British Columbia Order in Council — Amendment to Pension Benefits Standards Regulation (O.C. 649/2020)

O.C. 649/2020

British Columbia — Orders in Council

PROVINCE OF BRITISH COLUMBIA ORDER OF THE LIEUTENANT GOVERNOR IN COUNCIL Order in Council No. , Approved and Ordered Lieutenant Governor Executive Council Chambers, Victoria On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Pension Benefits Standards Regulation, B.C. Re g. 71/2015, is amended as set out in the attached Appendix. Minister of Finance Presiding Member of the Executive Council (This

part is for administrative purposes only and is not part of the Order.) Authority under which Order is made: Act and section: Pension Benefits Standards Act, S.B.C. 2012, c. 30, s. 133 Other: OIC 219/2015 R10465943 December 18, 2020 APPENDIX

Section of the Pension Benefits St andards Regulation, B.C. Reg. 71/2015, is amended by adding the following subsection:

(16) A target benefit component of a pensi on plan to which

Schedule applies and a plan contributor, as defined in that Sc hedule, are exempt from the provisions of the Act and this regulation as set out in

Schedule 9, to the extent and on the conditions specified in that Schedule. 2 Sections 45 (5) and 58 (10) are amended by striking out “ negotiated cost plan ” and substituting “pension plan”. 3

Section 58 (11) (b) (

i) is amended by adding “ if any,” after “ the applicable collective agreement,”. 4

Section 61 (2) (f) (i) (

C) and (ii) (

C) are amended by striking out “defined component” and substituting “defined benefit component”. 5 The following

Schedule is added:

SCHEDULE 9 (section 10 (16)) PROVISION FOR ADVERSE DEVIATION EXEMPTION FOR TARGET BENEFIT COMPONENTS

Definitions In this Schedule: “exemption period”, in relation to a target benefit component for which an election is made under

section 2, means the period (

a) beginning on the review date specified in the written notice of election, and (

b) ending on the day before the following review date; “plan contributor” , in relation to a pension plan for which an election is made under

section 2, means the plan contribu tor as defined in

section of this regulation that is required under the Act to make contributions to the plan. Election 2

(1) Subject to this Schedule, the administrato r of a pension plan may elect, in respect of a review date of the plan, to have a plan contributor exempted from the requirement to make the payments to the plan that are required under

section 58 (2) (

b) of this regulation in respect of the plan’s target benefit component.

(2) The administrator may make an election under subsection (1) by (

a) providing to the superintendent a writte n notice of election in the form and manner required by the superintendent, (

b) specifying in the written notice of elec tion a review date of the plan falling on or after December 31, 2019 and before December 31, 2022, and (

c) submitting, together with the written notice of election, any other information or records required by the superintendent. Exemption 3

(1) On the conditions set out in

section and subject to subsection (2) of this section, if the administrator of a pension plan makes an election under

section 2, the plan and plan contributor are exempt from (

a) sections and 52 (2) of the Act, and (b)

section 58 (2) (

b) of this regulation.

(2) The exemptions under subsection (1) apply during the exemption period to any payments referred to in

section 58 (2) (

b) of this regulation that the plan contributor would otherwise be required to make in relation to the pension plan for which an election is made under

section of this Schedule. Conditions of exemption The exemptions under

section are made on the following conditions: (

a) subject to paragraph (b), the admi nistrator discloses the fact of the exemption from the requirements under

section 58 (2) (

b) of this regulation to (

i) active members, in the annual statement required under

section of this regulation, and (ii) persons who are receiving pensi ons, in the annual statement required under

section of this regulation; (

b) the disclosure referred to in paragra ph (

a) must be made for each fiscal year that is after the fiscal year in which the election is made under

section and that includes any portion of the exemption period; (

c) despite

section 58 (8) of this regul ation, the participating employer does not amend the plan text document to impr ove benefits under the target benefit provision during the exemption period , unless the benefit improvement is required to comply with the Act or the Income Tax Act (Canada).

Document details

Collection	British Columbia — Orders in Council
Citation	O.C. 649/2020
Type	order_in_council
Volume / chapter	arc oic 0649 2020
Language	en
Format	pdf
Source	PROVINCIAL
Identifier	eba05658dd428799bdf5510a6b43c0fd0726ba99

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