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This enactment amends the Pension Benefits Standards Act, 1985
and the Office of the Superintendent of Financial Institutions Act. The
amendments
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(a) enhance the powers of the Superintendent of Financial
Institutions to supervise a pension plan, including authority to issue
directions of compliance;
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(b) clarify that the Office of the Superintendent of Financial
Institutions' focus with respect to the supervision of pension plans
is on matters affecting the funding and financial condition of pension
plans and not on reviewing the text of all pension plans and
amendments that are filed;
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(c) provide a mechanism for an employer to establish entitlement to
surplus assets, including the obtaining of membership consent and
access to an arbitration process; and
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(d) authorize the Minister of Finance to participate in agreements
with designated provincial authorities respecting the application of
provincial law to any pension plan that is subject to federal
jurisdiction.
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