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"Point in Time" Regulation Content

Pension Benefits Standards Act

Pension Benefits Standards Regulation

B.C. Reg. 71/2015

NOTE: Links below go to reg content as it was prior to the changes made on the effective date. (PIT covers changes made from September 19, 2009 to present)
SECTIONEFFECTIVE DATE
Section 10 October 25, 2016
December 31, 2016
January 31, 2017
July 27, 2018
Section 11 December 7, 2016
Section 63 October 2, 2015
Section 74 January 29, 2016
Section 77 January 29, 2016
Section 81 January 29, 2016
Section 83 January 29, 2016
Section 89 January 29, 2016
Section 103 January 29, 2016
Section 111 January 29, 2016
Section 121 January 29, 2016
Section 130 January 29, 2016
Schedule 1 Section 6 January 29, 2016
 Schedule 1 Section 11 January 29, 2016
Schedule 1 Section 12 January 29, 2016
Schedule 1 Section 13 January 29, 2016
Schedule 2 Section 7 January 29, 2016
 Schedule 2 Section 12 January 29, 2016
 Schedule 2 Section 13 January 29, 2016
Schedule 2 Section 14 January 29, 2016
Schedule 3 Form 1 to 4 January 29, 2016
Schedule 6 Section 2 July 27, 2018
Schedule 6 Section 4 and 5 July 27, 2018
Schedule 6 Section 4.1 March 14, 2019
Schedule 8 October 25, 2016
January 24, 2019

 Section 10 (15) was added by BC Reg 245/2016, effective October 25, 2016.

 Section 10 (1) (a) and (f) BEFORE amended by BC Reg 297/2016, effective December 31, 2016.

(a) University of British Columbia Staff Pension Plan;

(f) the Pension Plan of the United Way of the Lower Mainland;

 Section 10 (8.1) was added by BC Reg 297/2016, effective December 31, 2016.

 Section 10 (1) (c) BEFORE repealed by BC Reg 18/2017, effective January 31, 2017.

(c) Council of Forest Industries Pension Plan;

 Section 10 (13) BEFORE amended by BC Reg 169/2018, effective July 27, 2018.

(13) The Catalyst Paper Corporation Retirement Plan for Salaried Employees and the participating employer, as defined in Schedule 6, are exempt from the provisions of the Act and this regulation as set out in Schedule 6, to the extent and on the conditions specified in that Schedule.

 Section 11 (2) (a) BEFORE amended by BC Reg 297/2016, effective December 7, 2016.

(a) sections 8 (1) (h), 36, 39 (c), 48, 52 (2) (a), 56 (3) and (5), 63, 72 (3), 94 (a), 106, and 107 of the Act;

 Section 11 (2) (a.1) and (f) were added by BC Reg 297/2016, effective December 7, 2016.

 Section 63 (6) (a) BEFORE amended by BC Reg 183/2015, effective October 2, 2015.

(a) if the administrator files, with the records filed under subsection (5) (a), an actuarial valuation report prepared, or the current actuarial valuation report revised, as at the date of expiry of the letter of credit being renewed or replaced, showing that, despite the reduction, the funding requirements under section 57 will continue to be met, the amount covered by the renewal or replacement letter of credit may be reduced from the amount covered by the letter of credit being renewed or replaced to the extent indicated in the actuarial valuation report;

 Section 63 (6) (c) (ii) BEFORE amended by BC Reg 183/2015, effective October 2, 2015.

(ii) an actuarial valuation report prepared, or the current actuarial valuation report revised, as at the date of expiry of the letter of credit being renewed or replaced, showing that, after taking into account both the remittance referred to in subparagraph (i) and the reduction, the funding requirements under section 57 will continue to be met,

 Section 63 (7) (b) (i) BEFORE amended by BC Reg 183/2015, effective October 2, 2015.

(i) an actuarial valuation report prepared, or the current actuarial valuation report revised, as at the date of expiry of the letter of credit, showing that, despite the expiry, the funding requirements under section 57 will continue to be met, or

 Section 74 (11) (a) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(a) a waiver in Form 4 of Schedule 3 signed by the spouse before the member's death in the presence of a witness and outside the presence of the member;

 Section 77 BEFORE re-enacted by BC Reg 9/2016, effective January 29, 2016.

Waiver of spousal entitlement if member dies after pension commencement

77   The statements referred to in section 80 (4) (a) and (6) (a) of the Act must be in Form 2 of Schedule 3.

 Section 81 (1) (b) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) a waiver in Form 2 of Schedule 3 signed by the spouse in the presence of a witness and outside the presence of the member not more than 90 days before the date that payments are to begin;

 Section 81 (2) (a) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(a) a waiver in Form 2 of Schedule 3 signed by the spouse before the member's death in the presence of a witness and outside the presence of the member;

 Section 83 (3) (d) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) a waiver in Form 2 of Schedule 3 signed by the spouse in the presence of a witness and outside the presence of the annuitant not more than 90 days before the date that payments are to begin;

 Section 83 (3) (e) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) a waiver in Form 2 of Schedule 3 signed by the spouse before the annuitant's death in the presence of a witness and outside the presence of the annuitant;

 Section 83 (4) (a) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) a waiver in Form 2 of Schedule 3 signed by the spouse before the member's death in the presence of a witness and outside the presence of the deferred member;

 Section 89 (a) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) if an event or transaction referred to in section 87 materially affects the cost of benefits provided by the plan or creates an unfunded liability or a solvency deficiency, an actuarial valuation report and cost certificate prepared, or the current actuarial valuation report and cost certificate revised, as at the effective date of the event or transaction,

 Section 103 (4) (d) (ii) (A) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(A) a waiver in Form 2 of Schedule 3 signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date that payments are to begin;

 Section 111 (a) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(a) a waiver in Form 1 of Schedule 3 signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Section 121 (3) (c) (ii) (A) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(A) a waiver in Form 2 of Schedule 3 signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date that the payments are to begin;

 Section 130 (a) BEFORE amended by BC 9/2016, effective January 29, 2016.

(a) a waiver in Form 1 of Schedule 3 signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Schedule 1, section 6 (3) (d) (ii) (A) BEFORE amended by BC 9/2016, effective January 29, 2016.

(A) a waiver in Form 2 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member not more than 90 days before the date that payments are to begin;

 Schedule 1, section 11 (1) (b) (i) BEFORE amended by BC 9/2016, effective January 29, 2016.

(i) a waiver in Form 1 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Schedule 1, section 12 (1) (b) (i) BEFORE amended by BC 9/2016, effective January 29, 2016.

(i) a waiver in Form 1 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Schedule 1, section 13 (1) (b) (i) BEFORE amended by BC 9/2016, effective January 29, 2016.

(i) a waiver in Form 1 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Schedule 2, section (7) (1) (d) (ii) (A) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(A) a waiver in Form 2 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member not more than 90 days before the date that payments are to begin;

 Schedule 2, section 12 (1) (b) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) a waiver in Form 1 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Schedule 2, section 13 (1) (b) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) a waiver in Form 1 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Schedule 2, section 14 (1) (b) (i) BEFORE amended by BC Reg 9/2016, effective January 29, 2016.

(i) a waiver in Form 1 of Schedule 3 of the Regulation signed by the spouse in the presence of a witness and outside the presence of the member owner not more than 90 days before the date of the withdrawal;

 Schedule 3, Forms 1 to 4 BEFORE re-enacted by BC 9/2016, effective January 29, 2016.

Form 1

(sections 72 (4), 111 (a) and 130 (a))

Spouse's Waiver to Permit Benefits in a Pension Plan, Locked-In Retirement Account or Life Income Fund to Be Unlocked

Form 2

(sections 74 (11), 77, 81 (1) (b) (i) and (2) (a), 83 (3) (d) (i) and (e) (i) and (4) (a) (i), 103 (4) (d) (ii) (A) and 121 (3) (c) (ii) (A))

Spouse's Waiver of 60% Lifetime Survivor's Benefit and/or Beneficiary Rights From a Pension Plan or Annuity After Payments Start

Form 3

(sections 74 (3) (a) and (8) (a) (i), 103 (2) (c) (i) and 121 (1) (b) (ii) (A))

Spouse's Consent to a Transfer to a Life Income Fund or Establishment of a Life Income Type Benefits Account

Form 4

(sections 76, 83 (3) (b) (ii) (A), 106 (2) (b) (i) and 125 (2) (b) (i))

Spouse's Waiver of Beneficiary Right to Benefits in a Pension Plan, Locked-In Retirement Account, Life Income Fund or Annuity Before Pension or Annuity Payments Start

 Schedule 6, section 2 (1) (part) BEFORE amended by BC Reg 169/2018, effective July 27, 2018.

(1) On the conditions set out in section 3 and subject to subsection (2), the plan and participating employer are exempt from the following:

 Schedule 6, sections 4 and 5 were added by BC Reg 169/2018, effective July 27, 2018.

 Schedule 6, section 4.1 was enacted by BC Reg 52/2019, effective March 14, 2019.

 Schedule 8 was enacted by BC Reg 245/2016, effective October 25, 2016.

 Schedule 8, section 1 (1) definitions of "exemption period", "plan contributor and "specified review date" BEFORE amended by BC Reg 12/2019, effective January 24, 2019.

"exemption period", in relation to a defined benefit component for which an election is made under section 2, means the period beginning on the date the written notice of election is received by the superintendent and ending on the earlier of

(a) the date every solvency deficiency of the defined benefit component established on or before the specified review date is eliminated, and

(b) the end date of the 10-year period referred to in section 4 (a);

"plan contributor", in relation to a pension plan for which an election is made under section 2, means the plan contributor as defined in section 56 of the regulation that is required under the Act to make contributions to the plan;

"specified review date", in relation to a pension plan for which an election is made under section 2, means the review date specified in the written notice of election.

 Schedule 8, section 2 (2) (c) (i) BEFORE amended by BC Reg 12/2019, effective January 24, 2019.

(i) an amortization schedule, prepared by a Fellow of the Canadian Institute of Actuaries, for the series of payments required under section 4 (a) of this Schedule, and

 Schedule 8, section 2.1 was enacted by BC Reg 12/2019, effective January 24, 2019.

 Schedule 8, section 3 (1) (part) and (2) BEFORE amended by BC Reg 12/2019, effective January 24, 2019.

(1) On the conditions set out in section 4 and subject to subsection (2), if the administrator of a pension plan makes an election under section 2, the plan and plan contributor are exempt from

(2) The exemptions under subsection (1) apply during the exemption period to any payments referred to in section 57 (2) (c) of this regulation that the plan contributor would otherwise be required to make in relation to any solvency deficiency, established on or before the specified review date, of the defined benefit component for which an election is made under section 2 of this Schedule.

 Schedule 8, section 4 (a) BEFORE amended by BC Reg 12/2019, effective January 24, 2019.

(a) the plan contributor makes a series of payments into the plan, or, in the case of a divisional multi-employer plan, makes the plan contributor's share of a series of payments into the plan, that are made at least monthly, which series of payments must be sufficient, in the opinion of the actuary who prepared the amortization schedule referred to in section 2 (2) (c) (i), to amortize the solvency deficiencies, established on or before the specified review date, of the defined benefit component for which an election is made under section 2 over the 10-year period that begins on the specified review date, or, in the case of a jointly sponsored plan, on the first anniversary of that review date;

 Schedule 8, section 5 (1) and (2) BEFORE amended by BC Reg 12/2019, effective January 24, 2019.

(1) Subject to this section, sections 46 (4) (d) (ii), 57 (9) and (12) and 63 of this regulation continue to apply during the exemption period in respect of the solvency deficiencies, established on or before the specified review date, of a defined benefit component for which an election is made under section 2 of this Schedule.

(2) For the purposes of subsection (1),

(a) the payments required to be made under section 4 (a) of this Schedule in respect of the solvency deficiencies referred to in subsection (1) of this section are deemed to be payments required to be made under section 57 (2) (c) of the regulation in respect of those solvency deficiencies, and

(b) the 10-year period referred to in section 4 (a) of this Schedule in respect of the solvency deficiencies referred to in subsection (1) of this section is deemed to be the applicable solvency deficiency payment period in relation to those solvency deficiencies.