calculated on a plan termination basis, as of the latest review date; (r) “special payments” means payments mentioned in clause 36(3)(b) or (c), subsection 36(4), subsection 36.7(2), clause 36.8(6)(a), (7)(a) or (8)(a), subsection 36.8(9), clause 36.8(10)(b), subsection 36.8(11), clause 36.92(5)(b) or (6)(a) or (b), clause 36.96(7)(a), (8)(a) or (9)(a), subsection 36.96(10), clause 36.96(11)(b), subsection 36.96(12), clause 36.97(7)(a), (8)(a) or (9) (a), subsection 36.97(10), clause 36.97(11)(b), subsection 36.97(12), clauses 36.98(2)( b) or (c) or (3)(c) or (d), subsection 36.98(4), clause 36.991(3)( b), (c) or (d), clause 36.991(4)(c), (d) or (e) or subsection 36.991(5); (s) “unfunded liability” means the amount, if any, by which a plan’s going concern liabilities exceed its going concern assets. (2) For the purposes of clause (1)(p), the value of a plan’s assets is the sum of: (a) an amount determined, as of the latest review date, on the basis of: (i) the market value of the assets, less the estimated expenses of administering the termination of the plan that are required to be paid out of the pension fund; or (ii) a value related to the market value of the assets that is arrived at by means of an averaging method over a period of not more than five years, less the estimated expenses of administering the termination of the plan that are required to be paid out of the pension fund; (b) any cash balances and accrued and receivable income; and (c) the present value, determined in accordance with accepted actuarial practice using the same assumptions as are used in the valuation of the plan’s liabilities for the purposes of clause (1)(p), of: (i) Repealed. 5 Jly 2013 SR 47/2013 s3. (ii) special payments payable with respect to benefits for employment before the effective date of the plan, if no benefits for that employment had been provided under the plan before the establishment of those special payments; and (iii) special payments payable over the five years following the plan’s latest review date and not included in subclause (ii). (3) Repealed. 5 Apr 2002 SR 32/2002 s3. 2 Jly 93 cP-6.001 Reg 1 s2; 5 Apr 2002 SR 32/2002 s3; 11 Mar 2005 SR 19/2005 s3; 5 Jly 2013 SR 47/2013 s3; 6 Jne 2014 SR 40/2014 s3; 23 Oct 2015 SR 87/2015 s3; 31 Dec 2015 SR 112/2015 s3; 4 Mar 2016 SR 26/2016 s3; 1 Sep 2017 SR 100/2017 s3; 19 Mar 2021 SR 25/2021 s3. 8 P-6.001 REG 1 PENSION BENEFITS, 1993 Best estimate funded number 2.1 The best estimate funded number is the amount A calculated in accordance with the following formula and expressed as a decimal fraction of two digits after the decimal: B A = C where: B is the market value of assets, including any cash balances and accrued and receivable income, of the limited liability plan as set out in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan; and C is the going concern liabilities of the limited liability plan as set out in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan, less any PfAD liabilities or margin for adverse deviations. 1 Sep 2017 SR 100/2017 s4. Application 3(1) The following provinces and territories of Canada are prescribed to be provinces in which there is in force legislation substantially similar to the Act and these regulations and “initial qualification date” means, in respect of employment in each of those jurisdictions, the respective date specified: (a) Ontario, January 1, 1965; (b) Quebec, January 1, 1966; (c) the Northwest Territories, October 1, 1967; (d) the Yukon Territory, October 1, 1967; (e) Alberta, January 1, 1967; (f) Manitoba, July 1, 1976; (g) Nova Scotia, January 1, 1977; (h) Newfoundland, January 1, 1985; (i) New Brunswick, December 31, 1991; (j) British Columbia, January 1, 1993; (k) Nunavut, April 1, 1999. (2) A plan referred to in clause 2(1)(y) of the Act does not include: (a) an employees profit sharing plan or a deferred profit sharing plan as defined in sections 144 and 147 respectively of the Income Tax Act (Canada); (b) an arrangement to provide a retiring allowance as defined in subsection 248(1) of the Income Tax Act (Canada); 9 PENSION BENEFITS, 1993 P-6.001 REG 1 (c) the supplemental plan defined in clause 2(1)(hh) of the Act if, under the plan to which it is supplemental, the members are entitled to benefits from that plan at least equal to the maximum benefit or contribution limit pursuant to the Income Tax Act (Canada); (d) that part of a plan which provides benefits or pensions insured under a contract issued pursuant to the Government Annuities Act (Canada); (e) a registered retirement savings plan as defined in section 146 of the Income Tax Act (Canada); and (f) a pooled registered pension plan registered pursuant to The Pooled Registered Pension Plans (Saskatchewan) Act. (3) Clause 2(1)(b) of the Act does not prevent the Co-operative Superannuation Society from acting as the administrator for the Co-operative Superannuation Society Pension Plan. 2 Jly 93 cP-6.001 Reg 1 s3; 11 Mar 2005 SR 19/2005 s4; 4 Mar 2016 SR 26/2016 s4. ADMINISTRATION OF PLANS When return to be filed 4 A return referred to in clause 11(4)(a) of the Act must be filed: (a) where the plan is not terminated, within 180 days after the end of each fiscal year; and (b) where the plan is terminated, within 60 days after the termination of a plan. 2 Jly 93 cP-6.001 Reg 1 s4. Fees 5(1) The fee for filing a return mentioned in clause 11(4)(a) of the Act is payable at the rate of $10 for each member of the plan and $5 for each former member of the plan, subject to a minimum fee of $300 and a maximum fee of $30,000 for each filing. (2) The fee for filing an application for registration pursuant to subsection 16(1) of the Act is payable at the rate of $10 for each member of the plan and $5 for each former member of the plan, subject to a minimum fee of $300 and a maximum fee of $30,000 for each filing. (3) The fee for filing one or more amendments mentioned in subsection 17(1) of the Act for a plan that is registered is payable at the rate of $300 per package. (4) The fee for filing an actuarial valuation report mentioned in subclause 11(4) (b) (i) of the Act or a cost certificate mentioned in subclause 11(4)(b)(ii) of the Act, other than a report filed pursuant to section 56 of the Act, is payable at the rate of $300 per filing. 20 Jly 2018 SR 47/2018 s3. 10 P-6.001 REG 1 PENSION BENEFITS, 1993 Consolidated copy 6 Where there are five or more amendments to a plan or any other document referred to in clause 16(1)(a) of the Act, the superintendent may require the administrator to provide a consolidated copy of the plan or document, incorporating all amendments to date, within 180 days of the superintendent’s requiring it in writing. 2 Jly 93 cP-6.001 Reg 1 s6. Time for filing 7 For the purposes of clause 11(4)(c) of the Act, the time prescribed for filing is within 30 days after a written request is made by the superintendent for the copy referred to in that clause. 2 Jly 93 cP-6.001 Reg 1 s7. ACTUARIAL VALUATIONS Review 8(1) An administrator shall have a plan reviewed: (a) in the case of a new plan, as of the effective date of the plan; (b) where the superintendent sends a notice to the administrator requesting that a review be made of the plan, as of the date specified in the notice; and (c) subject to subsections (2) and (3) and clause 36.91(9)(d), as of the end of a fiscal year and at intervals not exceeding three fiscal years after the preceding review date. (2) The superintendent may, on application by the administrator of any plan, in writing extend any interval referred to in clause (1)(c) in relation to the plan where the superintendent considers that the circumstances of the case justify an extension. (3) Where an amendment to a plan affects the cost of benefits provided by the plan, creates an unfunded liability or otherwise affects the solvency or funding of the plan, the administrator shall have the plan reviewed or the latest review revised as of the date the amendment is made, but for the purposes of these regulations, if the plan is reviewed, the review date shall be deemed to be the last day of the fiscal year preceding the fiscal year in which the amendment was made. 2 Jly 93 cP-6.001 Reg 1 s8; 8 May 2015 SR 41/2015 s3. Filing 9(1) Subject to subsections (2) and (3), actuarial valuation reports and cost certificates resulting from reviews must be filed: (a) in the case of a new plan, not later than 120 days after the establishment of the plan; and (b) in the case of a review date occurring after the effective date of a plan, not later than nine months after the review date. 11 PENSION BENEFITS, 1993 P-6.001 REG 1 (2) Where a review of a plan is made pursuant to subsection 8(3), the administrator shall, within 120 days after the date the amendment is made, file an actuarial valuation report and a cost certificate. (3) Where the latest review of a plan is revised pursuant to subsection 8(3), the administrator shall, within 120 days after the date the amendment is made, file a cost certificate showing the effect that the amendment will have on the going concern liabilities, special payments and normal actuarial cost and the changes that will result to the cost certificate filed in respect of the preceding review date. (4) Where the superintendent considers that insufficient information has been provided in the cost certificate filed pursuant to subsection (3), the superintendent may require that an actuarial valuation report be filed in addition to that cost certificate. 2 Jly 93 cP-6.001 Reg 1 s9. Rules applying to reviews 10(1) The review of a plan must be made by a Fellow of the Canadian Institute of Actuaries except that, in the case of an insured plan, it may be made by a person who is authorized by the insurance business to prepare or sign an actuarial valuation report or cost certificate. (2) An actuarial valuation report or a cost certificate resulting from a review is to be prepared in a manner that is consistent with the recommendations for the preparation of actuarial valuation reports in connection with plans issued by the Canadian Institute of Actuaries, and, subject to this section, must include the following so far as is applicable: (a) the normal actuarial cost, showing separately the employer contributions and the member contributions relating to the normal actuarial cost: (i) for the fiscal year following the review date, where that date falls on the last day of a fiscal year; or (ii) for the fiscal year in which the review date falls, where that date falls on any other day; (b) the rules for computing normal actuarial cost and for allocating that cost between the employer and the members in respect of employment in the period covered by the report or certificate; (c) the date of establishment and the unamortized balance of any unfunded liability, the special payments to be made to amortize that liability and the date at which that liability will be amortized; (d) either: (i) a statement that, in the opinion of the reviewer, there is no solvency deficiency; or (ii) the date of establishment and the unamortized balance of any solvency deficiency, the special payments to be made to amortize that deficiency, and the value of the assets and liabilities used to determine that solvency deficiency, together with the assumptions and valuation methods used to calculate that deficiency and the date at which that deficiency will be amortized; 12 P-6.001 REG 1 PENSION BENEFITS, 1993 (e) either: (i) a statement that in the opinion of the reviewer the solvency ratio is not less than 1:1; or (ii) if the solvency ratio is less than 1:1, the solvency ratio, the value of the assets and liabilities used to determine the solvency ratio, and the assumptions and valuation methods used to calculate the liabilities; (f) the surplus assets of the plan, and, if known to the reviewer, a description of how they will be utilized; (g) the market value of the assets of the plan, and, if available, the book value of the assets of the plan and a description of the valuation method used to determine the going concern assets; (h) the value of the going concern liabilities with respect to each of the following groups: (i) members; (ii) as a single group: (A) former members who have not commenced to receive their pensions under the plan; and (B) other persons who have a future entitlement to receive benefits from the plan; and (iii) as a single group: (A) former members who are receiving their pensions; and (B) other persons who are receiving payments from the plan; and a description of the assumptions and valuation methods used to determine those values; (i) in the case of a review occurring after the effective date of a plan, a reconciliation of the results of the review and identification of the gains and losses experienced since the date of the latest previous review; (j) with respect to a specified multi-employer plan that contains a defined benefit provision where employer contributions are based on a fixed rate of dollars and portions of dollars per hour of employment: (i) the respective average rate per hour per member that will be contributed by the employer and the member; (ii) a breakdown of the rate specified pursuant to subclause (i), stating the rate per hour attributable to the plan’s normal actuarial cost and the amortization of an unfunded liability or solvency deficiency and the rate per hour that is to be applied as part of a contingency reserve; and (iii) the average number of hours of employment per member per fiscal year that has been assumed for the purposes of the review; 13 PENSION BENEFITS, 1993 P-6.001 REG 1 (k) with respect to a limited liability plan if employer contributions are based on a fixed rate of dollars and portions of dollars per hour of employment: (i) the information mentioned in clause (j); and (ii) the breakdown mentioned in subclause (j)(ii) as it relates to the normal actuarial cost multiplied by the applicable PfAD; (l) with respect to a limited liability plan: (i) the equity allocation of the limited liability plan; (ii) the PfAD liabilities, if any; (iii) the PfAD, as it relates to the PfAD liabilities, if any; and (iv) the PfAD, as it relates to the normal actuarial cost of the limited liability plan; (m) if the limited liability plan contains a defined benefit provision that is determined in accordance with section 24.1, the best estimate funded number and an explanation of the data used to calculate the best estimate funded number; (n) with respect to the plan to which subsection 36.991(3) or (4) applies: (i) the equity allocation of the plan; (ii) the PfAD liabilities, if any; (iii) the PfAD as it relates to the PfAD liabilities, if any; and (iv) the PfAD as it relates to the normal actuarial cost of the plan. (3) Where a going concern valuation is made in respect of a plan that provides a pension based on a rate of salary at retirement date or on average rates of salary over a specified and limited period, a projection of the current salary of each member shall be used to estimate the salary on which the pension payable at retirement date will be based. (4) Where the actuarial method used in a review is such that an unfunded liability or solvency deficiency may not be revealed, the reviewer shall perform supplementary calculations to show that the solvency tests are being met, and shall certify that he or she has performed those calculations, and whether those tests are being met. (5) Where all the benefits under an insured plan established before the initial qualification date are funded by level premiums that do not extend beyond the retirement date for each member or former member, an actuarial valuation report or cost certificate may confirm the adequacy of the premiums to provide for the payment of all benefits instead of providing the information required by subsection (2). (6) Where a person who is authorized to prepare or sign an actuarial valuation report or cost certificate with respect to an insured plan pursuant to subsection (1) certifies that: (a) all benefits relating to a defined benefit provision of the plan are insured by a contract with an insurance business under which that business is obliged to pay those benefits; and 14 P-6.001 REG 1 PENSION BENEFITS, 1993 (b) all future benefits will accrue under a defined contribution provision of the plan; the administrator is not required to file any further actuarial valuation reports or cost certificates until the plan again provides for benefits to accrue under a defined benefit provision. 2 Jly 93 cP-6.001 Reg 1 s10; 1 Sep 2017 SR 100/2017 s5; 19 Mar 2021 SR 25/2021 s4. DISCLOSURE OF INFORMATION Administrator to provide information 11(1) The administrator of a plan, pursuant to clause 13(1)(a) of the Act, shall provide an explanation or summary of the plan and of the relevant entitlements and obligations under the plan: (a) in the case of a new plan, to each member within 120 days after the establishment of the plan; or (b) in the case of any other existing plan, to each member or person referred to in clause 13(1)(a) of the Act: (i) at least 30 days before the employee first becomes eligible or is required to be a member of that plan; or (ii) on or before the employee’s date of employment, if the employee becomes eligible or is required to be a member at, or less than 30 days after, the date of his or her employment. (1.1) In the case of a defined benefit plan that includes an optional ancillary benefit provision, the administrator shall include in the explanation or summary being provided pursuant to subsection (1): (a) a description of the optional ancillary benefits available on conversion; (b) the terms and conditions on which optional ancillary contributions may be converted to optional ancillary benefits; and (c) a statement respecting the risks pursuant to the Income Tax Act (Canada) of forfeiture to the plan of optional ancillary contributions. (2) The administrator shall, pursuant to clause 13(1)(a) of the Act, provide to each member of a plan an explanation or summary of an amendment to the plan and of the relevant entitlements and obligations under that amendment within 90 days after the registration of the amendment. 2 Jly 93 cP-6.001 Reg 1 s11; 11 Mar 2005 SR 19/2005 s5. 15 PENSION BENEFITS, 1993 P-6.001 REG 1 Information concerning interest 12 Where a plan requires interest to be paid on member contributions, additional voluntary contributions or optional ancillary contributions pursuant to section 30 of the Act, the administrator of the plan shall provide with, or in the explanation or summary referred to in subsection 11(1), a description of the method used to determine the application of interest on member contributions, additional voluntary contributions or optional ancillary contributions and, where that method may give rise to a negative rate of interest, a statement of that fact. 2 Jly 93 cP-6.001 Reg 1 s12; 11 Mar 2005 SR 19/2005 s6. Annual statement 13(1) An administrator shall provide to each member, pursuant to clause 13(1)(b) of the Act and within 180 days after the end of each fiscal year ending on or after January 1, 1993, an annual statement for the fiscal year just ended containing or accompanied by the following information so far as is applicable respecting the member: (a) the member’s name; (b) the date or, if the date is not known, the month the member commenced employment; (c) the member’s designated beneficiary under the plan; (d) with respect to contributions that have been transferred from another plan and applied under a defined benefit provision and where a period of employment has not been credited for the purposes of determining benefits, the amount of pension that will be provided by the plan by those contributions; (e) with respect to employer contributions under a defined contribution provision: (i) the balance at the end of the fiscal year previous to that covered by the statement; (ii) the contributions made during the fiscal year covered; (iii) interest accrued during the fiscal year covered; and (iv) the rate of interest applied during the fiscal year covered or the manner in which interest was applied; (f) the items mentioned in subclauses (e)(i) to (iv) with respect to: (i) contributions transferred from another plan that have not been applied under a defined benefit provision and that are locked in; (ii) required member contributions; (iii) the total of: (A) contributions transferred from another plan that have not been applied under a defined benefit provision and that are not locked in; and (B) additional voluntary contributions; and (iv) optional ancillary contributions; 16 P-6.001 REG 1 PENSION BENEFITS, 1993 (g) in the case of a defined benefit provision: (i) the period of employment credited for the purposes of determining the member’s benefits; (ii) assuming full vesting, the estimated annual pension accrued up to the end of the fiscal year covered and payable at the normal retirement date; and (iii) if the formula for determining benefits under a defined benefit provision provides for a reduction of the pension by an amount payable pursuant to the Canada Pension Plan, the Quebec Pension Plan or another plan, a statement to that effect; (g.1) in the case of an optional ancillary benefit provision: (i) the estimated amount of the optional ancillary contributions that the member may make in the fiscal year following the fiscal year to which the annual statement applies; (ii) a description of any optional ancillary benefits chosen by the member; (iii) a statement respecting the risks pursuant to the Income Tax Act (Canada) of forfeiture to the plan of optional ancillary contributions; (g.2) in the case of a plan to which subsection 40(5) of the Act applies, a statement that benefits may be reduced pursuant to subsection 40(6) of the Act; (g.3) in the case of a limited liability plan that has a defined benefit provision that is determined in accordance with section 24.1: (i) the best estimate funded number as set out in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan; and (ii) an explanation of how the best estimate funded number is used in determining the commuted value of benefits if the commuted value is transferred out of the plan; and (h) if the solvency ratio, as of the latest review date, is less than 1:1: (i) a statement that the plan’s assets are not sufficient to cover the liabilities accrued in respect of benefits promised, as of the latest review date; and (ii) confirmation that special payments are being made to make the plan solvent in accordance with the Act and these regulations or a statement that special payments are not required to be made pursuant to subsection 36.7(3), 36.8(15), 36.92(7), 36.96(16), 36.97(16), 36.98(7) or 36.991(7). (2) The annual statement may, without limiting any other effective mode of service, be sent by ordinary mail to the last address of the member known to the administrator. 2 Jly 93 cP-6.001 Reg 1 s13; 11 Mar 2005 SR 19/2005 s7; 5 Jly 2013 SR 47/2013 s5; 23 Oct 2015 SR 87/2015 s4; 31 Dec 2015 SR 112/2015 s4; 1 Sep 2017 SR 100/2017 s6; 19 Mar 2021 SR 25/2021 s5. 17 PENSION BENEFITS, 1993 P-6.001 REG 1 Statement on termination of membership 14(1) Subject to subsection (3), an administrator shall provide to a former member, pursuant to clause 13(1)(c) of the Act and within 90 days after the termination of membership or the receipt of the written request for information pursuant to that clause, as the case may be, a statement containing the following information: (a) the former member’s name; (b) the date the former member commenced employment; (c) the date of the termination of the former member’s membership; (d) the extent to which a pension has vested in the former member; (e) if a pension has not vested in the former member: (i) the information referred to in clauses 13(1)(d) and (f), updated; (ii) an explanation of the options available; and (iii) the deadlines for choosing any option available and the consequences, if any, of not meeting them; (f) if a pension has vested in the former member: (i) in the case of a defined contribution provision and to the extent that the pension is vested, the information referred to in clauses 13(1)(e) and (f), updated; (ii) in the case of a defined benefit provision: (A) to the extent that the pension is vested, the information referred to in clauses 13(1)(d), (f) and (g), updated; (B) the commuted values of the pensions referred to in clauses 13(1)(d) and (g) respectively; and (C) the amount of the former member’s excess contributions referred to in subsection 31(2) of the Act and the maximum 50% refund referred to in sub-section 29(4) of the Act, if applicable; (ii.1) in the case of an optional ancillary benefit provision, the information mentioned in subclauses 13(1)(e)(i) to (iv), updated; (iii) an explanation of the options available with respect to additional voluntary contributions, excess contributions referred to in subsection 31(2) of the Act, the maximum 50% refund referred to in subsection 29(4) of the Act, contributions transferred from another plan that have not been applied under a defined benefit provision, the pension referred to in clause 13(1)(d), optional ancillary contributions and the accrued pension; and (iv) the deadline for choosing any option available and the consequences, if any, of not meeting the deadline; 18 P-6.001 REG 1 PENSION BENEFITS, 1993 (g) if the former member is eligible to choose a deferred pension: (i) the date on which pension payments may commence; (ii) a description of the benefit payable on death before and after pension commencement, including an explanation of the joint pension form and the spouse’s waiver option pursuant to section 34 of the Act; (iii) optional early, disability and postponed pension commencement dates available, and an explanation of any adjustments to the amount of pension in each case; and (iv) the name and address of the person to whom application must be made to start receiving the pension and when the application must be made; (g.1) in the case of a plan to which subsection 40(5) of the Act applies, if the plan provides that the benefit may or must remain in the plan, a statement that benefits may be reduced pursuant to subsection 40(6) of the Act; (g.2) in the case of a limited liability plan that has a defined benefit provision that is determined in accordance with section 24.1: (i) the best estimate funded number as set out in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan; and (ii) an explanation of how the best estimate funded number is used in determining the commuted value of benefits if the commuted value is transferred out of the plan; and (h) where there is a transfer deficiency, as defined in clause 28(1)(b): (i) a statement that a transfer deficiency exists and that it must be transferred in accordance with section 28; (ii) the amount of the transfer deficiency; (iii) the latest date at which it will be transferred; and (iv) a statement of the obligation pursuant to subsection 28(4) to notify the administrator of where it is to be transferred. (2) In subsection (1), “updated” means, to the extent applicable, completed with respect to the most recently completed fiscal year and further extending to cover the period between then and the termination of membership or the date of the receipt of the request for updated information, as the case may be. (3) An administrator is not obliged to comply with a request made by a former member if the administrator has already provided the relevant information pursuant to subsection (1) with respect to that former member within the 12 months preceding the request. 2 Jly 93 cP-6.001 Reg 1 s14; 11 Mar 2005 SR 19/2005 s8; 5 Jly 2013 SR 47/2013 s6; 1 Sep 2017 SR 100/2017 s7; 19 Mar 2021 SR 25/2021 s6. 19 PENSION BENEFITS, 1993 P-6.001 REG 1 Statement on retirement 15(1) An administrator shall provide to a member or former member whose pension is about to commence, pursuant to clause 13(1)(d) of the Act and within 90 days after receiving a completed application in the form required by the administrator for commencement of the pension, a statement containing the following information: (a) the name of the member or former member; (b) the date of birth of the member or former member; (c) the date when pension payments are to commence; (d) in the case of a defined contribution provision, the information referred to in clauses 13(1)(e) and (f), updated; (e) in the case of a defined benefit provision: (i) the information referred to in clauses 13(1)(d), (f) and (g), updated; and (ii) the amount of the member’s or former member’s excess contributions referred to in subsection 31(2) of the Act, if applicable; (e.1) in the case of an optional ancillary benefit provision: (i) the information mentioned in subclauses 13(1)(e)(i) to (iv), updated; and (ii) the options available with respect to an optional ancillary benefit; (f) an explanation of the normal and optional forms of pension available, the adjustment in the amount of pension if a form other than the normal form is chosen and the procedure for choosing; (g) if the member or former member has a spouse: (i) the spouse’s name and date of birth; (ii) an explanation of the joint pension form and the spouse’s waiver option pursuant to section 34 of the Act; and (iii) the estimated amount of pension payable: (A) while both are alive; and (B) to each on the death of the other; (g.1) in the case of a plan to which subsection 40(5) of the Act applies, if the plan provides that the benefit may or must remain in the plan, a statement that benefits may be reduced pursuant to subsection 40(6) of the Act; (h) if the member or former member has additional voluntary contributions, the options available, including the amount of pension that will be provided if the contributions are left in the plan; (i) if the member or former member has excess contributions referred to in subsection 31(2) of the Act, the options available pursuant to that subsection; (j) the basis for future indexation, if applicable; and (k) the deadline for choosing any option available and the consequences, if any, of not meeting the deadline. 20 P-6.001 REG 1 PENSION BENEFITS, 1993 (2) In subsection (1), “updated” means, to the extent applicable, completed with respect to the most recently completed fiscal year and further extending to cover the period between then and pension commencement. 2 Jly 93 cP-6.001 Reg 1 s15; 11 Mar 2005 SR 19/2005 s9; 1 Sep 2017 SR 100/2017 s8; 19 Mar 2021 SR 25/2021 s7. Statement on death 16(1) An administrator shall provide to the surviving spouse or designated beneficiary or personal representative of a deceased member or former member who dies prior to retirement, pursuant to clause 13(1)(e) and section 33 of the Act and within 90 days after proof of death is provided to the administrator, a statement containing the following information: (a) the deceased’s name; (b) the information referred to in clauses 13(1)(d) and (f), updated; (c) if the deceased had no surviving spouse, the total lump sum available for refund and an explanation of any other benefits or options available under the plan; (d) if the deceased had a surviving spouse: (i) an explanation of the benefits and options available pursuant to section 33 of the Act and any options provided by the plan; and (ii) the deadline for choosing any option available and the consequences, if any, of not meeting the deadline; (e) in the case of a plan to which subsection 40(5) of the Act applies, if the plan provides that the benefit may or must remain in the plan, a statement that benefits may be reduced pursuant to subsection 40(6) of the Act; and (f) in the case of a limited liability plan that has a defined benefit provision that is determined in accordance with section 24.1: (i) the best estimate funded number as set out in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan; and (ii) an explanation of how the best estimate funded number is used in determining the commuted value of benefits if the commuted value is transferred out of the plan. (2) In subsection (1), “updated” means, to the extent applicable, completed with respect to the most recently completed fiscal year and further extending to cover the period between then and the date the administrator receives notice of the death. 2 Jly 93 cP-6.001 Reg 1 s16; 1 Sep 2017 SR 100/2017 s9; 19 Mar 2021 SR 25/2021 s8. 21 PENSION BENEFITS, 1993 P-6.001 REG 1 Examination of documents 17(1) The administrator shall permit the persons mentioned in subsection 13(4) of the Act to examine the following documents: (a) the three most recent returns filed pursuant to clause 11(4)(a) of the Act; (b) the two most recent actuarial valuation reports filed pursuant to sub- clause 11(4)(b)(i) of the Act; (c) the two most recent cost certificates filed pursuant to sub- clause 11(4)(b)(ii) of the Act; (d) any statement of investment policies and procedures required pursuant to regulations made pursuant to the Pension Benefits Standards Act, 1985 (Canada), as amended from time to time; (e) the two most recent pension fund financial statements; and (f) the report filed pursuant to subsection 56(1) or (3) of the Act. (2) The period referred to in subsection 13(7) of the Act is 12 months. 2 Jly 93 cP-6.001 Reg 1 s17. Statements where pension is to be divided 18(1) For the purposes of clause 13(1)(f) of the Act, the information to be provided where a pension is to be divided pursuant to Part VI of the Act is prescribed by this section. (2) An administrator shall provide to a member, former member or spouse, or to his or her solicitor, within 90 days of the receipt of a written request, a statement containing the value of the member’s or former member’s pension or other benefit as of the date provided in the written request. (3) An administrator shall provide a statement to a member or former member within 90 days of receipt of an order or agreement referred to in subsection 46(2) of the Act containing: (a) the date on which the division was effective; (b) a summary and description of the benefits to which the member or former member is entitled after the transfer. (4) An administrator shall provide a statement to the spouse or former spouse of a member or former member within 90 days of receipt of an order or agreement referred to in subsection 46(2) of the Act containing: (a) the date on which the division was effective; (b) the options available to the spouse or former spouse and a summary of the benefits to which the spouse or former spouse may become entitled on exercising each of the options; and (c) the deadline for choosing any option available and the consequences, if any, of not meeting the deadline. 2 Jly 93 cP-6.001 Reg 1 s18. 22 P-6.001 REG 1 PENSION BENEFITS, 1993 Calculation data 19 An administrator, pursuant to clause 13(1)(g) of the Act, shall provide data referred to in that clause within 30 days after receiving the request for it. 2 Jly 93 cP-6.001 Reg 1 s19. Notice of plan termination 20 An administrator shall provide to each member and former member, pursuant to clause 13(1)(h) of the Act, a notice with respect to the termination of the plan that is required by that clause: (a) at least 60 days before the proposed termination date; or (b) if it is intended to terminate the plan less than 60 days after the decision is made, immediately after the date that decision is made. 2 Jly 93 cP-6.001 Reg 1 s20. Statement on plan termination 21 An administrator shall provide to each member and former member, pursuant to clause 13(1)(i) of the Act and within 30 days after the approval by the superintendent of the report filed pursuant to subsection 56(1) or (3) of the Act: (a) the information, so far as is applicable, referred to in sections 14 and 15; (b) if benefits are to be reduced, the reasons for the reduction and a description of the method of reduction; and (c) if there are surplus assets, information concerning how they will be utilized. 2 Jly 93 cP-6.001 Reg 1 s21. AMENDMENTS TO A PLAN Amendments 22(1) Amendments to a plan that confer ownership of surplus assets to an employer pursuant to subsection 19(5) of the Act must comply with the prescribed condition in this section. (2) The amendment must be authorized by: (a) the employer; (b) any collective bargaining agent of the members of the plan; (c) at least two-thirds of the members who are not represented by a collective bargaining agent; and (d) the number of former members and other persons who are entitled to payments under the plan as of the effective date of the amendment that the superintendent considers appropriate in the circumstances. 2 Jly 93 cP-6.001 Reg 1 s22. 23 PENSION BENEFITS, 1993 P-6.001 REG 1 Certain amendments to limited liability plans 22.1(1) This section applies to a limited liability plan if the administrator of the limited liability plan files an amendment pursuant to section 17 of the Act that provides that the commuted value of benefits or a portion of the commuted value of benefits shall be determined in accordance with section 24.1. (2) Subsection 19(3) of the Act does not apply to the commuted value of benefits or portion of the commuted value of benefits mentioned in subsection (1). (3) Notwithstanding subsection 19(2) of the Act, no amendment mentioned in subsection (1) is effective until at least 180 days after the amendment has been registered by the superintendent. (4) The superintendent may refuse to register the amendment mentioned in subsection (1) if, in the opinion of the superintendent, the amendment, or any matter relating to it, including any actuarial valuation report or cost certificate filed with respect to it, is unsatisfactory. (5) The superintendent may impose any conditions that the superintendent considers appropriate on the registration of an amendment mentioned in subsection (1). 1 Sep 2017 SR 100/2017 s10.

STANDARD PROVISIONS Formulas 23(1) For the purposes of clause 25(1)(h) of the Act, formulas for determining benefits, member and employer contributions and the allocation of contributions under a plan must comply with this section. (2) The formulas for determining benefits under a defined benefit provision, member contributions relating to a defined benefit provision and contributions relating to a defined contribution provision must be uniform: (a) for each year of future employment, except to the extent that: (i) the variation is required for purposes of maintaining registration of the plan pursuant to the Income Tax Act (Canada); or (ii) the superintendent approves variations in the formula that the superintendent considers reasonable; and (b) for each member of a class prescribed in section 25. (2.1) If a limited liability plan provides that the commuted value of benefits or a portion of the commuted value of benefits shall be determined in accordance with the actuarial assumptions, without including any margin for adverse deviations, used to determine the going concern liabilities in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan, the method of determining the commuted value must be uniform for each member or former member of the limited liability plan, except to the extent that the superintendent approves variations in the method that the superintendent considers reasonable. 24 P-6.001 REG 1 PENSION BENEFITS, 1993 (3) The formula for determining the pension under a defined benefit provision may not be based on a member’s age, on joining the plan, or a member’s sex. (4) Where a formula relating to a defined contribution provision provides for contributions on a basis other than: (a) a percentage of a member’s remuneration; or (b) a fixed dollar amount with respect to each member; the formula for determining those contributions must be based on factors other than the age of the member or the accumulated value of the contributions made by or on behalf of the member with interest. (5) Where an additional amount of benefit is payable from pension commencement and the plan provides for that additional amount to cease or be reduced at the date when a pension becomes available or when receipt of the pension occurs pursuant to the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada), then, for the purposes of the plan, that date shall be treated as being the date when the person entitled to that pension attains the age of 65 years, notwithstanding that that pension may actually be payable at another time. 2 Jly 93 cP-6.001 Reg 1 s23; 1 Sep 2017 SR 100/2017 s11. Commuted value 24(1) For the purposes of subclause 2(1)(e)(i) of the Act: (a) with respect to a defined benefit provision: (i) subject to section 24.1, the commuted value of benefits must be determined in accordance with the recommendations for the computation of transfer values of pensions issued by the Canadian Institute of Actuaries, as amended from time to time; (ii) an administrator shall disclose the basis for determining the commuted value of benefits and the assumptions relating to that basis with the actuarial valuation report and cost certificate required to be filed pursuant to clause 11(4)(b) of the Act; and (iii) where no change has been made or is required to be made to a basis that has previously been filed pursuant to subclause (ii), the administrator may comply with that subclause by advising the superintendent in writing that no change has been made to the previously filed basis; and (b) with respect to a defined contribution provision, the commuted value of benefits must be determined on the basis of the contributions made by or for the credit of the member and interest and any other amounts allocated with respect to a member. (2) Where the superintendent considers that the basis or the assumptions do not meet the requirements of subclause 2(1)(e)(i) of the Act, the superintendent shall notify the administrator in writing of that fact and shall direct the administrator to have the basis or assumptions amended so as to comply with that clause. 25 PENSION BENEFITS, 1993 P-6.001 REG 1 (3) Subject to subsection (4), the commuted value of a benefit determined pursuant to a defined benefit provision must be determined as of the date of the termination of the membership, death, pension commencement or termination of the plan, as the case may be, and must be adjusted with respect to the period between that date and a date not earlier than the end of the month preceding the payment or transfer of the commuted value out of the plan, for interest at a rate not less than the rate of interest that was assumed in determining the commuted value over the same period of time. (4) Where the period between the date as of which the commuted value was determined pursuant to subsection (3) and the date of the payment or transfer of the commuted value out of the plan exceeds 120 days, the administrator may elect to recompute for all affected members the commuted value as of the date of payment or transfer instead of adjusting the commuted value for interest pursuant to subsection (3). 2 Jly 93 cP-6.001 Reg 1 s24; 1 Sep 2017 SR 100/2017 s12. Exception to commuted value determination - certain limited liability plans 24.1 If a limited liability plan to which section 36.98 applies provides that the commuted value of benefits or a portion of the commuted value of benefits of a defined benefit provision is to be determined in accordance with the actuarial assumptions used to determine the going concern liabilities, without including any margin for adverse deviations, for the purposes of determining the commuted value of those benefits or portions of the commuted value of benefits: (a) subject to clause (b), if the best estimate funded number is equal to or greater than 1.00, the commuted value of benefits or a portion of the commuted value of benefits must be determined in accordance with the actuarial assumptions used to determine the going concern liabilities, without including any margin for adverse deviations, in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan; or (b) if the best estimate funded number is less than 1.00, the commuted value of benefits or a portion of the commuted value of benefits is the amount A determined in accordance with the following formula: A = B × C where: B is the value determined in accordance with the actuarial assumptions used to determine the going concern liabilities, without including any margin for adverse deviations, in the actuarial valuation report or cost certificate most recently filed respecting the limited liability plan; and C is the best estimate funded number of the limited liability plan. 1 Sep 2017 SR 100/2017 s13. 26 P-6.001 REG 1 PENSION BENEFITS, 1993 Classes of employees in a plan 25(1) The prescribed classes of employees referred to in subsection 26(1) of the Act are employees who fall within any of the following classes: (a) employees who are paid a salary; (b) employees who are paid on an hourly basis; (c) employees who are members of a trade union; (d) employees who are not members of a trade union; (e) supervisory employees; (f) management employees; (g) executive employees; (h) employees who are officers of the employer; (i) employees who are significant shareholders within the meaning of subsection 41(1) of the Act; (j) persons who fall within clause (c) or (d) and also any of clause (a) or (b) or (e) to (i); (k) employees belonging to such other identifiable group of employees as is acceptable to the superintendent; and (l) employees belonging to an identifiable group of employees who are members of a plan. (2) For the purposes of subsection 26(1) of the Act, different employers in a plan that is administered for employees of two or more employers may have different prescribed classes of employees covered by the plan. (3) A plan in which the only member is a single employee who, but for this subsection, falls within a class described in clause (1)(g), (h) or (i) is exempt from section 26 of the Act, and that employee shall be treated for the purposes of the Act and these regulations as not falling within that class. 2 Jly 93 cP-6.001 Reg 1 s25. Pensioner recommencing covered employment 26(1) A plan must provide that where a former member of the plan who is in receipt of a pension from the plan recommences work or service in an employment covered by the plan: (a) payment of the pension is to continue and the former member is not eligible to become a member; or (b) payment of the pension is to be suspended and the former member is to become a member with effect from the date of the commencement of the subsequent employment; but the plan may make the provisions referred to in clauses (a) and (b) applicable under differing circumstances. 27 PENSION BENEFITS, 1993 P-6.001 REG 1 (2) Where a plan provides for the suspension of payment of the pension as provided in clause (1)(b), the amount of the pension payable at the subsequent commencement of the pension of the former member must be at least equal to the sum of: (a) the amount of the pension that is provided for the former member’s employment from the date the former member commenced the subsequent employment to the date of the subsequent commencement of the pension of the former member pursuant to the terms of the plan at the date the subsequent pension commences; and (b) if the initial commencement of pension occurred before the date on which a pension may commence without reduction pursuant to the plan, the amount of the pension that would have been payable had the initial pension commencement occurred at that date reduced in accordance with the terms of the plan as they were at the initial pension commencement; or (c) if the initial commencement of pension occurred at or after the date on which a pension may commence without reduction pursuant to the plan, the amount of pension payable at the initial commencement of pension. (3) The calculation of a reduction pursuant to clause (2)(b) must be based on the assumption of the former member’s having attained an age that is equal to the former member’s age, in years and any portion of a year, at the subsequent commencement of pension less the number of years and any portion of a year between the initial commencement of pension and the effective date of the suspension. (4) Notwithstanding subsections (2) and (3), a plan may provide that the amount of pension that was payable at the initial pension commencement and that becomes payable at the subsequent pension commencement be increased in an alternative manner that the superintendent considers reasonable and appropriate. 2 Jly 93 cP-6.001 Reg 1 s26. Exception to locking in the commuted value of a pension for non-residency 26.1(1) Subject to subsection (2), for the purposes of section 29 of the Act a plan may provide that a person entitled to a benefit under the plan who has not commenced his or her pension may withdraw as a lump sum an amount equal to the commuted value of that benefit: (a) if the person: (i) is a nonresident of Canada as determined for the purposes of the Income Tax Act (Canada); (ii) has not resided in Canada for at least two consecutive years; (iii) provides the administrator with written evidence that the Canada Revenue Agency has determined that the person is a nonresident of Canada for the purposes of the Income Tax Act (Canada); and (iv) completes and files with the administrator a certificate of nonresidency in Form 4; and 28 P-6.001 REG 1 PENSION BENEFITS, 1993 (b) if the person has a spouse, the person obtains the spouse’s consent to withdrawal and waiver of entitlements in Form 5 and files a copy of the completed form with the administrator. (2) Subsection (1) does not apply to a member. (3) Section 28 does not apply to a withdrawal made pursuant to this section. 12 Dec 2014 SR 104/2014 s3. Interest calculation and application 27(1) For the purposes of section 30 of the Act, interest, gains and losses shall be calculated in the manner and applied to contributions at the times, and at not less than the rates, provided by this section. (2) The rate of interest to be applied to contributions for the purposes of clauses 30(a), (c) and (d) of the Act is the amount determined pursuant to the plan as the gross rate of return earned by the pension fund that holds those contributions for the most recently completed period for which interest is to be applied, less the rate attributable to any expenses of administering the plan with respect to that period that are required to be paid out of the pension fund. (3) The rate of interest to be applied to contributions for the purposes of clause 30(b) of the Act is: (a) the rate specified in subsection (2); or (b) the rate of interest calculated on the basis of the average of the yields of the five-year personal fixed term chartered bank deposit rates, determined by reference to the last weekly rate of each month as published by the Bank of Canada in CANSIM series V80691336, with an averaging period equal to the number of months in the period for which interest is to be applied to a maximum of 12 months, rounded downwards to the next full 1/10 of 1% if that calculation would result in a fraction of 1% that is expressed other than as a multiple of a full 1/10 of 1%. (4) A plan to which subsection (3) applies must provide that interest is be applied in accordance with either clause (3)(a) or (b). (5) Interest shall be calculated at least annually, forthwith after the end of each fiscal year. (6) Interest shall be applied at least annually, with respect to member contributions, additional voluntary contributions, optional ancillary contributions and, if applicable, employer contributions: (a) with interest accumulated up to the end of the fiscal year preceding the most recently completed fiscal year, at the applicable rate prescribed by subsection (2) or (3); and (b) made during the most recently completed fiscal year, at one-half of the applicable rate prescribed by subsection (2) or (3). 29 PENSION BENEFITS, 1993 P-6.001 REG 1 (7) Where a person becomes entitled to the payment of a benefit, interest shall be applied on the accumulated benefit up to the end of the month preceding the date of payment or the first payment in a series of payments: (a) with respect to all member contributions, additional voluntary contributions, optional ancillary contributions and, if applicable, employer contributions, with interest, accumulated to the end of the most recently completed fiscal year, at whichever of the following rates is provided pursuant to the plan, rounded downwards to the next full 1/10 of 1% where the rate so provided for would result in a fraction of 1% that is expressed other than as a multiple of a full 1/10 of 1%: (i) the rate calculated by dividing 365 into the product of the number of days in the uncompleted fiscal year with respect to which interest is to be paid and the applicable rate provided for by subsection (2) or (3) at the end of the preceding fiscal year; (ii) the actual net rate of interest earned by the plan during that portion of the uncompleted fiscal year; or (iii) an estimate of the actual net rate of interest determined solely on the basis of information regarding the performance of the investments of the assets of the plan during that portion of the uncompleted fiscal year, as reported to the administrator by the fund holder or the person making the plan investments; and (b) to contributions made during the more recently uncompleted fiscal year, at one-half of the interest rate prescribed by subclause (a)(i), (ii) or (iii). (8) Where the rate determined pursuant to subclause (7)(a)(i) would result in a negative interest rate, the interest rate to be applied pursuant to that subclause is 0%. (9) Once the method of calculating the rate pursuant to clause (7)(a) or (b) has been chosen with respect to a fiscal year, that same method shall be used with respect to all benefit payments from the plan to be made during that fiscal year. (10) Notwithstanding clause (6)(b) and subsection (7), a plan may provide for interest on contributions referred to in that clause or subsection to be calculated in such other manner and at such other rate as the superintendent considers reasonable and appropriate. 2 Jly 93 cP-6.001 Reg 1 s27; 11 Mar 2005 SR 19/2005 s10; 1 Sep 2017 SR 100/2017 s14; 3 Apr 2020 SR 29/2020 s2. Transfers 28(1) In this section: (a) “transfer” means a transfer of the commuted value of a benefit pursuant to section 32 of the Act; and (b) “transfer deficiency” means, where the solvency ratio is less than 1:1 at the date of the last review, the amount by which the commuted value of a benefit exceeds the product of that commuted value and the solvency ratio. 30 P-6.001 REG 1 PENSION BENEFITS, 1993 (2) Where a plan has a solvency ratio of less than 1:1, the administrator shall not make a transfer unless: (a) the employer has remitted sufficient moneys to the plan to eliminate any transfer deficiency relating to the transfer; (b) the transfer deficiency relating to the transfer is less than 5% of the Year’s Maximum Pensionable Earnings for the year in which the transfer is made and the total of all such transfer deficiencies transferred since the last review date does not exceed 5% of the market value of the assets of the plan at the time of the transfer; or (c) the transfer is of an amount equal to the commuted value of a benefit less the transfer deficiency relating to the transfer. (3) Any transfer deficiency that remains untransferred must be transferred within five years of the initial transfer and include interest up to the end of the month preceding the date when the last or only transfer was made. (4) The administrator shall transfer the transfer deficiency on the conditions of the initial transfer unless notified otherwise by the person who is entitled to have the transfer deficiency transferred. (5) This section does not apply to the commuted value of benefits or portion of the commuted value of benefits determined in accordance with section 24.1. (6) This section does not apply to a transfer of the commuted value of benefits or portion of the commuted value of benefits from: (a) a prescribed plan pursuant to section 36.9; or (b) the Saskatchewan Teachers’ Retirement Plan registered pursuant to the Act as number 0689075. 2 Jly 93 cP-6.001 Reg 1 s28; 5 Jly 2013 SR 47/2013 s7; 1 Sep 2017 SR 100/2017 s15; 4 Dec 2020 SR 121/2020 s2. Certain transfers and payments limited 28.1(1) Notwithstanding any other provision of these regulations, an administrator must obtain the prior written consent of the superintendent to do any of the following if, in the superintendent’s opinion, the transfer or payment would impair the solvency of the pension fund: (a) transfer moneys or make a payment out of a defined benefit plan pursuant to section 20, 31, 32, 33 or 48 of the Act or section 26.1; (b) transfer moneys or make a payment out of a defined benefit plan to purchase a life annuity. (2) The superintendent may, in writing, consent to or direct a full or partial transfer or payment mentioned in subsection (1) on terms and conditions the superintendent considers appropriate in the circumstances. 24 Apr 2020 SR 40/2020 s2. 31 PENSION BENEFITS, 1993 P-6.001 REG 1 Locked-in retirement account 29(1) In this section and in sections 29.01 to 29.06: (a) “contract” means a locked-in retirement account contract, except in clauses (b), (d) and (e); (b) “life annuity contract” means a contract with an insurance business under which the insurance business guarantees the payment of a pension that is not commutable to the owner of a contract who attains at least: (i) the age of 55 years; or (ii) where that owner provides evidence to the satisfaction of the issuer of the contract that the plan or any of the plans from which the money was transferred provides for payment of the pension at an earlier age, that earlier age; and that, subject to subsection (6), does not take into account the sex of the person and the co-annuitant, if any, in determining the amount of the pension; (c) Repealed. 5 Apr 2002 SR 32/2002 s4. (d) “locked-in retirement account contract” means a contract with respect to a registered retirement savings plan that is registered as such pursuant to the Income Tax Act (Canada), issued to hold locked-in money that is the subject of a transfer; (d.1) “principal residence” means, with respect to an individual, a premises, including a non-seasonal mobile home, that is occupied by the individual as the individual’s primary place of residence; (e) “registered retirement income fund contract” means a registered retirement income fund contract as defined in section 29.1. (2) For the purposes of the Act, a prescribed RRSP is a contract that complies with the provisions of the Act and this section. (2.1) For the purposes of this section, money is locked in if its withdrawal, surrender or commutation is prohibited. (3) An issuer of a contract shall not accept any transfer unless the contract is in a form that complies with the Act and these regulations. (4) A contract must contain the following provisions: (a) that any term in the contract has the meaning provided in the Act or these regulations; (a.1) that money held pursuant to the contract by the issuer of the contract on behalf of the owner of the contract shall not be withdrawn, surrendered or commuted; (b) that locked-in money includes interest, gains and losses; (c) that, subject to clause (i), no transfer out of locked-in money is permitted except: (i) to another contract; (ii) to purchase a life annuity contract; (iii) to purchase a registered retirement income fund contract; (iv) Repealed. 5 Apr 2002 SR 32/2002 s4. 32 P-6.001 REG 1 PENSION BENEFITS, 1993 (v) to a plan on the conditions referred to in clause 32(2)(a) of the Act; (vi) subject to clause (c.1), to a pooled retirement savings account contract on the conditions set out in subsection 16(19) of The Pooled Registered Pension Plans (Saskatchewan) Regulations; (vii) to a pooled retirement income account contract on the conditions set out in subsection 17(7) of The Pooled Registered Pension Plans (Saskatchewan) Regulations; (c.1) that, if the owner of a contract who was a member of the plan, or a member of the pooled registered pension plan, from which the money was transferred elects to transfer the money pursuant to subclause (c)(vi) and that owner has a spouse, no transfer shall be made unless the owner’s spouse waives his or her entitlement to a pension that complies with section 34 of the Act by delivering a written and signed waiver in Form 3 to the issuer of the contract before the transfer; (d) that the locked-in money will be invested in a manner that complies with the rules for the investment of a registered retirement savings plan pursuant to the Income Tax Act (Canada); (e) that, where locked-in money is paid out contrary to the Act or this section, the issuer of the contract will provide or ensure the provision of a pension in the amount of the pension that would have been provided had the locked-in money not been paid out; (f) that the issuer of the contract, before transferring out the locked-in money pursuant to clause (c), will advise the transferee in writing of the locked- in status of the money and make acceptance of the transfer subject to the conditions provided for in this subsection; (g) that if the transferring issuer does not comply with clause (f) and the transferee fails to pay the money transferred in the form of a pension or in the manner required by this section, the transferring issuer will provide or ensure the provision of the pension referred to in clause (e); (h) that the pension to be provided to the owner of a contract who: (i) was a member of the plan, or a member of the pooled registered pension plan, from which the money was transferred; and (ii) has a spouse at the date when the pension commences; shall comply with section 34 of the Act except that a waiver of entitlement shall be filed with the issuer of the contract; (i) that on the death of the owner of a contract who was a member of the plan or a member of the pooled registered pension plan from which the money was transferred: (i) the surviving spouse is entitled to the locked-in money in the contract; (ii) if there is no surviving spouse, the designated beneficiary of the owner is entitled to the locked-in money in the contract; (iii) if there is no surviving spouse or designated beneficiary of the owner, the estate of the owner is entitled to the locked-in money in the contract; and (iv) the locked-in money in the contract will be transferred to the surviving spouse, the designated beneficiary or the estate of the owner, as the case may be, in accordance with subsections (4.1) to (4.5); 33 PENSION BENEFITS, 1993 P-6.001 REG 1 (j) that all contracts are subject, with any necessary modification, to the division on spousal relationship breakdown provisions in Part VI of the Act; (k) Repealed. 19 May 2006 SR 41/2006 s3. (l) Repealed. 5 Apr 2002 SR 32/2002 s4. (m) that the locked-in money in the contract is subject to attachment for the purpose of enforcing a maintenance order as defined in The Enforcement of Maintenance Orders Act; (n) that, where an amount has been attached pursuant to clause (m), the issuer shall deduct from the locked-in money in the contract: (i) an amount, not to exceed $250, that reasonably represents the cost to the issuer of complying with the attachment; (ii) the total amount of taxes, if any, that are required to be deducted or withheld as a result of the attachment; and (iii) the lesser of: (A) the amount attached; and (B) the remainder of the locked-in money in the contract; and (o) that, where an amount has been attached pursuant to clause (m): (i) the owner of the contract has no further claim or entitlement to any pension respecting the amount attached; and (ii) the issuer is not liable to any person by reason of having made payment pursuant to an attachment mentioned in clause (m). (4.1) A contract shall provide that, subject to subsection (4.2), a surviving spouse who is entitled to the locked-in money in a contract pursuant to paragraph (4)(i)(A) may, within 180 days following the day on which proof of death of the member or former member is provided to the issuer of the contract, elect: (a) to transfer the locked-in money in the contract in accordance with subsection 32(2) of the Act; or (b) to receive a lump sum payment equal to the locked-in money in the contract. (4.2) A contract may provide that a surviving spouse who fails to make an election pursuant to subsection (4.1) is deemed to have elected to receive the pension in the form of a lump sum payment pursuant to clause (4.1)(b). (4.3) A contract shall provide that if an owner of a contract who was a member of the plan or a member of the pooled registered pension plan from which the money was transferred dies leaving no surviving spouse, a lump sum payment equal to the locked-in money to which a surviving spouse would have been entitled pursuant to subsection (4.1) is to be paid: (a) to the designated beneficiary of the owner; or (b) if there is no validly designated beneficiary, to the estate of the owner. 34 P-6.001 REG 1 PENSION BENEFITS, 1993 (4.4) A contract may provide that, at any time before the date of death of the owner, the spouse of the owner: (a) may waive the spouse’s entitlement pursuant to subsection (4.1) by delivering a written and signed waiver in Form 0.1 of the Appendix to the issuer of the contract; and (b) may revoke a waiver delivered pursuant to clause (a) by delivering a written and signed notice of revocation to the issuer of the contract. (4.5) A contract that permits a waiver of the spouse’s entitlement shall provide that, if a waiver pursuant to subsection (4.4) is in effect on the date of death of the owner, subsection (4.3) applies as if the owner died leaving no surviving spouse. (5) Subject to subsections (6) and (7), a policy as defined in section 42 of the former regulations is subject to this section. (6) A life annuity contract purchased by the locked-in money accumulated in a policy as defined in section 42 of the former regulations may vary according to the sex of the former member. (7) A contract shall contain a statement as to whether or not a life annuity contract purchased with the locked-in money in the contract may vary according to the sex of the owner of the contract. (8) Notwithstanding subsection (4), but subject to clause (4)(h), the contract may provide for the withdrawal of money as a lump sum or series of payments for the purposes of subsection 39(2) of the Act, where a physician certifies that due to mental or physical disability the life expectancy of the owner is shortened considerably. (8.1) Notwithstanding subsection (4) but subject to subsection (8.2), the contract may provide for the withdrawal of the locked-in money as a lump sum if the amount of the locked-in money in the contract does not exceed 20% of the Year’s Maximum Pensionable Earnings in effect in the year in which the withdrawal occurs. (8.2) The issuer shall not permit a withdrawal pursuant to subsection (8.1) unless the issuer is satisfied that the owner has no other locked-in money. (8.3) Notwithstanding subsection (4), the contract must provide for the withdrawal of the locked in money as a lump sum payment: (a) if the owner of the contract: (i) is a nonresident of Canada as determined for the purposes of the Income Tax Act (Canada); (ii) has not resided in Canada for at least two consecutive years; (iii) provides the issuer with written evidence that the Canada Revenue Agency has determined that the owner of the contract is a nonresident of Canada for the purposes of the Income Tax Act (Canada); and (iv) completes and files with the issuer a certificate of non residency in Form 4; and (b) if the owner of the contract has a spouse, the owner of the contract obtains the spouse’s consent to withdrawal and waiver of entitlements in Form 5 and files a copy of the completed form with the issuer of the contract. 35 PENSION BENEFITS, 1993 P-6.001 REG 1 (8.4) Notwithstanding subsection (4), the contract must provide that the owner of the contract may, on application, withdraw all or part of the locked-in money in a contract: (a) subject to and in accordance with section 29.01, if the owner’s expected total income from all sources, before taxes, for the 12 months after the date on which the application for withdrawal is signed by the owner of the contract is 66 2/ % or less of the Year’s Maximum Pensionable Earnings for the year in 3 which the application is signed; (b) subject to and in accordance with section 29.02, if the owner, the owner’s spouse or a dependant of either has incurred or will incur medical expenses and those medical expenses are not paid by, and are not subject to reimbursement from, any other source; (c) subject to and in accordance with section 29.03, if the owner or the owner’s spouse has received a written demand with respect to arrears in the payment of rent for the owner’s or the spouse’s principal residence, and the owner or spouse could face eviction if the arrears remain unpaid; (d) subject to and in accordance with section 29.04, if the owner or the owner’s spouse has received a written demand with respect to a default on a debt that is secured against the owner’s or the spouse’s principal residence, and the owner or spouse could face eviction or legal action if the amount in default remains unpaid; (e) subject to and in accordance with section 29.05, if the owner requires the money to pay the first month’s rent, security deposit or pet damage deposit required to be paid to obtain a principal residence for the owner or the owner’s spouse. (9) The issuer of a contract shall comply with the contractual provisions provided for in subsection (4) of a contract to which it is a party, or ensure that the contractual provisions are complied with. (10) If a contract does not contain a provision required by subsection (4), (8.3) or (8.4) or sections 29.01 to 29.05, the contract shall be deemed to contain whatever provision would be necessary to make it comply with subsection (4), (8.3) or (8.4) or sections 29.01 to 29.05, as the case may be. (11) Subject to clauses (4)(j) and (m), the balance of the locked-in money in a contract may not be assigned, charged, alienated or anticipated and is exempt from execution, seizure or attachment. (12) Subject to clauses (4)(j) and (m), any transaction that purports to assign, charge, alienate or anticipate the balance of the locked-in money in a contract is void. 2 Jly 93 cP-6.001 Reg 1 s29; 11 Jly 97 SR 60/97 s3; 5 Apr 2002 SR 32/2002 s4; 11 Mar 2005 SR 19/2005 s11; 19 May 2006 SR 41/2006 s4; 12 Dec 2014 SR 104/2014 s4; 4 Mar 2016 SR 26/2016 s5; 1 Sep 2017 SR 100/2017 s16; 3 Dec 2021 SR 122/2021 s3. 36 P-6.001 REG 1 PENSION BENEFITS, 1993 Low expected income 29.01(1) An owner of a contract seeking to make a withdrawal on the basis of a circumstance of financial hardship mentioned in clause 29(8.4)(a) must apply for that withdrawal to the issuer of the contract in accordance with this section. (2) Only one application may be made pursuant to this section during any calendar year with respect to each contract. (3) An application pursuant to this section must: (a) be made in the form and manner required by the superintendent; (b) subject to subsection (4), specify the amount of locked-in money to be withdrawn from the contract; (c) contain a statement signed by the owner indicating that the owner understands that any money withdrawn pursuant to this section will not be exempt from execution, seizure or attachment pursuant to section 63 of the Act; (d) specify the amount of the owner’s expected total income from all sources, before taxes, for the 12 months after the date on which the application is signed by the owner of the contract; and (e) be signed by the owner of the contract not more than 90 days before the date on which the application is received by the issuer of the contract. (4) The maximum amount that may be withdrawn from a contract is the sum of: (a) the amount calculated using the following formula: X — L where: X is 50% of the Year’s Maximum Pensionable Earnings for the year in which the application is signed by the owner of the contract; and L is 75% of the owner’s expected total income from all sources, before taxes, for the 12 months after the date on which the application is signed by the owner of the contract; and (b) the total amount of taxes, if any, that must be deducted or withheld as a result of a withdrawal. (5) For the purposes of this section, an owner’s expected total income from all sources, before taxes, does not include a withdrawal pursuant to this section. (6) If the owner of a contract has a spouse, that owner shall not make a withdrawal pursuant to this section unless the issuer of the contract has received a spouse’s consent to withdrawal and waiver of entitlements in Form 6 of the Appendix signed by the owner’s spouse in the presence of a witness and outside the presence of the owner not more than 90 days before the date of the withdrawal. 3 Dec 2021 SR 122/2021 s4. 37 PENSION BENEFITS, 1993 P-6.001 REG 1 Medical expenses 29.02(1) In this section: (a) “dentist” means a dentist who is licensed to practise dentistry in any jurisdiction in Canada; (b) “dependant” means a person who was dependent on the owner or the owner’s spouse for support at some time during either: (i) the calendar year in which the application is signed by the owner of the contract; or (ii) the calendar year that immediately preceded the year mentioned in subclause (i); (c) “medical expenses” include: (i) expenses for goods and services that are medical or dental in nature; and (ii) expenses incurred or that will be incurred for renovations or alterations to the principal residence of an owner, an owner’s spouse or a dependant and any additional expenses incurred in the construction of a principal residence made necessary by the illness or disability of the owner, the owner’s spouse or a dependant; (d) “physician” means a physician who is licensed to practise medicine in any jurisdiction in Canada. (2) An owner of a contract seeking to make a withdrawal on the basis of a circumstance of financial hardship mentioned in clause 29(8.4)(b) must apply for that withdrawal to the issuer of the contract in accordance with this section. (3) Only one application may be made pursuant to this section during any calendar year with respect to each contract for medical expenses incurred by a particular person. (4) An application pursuant to this section must: (a) be made in the form and manner required by the superintendent; (b) subject to subsection (5), specify the amount of locked-in money to be withdrawn from the contract; (c) contain a statement signed by the owner indicating that the owner understands that any money withdrawn pursuant to this section will not be exempt from execution, seizure or attachment pursuant to section 63 of the Act; (d) include a statement signed by a physician or dentist, as the case may be, indicating that, in the physician or dentist’s opinion, the expenses claimed are or were necessary for the person’s treatment; (e) include a copy of the receipts or the estimate to account for the total of the medical expenses being claimed; and (f) be signed by the owner of the contract not more than 90 days before the date on which the application is received by the issuer of the contract. 38 P-6.001 REG 1 PENSION BENEFITS, 1993 (5) The maximum amount that may be withdrawn from a contract is the sum of: (a) the amount required to pay any medical expenses incurred within the one-year period immediately preceding the date on which the application is signed by the owner of the contract; (b) the amount required to pay any medical expenses expected to be incurred within the one-year period immediately after the date on which the application is signed by the owner of the contract; and (c) the total amount of taxes, if any, that must be deducted or withheld as a result of a withdrawal. (6) A record submitted for the purposes of clauses (4)(d) and (e) must be signed or dated, as the case may be, not more than 12 months before the date the application mentioned in subsection (2) is received by the issuer of the contract. (7) If the owner of a contract has a spouse, that owner shall not make a withdrawal pursuant to this section unless the issuer of the contract has received the spouse’s consent to withdrawal and waiver of entitlements in Form 6 of the Appendix signed by the owner’s spouse in the presence of a witness and outside the presence of the owner not more than 90 days before the date of the withdrawal. 3 Dec 2021 SR 122/2021 s4. Rent arrears 29.03(1) An owner of a contract seeking to make a withdrawal on the basis of a circumstance of financial hardship mentioned in clause 29(8.4)(c) must apply for that withdrawal to the issuer of the contract in accordance with this section. (2) Only one application may be made pursuant to this section during any calendar year with respect to each contract. (3) An application pursuant to this section must: (a) be made in the form and manner required by the superintendent; (b) subject to subsection (4), specify the amount of locked-in money to be withdrawn from the contract; (c) contain a statement signed by the owner, indicating that the owner understands that any money withdrawn pursuant to this section will not be exempt from execution, seizure or attachment pursuant to section 63 of the Act; (d) include a copy of the written demand with respect to the arrears in the payment of rent for the owner’s or spouse’s principal residence that sets out the amount required to pay the rental arrears and all directly related enforcement costs and reinstate the tenancy dated not more than 12 months before the date on which the application is received by the issuer of the contract; and (e) be signed by the owner of the contract not more than 90 days before the date on which the application is received by the issuer of the contract. 39 PENSION BENEFITS, 1993 P-6.001 REG 1 (4) The maximum amount that may be withdrawn from a contract is the sum of: (a) the amount required to pay the rental arrears and all directly related enforcement costs to reinstate the tenancy; and (b) the total amount of taxes, if any, that must be deducted or withheld as a result of a withdrawal. (5) If the owner of a contract has a spouse, that owner shall not make a withdrawal pursuant to this section unless the issuer of the contract has received a spouse’s consent to withdrawal and waiver of entitlements in Form 6 of the Appendix signed by the owner’s spouse in the presence of a witness and outside the presence of the owner not more than 90 days before the date of the withdrawal. 3 Dec 2021 SR 122/2021 s4. Mortgage default 29.04(1) An owner of a contract seeking to make a withdrawal on the basis of a circumstance of financial hardship mentioned in clause 29(8.4)(d) must apply for that withdrawal to the issuer of the contract in accordance with this section. (2) Only one application may be made pursuant to this section during any calendar year with respect to each contract. (3) An application pursuant to this section must: (a) be made in the form and manner required by the superintendent; (b) subject to subsection (4), specify the amount of locked-in money to be withdrawn from the contract; (c) contain a statement signed by the owner indicating that the owner understands that any money released pursuant to this section will not be exempt from execution, seizure or attachment pursuant to section 63 of the Act; (d) include a copy of the written demand with respect to the default on the mortgage debt secured against the owner’s or spouse’s principal residence, that sets out the following: (i) the amounts requiring payment to bring the mortgage into good standing, including: (A) the amount required to pay the mortgage debt in default; and (B) all directly related enforcement costs; (ii) the civic address of the owner’s or the owner’s spouse’s principal residence that is subject to the enforcement proceedings; (iii) a statement of the amount of the regular periodic payments required to be made in relation to the mortgage debt; and (e) be signed by the owner of the contract not more than 90 days before the date on which the application is received by the issuer of the contract. 40 P-6.001 REG 1 PENSION BENEFITS, 1993 (4) The maximum amount that may be withdrawn from the contract is the sum of: (a) the amount required to pay the mortgage debt in default and all directly related enforcement costs to bring the mortgage into good standing; and (b) the total amount of taxes, if any, that must be deducted or withheld as a result of a withdrawal. (5) A record submitted for the purposes of clause (3)(d) must be signed and dated not more than 12 months before the date the application mentioned in subsection (1) is received by the issuer of the contract. (6) If the owner of a contract has a spouse, that owner shall not make a withdrawal pursuant to this section unless the issuer of the contract has received a spouse’s consent to withdrawal and waiver of entitlements in Form 6 of the Appendix signed by the owner’s spouse in the presence of a witness and outside the presence of the owner not more than 90 days before the date of the withdrawal. 3 Dec 2021 SR 122/2021 s4. First month’s rent, security deposit and pet damage deposit to secure principal residence 29.05(1) An owner of a contract seeking to make a withdrawal on the basis of a circumstance of financial hardship mentioned in clause 29(8.4)(e) must apply for that withdrawal to the issuer of the contract in accordance with this section. (2) Only one application may be made pursuant to this section during any calendar year with respect to each contract. (3) An application pursuant to this section must: (a) be made in the form and manner required by the superintendent; (b) subject to subsection (4), specify the amount of locked-in money to be withdrawn from the contract; (c) contain a statement signed by the owner indicating that the owner understands that any money released pursuant to this section will not be exempt from execution, seizure or attachment pursuant to section 63 of the Act; (d) include a copy of the rental agreement, if applicable; and (e) be signed by the owner of the contract not more than 90 days before the date on which the application is received by the issuer of the contract. (4) The maximum amount that may be withdrawn from the contract is the sum of: (a) the amount required to pay the first month’s rent, the security deposit and the pet damage deposit, if applicable; and (b) the total amount of taxes, if any, that must be deducted or withheld as a result of a withdrawal. (5) A record submitted for the purposes of clause (3)(d) must be dated not more than 12 months before the date the application mentioned in subsection (1) is received by the issuer of the contract. 41 PENSION BENEFITS, 1993 P-6.001 REG 1 (6) If the owner of a contract has a spouse, that owner shall not make a withdrawal pursuant to this section unless the issuer of the contract has received a spouse’s consent to withdrawal and waiver of entitlements in Form 6 of the Appendix signed by the owner’s spouse in the presence of a witness and outside the presence of the owner not more than 90 days before the date of the withdrawal. 3 Dec 2021 SR 122/2021 s4. Authorization to make the payment 29.06(1) An issuer of a contract is entitled to rely on the information provided by the owner of the contract in an application to withdraw the locked-in money from the contract pursuant to section 29.01, 29.02, 29.03, 29.04 or 29.05, as the case may be. (2) An application that meets the requirements of the applicable section constitutes authorization to the issuer of the contract to make the payment from the account in accordance with that section. (3) Payment of an amount mentioned in subsection (2) may be made in any of the following forms: (a) lump sum payment; (b) transfer to an RRSP designated by the owner of the contract. 3 Dec 2021 SR 122/2021 s4. Registered retirement income fund contracts 29.1(1) In this section: (a) “contract” means a registered retirement income fund contract; (b) “money in the contract” means money that is held by the issuer of the contract on behalf of the owner of the contract and that is governed by the terms and conditions of the contract; (c) “registered retirement income fund contract” means a contract that is registered as a retirement income fund pursuant to the Income Tax Act (Canada). (2) For the purposes of clause 32(2)(d) of the Act, a contract that meets the requirements of the Act and this section is a prescribed retirement plan. (3) An issuer shall not enter into a contract except with respect to money transferred from: (a) a locked-in retirement account contract as defined in section 29; (b) a life income fund contract that was entered into before the repeal of section 30; (c) a locked-in retirement income fund contract that was entered into before the repeal of section 31; (d) another contract that is prescribed as a retirement plan for the purposes of clause 32(2)(d) of the Act; 42 P-6.001 REG 1 PENSION BENEFITS, 1993 (e) a plan, as a transfer pursuant to section 32 of the Act; (f) a policy as defined by section 42 of the former regulations; (g) the Saskatchewan Pension Plan established by The Saskatchewan Pension Plan Act; (h) a pooled registered pension plan;

(i) a pooled retirement savings account contract; or (j) a pooled retirement income account contract. (4) An issuer shall not enter into a contract unless the contract contains the following provisions: (a) that, where money in a contract is paid out contrary to the Act or this section, the issuer of the contract will provide or ensure the provision of an amount equal to the amount that would have been provided pursuant to the contract if the money in the contract had not been paid out; (b) that no money may be transferred to a contract unless: (i) either: (A) the owner of the contract is at least 55 years of age; or (B) where the owner of the contract provides evidence to the satisfaction of the issuer that the plan or any of the plans from which money is to be transferred provides for retirement at an earlier age, the owner has attained that earlier age; and (ii) a consent to transfer in Form 1 or Form 1.1 of the Appendix has been signed by the spouse and filed with one of the following, as the case may require: (A) the issuer, in the case of a locked-in retirement account contract mentioned in clause (3)(a); (B) the carrier, in the case of a life income fund contract mentioned in clause (3)(b); (C) the carrier, in the case of a locked-in retirement income fund contract mentioned in clause (3)(c); (D) the administrator, in the case of a pension plan mentioned in clause (3)(e); (E) the issuer, in the case of a policy mentioned in clause (3)(f); (F) the Saskatchewan Pension Plan Board of Trustees, in the case of the Saskatchewan Pension Plan; (G) the administrator of the pooled registered pension plan, in the case of a pooled registered pension plan mentioned in clause (3)(h); (H) the issuer, in the case of a pooled retirement savings account contract mentioned in clause (3)(i); 43 PENSION BENEFITS, 1993 P-6.001 REG 1 (c) that, to the extent permitted by the Income Tax Act (Canada), the owner of a contract may transfer all or part of the money in the contract: (i) to another contract; (ii) to a locked-in retirement account contract as defined in section 29; (iii) to purchase a life annuity contract that meets the requirements of section 34 of the Act; (iv) to a plan that: (A) provides for the payment of variable benefits in accordance with section 29.2; and (B) permits the transfer; (v) to a pooled retirement savings account contract on the conditions set out in subsection 16(19) of The Pooled Registered Pension Plans (Saskatchewan) Regulations; or (vi) to a pooled retirement income account contract on the conditions set out in subsection 17(7) of The Pooled Registered Pension Plans (Saskatchewan) Regulations; (d) that, in accordance with section 63 of the Act: (i) the money in a contract may not be assigned, charged, alienated or anticipated and is exempt from execution, seizure or attachment; and (ii) any transaction that purports to assign, charge, alienate or anticipate the money in a contract is void; (e) that the contract is subject, with any necessary modification, to the division on spousal relationship breakdown provisions in Part VI of the Act; (f) that, pursuant to section 50 of the Act, the money in the contract is subject to attachment for the purpose of enforcing a maintenance order as defined in The Enforcement of Maintenance Orders Act; (g) that, for the purposes of clause 50(2)(a) of the Act, where an amount has been attached pursuant to The Enforcement of Maintenance Orders Act, the issuer shall deduct from the money in the contract an amount, not to exceed $250, that reasonably represents the cost to the issuer of complying with the attachment; (h) that on the death of the owner of a contract who was a member of the plan or a member of the pooled registered pension plan from which the money was transferred, either directly or indirectly, the balance of the money in the contract, to the extent permitted by the Income Tax Act (Canada), shall be paid: (i) where the owner had a spouse at the date of death who survives the owner for 30 days or more, to the surviving spouse unless a spouse’s waiver in Form 2 of the Appendix has been signed by the spouse and filed with the issuer; or 44 P-6.001 REG 1 PENSION BENEFITS, 1993 (ii) where there is no surviving spouse, where the spouse does not survive the owner for 30 days or more or where the surviving spouse has signed a spouse’s waiver in Form 2 and the waiver has been filed with the issuer, to a designated beneficiary, or if there is no designated beneficiary, to the personal representative of the owner’s estate in his or her representative capacity. (5) Notwithstanding subsection (4), at any time after a contract is issued, the issuer may accept a transfer of moneys into the contract from any of the sources mentioned in clauses (3)(a) to (j), from a contract that is not prescribed as a retirement plan for the purposes of clause 32(2)(d) of the Act or from an RRSP if: (a) the contract permits the transfer of the moneys into the contract; (b) the Income Tax Act (Canada) permits the transfer; and (c) in the case of a transfer from any of the sources mentioned in clauses (3) (a) to (j), the requirements of subclause (4)(b)(ii) have been met. 5 Apr 2002 SR 32/2002 s5; 19 May 2006 SR 41/2006 s4; 4 Mar 2016 SR 26/2016 s6; 1 Sep 2017 SR 100/2017 s17. Variable benefits 29.2(1) In this section: (a) “eligible plan” means a plan described in subsection (3); (b) “minimum amount” means the minimum amount for a calendar year determined with respect to a variable benefit account pursuant to subsection 8506(5) of the Income Tax Regulations (Canada); (c) “specified beneficiary” means a designated beneficiary of a member or former member who is a specified beneficiary within the meaning of subsection 8506(8) of the Income Tax Regulations (Canada); (d) “variable benefit” means a pension that: (i) is payable from a variable benefit account to a member or former member of an eligible plan or to the specified beneficiary of a deceased member or former member; (ii) with respect to a calendar year, is in an amount elected by the member or former member that is not less than the minimum amount determined for that calendar year; and (iii) meets the requirements of paragraph 8506(1)(e.1) of the Income Tax Regulations (Canada); (e) “variable benefit account” means the amount standing to the credit of a member or former member of an eligible plan with respect to which the member or former member has elected to receive a variable benefit. (2) Subject to this section, a defined contribution plan may permit a member or former member to elect to receive a variable benefit. 45 PENSION BENEFITS, 1993 P-6.001 REG 1 (3) An eligible plan must contain the following provisions: (a) a member or former member may elect to receive a variable benefit from the eligible plan by transferring an amount to a variable benefit account from an amount standing to the credit of the member or former member in the eligible plan; (b) to the extent permitted by the Income Tax Act (Canada), a member or former member who has elected to receive a variable benefit pursuant to clause (a) may transfer to the member’s variable benefit account all or any part of an amount standing to the credit of the member or former member in any of the following if they are permitted by the eligible plan: (i) another plan; (ii) a retirement plan prescribed for the purposes of clause 32(2)(d) of the Act; (iii) a locked-in retirement account contract as defined in section 29; (iv) a life income fund contract that was entered into before the repeal of section 30; (v) a locked-in retirement income fund contract that was entered into before the repeal of section 31; (vi) an RRSP; or (vii) a registered retirement income fund contract as defined in section 29.1 that is not prescribed as a retirement plan for the purposes of clause 32(2)(d) of the Act; (c) no amount may be transferred into a variable benefit account from a plan or contract mentioned in clause (a) or (b) unless: (i) a consent to the transfer in Form 2.01 of the Appendix has been signed by the spouse, if any, of the member or former member and filed with the administrator of the eligible plan; or (ii) the transfer is from: (A) a variable benefit account in another plan; (B) an RRSP; or (C) a registered retirement income fund contract as defined in section 29.1 whether or not it is prescribed as a retirement plan for the purposes of clause 32(2)(d) of the Act; (d) to the extent permitted by the Income Tax Act (Canada), the member or former member may transfer all or part of the amount in a variable benefit account to: (i) another plan; (ii) a locked-in retirement account contract as defined in section 29; 46 P-6.001 REG 1 PENSION BENEFITS, 1993 (iii) a registered retirement income fund contract as defined in section 29.1 that is prescribed as a retirement plan for the purposes of clause 32(2)(d) of the Act; or (iv) a life annuity contract that meets the requirements of section 34 of the Act; (e) a member or former member who elects to receive a variable benefit must designate a beneficiary; (f) subject to clause (g), a member or former member may revoke a designation of a beneficiary by designating a different beneficiary; (g) if a member or former member who elects to receive a variable benefit has a spouse, the beneficiary must be the spouse unless a spouse’s waiver in Form 2.02 of the Appendix has been signed by the spouse and filed with the administrator of the plan; (h) after the death of a member or former member who has elected to receive a variable benefit: (i) if the member or former member had a specified beneficiary, the variable benefit is to be paid to the specified beneficiary in accordance with the Income Tax Regulations (Canada); or (ii) if the member or former member did not have a specified beneficiary, the amounts that may be paid out of the variable benefit account are to be paid: (A) to the designated beneficiary of the member or former member; or (B) if there is no designated beneficiary, to the estate of the member or former member. (4) When a member or former member elects to receive a variable benefit from an eligible plan, the member or former member is deemed not to have commenced his or her pension with respect to any amount standing to the credit of the member or former member in the plan that is not transferred to the variable benefit account. (5) At the beginning of each year, the administrator of an eligible plan must provide, to any person who is entitled to receive a variable benefit from the plan in that year, a statement with respect to the variable benefit account from which the variable benefit is provided. (6) A statement required by subsection (5) must set out: (a) a summary of the transactions made in the previous year; (b) the balance remaining at the end of the previous year; (c) the minimum amount determined with respect to the current year; and (d) the date of birth with respect to which the minimum amount has been determined. 19 May 2006 SR 41/2006 s5. 47 PENSION BENEFITS, 1993 P-6.001 REG 1 30 Repealed. 5 Apr 2002 SR 32/2002 s6. 31 Repealed. 5 Apr 2002 SR 32/2002 s6. Pre-retirement survivor benefits 32(1) Where a benefit is payable pursuant to subsection 33(2) of the Act and there is no surviving spouse, the amount of a lump sum payment paid pursuant to subsection 33(5) of the Act must be based on the assumption that the member or former member had a spouse who had attained an age that was three years less than the age of the member or former member on the day of the death of the member or former member. (2) The period within which a surviving spouse may make an election pursuant to subsection 33(3) of the Act is the period of 180 days following the day on which proof of the death of the member or former member is provided to the administrator. (3) Form 2.1 of the Appendix is prescribed for the purposes of clause 33(6)(a) of the Act. 2 Jly 93 cP-6.001 Reg 1 s32; 11 Mar 2005 SR 19/2005 s12. Post-retirement survivor benefits 33(1) Subject to subsection (2), Form 3 set out in the Appendix is prescribed for the purposes of subsections 32(2.1) and 34(4) of the Act. (2) With respect to a member or former member who elects to receive a variable benefit, Form 2.01 and Form 3 set out in the Appendix are prescribed for the purposes of subsection 34(4) of the Act. 19 May 2006 SR 41/2006 s6; 4 Mar 2016 SR 26/2016 s7. Old age security offset 34 A plan may not provide for the reduction of a pension by reason of a member’s or former member’s entitlement to a pension pursuant to OAS except as provided for pursuant to subsection 36(2) of the Act. 2 Jly 93 cP-6.001 Reg 1 s34. Conversion of pension benefits 35(1) The conversion of pensions or parts of pensions to benefits payable pursuant to subsection 39(2) of the Act must be done in accordance with accepted actuarial practice that does not take into account the shortened life expectancy of the person referred to in that subsection. (2) For the purposes of subsection 39(1) of the Act: (a) the maximum amount of the commuted value is 20% of the Year’s Maximum Pensionable Earnings in effect in the year in which the payment occurs; or (b) the maximum amount of the annual pension is 4% of the Year’s Maximum Pensionable Earnings in effect in the year in which the payment occurs. 2 Jly 93 cP-6.001 Reg 1 s35; 11 Mar 2005 SR 19/2005 s13. 48 P-6.001 REG 1 PENSION BENEFITS, 1993 Special payments 36(1) This section and sections 36.7 and 36.92 apply only to plans that contain defined benefit provisions. (1.1) This section, other than clause (2)(b), does not apply to a plan to which section 36.8, 36.96, 36.97, 36.98 or 36.991 applies. (2) The tests referred to in subsection 40(2) of the Act for the solvency of plans are as set out in, and plans shall be funded in accordance with: (a) this section; and (b) sections 36.7, 36.8, 36.92, 36.96, 36.97, 36.98 and 36.991 to the extent, if any, that those sections apply. (3) Subject to subsection (4) and except as provided in sections 36.7 and 36.92, an employer shall pay into a plan: (a) in respect of current employment, an amount of employer contributions on at least a monthly basis equal to the normal actuarial cost allocated to the employer, as stated in the most recent actuarial valuation report or cost certificate filed; (b) where the plan has an unfunded liability, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability; and (c) where the plan has a solvency deficiency, payments consisting of equal payments made at least monthly that are sufficient to amortize the solvency deficiency over a period not exceeding five years from the review date relating to the establishment of the solvency deficiency; (d) Repealed. 5 Jly 2013 SR 47/2013 s8. (4) The employer may elect to make, instead of the special payments mentioned in clauses (3)(b) and (c), subsection 36.7(2) or clause 36.92(5) (b) or (6)(a) or (b), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members projected as of the date of the original establishment of the unfunded liability or solvency deficiency; and (b) the actuarial present value of all the payments over the period selected for the purposes of subsection (3), subsection 36.7(2) or clause 36.92(5)(b) or (6)(a) or (b) is equal to that liability or deficiency. (5) Each unfunded liability or solvency deficiency shall be funded separately and not combined with any other unfunded liability or solvency deficiency. (6) Where a solvency deficiency has been amortized, the reviewer may recalculate any special payments for any unfunded liability that has not been amortized, and the employer may make the special payments as recalculated instead of the special payments calculated at the review date relating to the establishment of that unfunded liability. 49 PENSION BENEFITS, 1993 P-6.001 REG 1 (7) Where the actuarial valuation report or cost certificate filed reveals that the plan has surplus assets: (a) the surplus assets shall be used to reduce the outstanding balance of any unfunded liability, with the oldest established unfunded liabilities being amortized or reduced before later ones; and (b) further special payments may be reduced on a prorated basis over the remainder of the applicable period mentioned in subsection (3), subsection 36.7(2) or clause 36.92(5)(b) or (6)(a) or (b). (8) Notwithstanding clause (7)(a), surplus assets in a plan that is administered for employees of two or more employers may be separately determined, allocated and used in respect of a particular participating employer or group of participating employers, but clause (7)(a) applies in relation to the specific employer or group of employers with respect to whom the surplus assets are allocated. (9) Subject to subsection 36.92(14), the rate of amortization of an unfunded liability or solvency deficiency established pursuant to subsection (3) or (4), subsection 36.7(2) or clause 36.92(5)(b) or (6)(a) or (b) may be increased at any time by: (a) increasing the amount of special payments; (b) making special payments in advance; or (c) making additional payments of any kind; and where, in respect of a fiscal year, that rate of amortization is so increased or where any surplus assets are allocated to reduce or amortize an unfunded liability, the amount of a special payment for a subsequent fiscal year may be reduced to take into account the reduction in the amortization of the unfunded liability or solvency deficiency. (10) Notwithstanding subsection (3), subsection 8(3), subsection 36.7(2) or subsection 36.92(5) or (6), if a plan is reviewed or the latest review revised pursuant to subsection 8(3), the amortization periods mentioned in clauses (3)(b) and (c), subsection 36.7(2) and clauses 36.92(5)(b) and (6)(a) and (b) shall be treated as commencing from the date on which the amendment is made. (11) Where an insured plan established before January 1, 1969 is funded by level premiums to the age at which each member is normally eligible to commence receiving a pension pursuant to the plan without reduction or increase, it shall be treated as meeting the solvency tests. 2 Jly 93 cP-6.001 Reg 1 s36; 5 Jly 2013 SR 47/2013 s8; 6 Jne 2014 SR 40/2014 s4; 23 Oct 2015 SR 87/2015 s5; 31 Dec 2015 SR 112/2015 s5; 1 Sep 2017 SR 100/2017 s18; 19 Mar 2021 SR 25/2021 s9. 50 P-6.001 REG 1 PENSION BENEFITS, 1993 Election 36.1(1) In this section and in sections 36.2 to 36.6: (a) “election” means an election that is filed pursuant to this section by an administrator who wishes to comply with section 36.2; (b) “suspension period” means the period during which payments are suspended pursuant to an election. (2) Notwithstanding clause 36(3)(c), on or before September 30, 2011, an administrator may file an election to comply with section 36.2. (3) An administrator may file only one election. (4) An election must be in the form and manner required by the superintendent. 2 Oct 2009 SR 84/2009 s2. Suspension of special payments 36.2(1) Subject to subsection (2), an administrator may file an election to suspend, for a period of three years, payments that an employer is required by clause 36(3) (c) to pay into the plan with respect to a solvency deficiency. (2) An election mentioned in subsection (1) may be made only with respect to: (a) a solvency deficiency established in an actuarial valuation report with a review date between December 31, 2008 and January 1, 2011; and (b) the portion of the payments that the employer is required by clause 36(3)(c) to pay into the plan that has been calculated with respect to the solvency deficiency mentioned in clause (a). (3) An administrator shall submit with a notice of election mentioned in subsection (1): (a) the actuarial valuation report mentioned in clause (2)(a); and (b) any other information that may be required by the superintendent. (4) If an election is filed pursuant to subsection (1): (a) the administrator must provide notice of the election to each member and former member within 60 days after filing the election; (b) the administrator shall not file an amendment to the plan that improves benefits provided by the plan during the suspension period except benefit improvements that were established by a collective bargaining agreement or any other contract before the date that this section came into force; (c) the administrator shall not file an amendment to the plan that decreases the contributions required by the employer pursuant to clause 36(3)(a) during the suspension period except decreases that were established by a collective bargaining agreement or any other contract before the date that this section came into force; 51 PENSION BENEFITS, 1993 P-6.001 REG 1 (d) any solvency deficiency payments relating to a deficiency, other than a solvency deficiency with respect to which the election applies, must continue to be paid; (e) subject to section 36.5, payments relating to the solvency deficiency established in the actuarial valuation report mentioned in clause (3)(a) are not required to be paid; (f) if the plan contains a provision that requires members to make payments into the plan with respect to a solvency deficiency, the administrator shall reduce the amount of those payments by the same proportion as the amount of the payments relating to the solvency deficiency to be made by the employer has been reduced by reason of an election having been made; (g) the administrator shall ensure that the plan continues to comply with the other provisions of the Act and these regulations; (h) the administrator shall ensure that the plan complies with any other conditions the superintendent may impose pursuant to section 36.3. (5) An administrator may withdraw the election mentioned in subsection (1) during the suspension period by filing: (a) a notice of cancellation of election; and (b) an actuarial valuation report and cost certificate prepared pursuant to sections 8 to 10. (6) A notice of cancellation of election mentioned in subsection (5) is effective on the plan’s fiscal year end. 2 Oct 2009 SR 84/2009 s2. Superintendent may impose conditions on elections 36.3 The superintendent may impose any conditions on an election. 2 Oct 2009 SR 84/2009 s2. End of suspension period 36.4(1) Within nine months after the end of the suspension period, the administrator who filed the election shall file an actuarial valuation report and cost certificate prepared pursuant to sections 8 to 10. (2) If the actuarial valuation report and cost certificate required by subsection (1) reveal a solvency deficiency, the plan must comply with section 36. 2 Oct 2009 SR 84/2009 s2. If plan breaches conditions 36.5 An election respecting a plan is revoked and all solvency deficiencies for the plan must be funded in accordance with section 36 if the plan breaches the conditions of the election. 2 Oct 2009 SR 84/2009 s2. 52 P-6.001 REG 1 PENSION BENEFITS, 1993 Funding if plan terminates during suspension period 36.6(1) Subject to subsections (2) and (3) and notwithstanding that a notice of cancellation of election is filed pursuant to subsection 36.2(5) respecting an election, if a plan with respect to which an election has been filed is terminated during a suspension period and a solvency deficiency is identified in the report filed pursuant to subsection 56(1) of the Act, the employer is required to pay the solvency deficiency either: (a) in a lump sum; or (b) by payments made at least monthly over a period of not more than five years from the review date, until the plan’s assets are sufficient to pay all benefits payable. (2) If the liability of an employer is limited pursuant to a collective bargaining agreement, the employer in the circumstances mentioned in subsection (1) is required only to contribute the amount established in the collective bargaining agreement. (3) Subsection (1) does not apply to a plan to which clause 36.2(4)(f) applies. 2 Oct 2009 SR 84/2009 s2. Specified plans 36.7(1) In this section: (a) “solvency deficiency payments” means the special payments required to be paid pursuant to clause 36(3)(c); (b) “specified plan” means a plan listed in Table 1 of Part II of the Appendix. (2) Notwithstanding clause 36(3)(b), an employer of a specified plan shall, instead of making the special payments referred to in clause 36(3)(b), pay into a specified plan: (a) if the plan has an unfunded liability that was established in an actuarial valuation report and cost certificate with a review date before December 31, 2012, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability; (b) if the plan has an unfunded liability that was established in an actuarial valuation report and cost certificate with a review date on or after December 31, 2012, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 10 years from the review date relating to the establishment of the unfunded liability. (3) If the review date of an actuarial valuation report and cost certificate that has been filed for a specified plan is on or after December 31, 2012: (a) clauses 36(3)(c) and 36.2(4)(d) no longer apply to the plan; (b) any solvency deficiency established in that actuarial valuation report or cost certificate or in any previous actuarial valuation report or cost certificate does not need to be amortized; 53 PENSION BENEFITS, 1993 P-6.001 REG 1 (c) any solvency deficiency payments that would have been required to be paid pursuant to clause 36(3)(c) are not required to be paid; (d) the commencement of the amortization period referred to in clause (2) (b) may be deferred to a day that is not later than one year from the review date; and (e) the commencement of the payments with respect to employer contributions pursuant to clause 36(3)(a) may be deferred to a day that is not later than one year from the review date. (4) If the commencement date of the amortization period referred to in clause (2)(b) has been deferred pursuant to clause (3)(d): (a) the amortization period referred to in clause (2)(b) must be decreased by a period equal to the period for which the commencement of the payments has been deferred; and (b) the actuarial present value of all of the payments over the amortization period selected for the purposes of clause (3)(d) must be equal to the actuarial present value of the payments required to be paid by clause (2)(b). (5) If the commencement date of the payments with respect to employer contributions referred to in clause 36(3)(a) has been deferred pursuant to clause (3)(e): (a) the amount of the employer contributions referred to in clause 36(3)(a) must, on the commencement date of the payments, be increased to take into account the amount of the payments that have been deferred pursuant to clause (3)(e); or (b) the amount of the payments that have been deferred must be included in the value of the going concern liabilities of the plan that are to be determined and reported in an actuarial valuation report and cost certificate prepared in accordance with clause 10(2)(h). (6) Notwithstanding subsection (3), an administrator of a specified plan shall ensure that: (a) any solvency deficiency and the solvency ratio of the plan continue to be determined and reported in an actuarial valuation report and cost certificate prepared in accordance with clauses 10(2)(d) and (e); (b) the actuarial valuation report mentioned in clause (a) includes a schedule of special payments that would have been required to be paid pursuant to clause 36(3)(c), notwithstanding that no solvency deficiency payments are required to be paid; (c) the plan continues to comply with section 28 and any solvency ratio reported in the actuarial valuation report mentioned in clause (a) is used for the purposes of determining any transfer deficiency pursuant to section 28; and (d) the plan continues to comply with the other provisions of the Act and these regulations. 54 P-6.001 REG 1 PENSION BENEFITS, 1993 (7) Subject to subsection (8), an administrator of a specified plan shall not file an amendment to a specified plan that increases the costs of benefits provided by the plan if: (a) the solvency ratio of the plan as determined and reported in an actuarial valuation report with a review date on or after December 31, 2012 is less than 0.90; or (b) the amendment would reduce the solvency ratio determined in accordance with subsection 8(3) and the solvency ratio would be less than 0.90 once the amendment is made. (8) Subsection (7) does not apply if: (a) the employer has remitted sufficient moneys to the plan to bring the solvency ratio to at least 0.90; or (b) the amendment that increases the costs of benefits provided by the plan relates to benefit improvements that were established by a collective agreement or any other contract before the date this section came into force. 5 Jly 2013 SR 47/'2013 s9. Regina Police Pension Plan 36.8(1) In this section: (a) “first actuarial valuation report” means an actuarial valuation report filed in relation to the plan: (i) that reviews the plan taking into account the effect of the amendment mentioned in clause (4)(a); and (ii) that has a review date, in accordance with subsection 8(3), that is deemed to be December 31, 2013; (b) “initial unfunded liability” means, in relation to the plan, the amount by which the plan’s going concern liabilities exceed its going concern assets, established in the first actuarial valuation report; (c) “plan” means The Regina Police Pension Plan, registered pursuant to the Act as number 0396572; (d) “second actuarial valuation report” means the actuarial valuation report filed in relation to the plan after the first actuarial valuation report; (e) “solvency deficiency payments” means equal payments made at least monthly that are sufficient to amortize a solvency deficiency of the plan over a period not exceeding five years from the review date of the actuarial valuation report in which the solvency deficiency was established; (f) “third actuarial valuation report” means the actuarial valuation report filed in relation to the plan after the second actuarial valuation report. (2) For the purposes of clause (1)(d), the review date of the second actuarial valuation report must be not more than three years after the review date of the first actuarial valuation report. 55 PENSION BENEFITS, 1993 P-6.001 REG 1 (3) For the purposes of clause (1)(f), the review date of the third actuarial valuation report must be not more than three years after the review date of the second actuarial valuation report. (4) This section applies to the plan if, on or before the day on which this section comes into force: (a) the administrator files an amendment to the plan, with an effective date of July 1, 2014, providing that: (i) benefits pursuant to the plan cease to accrue with respect to service by members after June 30, 2014; and (ii) no new members are allowed to join the plan after June 30, 2014; (b) the administrator files the first actuarial valuation report; and (c) the employer provides a written statement to the superintendent stating that the employer has assumed sole responsibility for the funding of the plan’s liabilities, including the initial unfunded liability and any subsequently established unfunded liabilities. (5) The administrator shall, within 90 days after the day on which this section comes into force, provide written notice to the superintendent and each member and former member and any other person who is entitled to a benefit pursuant to the plan that the plan will be funded in accordance with this section. (6) With respect to the initial unfunded liability: (a) the employer shall, subject to subsection (9), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the initial unfunded liability over a period not exceeding 40 years from July 1, 2014; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b) and subsection 36.7(2) with respect to any unfunded liability of the plan established as of a review date before December 31, 2013. (7) If the plan has an unfunded liability that is established in the second actuarial valuation report: (a) the employer shall, subject to subsection (9), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 40 years from July 1, 2014; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b), subsection 36.7(2) or clause (6) (a) with respect to any unfunded liability of the plan established as of a review date before the review date of the second actuarial valuation report. 56 P-6.001 REG 1 PENSION BENEFITS, 1993 (8) If the plan has an unfunded liability that is established in the third actuarial valuation report: (a) the employer shall, subject to subsection (9), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 40 years from July 1, 2014; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b), subsection 36.7(2) or clause (6) (a) or (7) (a) with respect to any unfunded liability of the plan established as of a review date before the review date of the third actuarial valuation report. (9) The employer may elect to make, instead of the special payments mentioned in clause (6)(a), (7)(a) or (8)(a), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members of The Target Retirement Income Plan for the Regina Police Service who are making contributions to The Target Retirement Income Plan for the Regina Police Service, projected as of the review date of the establishment of the unfunded liability; and (b) the actuarial present value of all the payments over the period selected for the purposes of clause (6)(a), (7)(a) or (8)(a), as the case may be, is equal to the unfunded liability mentioned in clause (a). (10) If the plan has an unfunded liability that is established in an actuarial valuation report filed in relation to the plan after the third actuarial valuation: (a) the unfunded liability established in that actuarial valuation report must be funded separately and not combined with any previously established unfunded liability; (b) the employer shall, subject to subsection (11), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability mentioned in clause (a) over a period not exceeding 10 years from the review date of the establishment of the unfunded liability; (c) any unfunded liability established in the third actuarial valuation report must continue to be amortized over a period not exceeding 40 years from July 1, 2014; (d) any unfunded liability established in any previous actuarial valuation report filed in relation to the plan after the third actuarial valuation report must continue to be amortized over a period not exceeding 10 years from the review date of the establishment of that unfunded liability; and (e) the employer shall continue to pay any special payments required to be made pursuant to subsection (8) or (9) or this subsection with respect to any unfunded liability established in any previous actuarial valuation report. 57 PENSION BENEFITS, 1993 P-6.001 REG 1 (11) The employer may elect to make, instead of the special payments mentioned in clause (10)(b), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members of The Target Retirement Income Plan for the Regina Police Service who are making contributions to The Target Retirement Income Plan for the Regina Police Service, projected as of the review date of the establishment of the unfunded liability mentioned in clause (10)(a); and (b) the actuarial present value of all the payments over the period selected for the purposes of clause (10)(b) is equal to the unfunded liability mentioned in clause (a). (12) The employer may elect to defer the commencement of the amortization period mentioned in clause (7)(a), (8)(a) or (10)(b), as the case may be, to a day that is not later than one year from the review date. (13) If the commencement date of the amortization period mentioned in clause (7)(a), (8)(a) or (10)(b) has been deferred pursuant to subsection (12): (a) the amortization period mentioned in that clause must be decreased by a period equal to the period for which the commencement of the payments has been deferred; and (b) the actuarial present value of all of the payments over the amortization period selected for the purposes of clause (7)(a), (8)(a) or (10)(b), as the case may be, must be equal to the actuarial present value of the payments required to be paid pursuant to the applicable clause. (14) The administrator shall ensure that any solvency deficiency and solvency ratio of the plan continue to be established and reported in an actuarial valuation report prepared in accordance with clauses 10(2)(d) and (e). (15) If the review date of an actuarial valuation report that has been filed in relation to the plan is on or after December 31, 2013: (a) clauses 36(3)(c) and 36.2(4)(d) cease to apply to the plan; (b) any solvency deficiency established in that actuarial valuation report or in any previous actuarial valuation report is not required to be amortized; and (c) any solvency deficiency payments relating to the solvency deficiency established in that actuarial valuation report or any previous actuarial valuation report are not required to be paid. (16) If a solvency deficiency is established in an actuarial valuation report that has been filed in relation to the plan with a review date on or after December 31, 2013, the administrator shall ensure that: (a) the actuarial valuation report in which the solvency deficiency is established includes a schedule of solvency deficiency payments, notwithstanding that no solvency deficiency payments are required to be paid; and (b) the plan continues to comply with section 28 and any solvency ratio reported in the actuarial valuation report mentioned in this section is used for the purposes of determining any transfer deficiency pursuant to section 28. 58 P-6.001 REG 1 PENSION BENEFITS, 1993 (17) The administrator shall not file an amendment to the plan that improves benefits provided by the plan until after the third actuarial valuation report has been filed. (18) After the third actuarial valuation report has been filed, the administrator shall not file an amendment to the plan that improves benefits provided by the plan if: (a) the plan has an unfunded liability as established and reported in the most recent actuarial valuation report; (b) the solvency ratio of the plan as established and reported in the most recent actuarial valuation report is less than 1:1; (c) the amendment would create an unfunded liability as established and reported in accordance with subsection 8(3); or (d) the amendment would reduce the solvency ratio of the plan as established and reported in accordance with subsection 8(3) and the solvency ratio would be less than 1:1 once the amendment is made. (19) Subject to subsection (20), if an actuarial valuation report or cost certificate with a review date on or after December 31, 2013 reveals that the plan has surplus assets and if an unfunded liability of the plan has not yet been amortized, the surplus assets must not be used to reduce the amount of any special payments due to the plan to an amount below that mentioned in clause (6)(a) or subsection (9), but may: (a) be applied to reduce the amortization period applicable to the payment of an unfunded liability; or (b) be used to reduce the amount of any special payments due to the plan to an amount equal to or exceeding the amount of the payments mentioned in clause (6)(a) or subsection (9). (20) Surplus assets mentioned in subsection (19) must be applied to amortize or reduce the oldest established unfunded liabilities before later unfunded liabilities are amortized or reduced. 6 Jne 2014 SR 40/2014 s5. Prescribed plans 36.9 For the purposes of subsection 40(5) of the Act, the following are prescribed plans: (a) The Target Retirement Income Plan for the Regina Police Service; (b) Saskatoon Fire Fighters’ Pension Plan; (c) Saskatoon Police Pension Plan. 31 Dec 2015 SR 112/2015 s6. 59 PENSION BENEFITS, 1993 P-6.001 REG 1 Suspension of special payments for certain plans 36.91(1) In this section: (a) “election” means an election that is filed pursuant to subsection (5); (b) “eligible administrator” means the administrator of a plan that is subject to subsection 40(5) of the Act but that is not subject to section 36.7 of these regulations; (c) “suspension period” means the period during which payments are suspended pursuant to an election. (2) Notwithstanding clause 36(3) (c), an eligible administrator may file an election on or before September 30, 2015. (3) An eligible administrator may file an election in accordance with this section once only. (4) An election must be in the form and manner required by the superintendent. (5) Subject to subsections (6) to (8), an eligible administrator may file an election to suspend, for a period of four years, payments that an employer is required by clause 36(3) (c) to pay into the plan with respect to a solvency deficiency. (6) An election may be made only with respect to: (a) a solvency deficiency established in an actuarial valuation report with a review date between December 31, 2012 and December 31, 2014; and (b) the portion of the payments that the employer is required by clause 36(3)( c) to pay into the plan that has been calculated with respect to the solvency deficiency mentioned in clause (a). (7) An eligible administrator who wishes to file an election shall file the election at the time the actuarial valuation report mentioned in clause (6) (a) is filed. (8) An eligible administrator shall submit with an election any other information that may be required by the superintendent. (9) If an election is filed pursuant to subsection (5): (a) the eligible administrator must provide notice of the election to each member and former member within 60 days after filing the election; (b) the eligible administrator shall not file an amendment to the plan that improves benefits provided by the plan during the suspension period except benefit improvements that were established by a collective bargaining agreement or any other contract before the date on which this section comes into force; (c) subject to subsection (15), payments relating to the solvency deficiency established in the actuarial valuation report mentioned in clause (6) (a) are not required to be paid; (d) during the suspension period, the eligible administrator is not required to have the plan reviewed in accordance with clause 8(1) (c); 60 P-6.001 REG 1 PENSION BENEFITS, 1993 (e) the eligible administrator shall ensure that the plan continues to comply with the other provisions of the Act and these regulations; (f) the eligible administrator shall ensure that the plan complies with any other conditions the superintendent may impose pursuant to subsection (12). (10) The eligible administrator may withdraw the election during the suspension period by filing: (a) a notice of withdrawal of election; and (b) an actuarial valuation report and cost certificate prepared in accordance with sections 8 to 10. (11) A notice of withdrawal of election mentioned in subsection (10) is effective on the plan’s fiscal year end. (12) The superintendent may impose any conditions on an election. (13) Not later than nine months after the day on which the suspension period ends, the eligible administrator that filed the election shall file an actuarial valuation report and cost certificate prepared in accordance with sections 8 to 10. (14) If the actuarial valuation report and cost certificate required by subsection (13) reveal a solvency deficiency, the plan must comply with section 36. (15) An election respecting a plan is revoked and all solvency deficiencies for the plan must be funded in accordance with section 36 if the plan breaches any condition of the election. 8 May 2015 SR 41/2015 s4. The Regina Civic Employees’ Superannuation and Benefit Plan 36.92(1) In this section and in sections 36.93 to 36.95: (a) “initial actuarial valuation report” means an actuarial valuation report filed in relation to the plan: (i) that reviews the plan taking into account the effect of the plan documents mentioned in subclause (2)(b)(iii); and (ii) that, notwithstanding subsection 8(3), has a review date of December 31, 2014; (b) “initial unfunded liability” means, in relation to the plan, the amount by which the plan’s going concern liabilities exceed its going concern assets, established in the initial actuarial valuation report; (c) “plan” means The Regina Civic Employees’ Superannuation and Benefit Plan, registered pursuant to the Act as number 0268425; (d) “solvency deficiency payments” means the special payments required to be paid pursuant to clause 36(3)(c); (e) “surplus” means, in relation to the plan, the amount by which the plan’s going concern assets exceed its going concern liabilities. 61 PENSION BENEFITS, 1993 P-6.001 REG 1 (2) This section and sections 36.93 to 36.95 apply to the plan if, on or before January 1, 2016, the administrator files with the superintendent: (a) an executed copy of a City of Regina bylaw that repeals Bylaw 3125; (b) the following plan documents that are effective January 1, 2016: (i) a sponsorship agreement: (A) that: (I) is substantially similar to the draft sponsorship agreement submitted to the superintendent dated September 21, 2015; (II) sets out the duties, powers and operation of the Committee and the Sponsor Board, as each of ‘Committee’ and ‘Sponsor Board’ is defined in the draft sponsorship agreement; and (III) includes all appendices to the draft sponsorship agreement; or (B) that is otherwise acceptable to the superintendent; (ii) a trust agreement: (A) that: (I) is substantially similar to the draft trust agreement submitted to the superintendent dated September 21, 2015; and (II) sets out the duties of the administrator and the terms of the trusteeship of the pension fund; or (B) that is otherwise acceptable to the superintendent; and (iii) a plan text: (A) that: (I) is substantially similar to the draft plan text submitted to the superintendent dated September 21, 2015; and (II) appends the funding policy; or (B) that is otherwise acceptable to the superintendent; and (c) the initial actuarial valuation report. (3) For the purposes of subclause 16(1)(a)(v) of the Act and with respect to the plan, the documents mentioned in clause (2)(b) are prescribed documents. (4) The administrator shall, within 90 days after the day on which this section comes into force, provide written notice that the plan will be funded in accordance with this section to all of the following: (a) the superintendent; (b) each member; 62 P-6.001 REG 1 PENSION BENEFITS, 1993 (c) each former member; (d) any other person who is entitled to a benefit pursuant to the plan.

(5) Notwithstanding clause 36(3)(b), with respect to the initial unfunded liability: (a) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b) with respect to any unfunded liability that was established in an actuarial valuation report or cost certificate that is filed in relation to the plan and that has a review date before December 31, 2014; and (b) the employer shall pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the initial unfunded liability of the plan over a period not exceeding 20 years from January 1, 2016. (6) Notwithstanding clause 36(3)(b), with respect to an unfunded liability that is established in an actuarial valuation report or cost certificate that is filed in relation to the plan and that has a review date that is after that of the initial actuarial valuation report, an employer shall, instead of making special payments mentioned in clause 36(3)(b), pay into the plan: (a) if the unfunded liability is with respect to benefits accrued before January 1, 2016, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding the greater of: (i) 20 years from January 1, 2016; and (ii) 10 years from the review date; and (b) if the unfunded liability is with respect to benefits accrued on or after January 1, 2016, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 10 years from the review date relating to the establishment of the unfunded liability. (7) If an actuarial valuation report with a review date of December 31, 2014 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of December 31, 2014 or later is filed: (a) clause 36(3)(c) no longer applies to the plan; (b) any solvency deficiency established in that actuarial valuation report or cost certificate or in any previous actuarial valuation report or cost certificate does not need to be amortized; (c) any solvency deficiency payments that would have been required to be paid pursuant to clause 36(3)(c) are not required to be paid; (d) the commencement of the amortization period mentioned in clause (5)(b) may be deferred to a day that is not later than January 1, 2017; 63 PENSION BENEFITS, 1993 P-6.001 REG 1 (e) the commencement of the amortization period mentioned in clause (6)(a) or (b), as the case may be, may be deferred to a day that is not later than one year from the review date; and (f) the commencement of the payments with respect to employer contributions pursuant to clause 36(3)(a) may be deferred to a day that is not later than one year from the review date. (8) If the commencement date of the amortization period mentioned in clause (5)(b) or (6)(a) or (b), as the case may be, has been deferred pursuant to clause (7)(d) or (e): (a) the amortization period mentioned in clause (5)(b) or (6)(a) or (b), as the case may be, must be decreased by a period equal to the period for which the commencement of the payments has been deferred; and (b) the actuarial present value of all of the payments over the amortization period beginning on January 1, 2017 for the purposes of clause (5)(b), or the amortization period selected for the purposes of clause (6)(a) or (b), as the case may be, must be equal to the actuarial present value of the payments required to be paid pursuant to the applicable clause. (9) If the commencement date of the payments with respect to employer contributions mentioned in clause 36(3)(a) has been deferred pursuant to clause (7)(f): (a) the amount of the employer contributions mentioned in clause 36(3)(a) must, on the commencement date of the payments, be increased to take into account the amount of the payments that have been deferred pursuant to clause (7)(f); or (b) the amount of the payments that have been deferred must be included in the value of the going concern liabilities of the plan that are to be determined and reported in an actuarial valuation report or cost certificate prepared in accordance with clause 10(2)(h). (10) Notwithstanding subsection (7), the administrator shall ensure that: (a) any solvency deficiency and the solvency ratio of the plan continue to be determined and reported in an actuarial valuation report or cost certificate prepared in accordance with clauses 10(2)(d) and (e); (b) the actuarial valuation report or cost certificate mentioned in clause (a) includes a schedule of special payments that would have been required to be paid pursuant to clause 36(3)(c), notwithstanding that no solvency deficiency payments are required to be paid; (c) the plan continues to comply with section 28 and any solvency ratio reported in the actuarial valuation report or cost certificate mentioned in clause (a) is used for the purposes of determining any transfer deficiency pursuant to section 28; and (d) the plan complies with the Act and these regulations. 64 P-6.001 REG 1 PENSION BENEFITS, 1993 (11) The plan must be administered in accordance with the Act, these regulations and the plan documents mentioned in clause (2)(b) as amended from time to time. (12) Subject to subsection (13), the administrator shall not file an amendment to the plan that increases the costs of benefits provided by the plan if: (a) the solvency ratio of the plan as determined and reported in an actuarial valuation report with a review date of December 31, 2014 or later, or as determined and reported in a cost certificate filed with respect to an actuarial valuation report with a review date of December 31, 2014 or later, is less than 0.90; or (b) the amendment would reduce the solvency ratio determined in accordance with subsection 8(3) and the solvency ratio would be less than 0.90 once the amendment is made. (13) Subsection (12) does not apply if: (a) the employer has remitted sufficient moneys to the plan to bring the solvency ratio to at least 0.90; or (b) the amendment that increases the costs of benefits provided by the plan relates to benefit improvements that were established by a collective agreement or any other contract before the date on which this section came into force. (14) Notwithstanding clause 36(7)(b), the total amounts required to be paid into the plan pursuant to clause (5)(b) and clause 36(3)(a), as determined in the initial actuarial valuation report, shall not be reduced until: (a) the payments related to the initial unfunded liability have been made; or (b) the initial unfunded liability has been eliminated. 23 Oct 2015 SR 87/2015 s6. Plan documents to contain certain provisions 36.93 The plan documents must contain provisions that set out: (a) the funding objectives and risk management procedures for the plan; (b) the actions to be taken regarding changes to benefits and contribution rates and the timing of the actions; (c) the actions to be taken regarding surplus utilization and the timing of the actions; and (d) the party responsible for the actions mentioned in subsections (b) and (c). 23 Oct 2015 SR 87/2015 s6. Plan documents to contain deadlock resolution mechanism 36.94(1) For the purposes of this section, “decision” means a decision described in subsection 4.9(e) of the sponsorship agreement mentioned in subclause 36.92(2)(b) (i), including the matters set out in the funding policy mentioned in subparagraph 36.92(2)(b)(iii)(A)(II) that are referred to in subsection 4.9(e) of the sponsorship agreement. 65 PENSION BENEFITS, 1993 P-6.001 REG 1 (2) The plan documents must contain a provision that any decision shall be: (a) made by a motion or resolution passed by at least a simple majority of the votes cast by the board that has the authority to amend the plan documents with respect to a decision; and (b) subject to a mechanism for resolving any deadlock. (3) The plan documents must set out the deadlock resolution mechanism mentioned in clause (2)(b). (4) Notwithstanding any provision in the plan documents, for the purposes of subsection (2), a deadlock exists: (a) if, due to lack of quorum at two consecutively called meetings, a motion or resolution is unable to be made; or (b) when a motion or resolution made at a meeting of the board that has the authority to amend the plan documents with respect to a decision is neither adopted nor rejected by a simple majority vote. 23 Oct 2015 SR 87/2015 s6. Plan documents to contain sponsorship agreement provisions 36.95 The plan documents must contain provisions that are substantially similar to the provisions in section 5.2 of the sponsorship agreement mentioned in subclause 36.92(2)(b)(i), including the matters set out in the funding policy mentioned in subparagraph 36.92(2)(b)(iii)(A)(II) that are referred to in section 5.2 of that sponsorship agreement. 23 Oct 2015 SR 87/2015 s6. The City of Saskatoon Fire and Protective Services Department Superannuation Plan 36.96(1) In this section: (a) “first actuarial valuation report” means an actuarial valuation report filed in relation to the plan that has a review date of December 31, 2015; (b) “initial cost certificate” means a cost certificate filed in relation to the plan that revises the December 31, 2012 review by taking into account the effect of the amendment mentioned in clause (4)(a); (c) “initial unfunded liability” means, in relation to the plan, the amount by which the plan’s going concern liabilities exceed its going concern assets, established in the first actuarial valuation report; (d) “new plan” means the Saskatoon Fire Fighters’ Pension Plan; (e) “plan” means The City of Saskatoon Fire and Protective Services Department Superannuation Plan, registered pursuant to the Act as number 0308262; (f) “second actuarial valuation report” means the actuarial valuation report filed in relation to the plan after the first actuarial valuation report; 66 P-6.001 REG 1 PENSION BENEFITS, 1993 (g) “solvency deficiency payments” means equal payments made at least monthly that are sufficient to amortize a solvency deficiency of the plan over a period not exceeding five years from the review date of the actuarial valuation report in which the solvency deficiency was established; (h) “third actuarial valuation report” means the actuarial valuation report filed in relation to the plan after the second actuarial valuation report. (2) For the purposes of clause (1)(f), the review date of the second actuarial valuation report must be not more than three years after the review date of the first actuarial valuation report. (3) For the purposes of clause (1)(h), the review date of the third actuarial valuation report must be not more than three years after the review date of the second actuarial valuation report. (4) This section applies to the plan if, on or before the day on which this section comes into force: (a) the administrator files an amendment to the plan, with an effective date of January 1, 2016, providing that: (i) benefits pursuant to the plan cease to accrue with respect to service by members after December 31, 2015; and (ii) no new members are allowed to join the plan after December 31, 2015; (b) the administrator files the initial cost certificate; and (c) the employer provides a written statement to the superintendent stating that, effective January 1, 2016, the employer has assumed sole responsibility for the funding of the plan’s liabilities, including any subsequently established unfunded liabilities. (5) The administrator shall, within 90 days after the day on which this section comes into force, provide written notice to the superintendent and each member and former member and any other person who is entitled to a benefit pursuant to the plan that the plan will be funded in accordance with this section. (6) When the initial cost certificate is filed, for the period from January 1, 2016 until the day on which the first actuarial valuation report is filed, the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b) and subsection 36.7(2) with respect to any unfunded liability mentioned in the initial cost certificate or any previously established unfunded liability. (7) With respect to the initial unfunded liability: (a) the employer shall, subject to subsection (10), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the initial unfunded liability over a period not exceeding 40 years from January 1, 2017; and 67 PENSION BENEFITS, 1993 P-6.001 REG 1 (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b) and subsection 36.7(2) with respect to any unfunded liability of the plan established as of a review date before December 31, 2015. (8) If the plan has an unfunded liability that is established in the second actuarial valuation report: (a) the employer shall, subject to subsection (10), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 40 years from January 1, 2017; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b), subsection 36.7(2) or clause (7)(a) with respect to any unfunded liability of the plan established as of a review date before the review date of the second actuarial valuation report. (9) If the plan has an unfunded liability that is established in the third actuarial valuation report: (a) the employer shall, subject to subsection (10), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 40 years from January 1, 2017; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b), subsection 36.7(2) or clause (7)(a) or (8)(a) with respect to any unfunded liability of the plan established as of a review date before the review date of the third actuarial valuation report. (10) The employer may elect to make, instead of the special payments mentioned in clause (7)(a), (8)(a) or (9)(a), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members of the new plan who are making contributions to the new plan, projected as of the review date of the establishment of the unfunded liability; and (b) the actuarial present value of all of the payments over the period selected for the purposes of clause (7)(a), (8)(a) or (9)(a), as the case may be, is equal to the unfunded liability mentioned in clause (a). (11) If the plan has an unfunded liability that is established in an actuarial valuation report filed in relation to the plan after the third actuarial valuation report: (a) the unfunded liability established in that actuarial valuation report must be funded separately and not combined with any previously established unfunded liability; 68 P-6.001 REG 1 PENSION BENEFITS, 1993 (b) the employer shall, subject to subsection (12), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability mentioned in clause (a) over a period not exceeding 10 years from the review date of the establishment of the unfunded liability; (c) any unfunded liability established in the third actuarial valuation report must continue to be amortized over a period not exceeding 40 years from January 1, 2017; (d) any unfunded liability established in any previous actuarial valuation report filed in relation to the plan after the third actuarial valuation report must continue to be amortized over a period not exceeding 10 years from the review date of the establishment of that unfunded liability; and (e) the employer shall continue to pay any special payments required to be made pursuant to subsection (9) or (10) or this subsection with respect to any unfunded liability established in any previous actuarial valuation report. (12) The employer may elect to make, instead of the special payments mentioned in clause (11)(b), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members of the new plan who are making contributions to the new plan, projected as of the review date of the establishment of the unfunded liability mentioned in clause (11)(a); and (b) the actuarial present value of all of the payments over the period selected for the purposes of clause (11)(b) is equal to the unfunded liability mentioned in clause (a). (13) The employer may elect to defer the commencement of the amortization period mentioned in clause (8)(a), (9)(a) or (11)(b), as the case may be, to a day that is not later than one year from the review date. (14) If the commencement date of the amortization period mentioned in clause (8)(a), (9)(a) or (11)(b) has been deferred pursuant to subsection (13): (a) the amortization period mentioned in that clause must be decreased by a period equal to the period for which the commencement of the payments has been deferred; and (b) the actuarial present value of all of the payments over the amortization period selected for the purposes of clause (8)(a), (9)(a) or (11)(b), as the case may be, must be equal to the actuarial present value of the payments required to be paid pursuant to the applicable clause. (15) The administrator shall ensure that any solvency deficiency and solvency ratio of the plan continue to be established and reported in an actuarial valuation report prepared in accordance with clauses 10(2)(d) and (e). 69 PENSION BENEFITS, 1993 P-6.001 REG 1 (16) When the initial cost certificate has been filed or if the review date of an actuarial valuation report that has been filed in relation to the plan is on or after December 31, 2015: (a) clauses 36(3)(c) and 36.2(4)(d) cease to apply to the plan; (b) any solvency deficiency mentioned in that initial cost certificate or established in that actuarial valuation report or in any previous actuarial valuation report is not required to be amortized; and (c) any solvency deficiency payments relating to the solvency deficiency mentioned in that initial cost certificate or established in that actuarial valuation report or in any previous actuarial valuation report are not required to be paid. (17) If a solvency deficiency is mentioned in the initial cost certificate or established in an actuarial valuation report that has been filed in relation to the plan with a review date on or after December 31, 2015, the administrator shall ensure that: (a) the initial cost certificate or the actuarial valuation report in which the solvency deficiency is mentioned or established includes a schedule of solvency deficiency payments, notwithstanding that no solvency deficiency payments are required to be paid; and (b) the plan continues to comply with section 28 and any solvency ratio reported in the initial cost certificate or the actuarial valuation report mentioned in this section is used for the purposes of determining any transfer deficiency pursuant to section 28. (18) The administrator shall not file an amendment to the plan that improves benefits provided by the plan until after the third actuarial valuation report has been filed. (19) After the third actuarial valuation report has been filed, the administrator shall not file an amendment to the plan that improves benefits provided by the plan if: (a) the plan has an unfunded liability as established and reported in the most recent actuarial valuation report; (b) the solvency ratio of the plan as established and reported in the most recent actuarial valuation report is less than 1:1; (c) the amendment would create an unfunded liability as established and reported in accordance with subsection 8(3); or (d) the amendment would reduce the solvency ratio of the plan as established and reported in accordance with subsection 8(3) and the solvency ratio would be less than 1:1 once the amendment is made. (20) Subject to subsection (21), if an actuarial valuation report or cost certificate with a review date on or after December 31, 2015 reveals that the plan has surplus assets and if an unfunded liability of the plan has not yet been amortized, the surplus assets must not be used to reduce the amount of any special payments due to the plan to an amount below that mentioned in clause (7)(a) or subsection (10), but may: (a) be applied to reduce the amortization period applicable to the payment of an unfunded liability; or 70 P-6.001 REG 1 PENSION BENEFITS, 1993 (b) be used to reduce the amount of any special payments due to the plan to an amount equal to or exceeding the amount of the payments mentioned in clause (7)(a) or subsection (10). (21) Surplus assets mentioned in subsection (20) must be applied to amortize or reduce the oldest established unfunded liabilities before later unfunded liabilities are amortized or reduced. (22) The plan must be administered in accordance with the Act, these regulations and the plan documents mentioned in section 16 of the Act, as those plan documents may be amended from time to time. 31 Dec 2015 SR 112/2015 s7. The Retirement Plan for Employees of the Saskatoon Board of Police Commissioners 36.97(1) In this section: (a) “first actuarial valuation report” means an actuarial valuation report filed in relation to the plan that has a review date of December 31, 2015; (b) “initial cost certificate” means a cost certificate filed in relation to the plan that revises the December 31, 2012 review by taking into account the effect of the amendment mentioned in clause (4)(a); (c) “initial unfunded liability” means, in relation to the plan, the amount by which the plan’s going concern liabilities exceed its going concern assets, established in the first actuarial valuation report; (d) “new plan” means the Saskatoon Police Pension Plan; (e) “plan” means The Retirement Plan for Employees of the Saskatoon Board of Police Commissioners, registered pursuant to the Act as number 0206102; (f) “second actuarial valuation report” means the actuarial valuation report filed in relation to the plan after the first actuarial valuation report; (g) “solvency deficiency payments” means equal payments made at least monthly that are sufficient to amortize a solvency deficiency of the plan over a period not exceeding five years from the review date of the actuarial valuation report in which the solvency deficiency was established; (h) “third actuarial valuation report” means the actuarial valuation report filed in relation to the plan after the second actuarial valuation report. (2) For the purposes of clause (1)(f), the review date of the second actuarial valuation report must be not more than three years after the review date of the first actuarial valuation report. (3) For the purposes of clause (1)(h), the review date of the third actuarial valuation report must be not more than three years after the review date of the second actuarial valuation report. 71 PENSION BENEFITS, 1993 P-6.001 REG 1 (4) This section applies to the plan if, on or before the day on which this section comes into force: (a) the administrator files an amendment to the plan, with an effective date of January 1, 2016, providing that: (i) benefits pursuant to the plan cease to accrue with respect to service by members after December 31, 2015; and (ii) no new members are allowed to join the plan after December 31, 2015; (b) the administrator files the initial cost certificate; and (c) the employer provides a written statement to the superintendent stating that, effective January 1, 2016, the employer has assumed sole responsibility for the funding of the plan’s liabilities, including any subsequently established unfunded liabilities. (5) The administrator shall, within 90 days after the day on which this section comes into force, provide written notice to the superintendent and each member and former member and any other person who is entitled to a benefit pursuant to the plan that the plan will be funded in accordance with this section. (6) When the initial cost certificate is filed, for the period from January 1, 2016 until the day on which the first actuarial valuation report is filed, the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b) and subsection 36.7(2) with respect to any unfunded liability mentioned in the initial cost certificate or any previously established unfunded liability. (7) With respect to the initial unfunded liability: (a) the employer shall, subject to subsection (10), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the initial unfunded liability over a period not exceeding 40 years from January 1, 2017; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b) and subsection 36.7(2) with respect to any unfunded liability of the plan established as of a review date before December 31, 2015. (8) If the plan has an unfunded liability that is established in the second actuarial valuation report: (a) the employer shall, subject to subsection (10), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 40 years from January 1, 2017; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b), subsection 36.7(2) or clause (7)(a) with respect to any unfunded liability of the plan established as of a review date before the review date of the second actuarial valuation report. 72 P-6.001 REG 1 PENSION BENEFITS, 1993 (9) If the plan has an unfunded liability that is established in the third actuarial valuation report: (a) the employer shall, subject to subsection (10), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 40 years from January 1, 2017; and (b) the employer is not required to pay any special payments otherwise required to be made pursuant to clause 36(3)(b), subsection 36.7(2) or clause (7)(a) or (8)(a) with respect to any unfunded liability of the plan established as of a review date before the review date of the third actuarial valuation report. (10) The employer may elect to make, instead of the special payments mentioned in clause (7)(a), (8)(a) or (9)(a), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members of the new plan who are making contributions to the new plan, projected as of the review date of the establishment of the unfunded liability; and (b) the actuarial present value of all of the payments over the period selected for the purposes of clause (7)(a), (8)(a) or (9)(a), as the case may be, is equal to the unfunded liability mentioned in clause (a). (11) If the plan has an unfunded liability that is established in an actuarial valuation report filed in relation to the plan after the third actuarial valuation report: (a) the unfunded liability established in that actuarial valuation report must be funded separately and not combined with any previously established unfunded liability; (b) the employer shall, subject to subsection (12), pay into the plan payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability mentioned in clause (a) over a period not exceeding 10 years from the review date of the establishment of the unfunded liability; (c) any unfunded liability established in the third actuarial valuation report must continue to be amortized over a period not exceeding 40 years from January 1, 2017; (d) any unfunded liability established in any previous actuarial valuation report filed in relation to the plan after the third actuarial valuation report must continue to be amortized over a period not exceeding 10 years from the review date of the establishment of that unfunded liability; and (e) the employer shall continue to pay any special payments required to be made pursuant to subsection (9) or (10) or this subsection with respect to any unfunded liability established in any previous actuarial valuation report. 73 PENSION BENEFITS, 1993 P-6.001 REG 1 (12) The employer may elect to make, instead of the special payments mentioned in clause (11)(b), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members of the new plan who are making contributions to the new plan, projected as of the review date of the establishment of the unfunded liability mentioned in clause (11)(a); and (b) the actuarial present value of all of the payments over the period selected for the purposes of clause (11)(b) is equal to the unfunded liability mentioned in clause (a). (13) The employer may elect to defer the commencement of the amortization period mentioned in clause (8)(a), (9)(a) or (11)(b), as the case may be, to a day that is not later than one year from the review date. (14) If the commencement date of the amortization period mentioned in clause (8)(a), (9)(a) or (11)(b) has been deferred pursuant to subsection (13): (a) the amortization period mentioned in that clause must be decreased by a period equal to the period for which the commencement of the payments has been deferred; and (b) the actuarial present value of all of the payments over the amortization period selected for the purposes of clause (8)(a), (9)(a) or (11)(b), as the case may be, must be equal to the actuarial present value of the payments required to be paid pursuant to the applicable clause. (15) The administrator shall ensure that any solvency deficiency and solvency ratio of the plan continue to be established and reported in an actuarial valuation report prepared in accordance with clauses 10(2)(d) and (e). (16) When the initial cost certificate has been filed or if the review date of an actuarial valuation report that has been filed in relation to the plan is on or after December 31, 2015: (a) clauses 36(3)(c) and 36.2(4)(d) cease to apply to the plan; (b) any solvency deficiency mentioned in that initial cost certificate or established in that actuarial valuation report or in any previous actuarial valuation report is not required to be amortized; and (c) any solvency deficiency payments relating to the solvency deficiency mentioned in that initial cost certificate or established in that actuarial valuation report or in any previous actuarial valuation report are not required to be paid. (17) If a solvency deficiency is mentioned in the initial cost certificate or established in an actuarial valuation report that has been filed in relation to the plan with a review date on or after December 31, 2015, the administrator shall ensure that: (a) the initial cost certificate or the actuarial valuation report in which the solvency deficiency is mentioned or established includes a schedule of solvency deficiency payments, notwithstanding that no solvency deficiency payments are required to be paid; and 74 P-6.001 REG 1 PENSION BENEFITS, 1993 (b) the plan continues to comply with section 28 and any solvency ratio reported in the initial cost certificate or the actuarial valuation report mentioned in this section is used for the purposes of determining any transfer deficiency pursuant to section 28. (18) The administrator shall not file an amendment to the plan that improves benefits provided by the plan until after the third actuarial valuation report has been filed. (19) After the third actuarial valuation report has been filed, the administrator shall not file an amendment to the plan that improves benefits provided by the plan if: (a) the plan has an unfunded liability as established and reported in the most recent actuarial valuation report; (b) the solvency ratio of the plan as established and reported in the most recent actuarial valuation report is less than 1:1; (c) the amendment would create an unfunded liability as established and reported in accordance with subsection 8(3); or (d) the amendment would reduce the solvency ratio of the plan as established and reported in accordance with subsection 8(3) and the solvency ratio would be less than 1:1 once the amendment is made. (20) Subject to subsection (21), if an actuarial valuation report or cost certificate with a review date on or after December 31, 2015 reveals that the plan has surplus assets and if an unfunded liability of the plan has not yet been amortized, the surplus assets must not be used to reduce the amount of any special payments due to the plan to an amount below that mentioned in clause (7)(a) or subsection (10), but may: (a) be applied to reduce the amortization period applicable to the payment of an unfunded liability; or (b) be used to reduce the amount of any special payments due to the plan to an amount equal to or exceeding the amount of the payments mentioned in clause (7)(a) or subsection (10). (21) Surplus assets mentioned in subsection (20) must be applied to amortize or reduce the oldest established unfunded liabilities before later unfunded liabilities are amortized or reduced. (22) The plan must be administered in accordance with the Act, these regulations and the plan documents mentioned in section 16 of the Act, as those plan documents may be amended from time to time. 31 Dec 2015 SR 112/2015 s7. 75 PENSION BENEFITS, 1993 P-6.001 REG 1 Limited liability plans 36.98(1) In this section, “initial actuarial valuation report” means the first actuarial valuation report filed respecting the limited liability plan that has a review date that is on or after December 31, 2016. (2) Subject to subsection (4), with respect to the initial actuarial valuation report, an employer shall pay into the limited liability plan: (a) with respect to current employment, an amount of employer contributions on at least a monthly basis equal to the normal actuarial cost allocated to the employer, as stated in the initial actuarial valuation report; (b) subject to clause (c), if the plan has an unfunded liability, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability; and (c) if the plan has filed an amendment to which subsection (15) applies and if the plan has an unfunded liability, payments consisting of equal payments made at least monthly that are sufficient to amortize: (i) any portion of the unfunded liability that relates to the amendment mentioned in subsection (15), without including PfAD liabilities, if any, over a period not exceeding five years from the review date relating to the establishment of that unfunded liability; and (ii) any remaining portion of the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability. (3) Subject to subsection (4), with respect to an actuarial valuation report or cost certificate that is filed subsequent to the filing of the initial actuarial valuation report, an employer shall pay into the limited liability plan: (a) with respect to current employment, an amount of employer contributions on at least a monthly basis equal to the normal actuarial cost allocated to the employer, as stated in the most recent actuarial valuation report or cost certificate filed; (b) with respect to current employment, an amount of employer contributions on at least a monthly basis equal to the product of the PfAD multiplied by the amount in clause (a); (c) subject to clause (d), if the plan has an unfunded liability, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability; and (d) if the plan has filed an amendment to which subsection (15) applies and if the plan has an unfunded liability, payments consisting of equal payments made at least monthly that are sufficient to amortize: (i) any portion of the unfunded liability that relates to the amendment mentioned in subsection (15) over a period not exceeding five years from the review date relating to the establishment of that unfunded liability; and 76 P-6.001 REG 1 PENSION BENEFITS, 1993 (ii) any remaining portion of the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability. (4) The employer may elect to make, instead of the special payments mentioned in clauses (2)(b) and (c) or clauses (3)(c) and (d), at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members projected as of the date of the original establishment of the unfunded liability; and (b) the actuarial present value of all of the payments over the period selected for the purposes of clauses (2)(b) and (c) or clauses (3)(c) and (d) is equal to that unfunded liability. (5) Notwithstanding subsection 36(1.1), the employer is required to pay any special payments required to be made pursuant to clause 36(3)(b) with respect to any unfunded liability of a limited liability plan established as of a review date before the initial actuarial valuation report. (6) Each unfunded liability must be funded separately and not combined with any other unfunded liability. (7) If an actuarial valuation report with a review date of December 31, 2016 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of December 31, 2016 or later is filed: (a) clause 36(3)(c) and section 36.91 no longer apply to the limited liability plan; (b) any solvency deficiency established in that actuarial valuation report or cost certificate or in any previous actuarial valuation report or cost certificate does not need to be amortized; and (c) any solvency deficiency payments relating to the solvency deficiency established in that actuarial valuation report or cost certificate or in any previous actuarial valuation report or cost certificate are not required to be paid. (8) Notwithstanding subsection (7), if an actuarial valuation report with a review date of December 31, 2016 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of December 31, 2016 or later is filed, the administrator of the limited liability plan shall ensure that: (a) any solvency deficiency and the solvency ratio of the limited liability plan continues to be determined and reported in an actuarial valuation report or cost certificate prepared in accordance with clauses 10(2)(d) and (e); (b) except as otherwise provided in subsection 28(5), the plan continues to comply with section 28 and any solvency ratio reported in the actuarial valuation report mentioned in clause (a) is used for the purposes of determining any transfer deficiency pursuant to section 28; and (c) the limited liability plan continues to comply with the other provisions of the Act and these regulations. 77 PENSION BENEFITS, 1993 P-6.001 REG 1 (9) Notwithstanding clause 10(2)(d), if an actuarial valuation report with a review date of December 31, 2016 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of December 31, 2016 or later is filed, the limited liability plan is not required to provide a schedule of the special payments that would have otherwise been required to amortize that deficiency had it not been for this section. (10) If an actuarial valuation report with a review date of December 31, 2016 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of December 31, 2016 or later is filed, and if the actuarial valuation report or cost certificate reveals that the limited liability plan has surplus assets: (a) the surplus assets shall be used to reduce the outstanding balance of any unfunded liability, with the oldest established unfunded liabilities being amortized or reduced before later ones; and (b) further special payments may be reduced on a prorated basis over the remainder of the applicable period mentioned in subsection (2) or (3), notwithstanding subsection 36(1.1) or (3). (11) Notwithstanding clause (10)(a), surplus assets in a limited liability plan that is administered for employees of two or more employers may be separately determined, allocated and used with respect to a particular participating employer or group of participating employers, but clause (10)(a) applies respecting the specific employer or group of employers with respect to whom the surplus assets are allocated. (12) Notwithstanding subsection 36(1.1), the rate of amortization of an unfunded liability established pursuant to clause 36(3)(b), clauses (2)(b) or (c) or clauses (3)(c) or (d) may be increased at any time by: (a) increasing the amount of special payments; (b) making special payments in advance; or (c) making additional payments of any kind. (13) If, with respect to a fiscal year, the rate of amortization mentioned in subsection (12) is increased in accordance with that subsection or if any surplus assets are allocated to reduce or amortize an unfunded liability in accordance with subsection (10), the amount of special payments for a subsequent fiscal year may be reduced to take into account the reduction in the amortization of the unfunded liability. (14) Notwithstanding subsection (2) or (3) or subsection 8(3), if a plan is reviewed or the latest review is revised pursuant to subsection 8(3), the amortization period mentioned in clause (2)(b) or (c) or clause (3)(c) or (d) shall be treated as commencing from the date on which the amendment is made. (15) The administrator shall not file an amendment to the limited liability plan that improves the amount of pension being paid pursuant to a limited liability plan unless the going concern valuation reported in the actuarial valuation report or cost certificate most recently filed respecting the plan includes PfAD liabilities. (16) A limited liability plan must be administered in accordance with the Act, these regulations and the plan documents, as amended from time to time, that are mentioned in section 16 of the Act. 1 Sep 2017 SR 100/2017 s19; 19 Mar 2021 SR 25/2021 s10. 78 P-6.001 REG 1 PENSION BENEFITS, 1993 Determination of PfAD 36.99(1) In this section: (a) “equity allocation” means the percentage of the assets of the plan that is invested in equities; and (b) “equity percentage” means the equity allocation of the plan, rounded to the nearest 10%, as of the review date. (2) This section applies only to limited liability plans and the plan to which section 36.991 applies. (3) The PfAD is the percentage shown in Column 2 of Table 2 in Part II of the Appendix that is set out opposite the equity percentage shown in Column 1. 19 Mar 2021 SR 25/2021 s11. The Saskatchewan Teachers’ Retirement Plan 36.991(1) In this section: (a) “initial actuarial valuation report” means the first actuarial valuation report filed respecting the plan that has a review date that is on or after July 1, 2020; (b) “plan” means the Saskatchewan Teachers’ Retirement Plan, registered pursuant to the Act as number 0689075. (2) Until the initial actuarial valuation report is filed, notwithstanding that the plan is not a specified plan within the meaning of clause 36.7(1)(b), subsections (3) to (15) do not apply to the plan and section 36.7 continues to apply to the plan as if the plan were a specified plan within the meaning of clause 36.7(1)(b). (3) Subject to subsection (5), on the filing of the initial actuarial valuation report, the employer shall pay into the plan: (a) with respect to current employment, an amount of employer contributions on at least a monthly basis equal to the normal actuarial cost allocated to the employer, as stated in the initial actuarial valuation report; (b) if the plan has an unfunded liability that was established in an actuarial valuation report and cost certificate with a review date before December 31, 2012, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability; (c) if the plan has an unfunded liability that was established in an actuarial valuation report and cost certificate with a review date on or after December 31, 2012 but before July 1, 2020, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 10 years from the review date relating to the establishment of the unfunded liability; and 79 PENSION BENEFITS, 1993 P-6.001 REG 1 (d) if the plan has an unfunded liability that was established in the initial actuarial valuation report: (i) subject to subclause (ii), payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date of the initial actuarial valuation report; or (ii) if an amendment to which subsection (14) applies has been filed for the plan, payments consisting of equal payments made at least monthly that are sufficient to amortize: (A) any portion of the unfunded liability that relates to the amendment mentioned in subsection (14), without including PfAD liabilities, if any, over a period not exceeding 5 years from the review date of the initial actuarial valuation report; and (B) any remaining portion of the unfunded liability over a period not exceeding 15 years from the review date of the initial actuarial valuation report. (4) Subject to subsection (5), with respect to an actuarial valuation report or cost certificate that is filed after the filing of the initial actuarial valuation report, the employer shall pay into the plan: (a) with respect to current employment, an amount of employer contributions on at least a monthly basis equal to the normal actuarial cost allocated to the employer, as stated in the most recent actuarial valuation report or cost certificate filed; (b) with respect to current employment, an amount of employer contributions on at least a monthly basis equal to the product of the PfAD multiplied by the amount in clause (a); (c) if the plan has an unfunded liability that was established in an actuarial valuation report and cost certificate with a review date before December 31, 2012, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability; (d) if the plan has an unfunded liability that was established in an actuarial valuation report and cost certificate with a review date on or after December 31, 2012 but before July 1, 2020, payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 10 years from the review date relating to the establishment of the unfunded liability;

and (e) if the plan has an unfunded liability that was established in the initial actuarial valuation report or an actuarial valuation report or a cost certificate that is filed after the filing of the initial actuarial valuation report: (i) subject to subclause (ii), payments consisting of equal payments made at least monthly that are sufficient to amortize the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability; or 80 P-6.001 REG 1 PENSION BENEFITS, 1993 (ii) if the plan has filed an amendment to which subsection (14) applies, payments consisting of equal payments made at least monthly that are sufficient to amortize: (A) any portion of the unfunded liability that relates to the amendment mentioned in subsection (14) over a period not exceeding 5 years from the review date relating to the establishment of that unfunded liability; and (B) any remaining portion of the unfunded liability over a period not exceeding 15 years from the review date relating to the establishment of the unfunded liability. (5) Instead of the special payments mentioned in clauses (3)(b), (c) and (d) or clauses (4)(c), (d) and (e), the employer may elect to make at least monthly payments expressed in such a manner that: (a) each payment is a constant percentage of the future payroll of the members projected as of the date of the original establishment of the unfunded liability; and (b) the actuarial present value of all of the payments over the period selected for the purposes of clauses (3)(b), (c) and (d) or clauses (4)(c), (d) and (e) is equal to that unfunded liability. (6) Each unfunded liability must be funded separately and not combined with any other unfunded liability. (7) If an actuarial valuation report with a review date of July 1, 2020 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of July 1, 2020 or later is filed: (a) clauses 36(3)(c) and 36.2(4)(d) do not apply to the plan; (b) any solvency deficiency established in that actuarial valuation report or cost certificate or in any previous actuarial valuation report or cost certificate does not need to be amortized; and (c) any special payments that would have been required to be paid pursuant to clause 36(3)(c) are not required to be paid. (8) Notwithstanding subsection (7), if an actuarial valuation report with a review date of July 1, 2020 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of July 1, 2020 or later is filed, the administrator shall ensure that: (a) any solvency deficiency and the solvency ratio of the plan continue to be determined and reported in an actuarial valuation report or cost certificate prepared in accordance with clauses 10(2)(d) and (e); and (b) the plan continues to comply with the other provisions of the Act and these regulations. (9) Notwithstanding clause 10(2)(d), if an actuarial valuation report or a cost certificate mentioned in subsection (8) is filed, the plan is not required to provide a schedule of the special payments that would have otherwise been required to amortize that deficiency if not for this section. 81 PENSION BENEFITS, 1993 P-6.001 REG 1 (10) If an actuarial valuation report with a review date of July 1, 2020 or later is filed, or if a cost certificate with respect to an actuarial valuation report with a review date of July 1, 2020 or later is filed, and if the actuarial valuation report or cost certificate reveals that the plan has surplus assets: (a) the surplus assets must be used to reduce the outstanding balance of any unfunded liability, with the oldest established unfunded liabilities being amortized or reduced before later ones; and (b) further special payments may be reduced on a prorated basis over the remainder of the applicable period mentioned in subsection (3) or (4). (11) The rate of amortization of an unfunded liability established pursuant to clause (3)(b), (c) or (d) or clause (4)(c), (d) or (e) may be increased at any time by: (a) increasing the amount of special payments; (b) making special payments in advance; or (c) making additional payments of any kind. (12) If, with respect to a fiscal year, the rate of amortization mentioned in subsection (11) is increased in accordance with that subsection or if any surplus assets are used to reduce or amortize an unfunded liability in accordance with subsection (10), the amount of special payments for a subsequent fiscal year may be reduced to take into account the reduction in the amortization of the unfunded liability. (13) Notwithstanding subsection (3) or (4) or subsection 8(3), if a plan is reviewed or the latest review is revised pursuant to subsection 8(3), the amortization period mentioned in clause (3)(b), (c) or (d) or clause (4)(c), (d) or (e) must be treated as beginning on the date on which the amendment is made. (14) The administrator shall not file an amendment to the plan that improves the amount of pension being paid pursuant to the plan unless the going concern valuation reported in the actuarial valuation report or cost certificate most recently filed respecting the plan includes PfAD liabilities. (15) The plan must be administered in accordance with the Act, these regulations and the plan documents, as amended from time to time, that are mentioned in section 16 of the Act. 19 Mar 2021 SR 25/2021 s12. Remitting of contributions 37(1) The period within which contributions must be remitted pursuant to subsection 42(1) of the Act is: (a) in the case of member contributions, 30 days after the end of the month in which the contributions were received by the employer from a member or were deducted from the member’s remuneration; 82 P-6.001 REG 1 PENSION BENEFITS, 1993 (b) in the case of employer contributions determined in accordance with a formula relating to a defined contribution provision: (i) that relates to profits of the employer, 90 days after the end of the fiscal year; (ii) that does not relate to profits of the employer, 30 days after the end of the month for which those contributions are payable; or (c) in the case of employer contributions with respect to defined benefit provisions, 30 days after the end of each month with respect to which they are payable. 2 Jly 93 cP-6.001 Reg 1 s37. Investment 38(1) Notwithstanding the provisions of any plan or any instrument governing a plan, the assets of a plan must be invested and the investments made in accordance with this section and section 44 of the Act. (2) The assets of a plan must be invested and the investments made in accordance with the regulations made pursuant to the Pension Benefits Standards Act, 1985 (Canada), as amended from time to time. (3) For purposes of this section, any reference in the regulations made pursuant to the Pension Benefits Standards Act, 1985 (Canada) to the Superintendent is deemed to be a reference to the superintendent. 2 Jly 93 cP-6.001 Reg 1 s38. TERMINATION OF PLAN Priorities on plan termination 39(1) The methods of allocating and distributing assets of a plan that is terminated must meet the following conditions: (a) assets must be allocated first to provide for benefits equal to the value of contributions, with interest, made by and transferred from another plan with respect to members and former members; (b) assets not allocated pursuant to clause (a) must be allocated to provide for accrued benefits with respect to which: (i) no unfunded liability was established; or (ii) where an unfunded liability was established, the liability has been amortized at the date of the termination of the plan; and (c) assets not allocated pursuant to clauses (a) and (b) must be allocated to provide for accrued benefits with respect to which unfunded liabilities have not been amortized at the date of the termination of the plan. 83 PENSION BENEFITS, 1993 P-6.001 REG 1 (2) An unfunded liability that has not been amortized at the date of the termination has the effect of reducing the benefits for employment that led to the establishment of the unfunded liability, proportionate to the extent to which those benefits remain unfunded. (3) Each unfunded liability is to be dealt with separately and applied only to the benefits with respect to which it was established. 2 Jly 93 cP-6.001 Reg 1 s39. Preparation of plan termination report 40 A report filed pursuant to subsection 56(1) of the Act: (a) with respect to an insured plan may be prepared by any person so authorized by the insurance company; and (b) with respect to a plan that consists solely of defined contribution provisions may be prepared by a representative of the fund holder who is so authorized by that fund holder or by the administrator. 2 Jly 93 cP-6.001 Reg 1 s40. GENERAL Surplus refunds and use as employer contributions 41(1) The conditions prescribed for the purposes of subsection 51(4) and clause 62(b) of the Act are as set out in this section. (2) The administrator of a plan shall provide to the members, former members, pension advisory committee and fund holders, and to a union that is certified as a bargaining agent for a bargaining unit within the meaning of The Saskatchewan Employment Act in relation to an employer any of whose employees are members of the plan, at least 30 days before submitting a request to the superintendent for an approval pursuant to clauses 51(4)( c) and 62(c) of the Act, a written notice containing: (a) a statement of the administrator’s intention to pay or transfer surplus assets to the employer or to provide employer contributions to the plan from the surplus any time after 30 days following the date of the written notice; (b) the amount of surplus assets in the plan as determined in the most recent review; (c) the amount of surplus assets that will be paid or transferred to the employer or utilized to provide the employer contributions to the plan; and (d) a statement of the rights of members and former members pursuant to subsections 13(4) and (5) of the Act to examine documents. (3) The administrator shall file with the superintendent a copy of the notice to be provided pursuant to subsection (2) on or before the date when it is required to be provided to members and former members and shall file with the superintendent a statement that the notice has been provided. (4) The notice to be provided pursuant to subsection (2) may, without limiting any other effective mode of service, be sent by ordinary mail to the last address of a member or former member known to the administrator. 2 Jly 93 cP-6.001 Reg 1 s41 1 Sep 2017 SR 100/2017 s20. 84 P-6.001 REG 1 PENSION BENEFITS, 1993 Exemptions 42(1) Where: (a) a plan provides a benefit or allocates surplus funds with respect to a person entitled to a benefit and the benefit or surplus fund allocation is in excess of the maximum benefit or contribution limit applicable to the plan pursuant to the Income Tax Act (Canada); or (b) the commuted value of a benefit is in excess of the maximum amount that may be transferred to another plan or to an RRSP pursuant to the Income Tax Act (Canada); the amount of that benefit, surplus asset allocation or commuted value that is in excess of that maximum limit is exempt from subsections 29(1) and (2) of the Act and shall not be treated as being locked-in for the purposes of these regulations. (1.1) Subclause 32(1)(a)(iii) of the Act does not apply to a member who elects to make a transfer pursuant to section 32 of the Act where the transfer: (a) is made to a locked-in retirement account contract or a registered retirement income fund contract or to both; (b) is made on a date prior to the member commencing to receive a pension pursuant to the plan; and (c) is permitted by the plan. (2) Subsection 36(4) of the Act does not apply to a plan that takes into account the amount of the reduction mentioned in that subsection in calculating a member’s pension. 2 Jly 93 cP-6.001 Reg 1 s42; 5 Apr 2002 SR 32/2002 s8. Calculation of costs 42.1(1) The cost of complying with an attachment mentioned in section 50 of the Act is to be calculated in accordance with this section. (2) The administrator shall calculate the cost of complying with the attachment as being the amount that reasonably represents the cost to the plan of complying with the attachment. (3) The cost of complying with the attachment is not to exceed: (a) $500, respecting a defined benefit plan; or (b) $250, respecting a defined contribution plan. 11 Jly 97 SR 60/97 s6. COMING INTO FORCE Coming into force 43 These regulations come into force on the day on which they are filed with the Registrar of Regulations, but are retroactive and are deemed to have been in force on and from January 1, 1993. 2 Jly 93 cP-6.001 Reg 1 s43. 85 PENSION BENEFITS, 1993 P-6.001 REG 1 Appendix PART I Forms Form 0.1 [Clause 29(4.4)(a)] SPOUSE’S WAIVER OF DESIGNATED BENEFICIARY STATUS UNDER A LOCKED-IN RETIREMENT ACCOUNT CONTRACT I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________ _______________________________________________________________________________ (print or type full name of the contract owner) (hereinafter called “the owner”) who is the owner of a locked-in retirement account contract (hereinafter called “the contract”) that is subject to the provisions of The Pension Benefits Act, 1992. 1. I understand that, in the absence of this waiver, on the death of the owner, I am entitled to the balance of the money in the contract, to the extent permitted by the Income Tax Act (Canada). 2. I understand and declare that, by signing this waiver and filing it with the issuer of the contract: (a) I am giving up my status and rights as designated beneficiary; and (b) on the death of the owner, the balance of the money in the contract will be paid, to the extent permitted by the Income Tax Act (Canada): (i) to the beneficiary designated by the owner if the designated beneficiary is a person other than myself; or (ii) to the personal representative of the owner’s estate in his or her representative capacity if there is no valid designation of a beneficiary. 3. I certify that this waiver is being signed freely and voluntarily without any compulsion on the part of the owner and outside the immediate presence of the owner. 4. I understand that I may revoke this waiver at any time before the date of the owner’s death by providing written notice to the issuer of the contract. In witness whereof, I sign this waiver at _________________________________________ this __________ day of ______________________________________ , 20 ______________ in the presence of ______________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ________________________________________ (Signature of witness) (Spouse’s signature) 1 Sep 2017 SR 100/2017 s21. 86 P-6.001 REG 1 PENSION BENEFITS, 1993 Form 1 [Subclause 29.1(4)(b)(ii)] SPOUSE’S CONSENT TO TRANSFER TO A REGISTERED RETIREMENT INCOME FUND CONTRACT I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________ ___________________________________________________________________________________________________ (print or type full name of member or former member or contract owner) (hereinafter called “the owner”) who is a member or former member of a registered pension plan that is subject to the provisions of The Pension Benefits Act, 1992 or who was a member of a Pooled Registered Pension Plan that is subject to the provisions of The Pooled Registered Pension Plans (Saskatchewan) Act. 1. I understand that the owner wants to transfer his or her pension benefit entitlement to a registered retirement income fund contract (hereinafter called “the contract”) in accordance with section 29.1 of The Pension Benefits Regulations, 1993, and that my written consent is required to enable the owner to make the transfer. 2. I understand that transferring the pension benefit entitlement to the contract will allow the owner to manage the money in the contract, subject to the minimum annual withdrawal payment required by the Income Tax Act (Canada). 3. I also understand that there is no maximum withdrawal restriction imposed under the contract and that the owner may withdraw part or all of the balance of the money in the contract at any time. 4. I certify that this consent is being signed freely and voluntarily without any compulsion on the part of the owner and outside the immediate presence of the owner. In witness whereof, I sign this consent at _________________________________________ this _________________ day of ___________________________________, 20 _________ in the presence of ______________________________________________________________ _______________________________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ______________________________________ (Signature of witness) (Spouse’s signature) 20 Jly 2018 SR 47/2018 s4. 87 PENSION BENEFITS, 1993 P-6.001 REG 1 Form 1.1 [Subclause 29.1(4)(b)(ii)] SPOUSE’S CONSENT TO TRANSFER FROM A POOLED REGISTERED PENSION PLAN OR A POOLED RETIREMENT SAVINGS ACCOUNT CONTRACT TO A REGISTERED RETIREMENT INCOME FUND CONTRACT I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) within the meaning of clause 2(1)(p) of The Pooled Registered Pension Plans (Saskatchewan) Act (the “Act”) of ________________________________________________ (print or type full name of member or contract owner) (“the owner”) who is a member of a pooled registered pension plan (“the account”) or the owner of a pooled retirement savings account contract (“the PRSA”) that is subject to the provisions of the Act. 1. I understand that the owner wants to transfer his or her account or PRSA to a registered retirement income fund contract (“the contract”) in accordance with section 29.1 of The Pension Benefits Regulations, 1993, and that my written consent is required to enable the owner to make the transfer. 2. I understand that transferring the account or PRSA to the contract will allow the owner to manage the money in the contract, subject to the minimum annual withdrawal payment required by the Income Tax Act (Canada). 3. I also understand that there is no maximum withdrawal restriction imposed under the contract and that the owner may withdraw part or all of the balance of the money in the contract at any time. 4. I certify that this consent is being signed freely and voluntarily without any compulsion on the part of the owner and outside the immediate presence of the owner. In witness whereof, I sign this consent at _________________________________________ this __________ of ________________________ , 20 __________________in the presence of _____________________________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ________________________________________ (Signature of witness) (Spouse’s signature) 4 Mar 2016 SR 26/2016 s8. 88 P-6.001 REG 1 PENSION BENEFITS, 1993 Form 2 [Subclause 29.1(4)(h)] SPOUSE’S WAIVER OF DESIGNATED BENEFICIARY STATUS I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________ ___________________________________________________________________________________________________ (print or type full name of owner of registered retirement income fund contract) (hereinafter called “the owner”), who is the owner of a registered retirement income fund contract (hereinafter called “the contract”) that is subject to the provisions of The Pension Benefits Act, 1992. 1. I understand that, in the absence of this waiver, on the death of the owner, I am entitled to the balance of the money in the contract, to the extent permitted by the Income Tax Act (Canada). 2. I understand and declare that, by signing this waiver and filing it with the issuer of the contract: (a) I am giving up my status and rights as designated beneficiary; and (b) on the death of the owner, the balance of the money in the contract will be paid, to the extent permitted by the Income Tax Act (Canada): (i) to the beneficiary designated by the owner if the designated beneficiary is a person other than myself; or (ii) to the personal representative of the owner’s estate in his or her representative capacity if there is no valid designation of a beneficiary. 3. I certify that this waiver is being signed freely and voluntarily without any compulsion on the part of the owner and outside the immediate presence of the owner. 4. I understand that I may revoke this waiver at any time by providing written notice to the issuer of the contract. In witness whereof, I sign this waiver at _________________________________________ this _________________ day of ___________________________________, 20 _________ in the presence of ______________________________________________________________ _______________________________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ______________________________________ (Signature of witness) (Spouse’s signature) 89 PENSION BENEFITS, 1993 P-6.001 REG 1 Form 2.01 [Subclause 29.2(3)(c)(i) and subsection 33(2)] SPOUSE’S CONSENT TO TRANSFER TO A VARIABLE BENEFIT ACCOUNT I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________ _______________________________________________________________________________ (print or type full name of member or former member) (hereinafter called “the member”) who is a member or former member of a registered pension plan that is subject to the provisions of The Pension Benefits Act, 1992. 1. I understand that the member wants to transfer money to a variable benefit account (hereinafter called “the account”) in accordance with section 29.2 of The Pension Benefits Regulations, 1993, and that my written consent is required to enable the member to make the transfer. 2. I declare that, by signing this consent and filing it with the administrator of the plan: (a) I am authorizing the member to manage the money in the account, subject to the minimum annual withdrawal payment required by the Income Tax Act (Canada); and (b) I understand that there is no maximum withdrawal restriction imposed under the account and I am authorizing the member to withdraw part or all of the balance of the money in the account at any time. 3. I certify that this consent is being signed freely and voluntarily without any compulsion on the part of the member and outside the immediate presence of the member. In witness whereof, I sign this consent at _________________________________________ this __________ day of _____________________ , 20 __________ in the presence of ______________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ________________________________________ (Signature of witness) (Spouse’s signature) 19 May 2006 SR 41/2006 s7. 90 P-6.001 REG 1 PENSION BENEFITS, 1993 Form 2.02 [Subclause 29.2(3)(g)] SPOUSE’S WAIVER OF DESIGNATED BENEFICIARY STATUS UNDER A VARIABLE BENEFIT ACCOUNT I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) _____________ of _____________________________________________________________________________ (print or type full name of member or former member) (hereinafter called “the member”) who has a variable benefit account (hereinafter called “the account”) that is subject to the provisions of The Pension Benefits Act, 1992. 1. I understand that, in the absence of this waiver, on the death of the member, I am entitled to the account, to the extent permitted by the Income Tax Act (Canada). 2. I understand and declare that, by signing this waiver and filing it with the administrator of the plan: (a) I am giving up my status and rights as designated beneficiary; and (b) on the death of the member, the balance of the money in the account will be paid, to the extent permitted by the Income Tax Act (Canada): (i) to the beneficiary designated by the member if the designated beneficiary is a person other than myself; or (ii) to the personal representative of the member’s estate in his or her representative capacity if there is no valid designation of a beneficiary. 3. I certify that this waiver is being signed freely and voluntarily without any compulsion on the part of the member and outside the immediate presence of the member. 4. I understand that I may revoke this waiver at any time before the date of the member’s death by providing written notice to the administrator of the plan. In witness whereof, I sign this waiver at _________________________________________ this __________ day of _____________________ , 20 __________ in the presence of ______________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ________________________________________ (Signature of witness) (Spouse’s signature) 19 May 2006 SR 41/2006 s7. 91 PENSION BENEFITS, 1993 P-6.001 REG 1 Form 2.1 [Subsection 32(3)] SPOUSE’S WAIVER OF PRE-RETIREMENT SURVIVOR BENEFIT PURSUANT TO CLAUSE 33(6)(a) OF THE PENSION BENEFITS ACT, 1992 I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________ _______________________________________________________________________________ (print or type full name of member or former member) (hereinafter called “the member”) who is a member or former member of a registered pension plan that is subject to the provisions of The Pension Benefits Act, 1992. 1. I understand that, in the absence of this waiver, on the death of the member, I am entitled to a pre-retirement survivor benefit payable either as a lump sum payment or in the form of a deferred or immediate pension. 2. I understand and declare that, by signing this waiver, I am giving up my entitlement, on the death of the member, to any pre-retirement death benefit payable pursuant to section 33 of The Pension Benefits Act, 1992. 3. I understand that, by signing this waiver: (a) I will not be paid any pre-retirement death benefit pursuant to section 33 of The Pension Benefits Act, 1992; and (b) the payment of any pre-retirement death benefit pursuant to section 33 of The Pension Benefits Act, 1992 will be made to either: (i) a beneficiary designated by the member; or (ii) the estate of the member if there is no validly designated beneficiary. 4. I certify that this waiver is being signed freely and voluntarily without any compulsion on the part of the member and outside the immediate presence of the member. 5. I understand that this waiver is not valid unless it is signed and witnessed before the date of the member’s death. 6. I understand that I may revoke this waiver at any time before the date of the member’s death by providing written notice to the administrator of the pension plan. In witness whereof, I sign this waiver at _________________________________________ this __________ day of ______________________________________ , 20 ______________ in the presence of ______________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ________________________________________ (Signature of witness) (Spouse’s signature) 5 Apr 2002 SR 32/2002 s9; 11 Mar 2005 SR 19/2005. 92 P-6.001 REG 1 PENSION BENEFITS, 1993 Form 3 [Subsections 32(2.1) and 34(4) of The Pension Benefits Act, 1992 and clause 29(4) (c.1) of these regulations] SPOUSE’S WAIVER OF 60% POST-RETIREMENT SURVIVOR BENEFIT I, __________________________________________________, certify that I am the spouse (print or type full name of spouse) (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________ ___________________________________________________________________________________________________ (print or type full name of member or former member or contract owner) (hereinafter called “the pensioner”) who is a member or former member of a registered pension plan that is subject to the provisions of The Pension Benefits Act, 1992 or is an owner of a locked-in retirement account contract or a registered retirement income fund contract that is subject to The Pension Benefits Regulations, 1993. 1. I understand that, in the absence of this waiver, on the death of the pensioner, I am entitled to a pension of at least 60% of the original amount of the pension payable to the pensioner; 2. I also understand and declare that, by signing this waiver: (a) I am giving up my entitlement, on the death of the pensioner, to a pension of at least 60% of the original amount of the pension payable to the pensioner; (b) I am permitting the pensioner to receive a pension that does not comply with section 34 of The Pension Benefits Act, 1992; and (c) on the death of the pensioner, I may receive no pension or may receive a pension of less than 60% of the original amount of the pension payable to the pensioner. 3. I certify that this waiver is being signed freely and voluntarily without any compulsion on the part of the pensioner and outside the immediate presence of the pensioner. 4. I understand that, except in the event that this form is being signed for the purposes of subsection 32(2.1) of The Pension Benefits Act, 1992 or clause 29(4)(c.1) of The Pension Benefits Regulations, 1993, this waiver is not valid if it is signed more than 90 days before pension commencement. 5. I understand that I may revoke this waiver at any time before pension commencement or transfer by providing written notice to the administrator of the pension plan or issuer of the contract, as the case may be. In witness whereof, I sign this waiver at _________________________________________ this _________________ day of ___________________________________, 20 _________ in the presence of ______________________________________________________________ _______________________________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ______________________________________ (Signature of witness) (Spouse’s signature) 4 Mar 2016 SR 26/2016 s8; 1 Sep 2017 SR 100/2017 s21. 93 PENSION BENEFITS, 1993 P-6.001 REG 1 Form 4 [Subsection 26.1(1)] CERTIFICATE OF NON-RESIDENCY I, __________________________________________________________________certify that: 1. I am a former member of the following pension plans that are subject to The Pension Benefits Act, 1992: pension plan: _________________________ registration number: ____________ pension plan: _________________________ registration number: ____________ pension plan: _________________________ registration number: ____________ (attach another page if more space is necessary) 2. I am the owner of the following locked in retirement account contracts that are subject to The Pension Benefits Regulations, 1993: name of financial institution: _______________________________________________ name of financial institution: _______________________________________________ name of financial institution: _______________________________________________ name of financial institution: _______________________________________________ name of financial institution: _______________________________________________ (attach another page if more space is necessary) 3. I have not resided in Canada since _________________________________________. 4. I am now a resident of ____________________________________________________. 5. I have received from the Canada Revenue Agency written confirmation that the Canada Revenue Agency has determined me to be a non-resident of Canada for the purposes of the Income Tax Act (Canada), and I have attached a copy of that confirmation to this form. 6. I am indicating my spousal status by selecting one of the following:  I have never had a spouse.  I previously had a spouse but no longer have one. The last person to be my spouse ceased being my spouse on ____________________________________, and that person’s name is (was) _______________________________________.  I currently have a spouse, my spouse’s name is _________________________, and my spouse has consented to the withdrawal and waived his or her entitlement to a pension of at least 60% of the original amount of the pension payable pursuant to section 34 of The Pension Benefits Act, 1992 by completing in the prescribed manner a spouse’s consent to withdrawal and waiver of entitlements using Form 5. The completed Form 5 has been attached to this form. 94 P-6.001 REG 1 PENSION BENEFITS, 1993 7. I hold all of the entitlement to all of the assets listed on this form, and none of these assets are subject to a transfer of entitlements due to the breakdown of the spousal relationship. Signed at ______________________________________________________________________ this _________________ day of ___________________________________, 20 _________ in the presence of ______________________________________________________________ _______________________________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ______________________________________ (Signature of witness) (Spouse’s Declarant) 12 Dec 2014 SR 104/2014 s5. 95 PENSION BENEFITS, 1993 P-6.001 REG 1 Form 5 [Clause 26.1(1)(b) and clause 29(8.3)(b)] SPOUSE’S CONSENT TO WITHDRAWAL AND WAIVER OF ENTITLEMENTS UNDER A PENSION PLAN OR A LIRA CONTRACT FOR NON RESIDENCY STATUS I, _____________________________________________________________________________ (print or type full name of spouse) certify that I am the spouse (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________________________________________________________________ ______________________________________________________________________________ (print or type full name of former member or owner of a LIRA contract) (“the pensioner”) who is a former member of a registered pension plan that is subject to The Pension Benefits Act, 1992 or owner of a locked in retirement account contract that is subject to The Pension Benefits Regulations, 1993. 1. I understand that the pensioner wants to withdraw as a lump sum his or her pension funds from the pension plan or the locked-in retirement account and that my written consent is required to enable the owner to make the withdrawal. 2. I understand that, in the absence of this consent and waiver, on the death of the pensioner, I am entitled to a pension of at least 60% of the original amount of the pension payable to the pensioner. 3. I also understand and declare that, by signing this consent and waiver: (a) I consent to the pensioner’s application to withdraw as a lump sum his or her pension funds from the pension plan or the locked-in retirement account; (b) I am giving up my entitlement, on the death of the pensioner, to a pension of at least 60% of the original amount of the pension payable to the pensioner, and I am giving up any other entitlement that I may have to the funds that are withdrawn; (c) I am permitting the pensioner to receive a pension that does not comply with section 34 of The Pension Benefits Act, 1992; and (d) on the death of the pensioner, I may receive no pension or may receive a pension of less than 60% of the original amount of the pension payable to the pensioner. 4. I certify that this consent and waiver is being signed freely and voluntarily without any compulsion on the part of the pensioner and not in the presence of the pensioner. 5. I understand that this consent and waiver is not valid if it is signed more than 90 days before the withdrawal of an amount equal to the commuted value of the benefit pursuant to subsection 26.1(1) of The Pension Benefits Regulations, 1993 or the withdrawal of the locked in money pursuant to subsection 29(8.3) of The Pension Benefits Regulations, 1993. 96 P-6.001 REG 1 PENSION BENEFITS, 1993 Signed at ______________________________________________________________________ this _________________ day of ___________________________________, 20 _________ in the presence of ______________________________________________________________ _______________________________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) ____________________________________ ______________________________________ (Signature of witness) (Spouse’s signature) 12 Dec 2014 SR 104/2014 s5. 97 PENSION BENEFITS, 1993 P-6.001 REG 1 Form 6 [Subsections 29.01(6), 29.02(7), 29.03(5), 29.04(6) and 29.05(6)] SPOUSE’S CONSENT TO WITHDRAWAL AND WAIVER OF ENTITLEMENTS PURSUANT TO A LIRA CONTRACT FOR FINANCIAL HARDSHIP I, _____________________________________________________________________________ (print or type full name of spouse) certify that I am the spouse (within the meaning of clause 2(1)(ff) of The Pension Benefits Act, 1992) of __________________________________________________________________ , (print or type full name of owner of a LIRA contract) (hereinafter called the “owner”) who is the owner of a locked-in retirement account contract (hereinafter called the “contract”) that is subject to The Pension Benefits Regulations, 1993. 1. I understand that the owner wants to withdraw funds from the owner’s contract and that my written consent is required to enable the owner to make the withdrawal. 2. I understand that, in the absence of this consent and waiver, on the death of the owner, I am entitled to the following survivor’s benefits: (a) if the owner dies before pension commencement, I am entitled to the locked-in money in the contract, to the extent permitted by the Income Tax Act (Canada), in accordance with subclause 29(4)(i)(i) of The Pension Benefits Regulations, 1993; (b) if the owner dies after pension commencement, I am entitled to receive a pension of at least 60% of the original amount of the pension to be provided to the owner in accordance with clause 29(4)(h) of The Pension Benefits Regulations, 1993. 3. I also understand and declare that, by signing this consent and waiver: (a) I consent to the owner’s application to withdraw funds from the owner’s contract; (b) I am giving up my status and rights as a surviving spouse, on the death of the owner, with respect to the funds that are withdrawn, and I am giving up any other entitlement that I may have to the funds that are withdrawn; and (c) I am permitting the owner to receive a pension that does not comply with section 34 of The Pension Benefits Act, 1992. 4. I understand that as long as the funds are kept in the contract, I may have a right to a share of the funds if there is a breakdown of the spousal relationship between me and the owner, and if the funds are withdrawn from the contract, I may lose any right that I have to a share of those funds. 5. I understand that signing this consent and waiver does not affect the rights I have pursuant to The Pension Benefit Regulations, 1993 with respect to any amount that is not withdrawn. 6. I certify that this consent and waiver is being signed freely and voluntarily without any compulsion on the part of the owner and not in the presence of the owner. 7. I understand that this consent and waiver is not valid if it is signed more than 90 days before the withdrawal of the locked in money pursuant to subsection 29(8.4) or sections 29.01 to 29.05 of The Pension Benefits Regulations, 1993. 98 P-6.001 REG 1 PENSION BENEFITS, 1993 Signed at ___________________ this ______ day of _________________ , 20 ________ in the presence of ______________________________________________________________ (print or type name of witness) of _____________________________________________________________________________ (address of witness) _______________________________________ ___________________________________ (Signature of witness) (Spouse’s signature) 3 Dec 2021 SR 122/2021 s5. 99 PENSION BENEFITS, 1993 P-6.001 REG 1 PART II Tables TABLE 1 Specified Plans (Subsection 36.7(1)) Item Number Name of Plan 1 The Target Retirement Income Plan for the Regina Police Service 2 General Superannuation Plan for City of Saskatoon Employees Not Covered by the Police and Fire Departments’ Superannuation Plan 3 Saskatoon Fire Fighters’ Pension Plan 4 Saskatoon Police Pension Plan 5 Repealed. 3 Dec 2021 SR 122/2021 s6. 6 Municipal Employees’ Pension Plan 7 Pension Plan for the Non-teaching Employees of the Saskatoon Board of Education 8 Saskatchewan Healthcare Employees’ Pension Plan 9 The Contributory Superannuation Plan for the Employees of Saskatchewan Government Insurance 10 Saskatchewan Research Council Employees’ Pension Plan 11 Repealed. 19 Mar 2021 SR 25/2021 s13. 12 Saskatchewan Telecommunications Pension Plan 13 Repealed. 3 Dec 2021 SR 122/2021 s6. 14 Pension Plan for Academic and Administrative Employees of the University of Regina 15 The University of Regina Non-Academic Pension Plan 16 The Pension Plan for the Academic Employees of the University of Saskatchewan, 1974 17 University of Saskatchewan 1999 Academic Pension Plan 18 University of Saskatchewan and Federated Colleges Non-Academic Pension Plan 31 Dec 2015 SR 112/2015 s8; 19 Mar 2021 SR 25/2021 s13; 3 Dec 2021 SR 122/2021 s6. 100 P-6.001 REG 1 PENSION BENEFITS, 1993 TABLE 2 Provision for Adverse Deviations (PfAD) [Subsection 36.99(3)] Column 1 Column 2 Equity Percentage (%) PfAD (%) 0 0 10 5 20 5 30 5 40 7.5 50 7.5 60 7.5 70 10 80 10 90 10 100 10 1 Sep 2017 SR 100/2017 s22; 19 Mar 2021 SR 25/2021 s13. 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