Transfer Regulations
N.S. Reg. 21/2025
Nova Scotia — Regulations
This consolidation is unofficial and is for reference only.
For the official version of the regulations, consult the original documents on file with the Office of the Registrar of Regulations , or refer to the Royal Gazette
Part II .
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Private Sector Pension Plan Transfer Regulations
made under
Section 17 of the
Private Sector Pension Plan Transfer Act
S.N.S. 2023, c. 12
O.I.C. 2025-19 (effective February 4, 2025), N.S. Reg. 21/2025
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
Notices to active members, former members, retired members and others
Notices to bargaining agents and advisory committees
Authority to use electronic transmission
Bargaining agent may vote on behalf of members
Information required for Superintendent’s consent
Criteria for Superintendent’s consent
Excess transfers
Surplus
Deadline for completing transfer
Notice of completion of transfer
Extension of time
Schedule 1: Information Required for Notices
Definitions for
Schedule
Notice to active members included in transfer
Notice to former members, retired members or other persons included in transfer
Notice to bargaining agent or advisory committee for active members, former members
or retired members included in transfer
Notice to active members, former members, retired members or other persons not
included in transfer
Notice to bargaining agent or advisory committee for active members, former members
or retired members not included in transfer
Information to be included in notices about accessing filed documents
Statements to be included in notices about vote
Citation
1 These regulations may be cited as the Private Sector Pension Plan Transfer Regulations .
Definitions
(1) In these regulations,
“Act” means the Private Sector Pension Plan Transfer Act ;
“advisory committee” means an advisory committee as defined in the Pension
Benefits Regulations established in respect of the designated plan;
“annual statement to active members” means an annual statement to members as
defined in the Pension Benefits Regulations ;
“bargaining agent” means a bargaining agent as defined in the Trade Union Act
that represents active members of the designated plan;
“bridging benefit” means a bridging benefit as defined in the Pension Benefits Act ;
“defined benefit” means a defined benefit as defined in the Pension Benefits Act ;
“defined contribution account” means a defined contribution account as defined in
the Pension Benefits Regulations ;
“defined contribution benefit” means a defined contribution benefit as defined in
the Pension Benefits Act ;
“going concern assets” means going concern assets as defined in the Pension
Benefits Regulations ;
“going concern liabilities” means going concern liabilities as defined in the
Pension Benefits Regulations ;
“normal cost” means normal cost as defined in the Pension Benefits Regulations ;
“ Pension Benefits Regulations ” means the Pension Benefits Regulations made
under the Pension Benefits Act ;
“retirement savings arrangement” means a retirement savings arrangement as
defined in the Pension Benefits Regulations ;
“solvency assets” means solvency assets as defined in the Pension Benefits
Regulations ;
“solvency liabilities” means solvency liabilities as defined in the Pension Benefits
Regulations ;
“special allowance” means a special allowance as defined in the Pension Benefits
Regulations ;
“special payment” means a special allowance as defined in the Pension Benefits
Regulations ;
“surplus” means a surplus as defined in the Pension Benefits Act ;
“transfer ratio” means a transfer ratio as defined in the Pension Benefits
Regulations ;
“valuation report” means a valuation report as defined in the Pension Benefits
Regulations ;
“variable benefits account” means a variable benefits account as defined in the
Pension Benefits Regulations .
(2) In the Act and these regulations,
“active member” means a member as defined in the Pension Benefits Act ;
“assets” means assets as defined in the Pension Benefits Act ;
“commuted value” means commuted value as defined in the Pension Benefits Act ;
“deferred pension” means a deferred pension as defined in the Pension Benefits
Act ;
“former member” means a former member as defined in the Pension Benefits Act ;
“retired member” means a retired member as defined in the Pension Benefits Act ;
“trade union” means a trade union as defined in the Trade Union Act .
Notices to active members, former members, retired members and others
(1) A notice under clause 7(1)(
a) of the Act must contain the following information:
(
a) for active members of the designated plan who are included in the proposed
transfer, the information set out in
Section 2 of
Schedule 1: Information
Required for Notices;
(
b) for former members, retired members and other persons entitled to benefits
under the designated plan who are included in the proposed transfer, the
information set out in
Section 3 of
Schedule 1: Information Required for
Notices;
(
c) for active members, former members and retired members and other
persons entitled to benefits under the designated plan who are not included
in the proposed transfer, the information set out in
Section 5 of
Schedule 1:
Information Required for Notices.
(2) The information contained in a notice under clause 7(1)(
a) of the Act must be
prepared as of a date that is no earlier than 6 months before the date on which the
notice is sent.
Notices to bargaining agents and advisory committees
(1) A transferring employer must make reasonable efforts to provide a bargaining
agent or advisory committee that represents active members, former members,
retired members or other persons entitled to benefits under the designated plan all
of the following notices:
(
a) if any of the active members represented by the bargaining agent or advisory
committee are included in the proposed transfer, a notice containing the
information set out in
Section 4 of
Schedule 1: Information Required for
Notices;
(
b) if any of the active members, former members, retired members or other
persons entitled to benefits under the designated plan represented by the
bargaining unit or advisory committee are not included in the proposed
transfer, a notice containing the information set out in
Section 6 of
Schedule
1: Information Required for Notices.
(2) The information contained in a notice under subsection (1) must be prepared as of
a date that is no earlier than 6 months before the date on which the notice is sent.
Authority to use electronic transmission
5 A transferring employer or pension plan administrator may use electronic means that
comply with the Electronic Commerce Act to send any notices, statements and other
information to members, former members, retired members and other persons entitled to
benefits under the designated plan, if the transferring employer or pension plan
administrator have the person’s permission to do so.
Bargaining agent may vote on behalf of members
6 A bargaining agent may vote on behalf of the active members it represents who are
included in a proposed transfer for the purpose of clause 7(1)(
c) of the Act.
Information required for Superintendent’s consent
7 The Superintendent must not consent to a transfer agreement unless the transferring
employer has provided the Superintendent with all of the following information:
(
a) the transfer agreement;
(
b) the transfer date, if not stated in the transfer agreement;
(
c) a copy of each of the following notices regarding the proposed transfer,
unless the notice was already provided to the Superintendent under clause
7(1)(
b) of the Act, together with a statement indicating the date that each of
the notices was sent:
(
i) certified specimens of any notices sent to active members, former
members, retired members and other persons entitled to benefits
under the designated plan,
(ii) any notices sent to any bargaining agent that represents active
members of the designated plan,
(iii) any notices sent to an advisory committee for the designated plan;
(
d) any amendments to the designated plan relating to the transfer;
(
e) all of the following, based on the assumption that the transfer had
commenced and was completed as proposed, as of the date the information
was prepared:
(
i) an estimate of the percentage of the going concern liabilities and the
solvency liabilities that relate to the total of all of the entitlements
under the designated plan for which responsibility is to be transferred
to the Superannuation Plan,
(ii) an estimate of the amount of the going concern liabilities, going
concern assets, solvency liabilities, solvency assets and the transfer
ratio of the designated plan,
(iii) an estimate of the amount of the normal cost and special payments
required to be made to the designated plan,
(iv) an estimate of the amount of the assets to be transferred from the
designated plan to the Superannuation Plan,
(
v) an estimate of the total amount, if any, to be paid under subsection
9(1) into retirement savings arrangements and to be paid under
subsection 9(2) as lump sums to individuals.
Criteria for Superintendent’s consent
(1) Subject to the requirements of subsection 6(2) of the Act and subsection (2), the
Superintendent must consent to the transfer if all of the following criteria are met:
(
a) the transferring employer has made reasonable efforts to provide notice of
the proposed transfer to all of the following:
(
i) active members, former members, retired members and other persons
entitled to benefits under the designated plan in accordance with
clause 7(1)(
a) of the Act and
Section 3,
(ii) any bargaining agent or advisory committee that represents active
members, former members, retired members or other persons entitled
to benefits under the designated plan in accordance with
Section 4;
(
b) a vote of the active members, former members, retired members and other
persons entitled to benefits under the designated plan who are included in
the proposed transfer was held and support was obtained for the proposed
transfer in accordance with clause 7(1)(
c) of the Act;
(
c) the transferring employer has provided the Superintendent with all the
information required by
Section 7;
(2) The Superintendent’s consent under subsection (1) is conditional on the transfer
meeting all of the following requirements:
(
a) the pension entitlement of every transferring non-retired member under the
Superannuation Plan is no less than their pension entitlement under the
designated plan as of the transfer date, as adjusted for any payments made to
or on behalf of the transferring non-retired members under
Section 9;
(
b) the pension entitlement of every transferring retired member under the
Superannuation Plan as of the transfer date is no less than their pension
entitlement under the designated plan as of the transfer date;
(
c) if the transfer relates to a partial transfer of assets from the defined benefit
provision of the designated plan, the transfer ratio of the designated plan on
the transfer date must be equal to or greater than the transfer ratio of the
designated plan, determined on the transfer date as if the transfer had not
occurred.
(3) Nothing in clause (2)(
c) prevents a designated employer from making payments
into the pension fund of the designated plan effective as of the transfer date to meet
the requirements of clause (2)(c).
Excess transfers
(1) If the amount of the assets to be transferred in relation to a transferring member’s
entitlement is greater than the amount allowed under the Income Tax Act (Canada)
for such a transfer, the administrator of the designated plan must pay the portion
that exceeds the allowed amount into a retirement savings arrangement on behalf
of the transferring member.
(2) If the amount to be paid under subsection (1) into a retirement savings arrangement
is greater than the amount prescribed under the Income Tax Act (Canada) for such
a transfer, the administrator of the designated plan must pay the portion that
exceeds the prescribed amount as a lump sum to the transferring member.
Surplus
10 If, after a transfer, there are no active members, former members, retired members or
other persons entitled to benefits under the defined benefit provision of a designated
plan, the amount of the remaining assets in the designated plan, excluding any assets that
relate to defined contribution benefits, is deemed to be surplus.
Deadline for completing transfer
11 A transfer must be completed no later than 120 days after the date that the
Superintendent consents to the transfer.
Notice of completion of transfer
12 No later than 210 days after a transfer is completed, the administrator of the designated
plan must file with the Superintendent all of the following documents:
(
a) a statement certifying that the transfer has been made in accordance with the
Act and these regulations;
(
b) if the transfer relates to a partial transfer of assets from the defined benefit
provision of the designated plan, a valuation report that includes the amount
of the assets transferred from the designated plan to the Superannuation
Plan;
Extension of time
13 On receipt of a written request, the Superintendent may extend any time limit imposed
appropriate.
Schedule 1: Information Required for Notices
Note: This document is
Schedule 1 to the Private Sector Pension Plan Transfer Regulations
(Nova Scotia). It forms part of the regulations and must be read, construed and interpreted in
conjunction with the Private Sector Pension Plan Transfer Act and its regulations.
Definitions for
Schedule
1 In this Schedule,
“Act” means the Private Sector Pension Plan Transfer Act ;
“regulations” means the Private Sector Pension Plan Transfer Regulations made
under the Act;
“transfer date” means the proposed effective date of transfer under the terms and
conditions of transfer agreed to between the Trustee and the transferring employer.
Notice to active members included in transfer
2 All of the following information must be included in a notice to each active member of
the designated plan who is included in the proposed transfer:
(
a) the transfer date;
(
b) the date as of which the information in the notice was prepared;
(
c) a statement that the information in the notice is only current to the date as of
which the information was prepared and that the values contained in the
notice are estimates that may change between that date and the transfer date;
(
d) a statement that the values and applicable Superannuation Plan provisions at
the transfer date will be used to determine the individual’s entitlements
under the Superannuation Plan and to any other payments;
(
e) as it relates to the designated plan, all of the following:
(
i) the information required for an annual statement to active members,
(ii) a description of any indexing that applies to the individual’s pension
benefit,
(iii) particulars about any bridging benefit, including special allowance,
payable to the individual and the dates that the benefit commences
and ceases to be paid;
(
f) as it relates to the Superannuation Plan, all of the following:
(
i) any formula used to compute the individual’s pension benefit,
(ii) an estimate of the number of years of service that would be credited
to the individual,
(iii) an estimate of the individual’s normal retirement date,
(iv) an estimate of the annual amount of pension benefit that would be
payable on the individual’s normal retirement date,
(
v) an estimate of the earliest date that the individual would be eligible to
receive an unreduced pension,
(vi) particulars about any integration of the individual’s pension
entitlement with pensions payable under the Canada Pension Plan or
the Old Age Security Act (Canada), and the effect of the integration,
(vii) particulars about any benefit payable on the death of the individual,
(viii) a description of any indexing that would apply to the individual’s
pension benefit,
(ix) particulars about any bridging benefit, including special allowance,
payable to the individual and the dates that the benefit would
commence and cease to be paid;
(
g) a description of any differences in the rate at which contributions would be
made by the individual under the designated plan and under the
Superannuation Plan;
(
h) a description of any differences in the pension benefits and ancillary benefits
provided under the designated plan and under the Superannuation Plan;
(
i) an explanation of how the security of the individual’s pension benefits and
ancillary benefits might be affected as a result of the transfer;
(
j) an estimate of any payment to be made into a retirement savings
arrangement on the individual’s behalf under subsection 9(1) of the
regulations as a result of the proposed transfer, including any deadlines for
providing information to the administrator of the designated plan;
(
k) an estimate of any lump sum amount that the individual would be entitled to
under subsection 9(2) of the regulations as a result of the transfer, including
any deadlines for providing information to the administrator of the
designated plan;
(
l) the information in
Section 7 of this
Schedule about accessing filed
documents in relation to the transfer;
(
m) the statements in
Section 8 of this
Schedule about the vote required for the
proposed transfer;
(
n) the name and contact information for any bargaining agent that represents
the active member;
(
o) the name and contact information for any advisory committee for the
designated plan.
Notice to former members, retired members or other persons included in transfer
3 All of the following information must be included in a notice to each former member,
retired member or other person entitled to benefits under the designated plan who is
included in the proposed transfer:
(
a) the name of the individual and their date of birth;
(
b) the name of the designated plan and its provincial registration number;
(
c) the transfer date;
(
d) the date as of which the information in the notice was prepared;
(
e) for a former member or other person entitled to benefits under the
designated plan, a statement that the information in the notice is only current
to the date as of which the information was prepared and that the values
contained in the notice may change between that date and the transfer date;
(
f) for a former member, a statement that the values and applicable
Superannuation Plan provisions at the transfer date will be used to
determine the individual’s entitlements under the Superannuation Plan and
to any other payments;
(
g) as it relates to the designated plan, all of the following:
(
i) a description of any indexing that applies to the individual’s
entitlement,
(ii) particulars about any bridging benefit, including special allowance,
payable to the individual and the dates that the benefit commences
and ceases to be paid,
(iii) particulars about any benefit payable on the death of the individual,
(iv) for an individual who is entitled to a deferred pension, the amount of
the deferred pension,
(
v) for a former member who is not entitled to a deferred pension, the
accumulated amount of their contributions, including interest credited
to the contributions,
(vi) for a retired member or a person receiving a pension under the
designated plan who is not a retired member, all of the following:
(
A) the annual amount of any pension they are receiving from a
defined benefit provision under the designated plan,
(
B) if any part of their pension results from a defined contribution
provision,
(
I) the balance of their defined contribution account,
(II) the balance of their variable benefits account, if
applicable,
(III) a statement that the member’s defined contribution
account and variable benefits account, if applicable, will
not be part of the proposed transfer;
(
h) as it relates to the Superannuation Plan, all of the following:
(
i) for an individual who is entitled to a deferred pension, all of the
following:
(
A) an estimate of the individual’s normal retirement date,
(
B) an estimate of the annual amount of the pension benefit that
would be payable on the individual’s normal retirement date,
(
C) an estimate of the earliest date that the individual would be
eligible to receive an unreduced pension,
(
D) a description of any indexing that would apply to the
individual’s pension benefit,
(
E) particulars about any bridging benefit, including special
allowance, payable to the individual and the dates that the
benefit would commence and cease to be paid,
(ii) for an individual who is receiving a pension under the designated
plan, all of the following:
(
A) the annual amount of pension they would be entitled to under
the Superannuation Plan,
(
B) a description of any indexing that would apply to the
individual’s pension,
(iii) particulars about any benefit payable under the Superannuation Plan
on the death of the former member, retired member or other person
entitled to benefits;
(
i) a description of any differences in the pension benefits and ancillary benefits
provided under the designated plan and under the Superannuation Plan;
(
j) an explanation of how the security of their entitlement under the designated
plan might be affected as a result of the transfer;
(
k) the information in
Section 7 of this
Schedule about accessing filed
documents in relation to the transfer;
(
l) the statements in
Section 8 of this
Schedule about the vote required for the
proposed transfer;
(
m) the name and contact information for any advisory committee for the
designated plan.
Notice to bargaining agent or advisory committee for active members, former members or
retired members included in transfer
4 All of the following information must be included in a notice to a bargaining agent or
advisory committee that represents active members, former members or retired members
who are included in the proposed transfer:
(
a) the name of the designated plan and its provincial registration number;
(
b) the transfer date;
(
c) the date as of which the information in the notice was prepared;
(
d) a statement that the information in the notice is only current to the date as of
which the information was prepared and that the values contained in the
notice may change between that date and the transfer date;
(
e) a statement that the values and applicable Superannuation Plan provisions at
the transfer date will be used to determine the entitlements of those
individuals under the Superannuation Plan and to any other payments;
(
f) a description of any differences in the rate at which contributions are to be
made by the active members under the designated plan and under the
Superannuation Plan;
(
g) a description of any differences in the pension benefits and ancillary benefits
provided under the designated plan and under the Superannuation Plan;
(
h) a description of the accrued pension benefits for which the employer will
continue to be responsible;
(
i) the transfer ratio of the designated plan as at both the valuation date of the
last filed valuation report and the date the information was prepared;
(
j) for a notice to a bargaining agent, the number of active members included in
the proposed transfer who are members of the bargaining unit represented
by the bargaining agent and a list of their names;
(
k) the statements in
Section 7 of this
Schedule about the vote required for the
proposed transfer, with a statement that the bargaining agent may vote on
behalf of the active members it represents who are included in the proposed
transfer.
Notice to active members, former members, retired members or other persons not
included in transfer
5 All of the following information must be included in a notice to each active member,
former member, retired member or other person entitled to benefits under the designated
plan who is not included in the proposed transfer:
(
a) the name of the individual;
(
b) the name of the designated plan and its provincial registration number;
(
c) the transfer date;
(
d) whether the proposed transfer is in relation to any or all of the active
members, former members, retired members or other persons entitled to
benefits and to which of these groups the transfer relates;
(
e) an explanation of how the security of the individual’s entitlement under the
designated plan might be affected as a result of the proposed transfer;
(
f) the amount of the going concern liabilities, going concern assets, solvency
liabilities and solvency assets of the designated plan as of the date the
information was prepared, which must not be earlier than 6 months before
the date on which the notice was sent;
(
g) all of the following, based on the assumption that the transfer had
commenced and was completed as proposed, as of the date the information
was prepared:
(
i) an estimate of the amount of the assets that would be transferred
from the designated plan to the Superannuation Plan,
(ii) an estimate of the percentage of the going concern liabilities and
solvency liabilities that relate to the benefits of the designated plan
for which responsibility would be transferred to the Superannuation
Plan,
(iii) an estimate of the amount of the going concern liabilities, going
concern assets, solvency liabilities and solvency assets of the
designated plan;
(
h) the transfer ratio of the designated plan as at both the valuation date of the
last filed valuation report and the date the information was prepared;
(
i) an explanation of the transfer ratio and how it relates to the level of funding
of the designated plan;
(
j) the information in
Section 7 of this
Schedule about accessing filed
documents in relation to the transfer;
(
k) for an active member, the name and contact information for any bargaining
agent that represents them;
(
l) the name and contact information for any advisory committee for the
designated plan.
Notice to bargaining agent or advisory committee for active members, former members or
retired members not included in transfer
6 All of the following information must be included in a notice to a bargaining agent or
advisory committee that represents active members, former members or retired members
who are included in the proposed transfer:
(
a) the name of the designated plan and its provincial registration number;
(
b) the transfer date;
(
c) whether the proposed transfer is in relation to any or all of the active
members, former members, retired members or other persons entitled to
benefits and to which of these groups the transfer relates;
(
d) an explanation of how the security of the individual’s entitlement under the
designated plan might be affected as a result of the proposed transfer;
(
e) the amount of the going concern liabilities, going concern assets, solvency
liabilities and solvency assets of the designated plan as of the date the
information was prepared, which must not be earlier than 6 months before
the date on which the notice was sent;
(
f) all of the following, based on the assumption that the transfer had
commenced and was completed as proposed, as of the date the information
was prepared:
(
i) an estimate of the amount of the assets that would be transferred
from the designated plan to the Superannuation Plan,
(ii) an estimate of the percentage of the going concern liabilities and
solvency liabilities that relate to the benefits of the designated plan
for which responsibility would be transferred to the Superannuation
Plan,
(iii) an estimate of the amount of the going concern liabilities, going
concern assets, solvency liabilities and solvency assets of the
designated plan;
(
g) the transfer ratio of the designated plan as at both the valuation date of the
last filed valuation report and the date the information was prepared;
(
h) an explanation of the transfer ratio and how it relates to the level of funding
of the designated plan;
(
i) the information in
Section 7 of this
Schedule about accessing filed
documents in relation to the transfer.
Information to be included in notices about accessing filed documents
7 All of the following information must be included in the notices under Sections 2, 3, 4, 5
and 6 of this
Schedule about accessing filed documents:
(
a) a statement about how to obtain copies of any documents filed with the
Superintendent with respect to the transfer;
(
b) a statement that the documents filed with the Superintendent are available
for inspection at the premises of the administrator of the designated plan or
at a location that is agreed upon by the administrator and the person making
the request;
(
c) a statement that personal information about an individual is not available for
inspection unless the individual’s prior consent in writing is obtained.
Statements to be included in notices about vote
8 All of the following statements must be included in a notice to a person who is eligible
to participate in a vote required under clause 7(1)(
c) of the Act:
(
a) the person will be given an opportunity to signify on the election form that
they consent or object to the transfer in respect of their entitlement under the
designated plan;
(
b) a bargaining agent may vote on behalf of any person they represent;
(
c) the transfer cannot be made if either of the following occurs:
(
i) more than one third of the active members in the designated plan
who are included in the proposed transfer vote against the transfer, or
(ii) more than one third of all those retired members, former members
and other persons entitled to benefits under the designated plan who
are included in the proposed transfer vote against the transfer;
(
d) the person is deemed not to have objected to the transfer if either of the
following occurs:
(
i) they, or their bargaining agent, as applicable, do not clearly object to
the transfer on the election form, or
(ii) the election form is not received by the administrator of the
designated plan by the deadline set out in the election form.
Legislative History
Reference Tables
Private Sector Pension Plan Transfer Regulations
N.S. Reg.
21/2025
Private Sector Pension Plan Transfer 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 Private Sector Pension Plan Transfer Regulations made
under the Private Sector Pension Plan Transfer Act includes all of the following regulations:
N.S.
Regulation
In force
date*
How in force
Royal Gazette
Part II Issue
21/2025
Feb 4, 2025
date specified
Feb 21, 2025
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
..........................................................
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.