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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 1 December 31, 2019
Section 1.1 December 31, 2019
Section 2 December 31, 2019
Section 10 October 25, 2016
December 31, 2016
January 31, 2017
July 27, 2018
December 31, 2019
Section 11 December 7, 2016
December 31, 2019
Section 22 December 31, 2019
Section 42 December 31, 2019
Section 46 December 31, 2019
Section 47 December 31, 2019
Section 56 December 31, 2019
Section 57 December 31, 2019
Section 58 December 31, 2019
Section 61 December 31, 2019
Section 63 October 2, 2015
December 31, 2019
Section 67 December 31, 2019
Section 70 December 31, 2019
Section 71 December 31, 2019
Section 74 January 29, 2016
Section 77 January 29, 2016
Section 79 December 31, 2019
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
Section 135 December 31, 2019
Section 138 January 15, 2020
Section 142 December 31, 2019
Section 143 December 31, 2019
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 5 December 31, 2019
 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 6 December 31, 2019
Schedule 7 December 31, 2019
Schedule 8 October 25, 2016
 Schedule 8 Section 1 January 24, 2019
December 31, 2019
 Schedule 8 Section 2 January 24, 2019
Schedule 8 Section 2.1 January 24, 2019
Schedule 8 Section 2.2 December 31, 2019
Schedule 8 Section 3 January 24, 2019
Schedule 8 Section 4 January 24, 2019
Schedule 8 Section 5 January 24, 2019
December 31, 2019

 Section 1 definition of "actuarial gain" BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

"actuarial gain", in relation to a benefit formula component of a pension plan, means the amount that represents the improvement, referred to in section 57 (6) or (8) or 58 (6), between the projected financial position of the plan component and the actual financial position of the plan component;

 Section 1 definition of "participating employer's accessible going concern excess", paragraph (a) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(a) in relation to each participating employer in a divisional multi-employer plan and to defined benefit components of that plan being funded by the participating employer, the amount by which the participating employer's share of the going concern assets values of those components exceeds 105% of the participating employer's share of the going concern liabilities values of those components, as those values are determined in the current actuarial valuation report, or

 Section 1 definition of "PfAD" BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

"PfAD", in relation to a target benefit component, means the percentage determined under section 2 to be the provision for adverse deviation in relation to the component;

 Section 1 definition of "plan's accessible going concern excess", paragraph (a) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(a) in relation to the defined benefit components of a pension plan other than a divisional multi-employer plan, means the amount by which the going concern assets values of the defined benefit components exceed 105% of the going concern liabilities values of the defined benefit components, as those values are determined in the current actuarial valuation report, or

 Section 1 definition of "solvency asset adjustment", paragraph (a) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(a) the actuarial present value of the special payments that are required to be paid under section 57 (2) (b) or (c) or (3) in relation to the component over the 5-year period that begins on the latest review date;

 Section 1 definition of "solvency deficiency", paragraph (c) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(c) in relation to a target benefit component, means the amount, if any, by which the component's solvency liabilities value exceeds the component's solvency asset value, both values determined as at the latest review date;

 Section 1.1 was enacted by BC Reg 264/2019, effective December 31, 2019.

 Section 2 (1) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(1) For the purposes of the definition of "PfAD" in section 1 (1), "PfAD" or "provision for adverse deviation" means the asset allocation amount plus, for every 0.01% that the assumed discount rate exceeds the benchmark discount rate, 0.15%.

 Section 2 (2) definition of "benchmark discount rate", description of "equity allocation" BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

equity allocation=the percentage of the assets of the target benefit component of the plan that is invested in equities;

 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 10 (12) to (14) BEFORE repealed by BC Reg 264/2019, effective December 31, 2019.

(12) A multi-employer negotiated cost plan to which Schedule 5 applies is exempt from the special payment requirements of section 57 (2) (c), to the extent and on the conditions, if applicable, specified in that Schedule.

(13) The Catalyst Paper Corporation Retirement Plan for Salaried Employees and the participating employer, as defined in Schedule 6,

(a) 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, and

(b) are subject to the requirements as set out in Schedule 6 if the Plan and participating employer cease to be exempt because a condition specified in that Schedule has not been met.

(14) The Retirement Plan for Non-Teaching Employees of School District No. 43 (Coquitlam) and the participating employer, as defined in Schedule 7, are exempt from the provisions of the Act and this regulation as set out in Schedule 7, 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 11 (2) (c) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(c) the definition of "divisional multi-employer plan" in section 1 (1) and sections 28, 30 (4) (c), 31 (3) (c), 33 (4) (c) and (g) (vi), 37 (5) (d) (vi), (e) and (g), 43 (1) (j) and (4) (h), 46 (4) (d), (f), (k), (m) and (q), 53, 55 (6), 57, 65, 66, 71 and 135 of this regulation;

 Section 22 (a) (iii) (A) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(A) an actuarial valuation report that demonstrates that, immediately after the amendment takes effect, the defined benefit component's solvency ratio would be at least 0.9, and

 Section 42 (1) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(1) For the purposes of section 37 (2) of the Act, if a statement under this Division is required to set out the amount of a benefit payable under a plan, the administrator of the plan must, within 30 days after receiving a request to do so, provide to any person who is entitled to receive the statement, the data, and a description of the method, used to calculate the amount of that benefit.

 Section 46 (4) (c) to (f) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(c) subject to subsection (8), for each unfunded liability, if any,

(i) the date of its establishment,

(ii) its unamortized balance,

(iii) the special payments to be made under section 57 (2) (b) or (3) or 58 (2) (c) or (4) by the participating employer, or, in the case of a jointly sponsored plan, by the participating employer and the active members, to amortize it,

(iv) in the case of a jointly sponsored plan, the rules by which the amount of the special payments to be made under subparagraph (iii) was determined, and

(v) the date at which it will be amortized;

(d) if the plan text document contains a defined benefit provision, one of the following:

(i) a statement that in the opinion of the reviewer the defined benefit component does not have a solvency deficiency;

(ii) for each solvency deficiency, if any,

(A) the date of its establishment,

(B) its unamortized balance,

(C) the special payments to be made under section 57 (2) (c) or (3) by the participating employer, or, in the case of a jointly sponsored plan, by the participating employer and the active members, to amortize it,

(D) in the case of a jointly sponsored plan, the rules by which the amount of the special payments to be made under clause (C) was determined, and

(E) the date at which it will be amortized;

(e) if the plan text document contains a target benefit provision, one of the following:

(i) a statement that, in the opinion of the reviewer the target benefit component does not have a solvency deficiency;

(ii) the total amount of the solvency deficiencies of the target benefit component;

(f) one of the following:

(i) a statement that, in the opinion of the reviewer, the solvency ratio of each defined benefit component is not less than 1 and a description of the actuarial assumptions underlying the reviewer's opinion;

(ii) if the solvency ratio of a defined benefit component is less than 1, the solvency ratio in relation to each defined benefit component;

 Section 46 (4) (o) (iii) and (iv) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(iii) the average amount, per hour of employment, needed to amortize each unfunded liability, if any, in that defined benefit component;

(iv) the average amount, per hour of employment, needed to amortize each solvency deficiency, if any, in that defined benefit component;

 Section 46 (4) (o) (ii.1) and (iv.1) were added by BC Reg 264/2019, effective December 31, 2019.

 Section 46 (4) (q) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(q) if the plan text document contains a defined benefit provision, the solvency ratio of the defined benefit component as at the review date;

 Section 46 (6) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(6) If the actuarial method used in a review may not reveal an unfunded liability or a solvency deficiency, the reviewer must

(a) perform whatever calculations are necessary to allow the reviewer to determine whether there is an unfunded liability or a solvency deficiency and whether the funding requirements under section 57 or 58, as applicable, are being met, and

(b) certify that any unfunded liability or solvency deficiency is being amortized in accordance with the Act and this regulation.

 Section 47 (2) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(2) Audited financial statements filed under subsection (1) must be prepared in accordance with the accounting standards contained in the CPA Canada Handbook — Accounting and the CPA Canada Handbook — Assurance, as amended from time to time.

 Section 56 BEFORE re-enacted by BC Reg 264/2019, effective December 31, 2019.

Definitions

56   In this Part:

"establishment date", in the case of an unfunded liability or a solvency deficiency of a benefit formula component of a pension plan, means

(a) the review date as at which the existence of the unfunded liability or solvency deficiency was established, or

(b) if the unfunded liability or solvency deficiency resulted from an amendment to the plan text document of the plan, the effective date of the amendment;

"expected average remaining service life", in relation to a defined benefit or target benefit component of a pension plan, means the expected average number of years or portions of years that the reviewer who prepared the current actuarial valuation report estimated to be worked by active members accruing benefits under the component, from the review date of the current actuarial valuation report until the anticipated date that each active member terminates active membership, based on the demographic assumptions used in the most recent actuarial valuation;

"plan contributor", in relation to a pension plan, means

(a) the participating employers in the plan, if the plan is neither a jointly sponsored plan nor a divisional multi-employer plan,

(b) the participating employers and the active members in the plan, if the plan is a jointly sponsored plan that is not a divisional multi-employer plan, or

(c) each participating employer in the plan, if the plan is a divisional multi-employer plan;

"solvency deficiency payment period", in relation to a solvency deficiency, means

(a) subject to paragraph (b), the 5-year period that begins on the establishment date of the solvency deficiency, or

(b) in the case of a solvency deficiency of a jointly sponsored plan, the 5-year period that begins on the first anniversary of the establishment date of the solvency deficiency;

"unfunded liability payment period", in relation to an unfunded liability of a benefit formula component of a pension plan, means

(a) subject to paragraphs (b) to (d), the 15-year period that begins on the establishment date of the unfunded liability,

(b) subject to paragraph (d), in the case of an unfunded liability of a jointly sponsored plan, the 15-year period that begins on the first anniversary of the establishment date of the unfunded liability,

(c) subject to paragraph (d), in the case of a target benefit component, the shorter of

(i) the 15-year period that begins on the establishment date of the unfunded liability, and

(ii) the expected average remaining service life that begins on the establishment date of the unfunded liability, or

(d) in the case of a target benefit component of a jointly sponsored plan, the shorter of

(i) the 15-year period that begins on the first anniversary of the establishment date of the unfunded liability, and

(ii) the expected average remaining service life that begins on the first anniversary of the establishment date of the unfunded liability.

 Section 57 (2) (a) (i) and (ii) BEFORE repealed by BC Reg 264/2019, effective December 31, 2019.

(i) starting in the first month of the fiscal year of the plan following the review date, in the case of a plan other than a jointly sponsored plan, or

(ii) starting in the first month of the second fiscal year of the plan following the review date, in the case of a jointly sponsored plan;

 Section 57 (2) (a.1) was added by BC Reg 264/2019, effective December 31, 2019.

 Section 57 (2) (b) and (c) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(b) without limiting any other obligation on the plan contributor to make payments under this section in relation to any previous unfunded liability of the defined benefit component, if the current actuarial valuation report establishes the existence of an unfunded liability for the defined benefit component, a series of equal payments that are made at least monthly, which series of payments must be sufficient, in the opinion of the reviewer who prepared that actuarial valuation report, to amortize the unfunded liability within the unfunded liability payment period applicable to it;

(c) without limiting any other obligation on the plan contributor to make payments under this section in relation to any previous solvency deficiency of the defined benefit component, if the current actuarial valuation report establishes the existence of a solvency deficiency for the defined benefit component, a series of equal payments that are made at least monthly, which series of payments must be sufficient, in the opinion of the reviewer who prepared that actuarial valuation report, to amortize the solvency deficiency within the solvency deficiency payment period applicable to it.

 Section 57 (2.1) was added by BC Reg 264/2019, effective December 31, 2019.

 Section 57 (3) and (12) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(3) Instead of making the payments referred to in subsection (2) (b), in the case of an unfunded liability, or the payments referred to in subsection (2) (c), in the case of a solvency deficiency, the plan contributor may elect to make payments into the plan under this subsection if

(a) the payments are made at least monthly over the unfunded liability payment period or solvency deficiency payment period, as the case may be, that is applicable to that unfunded liability or solvency deficiency,

(b) the payment amounts are identical and are calculated as a percentage of the payroll or as an average amount per hour of employment that, as at the review date of the actuarial valuation report by which the existence of the unfunded liability or solvency deficiency was established, was projected for the members, and

(c) the actuarial present value of the payments over the period referred to in paragraph (a), or any shorter period selected by the administrator for the purposes of this subsection, is equal to that unfunded liability or solvency deficiency.

(12) If a plan contributor is required under subsection (2) or (3) to make payments in relation to an unfunded liability or a solvency deficiency, the plan contributor may make larger payments, more frequent payments or earlier payments than what is required, and, in that event, the plan contributor may, despite subsections (2) and (3), reduce or eliminate subsequent payments provided that

(a) the unfunded liability or solvency deficiency is eliminated within the applicable unfunded liability payment period or solvency deficiency payment period, as the case may be, and

(b) the balance of the unfunded liability or solvency deficiency never exceeds the amount of that unfunded liability or solvency deficiency that would have existed had the full amount of the payments required under subsection (2) or (3) been made.

 Section 57 (4) to (9) BEFORE repealed by BC Reg 264/2019, effective December 31, 2019.

(4) Without limiting subsections (2) and (3), each unfunded liability and solvency deficiency must be funded by a separate series of payments under subsection (2) (b) or (c) or (3) and must not be combined with any other unfunded liability or solvency deficiency.

(5) If the current actuarial valuation report establishes that the defined benefit component of the plan has no solvency deficiencies, the reviewer may, in that actuarial valuation report, recalculate the payments, if any, that are, under subsection (2) or (3), required to be made in relation to any remaining unfunded liability of the plan component and the plan contributors may pay into the plan the recalculated payments instead of the payments that were required before that recalculation.

(6) If the current actuarial valuation report prepared on a going concern basis in relation to a pension plan establishes that the total amount of all unfunded liabilities of the plan component is less than the total amount of all unfunded liabilities projected for the plan component in the previously filed actuarial valuation report, the amount of that actuarial gain must be used

(a) to eliminate every unfunded liability of the plan component, or

(b) if the amount of that actuarial gain is insufficient to eliminate every unfunded liability of the plan component, to reduce the unfunded liabilities of the plan component, with the unfunded liabilities of the plan component being eliminated or reduced chronologically, beginning with the oldest unfunded liability.

(7) If the defined benefit component's actuarial gain is used in the manner referred to in subsection (6) (b) to reduce the amount of an unfunded liability, the payments that are, under subsection (2) or (3), required to be made in relation to that unfunded liability may be

(a) reduced, on a prorated basis, and paid over

(i) the remainder of the applicable unfunded liability payment period, or

(ii) a shorter period, or

(b) left unreduced and paid over a shorter period than the applicable unfunded liability payment period.

(8) If the current actuarial valuation report prepared in relation to a pension plan establishes that the total amount of all solvency deficiencies of the plan component is less than the total amount of all solvency deficiencies projected for the plan component in the previously filed actuarial valuation report, the amount of that actuarial gain must be used

(a) to eliminate every solvency deficiency of the plan component, or

(b) if the amount of that actuarial gain is insufficient to eliminate every solvency deficiency of the plan component, to reduce the solvency deficiencies of the plan component, with the solvency deficiencies of the plan component being eliminated or reduced chronologically, beginning with the oldest solvency deficiency.

(9) If the defined benefit component's actuarial gain is used in the manner referred to in subsection (8) (b) to reduce the amount of a solvency deficiency, the payments that are, under subsection (2) or (3), required to be made in relation to that solvency deficiency may be

(a) reduced, on a prorated basis, and paid over

(i) the remainder of the applicable solvency deficiency payment period, or

(ii) a shorter period, or

(b) left unreduced and paid over a shorter period than the applicable solvency deficiency payment period.

 Section 58 (0.1) was added by BC Reg 264/2019, effective December 31, 2019.

 Section 58 (1) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(1) This section applies to a multi-employer plan of which the plan text document contains one or more target benefit provisions.

 Section 61 (2) (f) (i) and (ii) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(i) the plan is not a divisional multi-employer plan, no defined benefit component has an unfunded liability and the withdrawal will not result in any defined benefit component having an unfunded liability;

(ii) the plan is a divisional multi-employer plan, the participating employer's share of any unfunded liability of a defined benefit component of the plan being funded by the participating employer is zero and the withdrawal will not result in the participating employer's share of any unfunded liability becoming greater than zero.

 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 63 (11) (a) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(a) has not received any record that the administrator is required to send to the holder under subsection (5) (b) or (10), and

 Section 67 (2) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(2) The lump-sum payment to which a member referred to in section 57 (7) of the Act is entitled under section 57 (4) of the Act must be reduced by multiplying the amount calculated under section 57 (2) of the Act by the lesser of

(a) one, and

(b) the target benefit funded ratio that is set out in the current actuarial valuation report for the plan.

 Section 70 (2) (f) (ii) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(ii) the plan is a divisional multi-employer plan, the participating employer's share of the solvency deficiencies of any defined benefit component of the plan being funded by the participating employer is zero and the distribution will not result in the participating employer's share of the solvency deficiencies becoming greater than zero.

 Section 70 (9) (d) (ii) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(ii) a statement that, in the administrator's opinion, the distribution will not result in the participating employer's share of the solvency deficiencies of any defined benefit component of the plan being funded by the participating employer becoming greater than zero;

 Section 71 (3) (c) (ii) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(ii) the plan is a divisional multi-employer plan and the participating employer's share of the solvency deficiencies of any defined benefit component of the plan being funded by the participating employer is zero and the use of actuarial excess to reduce or eliminate contributions will not result in the participating employer's share of the solvency deficiencies becoming greater than zero,

 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 79 BEFORE re-enacted by BC Reg 264/2019, effective December 31, 2019.

Target benefit funded ratio

79   For the purposes of section 86 (b) of the Act, "target benefit funded ratio" means, in relation to a target benefit component of a pension plan, the lesser of 1 and the amount calculated as follows:

going concern assets value of
the target benefit component
going concern liabilities value
of the target benefit component

 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;

 Section 135 (9) (d) and (e) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(d) if the defined benefit component has one or more unfunded liabilities as at the effective date of the termination of the plan, assets unallocated under paragraph (a) or (b) must be allocated to each of those persons;

(e) if under paragraph (c) or (d) there are insufficient unallocated assets to fully provide for the benefits referred to in one of those paragraphs, the unallocated assets must be allocated proportionately among the persons referred to in that paragraph.

 Section 135 (10) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(10) For the purposes of section 9 (d),

(a) if there is an unfunded liability that

(i) has not been amortized as at the effective date of the termination of the plan, and

(ii) is the result of a benefit improvement,

the benefits that led to the establishment of the unfunded liability must be reduced in proportion to the extent to which those benefits remain unfunded, and

(b) each unfunded liability must be dealt with separately and applied only to the benefits in respect of which it was established.

 Section 138 (1) (a) (i) and (ii) BEFORE amended by BC Reg 260/2019, effective January 15, 2020.

(i) $6.15 for each person who is an active member of the plan at the time of filing, and

(ii) $4.50 for each deferred or retired member of the plan at the time of filing;

 Section 138 (1) (b) (i) and (ii) BEFORE amended by BC Reg 260/2019, effective January 15, 2020.

(i) $6.15 for each person who was an active member of the plan at the end of the fiscal year of the plan, and

(ii) $4.50 for each deferred or retired member of the plan at the end of the fiscal year of the plan.

 Section 138 (2) BEFORE amended by BC Reg 260/2019, effective January 15, 2020.

(2) Despite the number of active members, deferred members and retired members in a plan, the fee payable under each of subsection (1) (a) and (b) must be no less than $200 and no more than $75 000.

 Section 142 (4) (b) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(b) an appeal of a reconsideration by the superintendent confirming the revocation is made to the tribunal under section 127 of the Act, or

 Section 143 was enacted by BC Reg 264/2019, effective December 31, 2019.

 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 5 BEFORE repealed by BC Reg 264/2019, effective December 31, 2019.

Schedule 5

(section 10 (12))

Multi-Employer Negotiated Cost Plan Exemption

Definitions and application

1   (1) In this Schedule:

"exemption period" means the period described in section 2 (2) and includes any extension under section 3 (3);

"MENC plan" means a defined benefit multi-employer negotiated cost plan.

(2) This Schedule applies only to MENC plans.

MENC plans and section 57 (2) (c) — consent to exemption

2   (1) In accordance with this section, the superintendent may, on application by the administrator of a MENC plan, consent in writing to the exemption of a participating employer from the requirement to make the special payments into the MENC plan that are required by section 57 (2) (c) of this regulation.

(2) Subject to section 3, an exemption under subsection (1) may be for a period, not exceeding the period that begins on the date that is specified in the consent and ends on December 31, 2017, on condition that

(a) as soon as the exemption period ends, the administrator will have an actuarial valuation report prepared, and

(b) if the actuarial valuation report determines that a solvency deficiency exists, the administrator will immediately notify the superintendent of the steps that will be taken so that the amount of contributions will become sufficient to meet the funding requirements of this regulation or, subject to section 20 (2) (a), (b) and (c) of the Act, to reduce benefits or entitlements under the plan.

(3) An application under subsection (1) must be made

(a) on or before December 31, 2016, and

(b) in the form and manner required by the superintendent.

(4) The administrator must submit, together with the application under subsection (1),

(a) an actuarial valuation report as at the review date, not being before December 31, 2014, to which the application relates, and

(b) any other information or records required by the superintendent.

(5) The administrator must, within 270 days after the end of the exemption period, file the actuarial valuation report prepared under subsection (2) (a).

(6) An administrator who wishes to have the exemption under subsection (1) cancelled may do so during the exemption period by notifying the superintendent in writing of that intention and by filing the actuarial valuation report referred to in subsection (2) (a).

(7) In addition to the conditions set out in subsection (2), the superintendent's consent under subsection (1) applies or continues to apply only if

(a) sections 45 and 52 of the Act and section 57, other than section 57 (2) (c), of this regulation and the other provisions of this Schedule continue to be complied with,

(b) despite section 57 (10) of this regulation, no benefits are improved

(i) while the application for exemption under subsection (1) is pending, or

(ii) during the exemption period,

(c) the plan has no unfunded liability or, if there is an unfunded liability, the participating employers adopt a schedule of special payments to

(i) amortize each unfunded liability established on or after the review date to which the application relates over a period not exceeding 10 years from its establishment, and

(ii) amortize each unfunded liability that was established before the review date to which the application relates over the lesser of

(A) 10 years from that review date to which the application relates, and

(B) the remainder of the 15-year amortization period under which it was initially established, and

(d) any other relevant conditions imposed by the superintendent under section 6 of the Act are complied with.

(8) During the exemption period, the administrator of the MENC plan must disclose to active members, in the annual statement required under section 30 of this regulation, and to persons who are receiving pensions, in the annual statement required under section 31 of this regulation, the fact of obtaining the exemption and, at the same time, disclose that fact to deferred members.

(9) Disclosure under subsection (8) must also contain the following information:

(a) the solvency ratio in relation to the plan as at the latest review date;

(b) a description of how the security of benefits may be affected as a result of the exemption from the requirement to make special payments under section 57 (2) (c) of this regulation;

(c) the conditions described in section 2 (2) and (7) of this Schedule relating to that exemption.

(10) At the end of the exemption period,

(a) the administrator of the MENC plan must have an actuarial valuation report prepared,

(b) if the actuarial valuation report determines that a solvency deficiency exists, the administrator must immediately notify the superintendent of the steps that will be taken so that the amount of contributions is sufficient to meet the funding requirements of this regulation or, subject to section 20 (2) (a), (b) and (c) of the Act, to reduce benefits or entitlements under the plan, and

(c) if at any time during the exemption period the plan had an unfunded liability and the participating employers were required to adopt a schedule of special payments under subsection (7) (c) of this section, the participating employers must make the special payments referred to, and in accordance with, that provision.

Conversion of defined benefit provision under section 20 (2) (d) of Act

3   (1) Subject to subsections (2) and (3) of this section, section 2 no longer applies on and after the effective date of any amendment to the plan text document of the MENC plan under section 20 (2) (d) of the Act to convert the defined benefit provision of the plan to a target benefit provision.

(2) Subsection (1) applies only in the following circumstances:

(a) the effective date of the amendment referred to in that subsection is December 31, 2017 or earlier;

(b) the superintendent registers the amendment on or before December 31, 2017;

(c) the registration of the amendment is not revoked by the superintendent or, if revoked, the revocation is rescinded on reconsideration, appeal or judicial review.

(3) If the registration of an amendment referred to in subsection (1) is revoked and

(a) a notice of objection concerning the revocation is served on the superintendent under section 126 of the Act, or

(b) an appeal of a reconsideration by the superintendent confirming the revocation is made to the tribunal under section 127 of the Act,

the exemption period is extended until the date on which the revocation is rescinded or confirmed by the superintendent or the tribunal, as the case may be.

(4) If the plan text document of a MENC plan is amended under section 20 (2) (d) of the Act to convert the defined benefit provision of the MENC plan to a target benefit provision and, in accordance with this section, section 2 no longer applies, a participating employer in respect of whom a consent to an exemption from the requirement to make payments was given by the superintendent under section 2 (1) is exempt from the requirement to make the payments.

 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 6 BEFORE repealed by BC Reg 264/2019, effective December 31, 2019.

Schedule 6

[am. B.C. Regs. 169/2018, ss. 2 and 3; 52/2019.]

(section 10 (13))

Catalyst Paper Corporation Retirement Plan for Salaried Employees Exemption

Definitions

1   In this Schedule:

"2012 actuarial valuation report" means the actuarial valuation report concerning the plan, with a review date of December 31, 2012, that is filed with the superintendent;

"exemption period" means the period beginning on the date this Schedule comes into force up to and including the earlier of

(a) June 30, 2028, or

(b) the date the unfunded liability and solvency deficiency identified in the 2012 actuarial valuation report are amortized;

"participating employer" means the participating employer that is required under the Act to make contributions to the plan;

"plan" means the Catalyst Paper Corporation Retirement Plan for Salaried Employees.

Exemption of plan and application of exemption

2   (1) On the conditions set out in sections 3 and 4 and subject to subsection (2), the plan and participating employer are exempt from the following:

(a) sections 45 and 52 (2) of the Act;

(b) section 57 (2) (b) and (c) and (4) of this regulation.

(2) The exemptions in subsection (1) apply during the exemption period in respect of the unfunded liability and solvency deficiency of the plan that are identified in the 2012 actuarial valuation report.

Conditions of exemptions

3   (1) The exemptions under section 2 are made on all of the following conditions:

(a) the participating employer makes, at least quarterly over the exemption period, equal payments into the plan, the amount of which must be at least 133 1/3% of the amount that would otherwise be sufficient to amortize the unfunded liability identified in the 2012 actuarial valuation report;

(b) the participating employer makes, on or before June 30, 2028, a payment into the plan that is sufficient to amortize the solvency deficiency identified in the 2012 actuarial valuation report;

(c) despite section 57 (10) of this regulation, the participating employer does not amend the plan text document to improve benefits under a defined benefit provision, unless the benefit improvement is required to comply with the Act or the Income Tax Act (Canada);

(d) in respect of the exemption period, the administrator discloses, within 180 days after the end of each fiscal year, the following information to each deferred member and the surviving spouse of each deceased deferred member who is entitled to benefits from the defined benefit component of the plan:

(i) the information referred to in section 30 (4) (c) of this regulation;

(ii) a statement of the right under section 37 (2) and (4) of the Act of the deferred member, or, if the deferred member is deceased, the surviving spouse, designated beneficiary or personal representative of the estate of the deferred member, to examine or to obtain from the administrator additional information and records referred to in section 43 of this regulation;

(e) if an actuarial valuation report filed after the 2012 actuarial valuation report reveals that the plan has actuarial gains, the actuarial gains must not be used to amortize or reduce the outstanding balance of the unfunded liability identified in the 2012 actuarial valuation report;

(f) for the purposes of determining the solvency asset adjustment for the defined benefit component of the plan during the exemption period, the administrator of the plan includes in the calculation of the solvency asset adjustment, in respect of the unfunded liability and solvency deficiency identified in the 2012 actuarial valuation report, the actuarial present value of the payments that are yet to be paid under section 3 (1) (a) and (b) of this Schedule.

(2) Subsection (1) (d) does not apply if the administrator has, within 180 days after the end of the fiscal year referred to in that paragraph,

(a) provided the surviving spouse with an annual statement under section 31 of this regulation, or

(b) provided the surviving spouse with a pre-retirement death benefits statement under section 37 of this regulation or received proof of the death of the deferred member.

Additional conditions of exemptions

4   (1) In this section:

"Catalyst BC asset corporation" means a Catalyst corporation that has a direct or indirect legal or beneficial interest in a Catalyst property;

"Catalyst BC asset partnership" means a Catalyst partnership that has a direct or indirect legal or beneficial interest in a Catalyst property;

"Catalyst corporation" means the Catalyst Paper Corporation or any affiliate, within the meaning of section 2 of the Business Corporations Act, of the Catalyst Paper Corporation;

"Catalyst partnership" means a partnership composed of partners that are Catalyst corporations;

"Catalyst property" means any of the following properties that are operated by one or more Catalyst corporations, one or more Catalyst partnerships or a combination of Catalyst corporations and Catalyst partnerships:

(a) the distribution centre;

(b) the corporate headquarters;

(c) a mill;

"corporate headquarters" means the property and undertaking owned or leased by a Catalyst corporation or Catalyst partnership and the business operation comprising the corporate headquarters located at 3600 Lysander Lane in Richmond;

"distribution centre" means the property and undertaking owned or leased by a Catalyst corporation or Catalyst partnership and the business operation comprising the distribution centre located at 10555 Timberland Road in Surrey;

"mill" means the property and undertaking owned or leased by a Catalyst corporation or Catalyst partnership and the business operation comprising a paper or pulp and paper mill that is located at or near Crofton, Port Alberni or Powell River.

(2) The conditions in this section apply to the period beginning on the date this section comes into force up to and including the end of the exemption period.

(3) In addition to the conditions set out in section 3, the exemptions under section 2 are made on all of the following conditions:

(a) no sale, transfer, lease or other disposition or conveyance of any kind of all or part of a Catalyst property occurs and no agreement to do any of those things is entered into, other than a disposition, conveyance or agreement made or entered into in the ordinary course of business;

(b) no petition or other document that starts a proceeding is filed in a court of competent jurisdiction or with an appropriate public officer for the liquidation or winding up of a Catalyst BC asset corporation, no order is made granting such relief and no Catalyst BC asset corporation passes a resolution for such relief;

(c) no Catalyst BC asset partnership is dissolved and there is no agreement among partners of a Catalyst BC asset partnership to dissolve the partnership;

(d) no Catalyst BC asset corporation or Catalyst BC asset partnership files an assignment for the general benefit of creditors under the Bankruptcy and Insolvency Act (Canada) or makes a proposal under that Act or seeks relief under the United States Bankruptcy Code, and no Catalyst BC asset corporation passes a resolution to make such an assignment or proposal or to seek such relief;

(e) no Catalyst BC asset corporation passes a resolution or files a petition or other document that starts a proceeding to seek relief under the Companies' Creditors Arrangement Act (Canada);

(f) there is no agreement among partners of a Catalyst BC asset partnership to seek relief under the Companies' Creditors Arrangement Act (Canada) and no Catalyst BC asset partnership files a petition or other document that starts a proceeding to seek relief under that Act;

(g) no receiver or receiver manager is appointed in respect of all or part of a Catalyst property;

(h) subject to paragraph (i), no person who is a creditor of or has a claim against a Catalyst BC asset corporation or Catalyst BC asset partnership files

(i) a petition or other document that starts a proceeding to seek relief under the Companies' Creditors Arrangement Act (Canada) in respect of a Catalyst BC asset corporation or Catalyst BC asset partnership,

(ii) an application with a court of competent jurisdiction for the appointment of a receiver or a receiver manager for all or part of a Catalyst property, or

(iii) an application with a court of competent jurisdiction for a bankruptcy order under the Bankruptcy and Insolvency Act (Canada) or an order under the United States Bankruptcy Code against a Catalyst BC asset corporation or Catalyst BC asset partnership;

(i) paragraph (h) does not apply if the Catalyst BC asset corporation or Catalyst BC asset partnership against whom the proceeding or application is brought opposes in good faith the proceeding or application before the earlier of the following:

(i) the day before the day that the hearing is scheduled;

(ii) the last day for filing notice that the Catalyst BC asset corporation or Catalyst BC asset partnership opposes the proceeding or application;

(j) no Catalyst BC asset corporation or Catalyst BC asset partnership ceases to carry on business in the ordinary course;

(k) no change occurs in the ownership of shares of a Catalyst BC asset corporation that results in one shareholder holding or beneficially owning, other than by way of security only, enough shares to elect a majority of the corporation's directors, unless the owner acquiring the shares is a Catalyst corporation or Catalyst partnership;

(l) no legal or beneficial interest in a Catalyst BC asset partnership is transferred to a person who is not a Catalyst corporation or Catalyst partnership;

(m) no Catalyst BC asset corporation amalgamates with another corporation other than a Catalyst corporation or agrees to amalgamate with another corporation other than a Catalyst corporation.

Events where certain conditions do not apply

4.1   (1) In this section, "2018 agreement" means the arrangement agreement dated October 5, 2018 among Paper Excellence Canada Holdings Corporation, CPE Investment Canada Inc. and Catalyst Paper Corporation in which CPE Investment Canada Inc. agrees to acquire all of the shares of Catalyst Paper Corporation.

(2) The conditions set out in section 4 (3) (k) and (l) do not apply to the acquisition of all of the shares of Catalyst Paper Corporation by CPE Investment Canada Inc. under the 2018 agreement if the shares are acquired before April 1, 2019.

(3) The condition set out in section 4 (3) (a) does not apply to an event described in subsection (4) of this section if

(a) the event occurs

(i) after the shares of Catalyst Paper Corporation are acquired by CPE Investment Canada Inc. under the 2018 agreement, and

(ii) before March 15, 2021, and

(b) the event is not in the ordinary course of business.

(4) The events for the purposes of subsection (3) are as follows:

(a) all or a part of a Catalyst property, within the meaning of section 4 (1), is sold, transferred, leased or otherwise disposed of or conveyed to a corporation that Paper Excellence Canada Holdings Corporation controls within the meaning of section 2 (3) of the Business Corporations Act;

(b) an agreement is entered into to do any of the things referred to in paragraph (a) with respect to all or a part of a Catalyst property within the meaning of section 4 (1).

(5) The conditions set out in section 4 (3) (c) and (j) do not apply to an event described in paragraph (a) or (b) of this subsection if the event occurs after the shares of Catalyst Paper Corporation are acquired by CPE Investment Canada Inc. under the 2018 agreement and if the event occurs before March 15, 2021:

(a) the Catalyst Paper General Partnership is dissolved;

(b) Catalyst Pulp Operations Limited and Catalyst Paper Corporation agree to dissolve the Catalyst Paper General Partnership.

Requirements if exemption ceases

5   (1) In this section, "2012 solvency deficiency" means the solvency deficiency of the plan identified in the 2012 actuarial valuation report.

(2) If the plan and participating employer cease to be exempt from the provisions of the Act and this regulation set out in section 2 (1) because a condition set out in section 3 or 4 has not been met,

(a) despite section 57 (8) of this regulation, an actuarial gain identified in an actuarial valuation report filed after the 2012 actuarial report must not be used to reduce or eliminate the 2012 solvency deficiency, and

(b) despite section 64 (1) (c) of this regulation, the participating employer must immediately remit contributions to the plan that are sufficient to eliminate the balance of the 2012 solvency deficiency as that balance is set out in the current actuarial valuation report.

 Schedule 7 BEFORE repealed by BC Reg 264/2019, effective December 31, 2019.

Schedule 7

(section 10 (14))

Retirement Plan for Non-Teaching Employees of School District No. 43 (Coquitlam) Exemption

Definitions

1   In this Schedule:

"exemption period" means the period beginning on the date this Schedule comes into force and ending on October 26, 2017;

"participating employer" means the participating employer that is required under the Act to make contributions to the plan;

"plan" means the Retirement Plan for Non-Teaching Employees of School District No. 43 (Coquitlam).

Exemption of plan and employer and application of exemption

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

(a) sections 45 and 52 (2) of the Act;

(b) section 57 (2) (c) of this regulation.

(2) The exemptions under subsection (1) apply to any special payments referred to in section 57 (2) (c) of this regulation that the participating employer would otherwise be required to make during the exemption period.

Conditions of exemptions

3   The exemptions under section 2 are made on all of the following conditions:

(a) the administrator discloses to active members, in the annual statement required under section 30 of this regulation, for each fiscal year that includes any portion of the exemption period, the following:

(i) the fact of the exemption from the requirement to make special payments under section 57 (2) (c) of this regulation;

(ii) the condition set out in paragraph (d) of this section;

(iii) a description of how the benefits for active members may be affected as a result of the exemption from the requirement to make special payments under section 57 (2) (c) of this regulation;

(b) the administrator discloses to persons who are receiving pensions, in the annual statement required under section 31 of this regulation, for each fiscal year that includes any portion of the exemption period, the following:

(i) the information referred to in paragraph (a) (i) and (ii);

(ii) a description of how the security of the pension being received by those persons may be affected as a result of the exemption from the requirement to make special payments under section 57 (2) (c) of this regulation;

(c) the administrator discloses, within 180 days after the end of each fiscal year that includes any portion of the exemption period, to deferred members and surviving spouses of deceased active and deferred members who are entitled to a benefit the following:

(i) the information referred to in paragraph (a) (i) and (ii);

(ii) the solvency ratio in relation to the plan as at the latest review date;

(iii) a description of how the benefits for deferred members and surviving spouses of deceased active and deferred members who are entitled to a benefit may be affected as a result of the exemption from the requirement to make special payments under section 57 (2) (c) of this regulation;

(d) despite section 57 (10) of this regulation, the participating employer does not amend the plan text document to improve benefits under the plan during the exemption period, unless the benefit improvement is required to comply with the Act or the Income Tax Act (Canada);

(e) for the purposes of preparing an actuarial valuation report with a review date falling within the exemption period, the administrator of the plan includes in the calculation of the solvency asset adjustment the actuarial present value of the special payments under section 57 (2) (c) of this regulation that the participating employer would be required to make during the remainder of the exemption period but for the exemptions made under section 2 of this Schedule.

 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 1 (1), definitions of "establishment date", "solvency asset adjustment" and "solvency deficiency payment period" were added by BC Reg 264/2019, effective December 31, 2019.

 Schedule 8, section 1 (1), definitions of "exemption period" and "plan contributor" BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

"exemption period",

(a) in relation to a defined benefit component for which an election is made under section 2 or 2.1 (1) (a), means the period beginning on the date the written notice of election is received by the superintendent and ending on the earlier of

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

(ii) the end date of the 10-year period referred to in section 4 (a), and

(b) in relation to a defined benefit component for which an election is made under section 2.1 (1) (b), means the period beginning on the date the written notice of election is received by the superintendent and ending on the earlier of

(i) the date the solvency deficiency of the defined benefit component established on the specified review date is eliminated, and

(ii) 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 or 2.1, means the plan contributor as defined in section 56 of the regulation that is required under the Act to make contributions to the plan;

 Schedule 8, section 1 (3) was added by BC Reg 264/2019, effective December 31, 2019.

 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 2.2 was enacted by BC Reg 264/2019, effective December 31, 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.

 Schedule 8, section 5 (2) (a) BEFORE amended by BC Reg 264/2019, effective December 31, 2019.

(a) the payments required to be made under section 4 (a) 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