Tag: Reg. 285
Nova Scotia filed Regulation 167/2017, setting out rules for asset transfers between pension plans on the sale of a business or adoption of a successor plan. The requirements, which are similar to those in Ontario, address the following:
- calculation methods (e.g., commuted values, solvency ratios);
- notice requirements for members, former members, retired members, other entitled persons and, as applicable, unions and advisory committees;
- minimum solvency ratios (0.85 in the case of a sale of business and 1.0 when establishing a successor plan);
- minimum requirements for accrued pension benefits, including prohibiting asset transfers where the successor plan would be able to reduce accrued or ancillary benefits in a manner not permitted by the original plan;
- election forms and processes where individual consent is required; and
- applications for Superintendent consent.