Bill C-25
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R.S., c. 18 (3rd Supp.), Part I
Office of the Superintendent of Financial Institutions Act
1998, c. 12, s. 27
90. The definition “pension plan” in section 3 of the Office of the Superintendent of Financial Institutions Act is replaced by the following:
“pension plan”
« régime de pension »
« régime de pension »
“pension plan” has the same meaning as in subsection 2(1) of the Pension Benefits Stand-ards Act, 1985 or has the meaning assigned by the definition “pooled registered pension plan” in subsection 2(1) of the Pooled Registered Pension Plans Act, as the case may be;
1998, c. 12, s. 29(2)
91. (1) Paragraph 4(2.1)(a) of the Act is replaced by the following:
(a) to supervise pension plans to determine whether they meet the minimum funding requirements and are complying with the other requirements of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act and their regulations and supervisory requirements under that legislation;
1998, c. 12, s. 29(2)
(2) Paragraph 4(2.1)(b) of the English version of the Act is replaced by the following:
(b) to promptly advise the administrator of a pension plan in the event that the plan is not meeting the minimum funding requirements or is not complying with other requirements of the Pension Benefits Standards Act, 1985 or the Pooled Registered Pension Plans Act or their regulations or supervisory requirements under that legislation and, in such a case, to take, or require the administrator to take, the necessary corrective measures or series of measures to deal with the situation in an expeditious manner; and
2001, c. 9, s. 476
92. The definition “financial institutions Act” in subsection 24(1) of the Act is replaced by the following:
“financial institutions Act”
« loi sur les institutions financières »
« loi sur les institutions financières »
“financial institutions Act” means the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Pension Benefits Standards Act, 1985, the Pooled Registered Pension Plans Act and the Trust and Loan Companies Act.
93. The schedule to the Act is amended by adding the following in alphabetical order:
Pooled Registered Pension Plans Act
Loi sur les régimes de pension agréés collectifs
COORDINATING AMENDMENT
2010, c. 25
94. On the first day on which both subsection 175(1) of the Sustaining Canada’s Economic Recovery Act and section 10 of this Act are in force, paragraphs 23(1.1)(a) and (b) of the Office of the Superintendent of Financial Institutions Act are replaced by the following:
(a) estimate the total amount of expenses to be incurred by the Office during the following fiscal year for or in connection with the administration of the Pension Benefits Stand-ards Act, 1985 and the Pooled Registered Pension Plans Act; and
(b) ascertain the total amount of expenses incurred by the Office during the preceding fiscal year for or in connection with the administration of the Pension Benefits Stand-ards Act, 1985 and the Pooled Registered Pension Plans Act.
COMING INTO FORCE
Order in Council
95. This Act comes into force on a day to be fixed by order of the Governor in Council.
Published under authority of the Speaker of the House of Commons
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Explanatory Notes
Office of the Superintendent of Financial Institutions Act
Clause 90: Existing text of the definition:
“pension plan” has the same meaning as in subsection 2(1) of the Pension Benefits Standards Act, 1985;
Clause 91: (1) and (2) Relevant portion of subsection 4(2.1):
(2.1) The objects of the Office, in respect of pension plans, are
(a) to supervise pension plans in order to determine whether they meet the minimum funding requirements and are complying with the other requirements of the Pension Benefits Standards Act, 1985 and its regulations and supervisory requirements under that legislation;
(b) to promptly advise the administrator of a pension plan in the event that the plan is not meeting the minimum funding requirements or is not complying with other requirements of the Pension Benefits Standards Act, 1985 or its regulations or supervisory requirements under that legislation and, in such a case, to take, or require the administrator to take, the necessary corrective measures or series of measures to deal with the situation in an expeditious manner; and
Clause 92: Existing text of the definition:
“financial institutions Act” means the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Pension Benefits Standards Act, 1985 and the Trust and Loan Companies Act.