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Canada Post Corporation Pension Plan Funding Regulations (SOR/2022-79)

Regulations are current to 2024-05-14

Canada Post Corporation Pension Plan Funding Regulations

SOR/2022-79

PENSION BENEFITS STANDARDS ACT, 1985

Registration 2022-04-07

Canada Post Corporation Pension Plan Funding Regulations

P.C. 2022-343 2022-04-06

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance and pursuant to paragraphs 39(1)(h.2)Footnote a and (o) of the Pension Benefits Standards Act, 1985Footnote b, makes the annexed Canada Post Corporation Pension Plan Funding Regulations.

Definitions and Application

Marginal note:Definitions

 The following definitions apply in these Regulations.

1985 Regulations

1985 Regulations means the Pension Benefits Standards Regulations, 1985 (Règlement de 1985)

Act

Act means the Pension Benefits Standards Act, 1985. (Loi)

solvency special payment

solvency special payment means a special payment required under paragraph 9(4)(c) or (d) of the 1985 Regulations. (paiement spécial de solvabilité)

Marginal note:Defined benefit plan

 These Regulations apply to the Canada Post Corporation’s defined benefit plan in respect of which certificate of registration number 57136 has been issued by the Superintendent under the Act.

Payment Relief

Marginal note:Solvency special payments

 Despite paragraphs 9(4)(c) and (d) of the 1985 Regulations, no solvency special payment is required in respect of a plan year ending after the coming into force of these Regulations.

Marginal note:Solvency ratio

 Despite subsections 9.3(1) and (3) of the 1985 Regulations, the prescribed solvency ratio level for the purposes of paragraphs 10.1(2)(c) and (d) of the Act is 1.05.

Marginal note:Information

 The following information is prescribed, in addition to the information referred to in subsections 23(1) and (1.1) of the 1985 Regulations, for the purposes of subparagraphs 28(1)(b)(iv) and (b.1)(ii) of the Act:

  • (a) the amount of the plan’s solvency deficiency as shown in the last actuarial report filed with the Superintendent;

  • (b) the amount of any payments that are required to be made for the plan year covered by the statement; and

  • (c) the amount of any solvency special payments that, but for section 3, would have been required for the plan year.

Cessation of Effect

Marginal note:December 31, 2024

 These Regulations cease to have effect on December 31, 2024.

Coming into Force

Marginal note:Registration

 These Regulations come into force on the day on which they are registered.


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