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Part II .

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NewPage Port Hawkesbury Pension Plans Regulations

made under

Section 14 of the

NewPage Port Hawkesbury Pension Plans Act

S.N.S. 2012, c. 12

O.I.C. 2012-214 (June 26, 2012), N.S. Reg. 134/2012

amended to O.I.C. 2023-7 (effective January 17, 2023), N.S. Reg. 3/2023

Table of Contents

Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.

Click here to go to the text of the regulations .

Citation

Definitions

Reduction in pension amount

Manner of providing information to persons for purpose of election

Date for providing information about election

Information to be provided to persons for purpose of election

Material to be provided to persons for purpose of election

Manner of making election

Prescribed percentages for purposes of election

Providing election results

Authorized payments during extended wind-up period

Contents of annual valuation report

Contents of a

summary statement

Notice of decrease in pension during extended wind-up period

Basis for adjustment in pension payable

Prescribed wind-up date

Citation

1 These regulations may be cited as the NewPage Port Hawkesbury Pension Plans

Regulations .

Definitions

(1) Except as otherwise provided in these regulations, words and expressions used in

these regulations have the same meaning as in the Pension Benefits Act and the

Pension Benefits Regulations .

(2) In these regulations,

“Act” means the NewPage Port Hawkesbury Pension Plans Act ;

“election” means the election under

Section 7 of the Act to participate in the

pension plans during the extended wind-up period that extends until the wind-up

date or to participate in the wind-up of the pension plans without extension of the

wind-up period;

“payout ratio” means the amount of pension payable under

Section 3, as modified

in accordance with

Section 15, divided by the amount of pension that would be

payable if the pension plan were fully funded;

“pension plan” means the pension plan, as defined in the Act, in relation to which

a member, former member or other person is a participant or is otherwise entitled

to benefits.

Reduction in pension amount

(1) July 1, 2012, is the prescribed date for the purpose of

(

a) a reduction under subsection 5(1) of the Act in the amount of the pension

that is being paid to a retired member;

(

b) a reduction under subsection 5(2) of the Act in the amount of a pension that

is paid to a member or former member who retires on or after the date the

Act comes into force.

(2) For the purposes of subsections 5(1) and (2) of the Act, the pension must be

reduced to the amount that is proportional to the funded ratio of the pension plans,

determined and adjusted

(

a) using the data from the actuarial valuation report for the pension plan

prepared as at December 31, 2010;

(

b) by extrapolating the pension plan liabilities to April 30, 2012, as determined

by the administrator;

(

c) using the actuarial valuation assumptions as at April 30, 2012, as

determined by the administrator; and

(

d) using the market value of the assets of the pension plan as if the plan were

being wound up as at April 30, 2012, as determined by the administrator.

(3) Pensions payable to persons otherwise entitled to benefits under a pension plan,

including survivors and beneficiaries, must be reduced in accordance with this

Section.

Manner of providing information to persons for purpose of election

(1) For the purpose of subsection 8(1) of the Act, the information required to be

provided by the administrator under subsections 8(2) and (3) of the Act must be

(

a) in writing;

(

b) delivered to the Superintendent by hand or courier; and

(

c) delivered to each person referred to in clauses 8(1)(

b) through (

f) of the Act

by regular mail.

(2) The information provided by the administrator under subsections 8(2) and (3) of

the Act is deemed to have been received by each person referred to in clauses

8(1)(

b) to (

f) of the Act on the date that is 5 days after the date the information is

mailed.

Date for providing information about election

5 For the purpose of subsection 8(1) of the Act, August 2, 2012, is prescribed as the date

within 60 days of which the administrator must provide the information required by

subsections 8(2) and (3) of the Act.

Information to be provided to persons for purpose of election

6 For the purpose of clause 8(3)(

d) of the Act, the administrator must provide a statement

in writing to each person entitled to make an election indicating that if the person fails to

make an election in accordance with subsections 7(1) and (2) of the Act, the person is

deemed to have elected to participate in the pension plans during an extended wind-up

period that extends until the wind-up date.

Material to be provided to persons for purpose of election

7 For the purpose of making an election, the administrator must provide each member,

former member or other person entitled to benefits under a pension plan with

(

a) a form for purposes of making the election; and

(

b) a stamped envelope addressed to the administrator for the purpose of

returning the election to the administrator by regular mail.

Manner of making election

(1) An election must be in writing and must contain all of the following:

(

a) the name of the person making the election;

(

b) the name of the pension plan of which the person is a member or a former

member, or under which the person is otherwise entitled to benefits;

(

c) a statement that indicates that

(

i) by signifying “yes” on the election form the member, former member

or other person entitled to benefits elects to participate in the pension

plans during an extended wind-up period that extends until the wind-up date, and

(ii) by signifying “no” on the election form the member, former member

or other person entitled to benefits elects to participate in the wind-up

of the pension plans without extension of the wind-up period;

(

d) the election of the person in relation to the pension plans;

(

e) the date the election is made;

(

f) a statement that the person making the election understands the nature and

legal consequences of the election, and is aware of the right to seek

independent legal and financial advice about the election;

(

g) the signature of the person making the election, unless the election is

delivered by e-mail.

(2) An election must be delivered to the administrator by hand, courier, regular mail,

facsimile or e-mail.

(3) An election delivered to the administrator in accordance with subsection (2) is

deemed to have been received by the administrator

(

a) on the date the election is actually received by the administrator, if delivered

by hand or courier;

(

b) on the date the election is sent, if delivered by facsimile or e-mail; or

(

c) on the date the election is mailed, if delivered by regular mail.

Prescribed percentages for purposes of election

(1) For the purpose of clause 7(5)(

a) of the Act, the prescribed percentage of the

members, former members and other persons entitled to benefits under the pension

plans is 20.

(2) For the purpose of clause 7(5)(

b) of the Act, the prescribed percentage of the total

value of the aggregate of the assets in the pension plans that is held by the

members, former members and other persons entitled to benefits under the plans

who have elected or are deemed to have elected to participate in the pension plans

during the extended wind-up period is 30.

Providing election results

(1) For the purpose of subsection 7(7) of the Act, the 35-day period following the

election date is prescribed as the period during which the administrator must

provide the results of the election to the Superintendent and to each person referred

to in clauses 8(1)(

b) to (

f) of the Act.

(2) The results of the election must be in writing and must contain all of the following:

(

a) for each person who made an election,

(

i) the person’s name, and

(ii) the name of the pension plan of which the person is a member or

former member, or under which the person is otherwise entitled to

benefits;

(

b) the election date;

(

c) the percentages prescribed in

Section 9 for the purposes of clauses 7(5)(

a) and (

b) of the Act;

(

d) the percentage of members, former members and other persons entitled to

benefits under the pension plans who elected or are deemed to have elected

to participate in the pension plans during the extended wind-up period;

(

e) the percentage of members, former members and other persons entitled to

benefits under the pension plans who elected to participate in the pension

plans without extension of the wind-up period;

(

f) the percentage of the total value of the aggregate of the assets in the pension

plans that is held by the members, former members and other persons

entitled to benefits under a pension plan who elected or are deemed to have

elected to participate in the plans during the extended wind-up period;

(

g) the wind-up date;

(

h) a statement as to whether the wind-up period is extended to the wind-up

date, in accordance with subsection 7(5) of the Act.

(3) The results of the election must be

(

a) delivered to the Superintendent by hand or courier; and

(

b) delivered to each person referred to in clauses 8(1)(

b) to (

f) of the Act by

regular mail.

(4) The results of the election are deemed to have been received

(

a) by the Superintendent on the date the results are actually received by the

Superintendent; and

(

b) by the persons referred to in clauses 8(1)(

b) to (

f) of the Act on the date that

is 5 days after the results are mailed to them by regular mail.

Authorized payments during extended wind-up period

11 For the purpose of clause 9(1)(

f) of the Act, the reasonable fees and expenses of an agent

of the administrator are a prescribed payment.

Contents of annual valuation report

12 For the purpose of clause 11(2)(

b) of the Act, an annual valuation report to the

Superintendent during the extended wind-up period must contain, in addition to the

information specified in clause 11(2)(

a) of the Act, the information required to be

provided in an actuarial valuation report prepared in accordance with the Pension

Benefits Regulations .

Contents of a

summary statement

13 For the purpose of clause 11(1)(

d) of the Act, the administrator must include all of the

following information in an annual

summary statement to each member, former member

and other person entitled to benefits under the pension plans:

(

a) the information specified in clause 11(1)(

e) and subsection 11(2) of the Act;

(

b) the information specified in subsection 42(1) of the Pension Benefits

Regulations , except clauses (j), (

l) and (n), and subclauses (p)(

i) and (s)(i),

determined in relation to the member, former member or other person

entitled to benefits;

(

c) for a retired member or any other person in receipt of a pension payable

from the pension plan, the pension, calculated as at the valuation date of the

report,

(

i) that is paid in accordance with the current payout ratio of the pension

plan, including any adjustment for which notice has been given but

which has not yet taken effect, and

(ii) that would be paid if the pension plan were fully funded;

(

d) for a member, former member or any other person who is entitled to

benefits but who is not yet in receipt of payments, the deferred pension or

other benefit, calculated as at the valuation date of the report, to which the

person

(

i) is entitled in accordance with the current payout ratio of the pension

plan, including any adjustment for which notice has been given but

which has not yet taken effect, and

(ii) would be entitled if the pension plan were fully funded.

Notice of decrease in pension during extended wind-up period

(1) For the purposes of clause 12(1)(

c) of the Act and these regulations, the

administrator must provide each affected retired member and other person who is

in receipt of benefits under a pension plan with 90 days’ notice of a decrease in the

pension payout ratio.

(2) A notice of a decrease must be in writing and must contain all of the following:

(

a) the name of the retired member or other person in receipt of benefits;

(

b) the name of the pension plan;

(

c) the amount of the pension that is being paid as of the date of the notice;

(

d) the amount by which the pension will decrease;

(

e) the payout ratio of the pension plan as at the date of the most recent annual

valuation report filed under

Section 11 of the Act;

(

f) the basis for the decrease in the payout ratio, with reference to the projected

funded ratio of the pension plan at the wind-up date;

(

g) the date that the decrease in the pension will be effective.

(3) A notice of a decrease must be delivered by regular mail.

(4) The administrator must provide the Superintendent with a notice of a decrease at

the same time and in the same manner as it is provided to the retired members and

other persons entitled to benefits, except that the notice must be delivered to the

Superintendent by hand or courier instead of by regular mail.

(5) A notice of a decrease is deemed to have been received by a retired member or

other person entitled to benefits on the date that is 5 days after the date the notice is

mailed.

Basis for adjustment in pension payable

(1) For the purpose of clause 12(1)(

c) of the Act, the administrator may decrease any

pension that is being paid to a retired member or other person entitled to benefits

under a pension plan if the funded ratio of the pension plan has decreased since the

most recent annual valuation report filed under

Section 11 of the Act.

(2) For the purpose of subsection 12(2) of the Act, the administrator may increase any

pension that is being paid to a retired member or other person entitled to benefits

under a pension plan if the projected funded ratio of the pension plan at the wind-up date is higher than the current payout ratio.

Prescribed wind-up date

16 July 1, 2033, is the prescribed date for the purpose of the definition of “wind-up date” in

clause 2(1)(

l) of the Act.

Legislative History

Reference Tables

NewPage Port Hawkesbury Pension Plans Regulations

N.S. Reg. 134/2012

NewPage Port Hawkesbury Pension Plans Act

Note: The information in these tables does not form part of the regulations and is compiled by the Office of the Registrar of Regulations for reference only.

Source Law

The current consolidation of the NewPage Port Hawkesbury Pension Plans Regulations made under the NewPage Port Hawkesbury Pension Plans Act includes all of the following regulations:

N.S.

Regulation

In force

date*

How in force

Royal Gazette

Part II Issue

134/2012

Jun 26, 2012

date specified

Jul 13, 2012

3/2023

Jan 17, 2023

date specified

Jan 27, 2023

The following regulations are not yet in force and are not included in the current consolidation:

N.S.

Regulation

In force

date*

How in force

Royal Gazette

Part II Issue

*See subsection 3(6) of the Regulations Act for rules about in force dates of regulations.

Amendments by Provision

ad. = added

am. = amended

fc. = fee change

ra. = reassigned

rep. = repealed

rs. = repealed and substituted

Provision affected

How affected

16.....................................................

ad. 3/2023

Note that changes to headings are not included in the above table.

Editorial Notes and Corrections

Note

Effective

date

Repealed and Superseded

N.S.

Regulation

Title

In force

date

Repealed

date

Note: Only regulations that are specifically repealed and replaced appear in this table. It may not reflect the entire history of regulations on this subject matter.