71/2015

O.C. 219/2015

May 11, 2015

September 30, 2015

Pension Benefits Standards Act

Pension Benefits Standards Regulation

[Last amended April 30, 2026 by B.C. Reg. 62/2026]

71_2015_pit

Interpretation

Definitions

In this regulation:

accessible going concern excess ,

in the case of a pension plan that is not a divisional multi-employer plan, means the plan's accessible going concern excess, or

in the case of a divisional multi-employer plan, means, in relation to a participating employer in the plan, the participating employer's accessible going concern excess;

accessible solvency excess ,

in the case of a pension plan that is not a divisional multi-employer plan, means the plan's accessible solvency excess, or

in the case of a divisional multi-employer plan, means, in relation to a participating employer in the plan, the participating employer's accessible solvency excess;

Act means the Pension Benefits Standards Act ;

actuarial gain , in relation to a benefit formula component of a pension plan, means the amount that represents the improvement between the projected financial position of the plan component and the actual financial position of the plan component;

actuarial valuation report , in relation to a pension plan, means a report filed in relation to the plan under

section 38 (1) (b) (

i) of the Act and referred to in

section 46 of this regulation;

additional voluntary contributions account , in relation to a member of a pension plan, means

the additional voluntary contributions made to the plan by the member,

the interest allocated to the account, and

administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in paragraphs (

a) and (b);

annual information return , in relation to a pension plan, means a return referred to in

section 38 (1) (

a) of the Act and

section 44 of this regulation that relates to the plan;

benefit formula component means

a defined benefit component, or

a target benefit component;

benefit formula member-required contributions balance , in relation to a member of a pension plan who is or will be entitled to receive benefits from a benefit formula component of the plan, means the amount that, as at any date, is determined by adding

the member-required contributions made to the plan by the member to that date for application to the benefit formula component of the plan, and

the interest earned on those contributions;

cost certificate , in relation to a pension plan, means a certificate filed in relation to the plan under

section 38 (1) (b) (ii) of the Act and referred to in

section 46 of this regulation;

current actuarial valuation report , in relation to a pension plan, means the actuarial valuation report most recently filed in relation to the plan;

defined benefit component , in relation to a pension plan of which the plan text document contains a defined benefit provision, means the portion of the plan that relates to the defined benefit provision, including, without limitation, the assets and liabilities of the plan that relate to that provision;

defined contribution account , in relation to a member of a pension plan who is or will be entitled to receive benefits under a defined contribution provision of the plan, means

the contributions, other than additional voluntary contributions, made to the plan by or on behalf of the member for application to the defined contribution component of the plan,

the interest allocated to the account, and

administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in paragraphs (

a) and (b);

defined contribution component , in relation to a pension plan of which the plan text document contains a defined contribution provision, means the portion of the plan that relates to the defined contribution provision, including, without limitation, the assets and liabilities of the plan that relate to that provision;

divisional multi-employer plan means

a non-collectively bargained multi-employer plan, or

a collectively bargained multi-employer plan, other than a collectively bargained multi-employer plan that is a specified multi-employer plan within the meaning of

section 147.1 of the Income Tax Act (Canada);

federal

Schedule III means

Schedule III to the Pension Benefits Standards Regulations, 1985 (Canada), SOR/87-19, as amended from time to time;

fiscal year , in relation to a pension plan, means the fiscal year of the pension plan determined in accordance with

section 11 of the Act;

going concern assets value , in relation to a benefit formula component, means the value of the assets of the component, including income due and accrued, which value is determined on a going concern basis;

going concern basis means a basis for determining the value of plan assets and liabilities that

is adequate and appropriate,

is in accordance with accepted actuarial practice, and

applies to the plan if no decision has been made to terminate the plan;

going concern funded ratio , in relation to a defined benefit component or target benefit component, means the fraction obtained by dividing the component's going concern assets value by the component's going concern liabilities value;

going concern liabilities value , in relation to a benefit formula component, means the actuarial present value of the accrued benefits of the component, including amounts due and unpaid, which actuarial present value is determined on a going concern basis;

going concern valuation , in relation to a benefit formula component, means a valuation of the component's assets and liabilities, prepared on a going concern basis;

investment means the investment of the assets of a pension plan and includes loans and deposits of those assets;

life income type benefits account means,

in the case of a life income type benefits account of a member, the amount elected by the member under

section 74 (5) plus any amounts transferred by the member under

section 74 (7), or, in the case of a life income type benefits account of a surviving spouse, the amount referred to in

section 74 (9),

the interest allocated to the account, and

administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in paragraphs (

a) and (b);

life income type benefits balance , in relation to a person's life income type benefits account, means,

in the calendar year in which the account is established, the balance of the person's life income type benefits account as at the date on which the account is established, and

in every subsequent calendar year, the balance of the person's life income type benefits account as at January 1 of the calendar year in which the calculation is made;

life income type benefits maximum amount , in relation to the life income type benefits that may be paid to a person in a calendar year, means the greatest of

the investment returns for the most recently completed calendar year for the person's life income type benefits account,

the life income type benefits minimum amount applicable to the person's account for that year, and

the amount determined by dividing the life income type benefits balance by the withdrawal factor;

life income type benefits minimum amount , in relation to the life income type benefits that may be paid to a person in a calendar year, means the minimum amount of life income type benefits that, under the Income Tax Regulations (Canada), is required to be paid out of the person's life income type benefits account in that year;

locked-in money means

money the withdrawal, surrender or receipt of which is restricted under

section 68 of the Act,

money to which paragraph (

a) applies that has been transferred out of a pension plan

to one or more locked-in vehicles, and any interest on that money, or

to an insurance company to purchase an annuity that is permitted under the Act,

money in a locked-in retirement account that was deposited into the locked-in retirement account under

section 105 (1) of this regulation or paid to the locked-in retirement account issuer under

section 105 (2) or (3) (b), and

money in a life income fund that was deposited into the life income fund under

section 124 (1) of this regulation or paid to the life income fund issuer under

section 124 (2) or (3) (b);

locked-in vehicle means a locked-in retirement account or a life income fund;

member-required contribution , in relation to a pension plan that is not a jointly sponsored plan, means a contribution made by a member other than a contribution referred to in

section 57 (3) of the Act;

normal actuarial cost , in relation to a benefit formula component of a pension plan in a fiscal year of the plan, means an amount, excluding special payments, estimated by a reviewer, on a going concern basis, to be the cost of the component benefits that accrue to active members in that fiscal year of the plan;

optional ancillary contributions account , in relation to a member of a pension plan, means

the optional ancillary contributions made to the plan by the member,

the interest allocated to the account, and

administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in paragraphs (

a) and (b);

participating employer's accessible going concern excess means,

in relation to each participating employer in a divisional multi-employer plan and to defined benefit components of that plan being funded by the participating employer, the amount by which the participating employer's share of the going concern assets values of those components exceeds 105% of the participating employer's share of the amount determined by the following formula:

the going concern liabilities values of the defined benefit components

the going concern liabilities values of the defined benefit components

× PfAD

as the going concern assets values and the going concern liabilities values are determined in the current actuarial valuation report, or

in relation to each participating employer in a divisional multi-employer plan and to target benefit components of that plan being funded by the participating employer, the amount by which the participating employer's share of the going concern assets values of those components exceeds the participating employer's share of the amount determined by the following formula:

the going concern liabilities values of the target benefit components

the going concern liabilities values of the target benefit components

× PfAD

− PfAD offset,

as the going concern assets values and the going concern liabilities values are determined in the current actuarial valuation report;

participating employer's accessible solvency excess , in relation to a participating employer in a divisional multi-employer plan and to defined benefit components of the plan funded by the participating employer, means the amount by which the participating employer's share of the solvency assets values of those defined benefit components exceeds 105% of the participating employer's share of the solvency liabilities values of those components, as those values are determined in the current actuarial valuation report;

PfAD or provision for adverse deviation has the meaning set out in the following sections, as applicable:

in relation to a defined benefit component,

section 1.1;

in relation to a target benefit component,

section 2;

PfAD offset , in relation to a target benefit component, means the sum of

the amount, if any, by which the actuarial present value of component contributions exceeds the component's adjusted normal actuarial cost,

where

actuarial present value of component contributions means the actuarial present value of the contributions that, in the current actuarial valuation report for the plan, are anticipated to be made in the period covered by the actuarial valuation report for application to the target benefit component, and

component's adjusted normal actuarial cost means the sum of

(

A) the normal actuarial cost estimated in relation to the component for the period covered by the actuarial valuation report, and

(

B) the amount referred to in clause (

A) multiplied by the PfAD, and

the amount, if any, by which the market value of the component's assets exceeds the component's going concern assets value;

plan component means

a defined benefit component,

a target benefit component, or

a defined contribution component;

plan provision means

a defined benefit provision,

a target benefit provision, or

a defined contribution provision;

plan termination basis means a basis for determining the value of plan assets and liabilities that

is adequate and appropriate,

is in accordance with accepted actuarial practice, and

either, as the case may be,

would have applied to the plan if the plan had terminated as at the most recent review date, or

applies to the plan if the plan is terminating as at the effective date of termination of the plan;

plan's accessible going concern excess ,

in relation to the defined benefit components of a pension plan other than a divisional multi-employer plan, means the amount by which the going concern assets values of the defined benefit components exceed 105% of the amount determined by the following formula:

the going concern liabilities values of the defined benefit components

the going concern liabilities values of the defined benefit components

× PfAD

as the going concern assets values and the going concern liabilities values are determined in the current actuarial valuation report, or

in relation to the target benefit components of a pension plan other than a divisional multi-employer plan, means the amount by which the going concern assets values of the target benefit components exceed the amount determined by the following formula:

the going concern liabilities values of the target benefit components

the going concern liabilities values of the target benefit components

× PfAD

− PfAD offset,

as the going concern assets values and the going concern liabilities values are determined in the current actuarial valuation report;

plan's accessible solvency excess , in relation to the defined benefit components of a pension plan other than a divisional multi-employer plan, means the amount by which the solvency assets values of the defined benefit components of the plan exceed 105% of the solvency liabilities values of the defined benefit components of the plan, as those values are determined in the current actuarial valuation report;

review means the preparation, in accordance with

section 38 (1) (

b) of the Act, of an actuarial valuation report and a cost certificate in relation to a plan;

review date , in relation to a review, means the date as at which the actuarial valuation report and related cost certificate is or was required to be prepared;

reviewer means the Fellow of the Canadian Institute of Actuaries who prepares a review;

solvency asset adjustment , in relation to a defined benefit component, means the sum of the following:

the sum of the special payments that are required under

section 57 (2) (

b) in relation to the component over the 5-year period that begins on the latest review date;

the face amount of any prescribed letter of credit, as defined in

section 63 (1), issued in relation to the component;

solvency assets value , in relation to a benefit formula component on any date, means the value of the assets of the component, including income due and accrued, which value is determined on a plan termination basis;

solvency deficiency ,

in relation to a defined benefit component of a plan that has not been terminated, means the amount, if any, by which the component's solvency liabilities value exceeds the sum of the component's solvency assets value and the component's solvency asset adjustment, all values determined as at the latest review date,

in relation to a defined benefit component of a plan that has been terminated, means the amount, if any, by which the component's solvency liabilities value exceeds the component's solvency assets value, both values determined as at

the effective date of the termination of the plan, or

if a report is required under

section 132 (2) (b), (4) or (6), the date as at which under the applicable subsection the report is required to be made, or

in relation to a target benefit component, means the amount, if any, by which the component's solvency liabilities value exceeds the component's solvency assets value, both values determined as at the latest review date;

solvency liabilities value , in relation to a benefit formula component, means the value of the component's liabilities determined on a plan termination basis;

solvency ratio , in relation to a benefit formula component, means the fraction obtained by dividing the component's solvency assets value by the component's solvency liabilities value, both values determined as at the latest review date;

special payments means,

in relation to a defined benefit component, the payments referred to in

section 57 (2) (

b) or (

c) or (3) or 132 (1), (2) (

a) or (3), or

in relation to a target benefit component, the payments referred to in

section 58 (2) (

c) or (4);

supplementary percentage , in relation to a PfAD for a target benefit component of a pension plan, means,

in the case of the component's normal actuarial cost, the percentage of 0% or greater that applies to the component's normal actuarial cost, and

in the case of the component's going concern liabilities value, the percentage of 0% or greater that applies to the component's going concern liabilities value

that the administrator of the plan identifies as appropriate to achieve the expectations described in

section 52 (b.1);

target benefit component , in relation to a pension plan of which the plan text document contains a target benefit provision, means the portion of the plan that relates to the target benefit provision, including, without limitation, the assets and liabilities of the plan that relate to that provision;

target benefit funded ratio means the target benefit funded ratio determined under subsection (4) of this section;

transfer deficiency , in relation to a transfer under Division 7 of

Part 8 or

section 79 (1) of the Act of the commuted value of a person's benefits under a defined benefit provision, means, in a case where the defined benefit component's solvency ratio is less than 1 as calculated in the current actuarial valuation report, the amount by which the commuted value of the benefits exceeds the product of that commuted value and the component's solvency ratio;

transferred contributions , in relation to a pension plan, means contributions that

have been transferred to the plan from another plan, a locked-in retirement account or a life income fund,

have not been used to secure improvements in, or to purchase benefits under, a benefit formula provision, and

consist of locked-in money;

transferred contributions account , in relation to a member of a pension plan, means

the transferred contributions transferred to the plan by or on behalf of the member,

the interest allocated to the account, and

administration expenses and other money deducted by payment, transfer or withdrawal from the money referred to in paragraphs (

a) and (b);

type , in relation to a plan provision, means a type within the meaning of

section 92 (2) of the Act;

unfunded liability , in relation to a benefit formula component, means the amount, if any, by which the component's going concern liabilities value exceeds the component's going concern assets value, both values determined as at the latest review date;

withdrawal factor , except in Division 3 of

Part 9, means the actuarial present value, on January 1 of the calendar year in which the calculation is made, of an annuity of $1, payable at the beginning of each calendar year between that date and December 31 of the calendar year during which the person reaches the age of 90 years, and calculated by using,

for the first 15 calendar years, the greater of the following:

6% per year;

the CANSIM rate, or

for each calendar year after the first 15 calendar years, 6% per year.

In the Act and this regulation:

annuity means, except in the definition of "withdrawal factor" and in

section 133 (1) (c), a non-commutable life annuity contract that is issued or issuable by an insurance company;

medical practitioner means a person who is authorized under

the Health Professions and Occupations Act to practise the designated health profession of medicine, or

a similar law of another province to practise the health profession of medicine.

For the purposes of

section 58 (1) (

a) of the Act, contributions includes

amounts that a participating employer is required to remit under

section 100 of the Act, and

payments that a participating employer is required to make under

section 132 (1) or (2) (

a) of this regulation.

For the purposes of sections 69 (7) (

b) and 86 (

b) of the Act and this regulation, the target benefit funded ratio of a target benefit component of a pension plan must be calculated as the lesser of 1 and the going concern funded ratio of the target benefit component.

[am. B.C. Regs. 264/2019, s. 1; 196/2022, s. 1; 128/2025, s. 18; 62/2026, Sch. 1, s. 1.]

Calculation of provision for adverse deviation — defined benefit component

1.1

For the purposes of paragraph (

a) of the definition of " "PfAD" or "provision for adverse deviation" " in

section 1 (1), PfAD or provision for adverse deviation , in relation to a defined benefit component, means,

if the defined benefit component's non-fixed income allocation is 30% or more, the greater of

5%, and

the long-term bond rate multiplied by 5, or

if the defined benefit component's non-fixed income allocation is less than 30%, the greater of

5%, and

the percentage determined by the following formula:

(long-term bond rate × 5) ×

non-fixed income allocation

30%

In this section:

non-fixed income allocation means the percentage of the target asset allocation of the defined benefit component, as at the review date and as set out in the plan's statement of investment policies and procedures referred to in

section 43 (1) of the Act, that is allocated to assets other than the following:

cash on hand issued in Canadian dollars;

money market securities issued in Canadian dollars that are, as at the review date, given

a rating by DBRS Limited of R-2 (middle) or better,

a rating by Fitch Ratings, Inc. of F-3 or better,

iii

a rating by Moody's Investors Service of P-3 or better,

a rating by Standard & Poor's Ratings Services of A-3 or better, or

an equivalent rating by

a credit rating organization designated under the Securities Act by the commission, or

another rating agency recognized by another competent authority in British Columbia or elsewhere;

bond market securities issued in Canadian dollars that are, as at the review date, given

a rating by DBRS Limited of BBB or better,

a rating by Fitch Ratings, Inc. of BBB- or better,

iii

a rating by Moody's Investors Service of Baa3 or better,

a rating by Standard & Poor's Ratings Services of BBB- or better, or

an equivalent rating by

a credit rating organization designated under the Securities Act by the commission, or

another rating agency recognized by another competent authority in British Columbia or elsewhere;

the proportion of mutual, pooled or segregated funds that is allocated to assets referred to in paragraph (

b) or (c).

[en. B.C. Reg. 264/2019, s. 2; am. B.C. Reg. 196/2022, s. 2.]

Calculation of provision for adverse deviation — target benefit component

For the purposes of paragraph (

b) of the definition of " "PfAD" or "provision for adverse deviation" " in

section 1 (1), PfAD or provision for adverse deviation , in relation to a target benefit component, means the percentage determined by adding 7.5% and a supplementary percentage.

[en. B.C. Reg. 196/2022, s. 3.]

Calculation of actuarial excess and surplus

If actuarial excess is being calculated in relation to a solvency reserve account in a defined benefit component of a pension plan for the purposes of

section 61, the value of the component assets and the value of the component liabilities are to be calculated on a plan termination basis.

If actuarial excess is being calculated in relation to a defined benefit component of a pension plan for the purposes of

section 70 or 71, the value of the component assets and the value of the component liabilities are to be calculated on a going concern basis.

2.1

If actuarial excess is being calculated in relation to a target benefit component of a pension plan for the purposes of

section 63 (3) (

c) of the Act,

the value of the component assets and the value of the component liabilities are to be calculated on a going concern basis, and

the actuarial excess is to be calculated in accordance with the definition of "accessible going concern excess" in

section 1 (1).

If surplus is being calculated in relation to a benefit formula component of a pension plan for the purposes of

section 107 of the Act or

section 62 or 70 of this regulation, the value of the component assets and the value of the component liabilities are to be calculated on a plan termination basis.

[am. B.C. Reg. 196/2022, s. 4.]

Initial legislation date

For the purposes of the definition of "initial legislation date" in

section 1 (1) of the Act, the following dates are prescribed:

in respect of employment in Alberta, January 1, 1967;

in respect of employment in Manitoba, July 1, 1976;

in respect of employment in New Brunswick, December 31, 1991;

in respect of employment in Newfoundland and Labrador, January 1, 1985;

in respect of employment in the Northwest Territories, October 1, 1967;

in respect of employment in Nova Scotia, January 1, 1977;

in respect of employment in Nunavut, April 1, 1999;

in respect of employment in Ontario, January 1, 1965;

in respect of employment in Quebec, January 1, 1966;

in respect of employment in Saskatchewan, January 1, 1969;

in respect of employment in Yukon, October 1, 1967;

in respect of federally regulated employment, March 23, 1967.

Jointly sponsored plans

For the purposes of paragraph (

a) of the definition of "jointly sponsored plan" in

section 1 (1) of the Act, the following criteria are prescribed in relation to a pension plan:

the administrator of the plan is a board of trustees, or other similar body acceptable to the superintendent, that has been established under the plan documents to administer the plan;

the number of members of the board or body referred to in paragraph (

a) who represent members of the plan is not less than the number of members of that board or body who represent participating employers;

the plan documents set out the methods by which the persons referred to in paragraph (

d) of the definition of "jointly sponsored plan" in

section 1 (1) of the Act make decisions about

the governance of the plan, and

the appointment of the administrator of the plan or the appointment or selection of members of the board or body referred to in paragraph (a).

Multilateral jurisdictions

For the purposes of the definition of "multilateral jurisdiction" in

section 1 (1) of the Act, the following provinces are multilateral jurisdictions:

Alberta;

Manitoba;

New Brunswick;

Newfoundland and Labrador;

the Northwest Territories;

Nova Scotia;

Nunavut;

Ontario;

Quebec;

Saskatchewan;

Yukon.

Plans, schemes and arrangements not constituting pension plans

In this section, deferred profit sharing plan , employees profit sharing plan , money purchase limit and retiring allowance have the same meanings as in the Income Tax Act (Canada).

The following plans, schemes and arrangements are not pension plans for the purposes of the Act and this regulation:

an employees profit sharing plan or a deferred profit sharing plan;

an arrangement to provide a retiring allowance;

a supplemental pension plan of which the plan text document contains a defined benefit provision if, under that provision,

the participating employer is or will be required, or, in the case of a terminated plan, was required, to make contributions on behalf of members, and

the only benefits to which members are entitled under the supplemental plan are benefits that are in excess of the maximum benefit under the Income Tax Act (Canada);

a supplemental pension plan of which the plan text document contains a defined contribution provision if, under that provision,

the participating employer is or will be required, or, in the case of a terminated plan, was required, to make contributions on behalf of members, and

the only contributions made in respect of that provision are greater than the money purchase limit under the Income Tax Act (Canada);

benefits insured under a contract issued under the Government Annuities Act (Canada);

an RRSP;

a RRIF.

Reciprocal jurisdictions

For the purposes of the definition of "reciprocal jurisdiction" in

section 1 (1) of the Act, the following provinces are reciprocal jurisdictions:

Alberta;

Manitoba;

New Brunswick;

Newfoundland and Labrador;

the Northwest Territories;

Nova Scotia;

Nunavut;

Ontario;

Quebec;

Saskatchewan;

Yukon.

How commuted value is to be determined in relation to benefit formula provisions

The actuarial present value of benefits that a person is or may become entitled to receive under a defined benefit provision must be determined in accordance with the standards of practice issued by the Canadian Institute of Actuaries, as amended from time to time.

The actuarial present value of benefits that a person is or may become entitled to receive under a target benefit provision must be determined in accordance with the actuarial assumptions used in the current actuarial valuation report to determine the going concern liabilities value of the plan.

Subject to subsection (5) and

section 57 (5) of the Act, if an active member of a pension plan who is entitled to a benefit under a benefit formula provision of the plan text document of the plan terminates active membership, the commuted value of that benefit must be determined as at the date of the member's termination of active membership.

Subject to subsection (5), if an active or deferred member of a pension plan who is entitled to a benefit under a benefit formula provision of the plan text document of the plan dies before the commuted value of the benefit is paid or transferred, the commuted value of that benefit must be determined as at the date of death.

If the payment or transfer of a benefit under a benefit formula provision occurs more than 180 days after the date on which the commuted value of the benefit was determined, the commuted value of the benefit must be redetermined as at a date that is not more than 30 days before the date of the payment or transfer of that benefit.

Exemptions

The following pension plans are exempt from the definition of "multi-employer plan" in

section 1 (1) of the Act:

Repealed. [B.C. Reg. 297/2016, App. 2, s. 1 (a).]

University of British Columbia Faculty Pension Plan;

Repealed. [B.C. Reg. 18/2017.]

FortisBC Energy Inc. Pension Plan for IBEW and COPE Members;

Pension Plan for the Regular and Seasonal Employees of Canadian Fishing Company;

Repealed. [B.C. Reg. 297/2016, App. 2, s. 1 (a).]

Salzgitter Mannesmann International (Canada) Inc. Retirement Income Plan.

A pension plan of which the plan text document contains a benefit formula provision is exempt from

section 57 of the Act if the benefit formula provision provides for a cost of living adjustment to be applied to a member's benefits from the date of the member's termination of active membership until the member's pension commencement date that will provide for increases of at least 75% of the annual increase in the consumer price index, minus 1%, or any other formula that, in the superintendent's opinion, would provide, on average, comparable increases, subject to the following conditions:

the actuarial present value of the pension, determined on a going concern basis, must not be less than 100% of the member's own contributions, with interest;

the amount calculated under paragraph (

a) is not less than zero.

For the purposes of subsection (2),

consumer price index means the Consumer Price Index for Canada, as published by Statistics Canada under the authority of the Statistics Act (Canada),

the annual increase of the consumer price index must be calculated by comparison between

the 2 most recent, consecutive 12-month periods, ending with the most recently completed fiscal year of the plan, or

the most recent month for which data is available and the same month one year earlier, and

to calculate the annual increase of the consumer price index, only one of the methods under paragraph (

b) may be selected.

A participating employer that is required under

section 132 (3) of this regulation to eliminate a solvency deficiency is exempt from

section 58 (1) (

a) of the Act in respect of the payments required to be made under

section 132 (3) of this regulation that are owing but not due, provided that the employer remains solvent.

a pension plan provides a benefit or allocates surplus or actuarial excess in respect of a person entitled to a benefit, and that benefit or surplus or actuarial excess allocation is in excess of the maximum benefit or the money purchase limit applicable to the plan under the Income Tax Act (Canada), or

the commuted value of a benefit is in excess of the maximum amount that under the Income Tax Regulations (Canada) may be transferred from the plan on behalf of a person to an RRSP, a RRIF or another pension plan,

the person is exempt from

section 68 (1) of the Act with respect to the amount of that benefit, surplus, actuarial excess allocation or commuted value that is in excess of that maximum limit.

a member of a pension plan is temporarily employed by a participating employer of that plan in a position in respect of which the participating employer participates in a second pension plan, and

there is an agreement between the administrators of the 2 plans that contributions for the member will be forwarded from the administrator of the second plan to the administrator of the first plan for as long as the member works in the temporary position,

the second plan is exempt from

section 68 (1) of the Act in respect of those contributions.

an additional amount of pension is payable from a pension plan after a member's pension commencement date, and

a provision of the plan text document of the plan provides that the additional amount of pension is to cease or be reduced when a pension becomes available or is received under the CPP Act or the QPP Act,

the member and the plan are exempt from

section 80 of the Act in respect of the additional amount of pension referred to in paragraph (a).

If the plan text document of a pension plan provides in relation to a defined contribution provision that a member may elect a transfer under Division 7 of

Part 8 of the Act to an insurance company to purchase a deferred annuity before the member terminates active membership or reaches the member's pension commencement date, the member is exempt from

section 85 of the Act in respect of the commuted value to be transferred.

8.1

The University of British Columbia Staff Pension Plan is exempt from the following:

section 94 of the Act to the extent provided in paragraphs (

b) and (

c) of this subsection;

sections 102 to 107 of the Act as prescribed for the purposes of

section 94 (

a) of the Act;

section 93 (2) of this regulation.

9) to (11

Repealed. [B.C. Reg. 62/2026, Sch. 1, s. 2 (b).]

12) to (14

Repealed. [B.C. Reg. 264/2019, s. 4.]

15) and (16

Repealed. [B.C. Reg. 62/2026, Sch. 1, s. 2 (b).]

[am. B.C. Regs. 245/2016, s. 1; 297/2016, App. 2; 18/2017; 169/2018, s. 1; 264/2019, s. 4; 287/2020, s. 1; 62/2026, Sch. 1, s. 2.]

Application of Act to public sector pension plans

A public sector pension plan is exempt from the Act in respect of a program of post retirement group benefits sponsored under

Part 1.2 of

Schedule A or

Part 2.1 of

Schedule B, C or D of the Public Sector Pension Plans Act .

A public sector pension plan is exempt from the following:

sections 8 (1) (h), 36, 39 (c), 48, 52 (2) (a), 56 (3) and (5), 63, 72 (3), 106, and 107 of the Act;

a.1

section 94 of the Act to the extent provided in paragraphs (

b) and (

f) of this subsection;

sections 102, 103, 104, 105 (b), 106 and 107 of the Act as prescribed for the purposes of

section 94 (

a) of the Act;

the definition of "divisional multi-employer plan" in

section 1 (1) and sections 28, 30 (4) (c), 31 (3) (c), 33 (4) (

c) and (g) (vi), 37 (5) (d) (vi), (

e) and (g), 43 (1) (

j) and (4) (h), 46 (4) (d), (k), (

m) and (q), 53, 55 (6), 57, 65, 66, 71 and 135 of this regulation;

section 29 (3) (e) (

i) of this regulation, on the condition that the plan

summary referred to in that

section contains or is accompanied by an explanation of when and how the administrator may increase contributions to meet the plan's funding requirements;

section 80 of this regulation on the condition that the entire transfer amount is transferred promptly after the application for transfer;

section 93 (2) of this regulation.

[am. B.C. Regs. 297/2016, App. 1; 264/2019, s. 5.]

Plans for specified individuals

The following provisions apply in respect of a pension plan if all of the members of the plan are specified individuals within the meaning of

section 8515 (4) (

a) or (b), or both, of the Income Tax Regulations (Canada):

sections 10, 32, 40, 64 to 66, 68, 69, 78 to 81 and 83 and Division 7 of

Part 8 of the Act;

sections 48, 72 and 76 to 82 and

Part 9 of this regulation.

[am. B.C. Reg. 62/2026, Sch. 1, s. 3.]

Pension Plan Requirements

Additional matters to be included in the plan text document

This

section applies for the purposes of

section 8 (1) of the Act.

The formula that is used to determine the amount of member-required contributions and participating employer contributions under a defined contribution provision in relation to a member must, if the member is part of a class of members, be the same as the formula that is used to determine the amount of member-required contributions and participating employer contributions under that provision in relation to every other member of that class of members.

The formula that is used to determine the amount of benefits to which a member is entitled under a benefit formula provision for each future year of active membership must, if the member is part of a class of members, be the same as the formula that is used to determine the amount of benefits to which every other member of that class is entitled under that provision for each future year of active membership.

an additional amount of pension is payable after a member's pension commencement date, and

a provision of the plan text document provides that the additional amount of pension is to cease or be reduced when a pension becomes available or is received under the CPP Act or the QPP Act,

the plan provision referred to in paragraph (

b) must provide that the additional amount of pension is to cease or be reduced when the member attains the age at which the member is entitled to receive an unreduced pension under the CPP Act or the QPP Act.

The plan text document of a pension plan must specify the date that is the effective date of the plan.

The plan text document of a pension plan must be separate from the collective agreement, if any, and from any other document, under which the plan was created.

If the plan text document of a negotiated cost plan provides that benefits payable out of the benefit formula component of the plan are to be determined by reference to contributions, the plan text document must also provide that a change in the contribution rate applicable to that component must not change the benefits that are payable out of that component and that accrued before the date on which the contribution rate changed.

The plan text document of a pension plan that contains a defined contribution provision must include a provision that indicates whether the member or the administrator or both are responsible for the direction of the plan's investments.

[am. B.C. Reg. 64/2021, s. 2.]

Retired member recommencement of employment

The plan text document of a pension plan must, in accordance with subsection (2), provide for what is to occur if a retired member recommences

employment covered by the plan, or

if the administrator of the plan has entered into an agreement referred to in

section 1 (9) (c) (iii) of the Act with the administrator of a collectively bargained multi-employer plan registered in a reciprocal or multilateral jurisdiction, employment covered by that collectively bargained multi-employer plan.

The plan text document of a pension plan

must provide that one or more of the following applies to a retired member in a circumstance referred to in subsection (1):

the pension is to continue and the retired member is not eligible to become an active member;

effective from the date of recommencement of employment, the pension is to be suspended, and the retired member is to become an active member;

iii

effective from the date of recommencement of employment, if and to the extent allowed by the Income Tax Act (Canada), the pension is to continue and the retired member is to become an active member, and

may make different subparagraphs of paragraph (

a) apply in different circumstances.

If the plan text document of a pension plan provides that more than one of subsection (2) (a) (i), (ii) and (iii) applies in a circumstance referred to in subsection (1), the retired member may elect which one of subsection (2) (a) (i), (ii) and (iii) applies.

If the plan text document of a pension plan provides for the suspension of the payment of a pension under subsection (2) (a) (ii), or for the suspension of payment of a pension to obtain a phased retirement benefit, the plan text document must provide that, if a retired member who has commenced receiving life income type benefits from the plan recommences employment, any contributions made as a result of the member's recommencement of employment must not be remitted to the member's life income type benefits account until the member's subsequent pension commencement date.

If a plan text document of a pension plan provides for the suspension of the payment of a pension under subsection (2) (a) (ii), or for the suspension of payment of a pension to obtain a phased retirement benefit, the plan text document must provide that the pension payable at the retired member's subsequent pension commencement date must not be less than the amount determined by adding the amounts determined under the following:

the pension applicable to the period of employment that preceded the initial pension commencement date (the "initial employment period") calculated as follows:

if the retired member's initial pension commencement date occurred before the plan's pension eligibility date, the amount of pension to which the member would have been entitled, under the terms of the plan text document as it read on the initial pension commencement date, had the member retired

at the assumed age determined under subsection (6), and

after having worked the initial employment period;

if the retired member's initial pension commencement date occurred at or after the plan's pension eligibility date, the amount of pension that was payable at the initial pension commencement date;

the pension for the period of employment that followed the initial pension commencement date (the "subsequent employment period"), being the amount of pension to which the retired member is entitled under the terms of the plan text document as it reads on the subsequent pension commencement date, for the subsequent employment period.

The assumed age for the purposes of subsection (5) (a) (i) (

A) is the age of the retired member at the subsequent pension commencement date less the period, expressed as a number of years and months or portions of months, between the effective date of pension suspension and the initial pension commencement date.

Registration and Amendment of Pension Plans

Period for administering established plan

For the purposes of

section 12 (2) of the Act, the administrator of a pension plan that has not yet been registered may administer the plan from the date of the plan's establishment until the date that is 60 days after the plan's establishment.

Period for registering plan

For the purposes of

section 13 of the Act, the administrator of a pension plan that has not yet been registered must, within 60 days after the date of the plan's establishment, apply for registration of the plan and pay the fee required by

section 138 (1) (

a) of this regulation.

Administrator statement required for registration

The statement that an administrator of a pension plan must file under

section 13 (

c) of the Act must be in Form 5 of

Schedule 3.

Period for filing records for amendment to plan text documents

For the purposes of

section 18 of the Act, the administrator of a pension plan must, if the plan text document of that plan is amended, file the records referred to in that

section within 60 days after the date on which the amendment is made, or, if the superintendent requires additional records under that

section of the Act, within 60 days after the date on which the superintendent makes the demand to the administrator or a shorter period specified by the superintendent in relation to those additional records.

Administrator statement required for plan text document amendment

The statement that an administrator of a pension plan must file under

section 18 (

b) of the Act must be in Form 6 of

Schedule 3.

When administrator must amend plan text document for benefit reductions or contribution increases

Subject to subsection (2), if an actuarial valuation report that is to be filed for a pension plan of which the plan text document contains a target benefit provision demonstrates that the expected contributions will be insufficient to fund the payments required under

section 58 (2) or (4) in relation to that provision, the administrator of the plan must file, concurrently with the filing of that actuarial valuation report, an amendment to the plan text document to reduce or eliminate benefits, or to increase contributions in accordance with

section 20 (2) (

b) of the Act, the effect of which is sufficient to allow the plan to meet the funding requirements under

section 58 (2) or (4).

Subsection (1) does not apply if the superintendent is satisfied that a contribution increase, sufficient to allow the plan to meet the funding requirements under

section 58 (2) or (4) in relation to the target benefit provision referred to in subsection (1), has been incorporated into any applicable collective agreement.

When administrator may amend for temporary benefit improvements

The administrator of a pension plan of which the plan text document contains a target benefit provision may amend the plan text document of the plan under

section 21 (2) of the Act to provide for a temporary improvement in benefits if there is filed with, or within 60 days before, the filing of the amendment to the plan text document an actuarial valuation report and cost certificate that demonstrate that

the target benefit component has accessible going concern excess, and

after taking into account the cost of the temporary improvement in benefits, the target benefit component will continue to have accessible going concern excess.

When superintendent may refuse to register amendment

For the purposes of

section 22 (2) (

c) of the Act, the superintendent may refuse to register an amendment to the plan text document of a pension plan

the plan text document contains a defined benefit provision,

the effect of the amendment would be to reduce the defined benefit component's solvency ratio, and

iii

there has not been filed, in support of the amendment,

an actuarial valuation report that demonstrates that, immediately after the amendment takes effect, the defined benefit component's solvency ratio would be at least 0.85, and

any other information or records required by the superintendent, or

the plan text document contains a target benefit provision,

the effect of the amendment would be to reduce the target benefit component's going concern funded ratio, and

iii

there has not been filed, in support of the amendment,

an actuarial valuation report and a cost certificate that demonstrate that, immediately after the amendment takes effect, the target benefit component will have accessible going concern excess, and

any other information or records required by the superintendent.

[am. B.C. Reg. 264/2019, s. 6.]

Period for filing records for amendment to supporting plan documents

For the purposes of

section 26 (1) of the Act, the administrator of a pension plan must, if a supporting plan document of that plan is amended, file the records referred to in

section 26 (1) of the Act within 60 days after the date on which the amendment is made, or, if the superintendent requires additional records under

section 26 (1) (

c) of the Act, within 60 days after the date on which the superintendent makes the demand to the administrator or a shorter period specified by the superintendent in relation to those additional records.

Administrator statement required for supporting plan document amendment

The statement that an administrator of a pension plan must file under

section 26 (1) (

b) of the Act must be in Form 7 of

Schedule 3.

Membership in Pension Plans

Auto-enrollment

Notice under

section 29 (2) (b) (

i) of the Act to an employee in relation to a pension plan must

be provided, in writing, by the administrator of the plan,

state that the employee will become a member of the plan unless the employee elects not to become a member of the plan in accordance with subsection (2) of this section, and

be provided,

subject to subparagraph (ii), at least 30 days before the date on which the employee first becomes eligible to become a member of that plan, or

if the employee becomes eligible to become a member within 30 days after the date of the employee's employment, on or before the employee's date of employment.

For the purposes of

section 29 (2) (b) (ii) of the Act, an employee's election not to be a member of the plan must

be in writing,

state the employee's name,

state that the employee elects not to become a member of the plan,

be signed and dated by the employee, and

be received by the participating employer within the longer of

the period specified in the plan text document for the provision of the election, and

the 60-day period immediately following the employee's receipt of the notice referred to in subsection (1).

[am. B.C. Reg. 64/2021, s. 3.]

When suspension may be lifted

For the purposes of

section 31 (2) (

b) of the Act, a member of a pension plan who has suspended active membership in the plan may lift that suspension effective January 1 or July 1 of any year.

[am. B.C. Reg. 64/2021, s. 8.]

Administration of Pension Plans

Administrator

Criteria for administrator

The following criteria apply for the purposes of

section 33 (

a) of the Act in relation to the administrator of a pension plan:

if the plan is a single employer plan other than a jointly sponsored plan, the administrator must be

the participating employer, or

a board of trustees or other similar body acceptable to the superintendent that is established under the supporting plan documents to administer the plan;

if the plan is a non-collectively bargained multi-employer plan other than a jointly sponsored plan, the administrator must be

the participating employer, if any, who is identified in the participation agreement as the administrator of the plan, or

if the participation agreement does not identify a participating employer as the administrator of the plan, a board of trustees or other similar body acceptable to the superintendent that is established under the supporting plan documents to administer the plan;

if the plan is a collectively bargained multi-employer plan, the administrator must be a board of trustees or other similar body acceptable to the superintendent that is established under the supporting plan documents to administer the plan, of which the number of members who represent members of the plan is not less than the number of members who represent participating employers;

if the plan is a jointly sponsored plan, the administrator must be a person referred to in

section 5 (a).

Participation agreements

A written participation agreement referred to in

section 36 (1) of the Act between the administrator of a non-collectively bargained multi-employer plan and the participating employers in the plan must

set out

the information and records that must be provided by participating employers to the administrator,

when and how the information and records must be provided by participating employers to the administrator, and

iii

the other duties and obligations to be performed by participating employers,

bind each participating employer to the terms of the plan documents,

make each participating employer responsible for making contributions and special payments to the plan as required under the Act or the plan text document, and

set out the consequences to a participating employer of failing to meet the terms of the participation agreement, which consequences must be additional to and not in conflict with any consequences set out under the Act for that failure.

Disclosure of Information and Records

Plan

summary

For the purposes of

section 37 (1) (

a) and (

c) of the Act, an administrator of a pension plan must provide a plan

summary as follows:

in the case of a new plan that is not a collectively bargained multi-employer plan, to each active member within 120 days after the establishment of the plan;

in the case of a collectively bargained multi-employer plan, to each active member when the first annual statement is provided to the member under

section 30 of this regulation;

in the case of a plan in relation to which a notice under

section 29 (2) (b) (

i) of the Act may be provided to a person, within 30 days after the provision of that notice to that person;

in the case of any other plan, to each employee who is or is about to be eligible to become an active member of the plan,

subject to subparagraph (ii), at least 30 days before the employee is eligible or required to become an active member of the plan, or

if the employee is eligible or required to become an active member of the plan within 30 days after commencing employment, on or before the employee's date of employment.

A plan

summary referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator.

A plan

summary referred to in subsection (1) must contain or be accompanied by the following information if and as it applies to the member or employee to whom the plan

summary is being provided:

a

summary of member entitlements and obligations under the plan;

a

summary of participating employer rights and obligations under the plan;

in the case of a plan of which the plan text document contains a defined contribution provision, if the plan text document provides that the member must provide direction regarding investments,

a statement as to how that direction is to be provided,

a description of the investment options available, and

iii

an explanation of how contributions will be dealt with if the member fails to provide direction regarding the investments;

in the case of a plan, other than a jointly sponsored plan, of which the plan text document contains a benefit formula provision, an explanation of when and how benefits under the plan may be reduced;

in the case of a jointly sponsored plan,

an explanation of when and how the administrator may increase contributions or reduce benefits to meet the plan's funding requirements under

section 57 or 58, as the case may be, and

an explanation of the methods by which the persons referred to in paragraph (

d) of the definition of "jointly sponsored plan" in

section 1 (1) of the Act make decisions about

the governance of the plan, and

the appointment of the administrator of the plan or the appointment or selection of members of the board or body referred to in

section 5 (a);

a statement of the right under

section 37 (2) and (4) of the Act of the recipient of the plan

summary to examine, or to obtain from the administrator, additional information and records referred to in sections 42 and 43 of this regulation.

Annual statement for active members

For the purposes of

section 37 (1) (

a) of the Act, an administrator of a pension plan must provide an annual statement to each active member within 180 days after the end of each fiscal year.

An annual statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the plan's pension eligibility date;

the member's name and date of birth;

the date on which the member joined the plan;

the name of the member's spouse, if any;

the name of the member's designated beneficiary, if any;

a

summary of the amendments, except for amendments that have already been disclosed to the member in a notice under

section 40, made to the plan text document during the most recently completed fiscal year that affect the member's benefits and an explanation of how those amendments affect those benefits;

a statement of the right under

section 37 (2) and (4) of the Act of the member to examine, or to obtain from the administrator, additional information and records referred to in sections 42 and 43 of this regulation.

An annual statement referred to in subsection (1) must contain or be accompanied by whichever one or more of the following reconciliations apply to the member:

if the member is or will be entitled to receive benefits from a defined contribution component of the plan, the balance of the member's defined contribution account immediately before the beginning of the most recently completed fiscal year and the balance of the member's defined contribution account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made during the most recently completed fiscal year;

any employer contributions made during the most recently completed fiscal year;

iii

any interest credited during the most recently completed fiscal year;

any administration expenses deducted, and any other payments, transfers or withdrawals made, during the most recently completed fiscal year;

if the member is or will be entitled to receive benefits from a benefit formula component of the plan and the plan is not a jointly sponsored plan, the member's benefit formula member-required contributions balance for that plan component immediately before the beginning of the most recently completed fiscal year and the member's benefit formula member-required contributions balance for that plan component as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made to the plan for application to that benefit formula component during the most recently completed fiscal year;

any interest credited during the most recently completed fiscal year;

if the member has made additional voluntary contributions to the plan, the balance of the member's additional voluntary contributions account immediately before the beginning of the most recently completed fiscal year and the balance of the member's additional voluntary contributions account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any additional voluntary contributions made during the most recently completed fiscal year;

any interest credited during the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, during the most recently completed fiscal year;

if the member has made optional ancillary contributions to the plan, the balance of the member's optional ancillary contributions account immediately before the beginning of the most recently completed fiscal year and the balance of the member's optional ancillary contributions account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any optional ancillary contributions made during the most recently completed fiscal year;

any interest credited during the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, during the most recently completed fiscal year;

if the plan fund includes transferred contributions transferred to the plan by or on behalf of the member, the balance of the member's transferred contributions account immediately before the beginning of the most recently completed fiscal year and the balance of the member's transferred contributions account as at the end of the most recently completed fiscal year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any transferred contributions transferred to the plan during the most recently completed fiscal year;

any interest credited during the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, during the most recently completed fiscal year.

An annual statement referred to in subsection (1) must contain or be accompanied by the following information if and as it applies to the member:

if the member is or will be entitled to receive life income type benefits from the defined contribution component of the plan, the earliest date on which the member will be entitled to start receiving those benefits;

if the member is or will be entitled to receive benefits from a benefit formula component of the plan, the following information respecting the member's pension from that plan component:

the number of years that, as at the end of the most recently completed fiscal year, have been credited to the member for the purposes of calculating that pension;

the amount that, as at the end of the most recently completed fiscal year, is the annual amount of that pension if that pension commences on the plan's pension eligibility date;

iii

the earliest date on which the member will be entitled to start receiving a pension from that plan component;

the earliest date on which the member will be entitled to start receiving a pension from that plan component without reduction or increase to the pension;

if the member is or will be entitled to receive benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that solvency ratio is less than 100%,

a statement that the current actuarial valuation report has determined that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report, and

a statement of the steps being taken to address any solvency deficiency;

if the member is or will be entitled to receive benefits from a target benefit component of the plan,

an explanation of when and how the member's benefits under the target benefit component may be reduced, except for information about when and how the component's target benefit funded ratio, as set out in the current actuarial valuation report, affects the member's benefits, and

the target benefit funded ratio of the target benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%,

a statement that the current actuarial valuation report has determined that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits,

a statement of the steps being taken to address the unfunded liability, and

an explanation of how the member's benefits would be affected were the member to terminate active membership when the target benefit funded ratio is less than 100%;

if the plan text document provides that the member may make optional ancillary contributions, a statement setting out an estimate of the maximum amount of optional ancillary contributions that, under the plan text document, the member is entitled to contribute in the fiscal year following the most recently completed fiscal year;

if the member is a suspended member, information about when and how the member may lift the suspension.

[am. B.C. Reg. 196/2022, s. 5.]

Annual statement for persons receiving pensions

For the purposes of

section 37 (1) (

a) of the Act, an administrator of a pension plan must provide an annual statement to each person receiving a pension under the plan as follows:

if the recipient of the statement is receiving life income type benefits from the defined contribution component of the plan, within 60 days after the end of each calendar year;

for any other recipient of the statement, within 180 days after the end of each fiscal year.

An annual statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the person's name and date of birth;

a

summary of the following amendments, unless the amendments have already been disclosed to the person in a notice under

section 40, that affect the benefits to which the recipient of the statement is entitled and an explanation of how the amendments affect those benefits:

if the recipient of the statement is receiving a pension from the benefit formula component of the plan, the amendments made to the plan text document during the most recently completed fiscal year;

if the recipient of the statement is or will be entitled to receive life income type benefits from the defined contribution component of the plan, the amendments made to the plan text document during the most recently completed calendar year;

a statement of the right under

section 37 (2) and (4) of the Act of the recipient of the statement, and, if a joint and survivor form of pension was elected by the retired member, the joint annuitant, to examine, or to obtain from the administrator, additional information and records referred to in sections 42 and 43 of this regulation.

An annual statement referred to in subsection (1) that is being provided to a person who is receiving a pension from a benefit formula component of the plan must contain or be accompanied by the following information if and as it applies to that person:

if an election has been made to have the pension payments increased under

section 74 (1) of the Act, the date on which that increase will cease;

if the plan text document has a cost of living adjustment provision, an explanation of the basis on which the increase in pension payments occurred in the most recently completed fiscal year as a result of that provision;

if the recipient of the statement is receiving benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that solvency ratio is less than 100%,

a statement that the current actuarial valuation report has established that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report, and

a statement of the steps being taken to address any solvency deficiency;

if the recipient of the statement is receiving benefits from a target benefit component of the plan,

an explanation of when and how the recipient's benefits under the target benefit component may be reduced, and

the target benefit funded ratio of the target benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%,

a statement that the current actuarial valuation report has established that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits, and

a statement of the steps being taken to address the unfunded liability.

An annual statement referred to in subsection (1) that is being provided to a person who is receiving life income type benefits from the defined contribution component of the plan must contain or be accompanied by the following information if and as it applies to that person:

the balance of the recipient of the statement's life income type benefits account immediately before the beginning of the most recently completed calendar year and the balance of the recipient of the statement's life income type benefits account as at the end of the most recently completed calendar year, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any transfers into the life income type benefits account made during the most recently completed calendar year;

any interest credited during the most recently completed calendar year;

iii

any life income type benefit payments made during the most recently completed calendar year;

any administration expenses deducted, and any other payments, transfers or withdrawals made, during the most recently completed calendar year;

the life income type benefits minimum amount for the calendar year in which the statement is provided;

the life income type benefits maximum amount for the calendar year in which the statement is provided;

a statement requiring the recipient of the statement to advise the administrator within 30 days after receipt of the annual statement as to the amount of life income type benefit payments the recipient of the statement wishes to receive in the calendar year in which the statement is provided and indicating that, unless the recipient of the statement provides that advice, the administrator will pay the life income type benefits minimum amount for the calendar year in which the statement is provided.

[am. B.C. Regs. 325/2021; 196/2022, s. 6.]

Transfer statement for life income type benefits account

If a person who is receiving life income type benefits from the defined contribution component of a plan transfers money out of the person's life income type benefits account under Division 7 of

Part 8 of the Act to a locked-in vehicle or to another pension plan, the administrator must, within 30 days after the date of the transfer, provide to the person a statement showing the balance of the person's life income type benefits account as at the end of the most recently completed calendar year and the balance of the person's life income type benefits account on the date of the transfer, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any interest credited between the beginning of the current calendar year and the date of the transfer;

any administration expenses deducted between the beginning of the current calendar year and the date of the transfer;

any payments and transfers made between the beginning of the current calendar year and the date of the transfer.

If a person who is receiving life income type benefits from the defined contribution component of the plan transfers money into the person's life income type benefits account, the administrator must, within 30 days after the date of the transfer, provide to the person information respecting

the amount transferred to the life income type benefits account,

the balance of the life income type benefits account immediately after the transfer, and

subject to subsection (3), the amount that may be paid or transferred from the life income type benefits account in that calendar year as a result of the transfer, determined by dividing the amount of the transfer by the withdrawal factor.

If the money transferred to the life income type benefits account was transferred from another life income type benefits account or from a life income fund, the information referred to in subsection (2) (

c) is not required to be provided.

Termination of active membership statement

For the purposes of

section 37 (1) (

a) of the Act, an administrator of a pension plan must, subject to subsection (5) of this section, provide a termination of active membership statement to each deferred member as follows:

unless the plan is a collectively bargained multi-employer plan, within 60 days after the deferred member's termination of active membership in the plan;

if the plan is a collectively bargained multi-employer plan, within 90 days after the deferred member's termination of active membership in the plan.

A termination of active membership statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the plan's pension eligibility date;

the member's name and date of birth;

the date on which the member joined the plan;

the date on which the member terminated active membership in the plan;

the name of the member's spouse, if any;

the name of the member's designated beneficiary, if any;

a statement of the right under

section 37 (2) and (4) of the Act of the member to examine, or to obtain from the administrator, additional information and records referred to in sections 42 and 43 of this regulation.

A termination of active membership statement referred to in subsection (1) must contain or be accompanied by whichever one or more of the following reconciliations apply to the member:

if the member is entitled to receive benefits from a defined contribution component of the plan, the balance of the member's defined contribution account as at the end of the most recently completed fiscal year and the balance of the member's defined contribution account as at the date of the member's termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made since the end of the most recently completed fiscal year;

any employer contributions made since the end of the most recently completed fiscal year;

iii

any interest credited since the end of the most recently completed fiscal year;

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the member is entitled to receive benefits from a benefit formula component of the plan and the plan is not a jointly sponsored plan, the member's benefit formula member-required contributions balance for that plan component as at the end of the most recently completed fiscal year and the member's benefit formula member-required contributions balance for that plan component as at the date of the member's termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made to the plan for application to that benefit formula component since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

if the member has made additional voluntary contributions to the plan, the balance of the member's additional voluntary contributions account as at the end of the most recently completed fiscal year and the balance of the member's additional voluntary contributions account as at the date of the member's termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any additional voluntary contributions made since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the member has made optional ancillary contributions to the plan, the balance of the member's optional ancillary contributions account as at the end of the most recently completed fiscal year and the balance of the member's optional ancillary contributions account as at the date of the member's termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any optional ancillary contributions made since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the plan fund includes transferred contributions transferred to the plan by or on behalf of the member, the balance of the member's transferred contributions account as at the end of the most recently completed fiscal year and the balance of the member's transferred contributions account as at the date of the member's termination of active membership, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any transferred contributions transferred to the plan since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

A termination of active membership statement referred to in subsection (1) must contain or be accompanied by the following information if and as it applies to the member:

if the member is entitled or required to transfer money out of the plan under Division 7 of

Part 8 of the Act,

the commuted value of the benefit to which the member is entitled as at the date of the member's termination of active membership, and

the maximum amount that under the Income Tax Regulations (Canada) may be transferred out of the plan to an RRSP, a RRIF or another pension plan and the amount, if any, by which the amount to which the member is entitled exceeds that maximum;

if the member is entitled to receive benefits from a benefit formula component of the plan, the following information respecting the member's pension from that plan component:

the number of years that, as at the date of the member's termination of active membership, have been credited to the member for the purposes of calculating that pension;

the amount that, as at the date of the member's termination of active membership, is the annual amount of that pension if that pension commences on the plan's pension eligibility date;

if the member is entitled to receive benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, unless the participating employer has remitted a contribution in accordance with

section 80 (3) (a) (ii), if there is a transfer deficiency applicable to the member's benefits,

a statement that the current actuarial valuation report has established that there is a transfer deficiency in that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report,

the amount of the transfer deficiency,

iii

a statement indicating that the amount of the benefit referred to in paragraph (a) (

i) of this subsection that, as at the date of the member's termination of active membership, the member is entitled to receive is the commuted value referred to in paragraph (a) (

i) less the transfer deficiency,

a statement explaining, in accordance with

section 80 (3), when the member will be entitled to receive the transfer deficiency, and

a statement indicating that the amount the member is entitled to receive on the date referred to in subparagraph (iv) is the transfer deficiency plus interest calculated in accordance with

section 69 (3);

if the member is entitled to receive benefits from a target benefit component of the plan,

an explanation of when and how the member's benefits under the target benefit component may be reduced, except for information about when and how the component's target benefit funded ratio, as set out in the current actuarial valuation report, affects the member's benefits, and

the target benefit funded ratio of the target benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%,

a statement that the current actuarial valuation report has determined that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in the target benefit component in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits,

a statement of the steps being taken to address the unfunded liability, and

a statement that if the member elects, as at the date of the member's termination of active membership, to transfer the benefits to which the member is entitled under the target benefit component, the member is entitled to the amount determined by multiplying the commuted value referred to in paragraph (a) (

i) by the component's target benefit funded ratio as at the review date applicable to the current actuarial valuation report;

if the member is entitled to receive benefits from a benefit formula component of a plan, other than a jointly sponsored plan, the amount of the member's excess contributions;

an explanation of

the options available to the member under the plan text document in relation to each of the member's benefits under the plan,

the deadlines under the plan text document for choosing any of those options,

iii

the consequences, if any, under the plan text document of not meeting those deadlines, and

for each option that will lead to money being locked-in money, what that means to the member;

if, under the plan text document, the member may or must defer receiving a pension until the plan's pension eligibility date,

an explanation of what happens to the member's benefits if the member dies before pension commencement, including, without limitation, an explanation of the spouse's waiver option under

section 79 (1) (

b) of the Act,

an explanation of the options available to the member to elect a pension commencement date that is earlier or later than the plan's pension eligibility date, and an explanation of any adjustments to the amount of pension in each case,

iii

an explanation of any cost of living adjustment provision of the plan text document that applies to the pension,

the name and address of the person to whom application must be made to start receiving the pension,

a statement indicating that the member must notify the administrator of any change of the member's address,

in the case of a plan of which the plan text document contains a benefit formula provision, a statement of the circumstances under which the member's benefits under the benefit formula provision may be reduced, and

vii

a statement indicating that the amount, if any, of the member's excess contributions will be recalculated and paid at the member's pension commencement date;

whichever of the following is applicable:

a statement that the pension legislation of British Columbia applies to determine the benefit entitlement of the member;

if, under

section 1 (9) of the Act, pension legislation of a jurisdiction other than British Columbia applies to determine the benefit entitlement of the member, a statement identifying that jurisdiction and indicating that its pension legislation applies to determine the benefit entitlement of the member.

A member is not entitled to receive a termination of active membership statement under subsection (1) if the member has received a statement under

section 34 in relation to the plan.

[am. B.C. Regs. 64/2021, ss. 2 and 3; 196/2022, s. 7.]

Retirement statement

For the purposes of

section 37 (1) (

a) of the Act, an administrator of a pension plan who receives a completed application, in the form required by the administrator, for commencement of a pension from a plan component must provide a retirement statement to the applicant.

An application under subsection (1) for commencement of a pension must

be in the form required by the administrator,

contain all the information necessary to allow the administrator to prepare the retirement statement, and

include or be supplemented by all other records necessary to allow the administrator to prepare the retirement statement.

A retirement statement under subsection (1) must be provided

on or before the date that is 60 days after the date of the receipt of an application that complies with subsection (2), or

if the application is received more than 120 days before the member's pension commencement date, on or before the later of

the date that is 60 days after the date of the receipt of an application that complies with subsection (2), and

the date that is 120 days before the date on which the member's pension commences.

A retirement statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the member's name and date of birth;

the date on which the member joined the plan;

the date on which the member terminated active membership in the plan;

the member's pension commencement date;

if the member has a spouse, the spouse's name and date of birth;

the name of the member's designated beneficiary, if any;

a statement of the right under

section 37 (2) and (4) of the Act of the member to examine, or to obtain from the administrator, additional information and records referred to in sections 42 and 43 of this regulation.

A retirement statement referred to in subsection (1) must contain or be accompanied by whichever one or more of the following reconciliations apply to the member:

if the member is entitled to receive benefits from the defined contribution component of the plan, the balance of the member's defined contribution account as at the end of the most recently completed fiscal year and the balance of the member's defined contribution account as at the member's pension commencement date, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made since the end of the most recently completed fiscal year;

any employer contributions made since the end of the most recently completed fiscal year;

iii

any interest credited since the end of the most recently completed fiscal year;

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the member is entitled to receive benefits from a benefit formula component of the plan and the plan is not a jointly sponsored plan, the member's benefit formula member-required contributions balance for that plan component as at the end of the most recently completed fiscal year and the member's benefit formula member-required contributions balance for that plan component as at the member's pension commencement date, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made to the plan for application to that benefit formula component since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

if the member has made additional voluntary contributions to the plan, the balance of the member's additional voluntary contributions account as at the end of the most recently completed fiscal year and the balance of the member's additional voluntary contributions account as at the member's pension commencement date, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any additional voluntary contributions made since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the member has made optional ancillary contributions to the plan, the balance of the member's optional ancillary contributions account as at the end of the most recently completed fiscal year and the balance of the member's optional ancillary contributions account as at the member's pension commencement date, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any optional ancillary contributions made since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the plan fund includes transferred contributions transferred to the plan by or on behalf of the member, the balance of the member's transferred contributions account as at the end of the most recently completed fiscal year and the balance of the member's transferred contributions account as at the member's pension commencement date, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any transferred contributions that were transferred to the plan since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year.

A retirement statement referred to in subsection (1) must contain or be accompanied by the following information if and as it applies to the member and the plan component from which the pension is to be paid:

if the member is entitled to receive benefits from a benefit formula component of the plan, the following:

the amount of the member's excess contributions;

an explanation of

the form of pension that is described as the normal form of pension in the plan text document and the other forms of pension that are available under the plan text document,

the method by which the member must elect one of those options,

the annual amount of pension payable to the member under each of those options, and

the circumstances under which the member's benefits under the plan may be reduced;

iii

if the member has a spouse, a statement that the member may elect a form of pension other than a joint and survivor pension referred to in

section 80 (2) of the Act if the member provides to the administrator a waiver or confirmation in accordance with

section 80 (4) of the Act;

if the plan text document provides for optional ancillary contributions, a statement setting out

the cost of each of the optional ancillary benefits that are available to the member, and

that if any optional ancillary contribution is not converted to optional ancillary benefits, the unconverted optional ancillary contribution is forfeited and remains in the plan fund;

if the plan text document has a cost of living provision, an explanation of any cost of living provision of the plan text document that applies to the member's pension;

an explanation of

the options available to the member under the plan text document in relation to each of the member's benefits under the plan,

the deadlines under the plan text document for choosing any of those options, and

iii

the consequences, if any, under the plan text document of not meeting those deadlines.

If the member to whom the retirement statement referred to in subsection (1) is to be provided may elect to receive life income type benefits from the defined contribution component of the plan, the retirement statement must contain or be accompanied by the following information if and as it applies to the member:

the life income type benefits minimum amount for the calendar year in which the statement is provided;

the life income type benefits maximum amount for the calendar year in which the statement is provided;

a statement indicating that if the member elects to receive life income type benefits from the defined contribution component, the member must advise the administrator as to the amount of life income type benefits the member wishes to receive in the calendar year in which the statement is provided and indicating that, unless the member provides that advice, the administrator will pay the life income type benefits minimum amount for the calendar year in which the statement is provided;

if the member has a spouse, a statement that the member may elect to receive life income type benefits if the member provides to the administrator a consent or confirmation in accordance with

section 74 (3).

[am. B.C. Reg. 64/2021, s. 3.]

Phased retirement benefit statement

For the purposes of

section 83 of the Act, an administrator of a pension plan who receives from an active member a completed application, in the form required by the administrator, for a phased retirement benefit must, within 60 days after receipt of the application, provide a phased retirement benefit statement to the applicant.

An application under subsection (1) for a phased retirement benefit must

be in the form required by the administrator,

contain all the information necessary to allow the administrator to prepare the phased retirement benefit statement, and

include or be supplemented by all other records necessary to allow the administrator to prepare the phased retirement benefit statement.

A phased retirement benefit statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the member's name and date of birth;

the date on which the member joined the plan;

the amount of pension to which the member would be entitled if the member retired as at the date of the statement;

the annual amount of pension that, as at the date of the statement, the member will be entitled to receive if that pension commences on the plan's pension eligibility date;

the phased retirement benefit to which the member is entitled, expressed as both

a percentage of the pension amount referred to in paragraph (e), and

a dollar amount;

a statement explaining whether, and if so how, the member's pension may be reduced as a result of the member accepting a phased retirement benefit;

the frequency with which, if at all, the phased retirement benefits will be adjusted during the period during which phased retirement benefits are to be paid, and the basis on which those adjustments are to be made;

a notice that the phased retirement benefit does not constitute a pension under the Act;

an explanation of what happens to the member's benefits if the member dies before pension commencement, including, without limitation, an explanation of the spouse's waiver option under

section 79 (1) (

b) of the Act in Form 4 of

Schedule 3.

[am. B.C. Reg. 64/2021, s. 2.]

Lump-sum payment statement

For the purposes of

section 76 of the Act, an administrator of a pension plan who receives from an active member a completed application, in the form required by the administrator, to receive a lump-sum payment under

section 76 of the Act must, within 60 days after receipt of the application, provide a lump-sum payment statement to the applicant.

An application under subsection (1) for a lump-sum payment must

be in the form required by the administrator,

contain all the information necessary to allow the administrator to prepare the lump-sum payment statement, and

include or be supplemented by all other records necessary to allow the administrator to prepare the lump-sum payment statement.

A lump-sum payment statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the member's name and date of birth;

the name of the member's surviving spouse, if any;

an explanation of the requirement for a spouse's consent under

section 75 (2) (

b) of this regulation;

the maximum lump-sum payment the member is permitted to receive in the fiscal year in which the statement is provided;

the balance of the member's defined contribution account as at the date of the statement;

a statement that the receipt of a lump-sum payment under

section 76 of the Act will reduce the benefit payable to the member at the member's termination of active membership or at the member's pension commencement date.

Statement on death of member before pension commencement

For the purposes of

section 37 (1) (

b) of the Act, if a member of a pension plan who was entitled to receive a pension from a plan component dies before beginning to receive a pension from that plan component, the administrator must provide a pre-retirement death benefits statement to the person referred to in subsection (2) within 60 days after receipt of proof of the deceased member's death.

A pre-retirement death benefits statement referred to in subsection

(1) must be provided to the deceased member's surviving spouse, or

if the deceased member had no spouse at the time of death, or if the deceased member's spouse's interest in the member's benefits has terminated within the meaning of subsection (6),

must be provided to the deceased member's designated beneficiary, or

if there is no living designated beneficiary, must be provided to the personal representative of the deceased member's estate.

A pre-retirement death benefits statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the deceased member's name and date of death;

the name of the deceased member's surviving spouse, if any;

the name of the deceased member's designated beneficiary, if any;

a statement of the right under

section 37 (2) and (4) of the Act of the person to whom the pre-retirement death benefits statement is provided to examine, or to obtain from the administrator, additional information and records referred to in sections 42 and 43 of this regulation.

A pre-retirement death benefits statement referred to in subsection (1) must contain or be accompanied by whichever one or more of the following reconciliations apply to the member:

if the deceased member was entitled to receive benefits from the defined contribution component of the plan, the balance of the deceased member's defined contribution account as at the end of the most recently completed fiscal year and the balance of the deceased member's defined contribution account as at the date of the deceased member's death, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made since the end of the most recently completed fiscal year;

any employer contributions made since the end of the most recently completed fiscal year;

iii

any interest credited since the end of the most recently completed fiscal year;

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the deceased member was entitled to receive benefits from a benefit formula component of the plan and the plan is not a jointly sponsored plan, the deceased member's benefit formula member-required contributions balance for that plan component as at the end of the most recently completed fiscal year and the deceased member's benefit formula member-required contributions balance for that plan component as at the date of the deceased member's death, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any member-required contributions made to the plan for application to that benefit formula component of the plan since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

if the deceased member had made additional voluntary contributions to the plan, the balance of the deceased member's additional voluntary contributions account as at the end of the most recently completed fiscal year and the balance of the deceased member's additional voluntary contributions account as at the date of the deceased member's death, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any additional voluntary contributions made since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the deceased member had made optional ancillary contributions to the plan, the balance of the deceased member's optional ancillary contributions account as at the end of the most recently completed fiscal year and the balance of the deceased member's optional ancillary contributions account as at the date of the deceased member's death, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any optional ancillary contributions made since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year;

if the plan fund includes transferred contributions transferred to the plan by or on behalf of the deceased member, the balance of the deceased member's transferred contributions account as at the end of the most recently completed fiscal year and the balance of the deceased member's transferred contributions account as at the date of the deceased member's death, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any transferred contributions that were transferred to the plan since the end of the most recently completed fiscal year;

any interest credited since the end of the most recently completed fiscal year;

iii

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed fiscal year.

A pre-retirement death benefits statement referred to in subsection (1) must contain or be accompanied by the following information if and as it applies to the deceased member:

if the deceased member had no spouse at the time of death, or if the deceased member's spouse's interest in the member's benefits has terminated within the meaning of subsection (6), the amount that is payable to the deceased member's designated beneficiary or personal representative of the deceased member's estate under

section 79 (1) (

b) or (

c) of the Act;

if the deceased member had a spouse at the time of death and that spouse's interest in the member's benefits has not terminated within the meaning of subsection (6) and the spouse is entitled to receive a pension from a benefit formula component of the plan, the following information respecting the pension:

the number of years that, as at the date of the deceased member's death, have been credited to the deceased member for the purposes of calculating the deceased member's pension;

the annual amount of pension that the surviving spouse is entitled to receive;

iii

the commuted value of the pension that the surviving spouse is entitled to receive;

the maximum amount that under the Income Tax Regulations (Canada) may be transferred out of the plan to an RRSP, a RRIF or another pension plan and the amount, if any, by which the amount to which the surviving spouse is entitled exceeds that maximum;

the amount of the deceased member's excess contributions, if any;

if the deceased member had a spouse at the time of death and that spouse's interest in the member's benefits has not terminated within the meaning of subsection (6) and the plan text document of the plan provides that the spouse must transfer the commuted value of the deceased member's benefit from the plan, the following information:

the commuted value of the benefit that the surviving spouse is entitled to receive;

the maximum amount that under the Income Tax Regulations (Canada) may be transferred out of the plan to an RRSP, a RRIF or another pension plan and the amount, if any, by which the amount to which the surviving spouse is entitled exceeds that maximum;

iii

if the surviving spouse is entitled to receive a benefit from a benefit formula component of a plan, other than a jointly sponsored plan, the amount of the deceased member's excess contributions, if any;

if the deceased member had a spouse at the time of death and that spouse's interest in the member's benefits has not terminated within the meaning of subsection (6) and the plan text document of the plan does not provide that the spouse must transfer the commuted value of the deceased member's benefits from the plan,

an explanation of what happens to the surviving spouse's benefits if the surviving spouse dies before pension commencement,

an explanation of the options available to the surviving spouse to elect a pension commencement date that is earlier or later than the plan's pension eligibility date, and an explanation of any adjustments to the amount of pension in each case,

iii

an explanation of any cost of living adjustment provision of the plan text document that applies to the pension,

the name and address of the person to whom application must be made to start receiving the pension,

a statement indicating that the surviving spouse must notify the administrator of any change of the surviving spouse's address, and

in the case of a plan of which the plan text document contains a benefit formula provision, a statement of when and how the surviving spouse's benefits under the benefit formula component may be reduced;

if the deceased member was entitled to receive benefits from a defined benefit component of the plan, the solvency ratio of the defined benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, unless the participating employer has remitted a contribution in accordance with

section 80 (3) (a) (ii), if there is a transfer deficiency applicable to the deceased member's benefits,

a statement that the current actuarial valuation report has established that there is a transfer deficiency in that the value of the assets of the defined benefit component would not have been sufficient to cover the defined benefit component benefits had the plan terminated on the review date applicable to that actuarial valuation report,

the amount of the transfer deficiency,

iii

a statement indicating that, as at the date of the deceased member's death, the amount of the benefit that the surviving spouse, designated beneficiary or personal representative is entitled to receive is the commuted value of that benefit less the transfer deficiency,

a statement explaining, in accordance with

section 80 (4) of this regulation, when the surviving spouse, designated beneficiary or personal representative will be entitled to receive the transfer deficiency, and

a statement indicating that the amount the surviving spouse, designated beneficiary or personal representative is entitled to receive on the date referred to in subparagraph (iv) is the transfer deficiency plus interest calculated in accordance with

section 69 (3);

if the deceased member was entitled to receive benefits from a target benefit component of the plan,

an explanation of when and how the amount of the deceased member's benefits under the target benefit component that the surviving spouse, designated beneficiary or personal representative is entitled to receive may be reduced, except for information about when and how the component's target benefit funded ratio, as set out in the current actuarial valuation report, affects the amount of the benefits, and

the target benefit funded ratio of the target benefit component as set out in the current actuarial valuation report, expressed as a percentage, and, if that target benefit funded ratio is less than 100%,

a statement that the current actuarial valuation report has established that, as at the review date applicable to that actuarial valuation report, there was an unfunded liability in the target benefit component in that the value of the assets of the target benefit component was not sufficient to cover the target benefit component benefits,

a statement of the steps being taken to address the unfunded liability, and

a statement indicating that, as at the date of the deceased member's death, the amount of the deceased member's benefits that the surviving spouse, designated beneficiary or personal representative is entitled to receive is the amount determined by multiplying the commuted value of the benefit by the component's target benefit funded ratio as at the review date applicable to the current actuarial valuation report;

in the case of a plan of which the plan text document contains a benefit formula provision, a statement of when and how the surviving spouse's or designated beneficiary's benefits, as applicable, under the benefit formula component may be reduced;

an explanation of

the options available to the surviving spouse or designated beneficiary, as applicable, under the plan text document, and under

section 79 (1) (

a) and (2) of the Act, in relation to each of the surviving spouse's or designated beneficiary's benefits under the plan,

the deadlines under the plan text document for choosing any of those options,

iii

the consequences, if any, under the plan text document of not meeting those deadlines, and

for each option that will lead to money being locked-in money, what that means to the spouse;

whichever of the following is applicable:

a statement that the pension legislation of British Columbia applies to determine the benefit entitlement of the deceased member;

if, under

section 1 (9) of the Act, pension legislation of a jurisdiction other than British Columbia applies to determine the benefit entitlement of the member, a statement identifying that jurisdiction and indicating that its pension legislation applies to determine the benefit entitlement of the deceased member.

For the purposes of subsection (2) or (5), a surviving spouse's interest in a deceased member's benefits has terminated if one of the following has been provided to the administrator:

a waiver in Form 4 of

Schedule 3 signed by the spouse before the deceased member's death in the presence of a witness and outside the presence of the member;

confirmation, in a form and manner satisfactory to the administrator, that

section 145 of the Family Law Act applies.

[am. B.C. Regs. 64/2021, s. 3; 196/2022, s. 8.]

Statement on death of retired member receiving life income type benefits

For the purposes of

section 37 (1) (

b) of the Act, if a retired member of a pension plan who was receiving life income type benefits dies, the administrator must provide a life income type benefits death benefits statement to the person referred to in subsection (2) of this

section within 60 days after receipt of proof of the deceased member's death.

A life income type benefits death benefits statement referred to in subsection (1) must be provided

to the deceased member's surviving spouse, or

if the deceased member had no spouse at the time of death, or if the deceased member's spouse's interest in the member's life income type benefits has terminated within the meaning of subsection (6),

to the deceased member's designated beneficiary, or

if there is no living designated beneficiary, to the personal representative of the deceased member's estate.

A life income type benefits death benefits statement referred to in subsection (1) must contain or be accompanied by the following information:

the name of the plan and its provincial registration number;

the name of, and contact information for, the administrator;

the deceased member's name and date of death;

the name of the deceased member's surviving spouse, if any;

the name of the deceased member's designated beneficiary, if any;

a statement of the right under

section 37 (2) and (4) of the Act of the person to whom the life income type benefits death benefits statement is provided to examine, or to obtain from the administrator, additional information and records referred to in sections 42 and 43 of this regulation.

A life income type benefits death benefits statement referred to in subsection (1) must contain or be accompanied by a reconciliation in relation to the deceased member's life income type benefits account setting out the balance of the deceased member's life income type benefits account as at the end of the most recently completed calendar year and the balance of the deceased member's life income type benefits account as at the date of the deceased member's death, and a reconciliation that accounts for the difference between those 2 balances by setting out the following as they relate to those balances:

any transfer made to the life income type benefits account since the end of the most recently completed calendar year;

any interest credited since the end of the most recently completed calendar year;

any life income type benefits payments made since the end of the most recently completed calendar year;

any administration expenses deducted, and any other payments, transfers or withdrawals made, since the end of the most recently completed calendar year.

A life income type benefits death benefits statement referred to in subsection (1) must contain or be accompanied by the following information if and as it applies to the deceased member:

if the deceased member had no spouse at the time of death, or if the deceased member's spouse's interest in the member's life income type benefits has terminated within the meaning of subsection (6), the amount that is payable to the deceased member's designated beneficiary or personal representative of the deceased member's estate under

section 74 (10);

if the deceased member had a spouse at the time of death and the spouse's interest in the member's life income type benefits has not terminated within the meaning of subsection (6),

the maximum amount that under the Income Tax Regulations (Canada) may be transferred out of the plan to an RRSP, a RRIF or another pension plan and the amount, if any, by which the amount to which the surviving spouse is entitled exceeds that maximum,

if the plan text document allows the surviving spouse to elect to receive life income type benefits from the plan,

the life income type benefits minimum amount for the calendar year in which the statement is provided,

the life income type benefits maximum amount for the calendar year in which the statement is provided,

a statement indicating that if the surviving spouse elects to receive life income type benefits from the plan, the spouse must, within 30 days after receipt of the life income type benefits death benefits statement, advise the administrator as to the amount of life income type benefits the spouse wishes to receive in the calendar year in which the statement is provided, and unless the surviving spouse provides that advice, the administrator will pay the life income type benefits minimum amount for the calendar year in which the statement is provided, and

iii

if the surviving spouse is not entitled to or does not make the election referred to in subparagraph (ii), the spouse may make an election under

section 74 (9) (a), if applicable, or (b);

if the deceased member had a spouse at the time of death and the spouse's interest in the member's life income type benefits has not terminated within the meaning of subsection (6), an explanation of

the options available to the surviving spouse under the plan text document in relation to each of the spouse's benefits under the plan and for each option that will lead to money being locked-in money, what that means to the spouse,

the deadlines under the plan text document for choosing any of those options, and

iii

the consequences, if any, under the plan text document of not meeting those deadlines;

whichever of the following is applicable:

a statement that the pension legislation of British Columbia applie