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The Pension Benefits Amendment Act

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If you need an official copy, contact Statutory Publications.

S.M. 2005, c. 2

Bill 10, 3rd Session, 38th Legislature

The Pension Benefits Amendment Act

(Assented to April 19, 2005)

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Manitoba, enacts as follows:

C.C.S.M. c. P32 amended

1           The Pension Benefits Act is amended by this Act.

2(1)        Subsection 1(1) is amended by adding the following definitions:

"active member" of a pension plan means a member of the plan who is accruing a pension under the plan, or would be accruing a pension if it were not for a temporary interruption in employment; (« participant actif »)

"administrator" means

(a) in relation to a pension plan, the person or body of persons referred to in subsection 28.1(1) or (1.1) that is responsible for administering the plan, and

(b) in relation to a prescribed plan or to a registered retirement income fund as defined in subsection 21.4(1), the financial institution responsible for administering the plan or fund; (« administrateur »)

"early retirement age" means the earliest age at which, under the terms of a pension plan, a member is eligible to require his or her pension to be commenced; (« âge de la retraite anticipée »)

"member" of a pension plan means an employee or former employee who is accruing, entitled to or receiving a pension under the plan; (« participant »)

"optional ancillary contributions" means the contributions that a member under a defined benefit pension plan elects to make — in addition to the contributions that the member must make to attain a pension — for later conversion in accordance with section 21.2 to optional ancillary benefits; (« cotisations accessoires facultatives »)

"other beneficiary" of a pension plan means a person who is not a member but who is entitled to a pension or other benefit under the plan; (« autre bénéficiaire »)

"pension" means a benefit in the form of a series of periodic payments that continues for the life of a member, whether or not it is continued to another person after the member's death, and includes a future entitlement to such payments but does not include ancillary benefits until they become part of the pension under subsection 21.1(2); (« pension »)

"period of continuous employment" includes, in the case of a temporary interruption in employment, the period of the interruption and the periods of employment immediately before and after that period; (« période d'emploi continu »)

"prescribed" means prescribed by regulation under this Act;

"prescribed plan" means a prescribed retirement savings plan or prescribed retirement benefit plan to which an amount has been or may be transferred under

(a) subsection 21(13) or (13.1) (transfer of member's pension),

(b) subsection 21(26.2) (transfer of survivor's pension), or

(c) clause 31(4)(b) (transfer on division of pension benefit credit); (« régime réglementaire »)

"temporary interruption in employment" of a person means a period, not exceeding a prescribed length,

(a) immediately before and after which the person was working or providing a service for the same employer, and

(b) during which the person was not working or providing a service for that employer but there was a reasonable expectation that he or she would return to working or providing a service for the employer; (« interruption temporaire d'emploi »)

2(2)        Subsection 1(1) is further amended by replacing the definitions "defined benefit pension plan", "employee", "employer", "pension benefit credit", "pension plan", "surplus" and "voluntary additional contribution" with the following:

"defined benefit pension plan" means a pension plan under which a member's pension

(a) is determined with reference to the member's remuneration for each year of employment, or for a selected number of years of employment, or

(b) is expressed as a fixed amount for each year of employment, or as a fixed periodic amount; (« régime de retraite à prestations déterminées »)

"employee" means an individual who is employed to do work or provide a service in Manitoba or a designated province, and is receiving or entitled to receive remuneration for the work or service; (« employé »)

"employer" means a person or organization, whether incorporated or not, from whom an employee is receiving or entitled to receive, or has received, remuneration; (« employeur »)

"pension benefit credit"

(a) of a person in relation to a pension plan means the value at a particular time of the pension and other benefits to which the person is then entitled, and

(b) of an owner of a prescribed plan means the value at a particular time of the assets in the plan; (« crédit de prestations de pension »)

"pension plan" means a superannuation or other plan, scheme or arrangement

(a) that is organized and administered to provide a pension to employees and former employees, and

(b) to which, except in the case of a supplemental pension plan, the employer is required to make contributions,

but does not include a prescribed plan, scheme or arrangement; (« régime de retraite »)

"surplus" of a pension plan means the excess of the value of the assets of its pension fund over the value of its liabilities, both determined in a prescribed manner; (« surplus »)

"voluntary additional contribution" means a contribution that a member elects to make under a pension plan in addition to any contributions that he or she must make to attain a pension, but does not include

(a) a contribution the payment of which, under the terms of the plan, imposes upon the employer an obligation to make a concurrent additional contribution, or

(b) an optional ancillary contribution; (« cotisation volontaire »)

2(3)        Subsection 1(1) is further amended by repealing the definitions "deferred life annuity", "life annuity", "pension benefit","service for a continuous period" and "temporary suspension of employment".

2(4)         Subsection 1(3) is repealed.

3           The following is added after section 3 and before Part I:

Minimum benefits and entitlements may be exceeded

3.1(1)      A pension plan may contain provisions that are more advantageous to its members or other beneficiaries than the provisions required by this Act or the regulations, as long as they are not contrary to an express prohibition or restriction in this Act or the regulations.

Benefits not to be discretionary

3.1(2)      A pension plan must not permit a pension or other benefits to be provided at the discretion of the employer or the administrator.

No waiver or contracting out

3.2         Except as expressly permitted by this Act or the regulations, no person may waive or contract out of any requirement of this Act or the regulations, and any attempt to do so is void.

Crown bound

3.3         This Act and the regulations bind the Crown and an agency of the Crown, except where the regulations provide otherwise.

4           The heading for Part I is amended by adding "AND SUPERINTENDENT" at the end.

5(1)        Subsection 8(1) is amended

(a) in clause (a), by striking out "employer or by any insurer, administrator or trustee of a pension plan or by any other"; and

(b) in clause (b),

(i) by striking out "employer or any insurer, administrator or trustee of a pension plan, or any other person," and substituting "person", and

(ii) by striking out "employer, insurer, administrator, trustee or".

5(2)        Subsection 8(2) is amended

(a) in clause (c), by striking out "an employer or the insurer, administrator or trustee of a pension plan or any other person" and substituting "a person"; and

(b) in clause (d), by striking out "insurer, administrator or trustee" and substituting "administrator".

5(3)        Subsection 8(3) is amended

(a) in clause (b), by striking out "who has established a pension plan or the insurer, administrator or trustee of the pension plan, or any" and substituting ", administrator or any other"; and

(b) in clauses (c) and (d), by striking out "insurer, administrator or trustee" and substituting "administrator".

5(4)        Subsection 8(4) of the English version is amended by striking out "insurer, administrator or trustee of a pension plan" wherever it occurs and substituting "administrator".

6           Subclause 10(1)(d)(ii) is amended by striking out "pension plan".

7           Section 17 is repealed.

8           The following centred heading is added after the heading "PART II":

PENSION PLANS AND THEIR ADMINISTRATION

9(1)        Subsection 18(1) is repealed.

9(2)        Subsection 18(2) is amended by replacing everything before clause (a) with the following:

Registration of plans

18(2)       Subject to the regulations, the administrator of a pension plan to which an employer makes or is required to make contributions for the benefit of employees in Manitoba must

9(3)        Subsections 18(2.1), (3) and (4) are replaced with the following:

Surplus provisions in plans

18(2.1)     When a new defined benefit pension plan is filed for registration, it must

(a) specify the entitlement to any surplus under the plan; and

(b) provide a mechanism satisfactory to the superintendent for the resolution of disputes regarding the circumstances under which, or the extent to which, any surplus may be withdrawn from the plan and to whom it may be paid.

When filing the plan for registration, the administrator must provide evidence satisfactory to the superintendent that a majority of the members have agreed in writing to the provision specifying the entitlement to surplus under the plan.

Administrator to file supplemental plan

18(3)       The administrator of a supplemental pension plan that is associated with a pension plan required to be filed for registration must

(a) file a copy of the supplemental plan with the commission for registration within 60 days after it is established, whether or not the employer is required to contribute to it; and

(b) while the supplemental plan remains in force, maintain its qualifications for registration.

Annual return

18(4)       The administrator of a pension plan must file with the commission each year an information return as prescribed.

9(4)        Subsection 18(5) is repealed.

10          Section 20 is amended

(a) in the English version, by striking out "his opinion as to whether or not" and substituting "his or her opinion as to whether"; and

(b) by striking out "employer" wherever it occurs and substituting "administrator".

11(1)       Subsections 21(1), (1.1), (2), (2.1) and (2.2) are replaced with the following:

Entitlement to a pension

21(1)       A member of a pension plan becomes entitled to a pension under the plan upon ceasing to be an active member of the plan while employed in Manitoba.

Ceasing to be an active member

21(1.1)     A member of a pension plan ceases to be an active member when

(a) the member's period of continuous employment ends;

(b) the member, having become eligible under the terms of the plan to commence receipt of a pension — otherwise than under section 21.5 — while remaining employed, elects to do so;

(c) the member ceases to be eligible for active membership under the terms of the plan;

(d) the plan is terminated or wound up, or the part of the plan in which the member is participating is terminated or wound up;

(e) the member dies; or

(f) a prescribed event or circumstance occurs;

whichever occurs first.

Amount and terms of pension

21(2)       The pension to which a member becomes entitled under subsection (1) in respect of employment in Manitoba or a designated province, other than the portion attributable to voluntary additional contributions, must not be less than

(a) for employment on or after July 1,1976, the pension provided for that employment under the terms of the plan as at the date the member became entitled to the pension; and

(b) for employment before July 1, 1976, any pension granted or accrued to the member in respect of that employment by way of an amendment made to the plan on or after that date.

11(2)       Subsection 21(2.3) is amended

(a) in the section heading of the English version, by striking out "clauses (1)(b) and (2)(b)" and substituting "subsection (3)";

(b) in clause (a), by striking out "assets" and "asset"; and

(c) in the part after clause (b),

(i) by striking out "asset", and

(ii) by striking out everything after "exempt" and substituting "from subsection (3)."

11(3)       Subsections 21(3) to (7) are replaced with the following:

Locking in

21(3)       No pension plan or administrator of a pension plan shall permit

(a) all or any part of a pension in respect of membership in the plan on and after July 1, 1976, or any interest in such a pension, to be surrendered or commuted during the lifetime of the person entitled to it; or

(b) a member or other beneficiary of the plan to withdraw or transfer money in respect of such a pension before the pension commences;

except as permitted by this Act or the regulations.

Plan must provide for entitlement and locking in

21(3.1)     A pension plan must provide for entitlement to a pension in accordance with subsections (1) and (2) and for restrictions in accordance with subsection (3).

Exception for voluntary contributions

21(3.2)     Subsection (3) does not apply to a member's voluntary additional contributions or optional ancillary contributions, or to interest on those contributions.

Commutation of small pension

21(4)       When a member or other beneficiary is entitled to a small pension, as defined by regulation, the pension plan must provide for the payment of, and must pay, the commuted value of the pension to the member or other beneficiary in accordance with the regulations, unless

(a) the pension has commenced; or

(b) the member or other beneficiary became entitled to the pension before 1998.

If the member or other beneficiary became entitled to such a pension before 1998, and has not commenced receipt of the pension, the pension plan may permit the member or other beneficiary to withdraw the commuted value of the pension in accordance with the regulations.

Partial commutation of pre-1985 benefits

21(5)       Subject to subsection (5.1), a member of a pension plan may withdraw, as a lump sum in partial payment of the pension, an amount up to 25% of the portion of the commuted value of the pension in respect of his or her membership in the plan during the period beginning July 1, 1976, and ending December 31, 1984.

Conditions for commutation of pre-1985 benefits

21(5.1)     Subsection (5) does not apply unless the pension plan provides for the withdrawal and the member

(a) is at least 45 years old but has not reached the normal retirement age under the plan;

(b) has ceased to be an active member; and

(c) has completed a period of continuous employment under the plan of at least 10 years, or was an active member of the plan for a continuous period of 10 years.

Payments by reason of shortened life expectancy

21(6)       Subject to the regulations, a pension plan may permit a member with a terminal illness or disability resulting in a shortened life expectancy to elect, after being given prescribed information in accordance with the regulations, to receive a payment or series of payments, unless

(a) the pension has already commenced; or

(b) the member's pension is required by section 23 to be a joint pension and that requirement has not been waived in accordance with subsection 23(4).

Normal retirement age

21(7)       Every pension plan must specify a normal retirement age, or a date with reference to a specified age, which must be no later than the first day of the month following the month in which unreduced benefits are payable to a member under the Canada Pension Plan.

No age discrimination

21(7.1)     No pension plan shall compel retirement at normal retirement age or any other age.  The provision for a normal retirement age in a pension plan, or any age requirement relating to early or late retirement, is not discrimination because of age within the meaning of The Human Rights Code.

11(4)       Subsection 21(8) is repealed.

11(5)       Subsections 21(9) to (11) are replaced with the following:

Continuing employment after normal retirement age

21(9)       No pension plan shall prevent a member who continues to be employed after reaching the normal retirement age under the plan from continuing as an active member and accruing a pension in the same manner as an active member who has not reached the normal retirement age.

Value of pension after late retirement

21(9.1)     If a member of a defined benefit pension plan ceases to be an active member after reaching the normal retirement age under the plan, the member's pension must not be less than the greater of

(a) the pension otherwise determined, taking into account the additional benefits accrued after the member reached the normal retirement age; and

(b) the actuarial equivalent, as at the date he or she ceased to be an active member, of the pension that would have been payable if the member had retired at the normal retirement age.

Early retirement

21(10)      A pension plan must provide that a member who ceases to be an active member before reaching the normal retirement age under the plan may require the pension to be commenced at any time within 10 years before he or she reaches the normal retirement age.

Value of pension on early retirement

21(10.1)    The actuarial present value of the early retirement pension under subsection (10) must not be less than the actuarial present value of the pension that would be payable if commencement of the pension were deferred until the member reached the normal retirement age under the plan.

Fifty-percent rule for post-1984 benefits

21(11)      A defined benefit pension plan must provide that if, at the time a member ceases to be an active member, his or her contributions in respect of membership in the plan after 1984, plus interest on those contributions, is greater than 50% of the commuted value of his or her pension for that period of membership, the member has the following options:

(a) to receive a refund of the excess;

(b) if permitted under the terms of the plan, to require the excess to be used to increase the amount of the pension;

(c) to require the excess to be transferred to a registered retirement savings plan or registered retirement income fund as defined in the Income Tax Act (Canada), to the extent permitted by that Act.

Matters to be ignored under fifty-percent rule

21(11.1)    For the purpose of subsection (11), the following must be ignored:

(a) any portion of the pension for which a member is not required to make contributions;

(b) the following contributions, the interest credited on them, and the pension and other benefits derived from them:

(i) voluntary additional contributions,

(ii) optional ancillary contributions,

(iii) contributions made voluntarily by the member to purchase past service.

11(6)       Subsection 21(12) is repealed.

11(7)       Subsections 21(13) and (13.1) are replaced with the following:

Transfer to retirement savings plan

21(13)      Subject to the regulations,

(a) a pension plan other than a defined benefit pension plan must permit a member, after he or she ceases to be an active member, to transfer the commuted value of the pension to a prescribed retirement savings plan or other prescribed arrangement, unless the pension has commenced; and

(b) a defined benefit pension plan

(i) must permit a member, upon ceasing to be an active member before reaching early retirement age under the plan, and

(ii) may permit a member, upon ceasing to be an active member on or after reaching the early retirement age under the plan,

to transfer the commuted value of the pension to a prescribed retirement savings plan or other prescribed arrangement, unless the pension has commenced.

Transfer to retirement benefit plan

21(13.1)    Subject to the regulations, a defined benefit pension plan may permit a member, and any other type of pension plan must permit a member,

(a) upon ceasing to be an active member on or after reaching early retirement age; or

(b) upon reaching early retirement age, if the member ceased to be an active member before then;

to transfer the commuted value of the pension to a prescribed retirement benefit plan or other prescribed arrangement, unless the pension has commenced or is required by section 23 to be a joint pension and that requirement has not been waived in accordance with subsection 23(4).

11(8)       Subsection 21(14) is amended by striking out "an annuity" and substituting "a pension".

11(9)       Subsection 21(16) is replaced with the following:

Reduction for CPP or QPP

21(16)      If a pension plan provides for a member's pension to be reduced by reason of the member's entitlement to a pension under the Canada Pension Plan, the Quebec Pension Plan, or both, the reduction must not exceed an amount determined by a prescribed formula.

11(10)      Subsection 21(17) is amended by striking out "service" and substituting "employment".

11(11)      The following is added after subsection 21(18):

Plan to provide membership for prescribed class

21(18.1)    A pension plan must identify one or more prescribed classes of employees who are eligible for membership in the plan.

11(12)      Subsection 21(19) is replaced with the following:

Compulsory membership — full-time employees

21(19)      When a pension plan is in effect for a class of employees, the plan must require each full-time employee in that class to become a member on a date specified by the plan, which cannot be more than 30 days after the employee has completed the minimum period of continuous employment specified by the plan for that class, which cannot exceed two years.

Compulsory membership — other employees

21(19.1)    When a pension plan is in effect for a class of employees, the plan must require each non-full-time employee in that class, or who would come within that class if he or she were working full time, to become a member on a date specified by the plan, which cannot be more than 30 days after the employee, while so employed, has

(a) completed the minimum period of continuous employment specified by the plan for that class, which cannot exceed two years; and

(b) satisfied a further condition specified by the plan, which must be one of the following:

1. The employee has completed, in each of two consecutive calendar years, not less than the number of hours of work for the employer specified by the plan, which cannot exceed 700.

2. The employee has earned from the employer, in each of two consecutive calendar years, not less than the percentage of the YMPE specified by the plan, which cannot exceed 35%.

3. The employee has

(i) completed, in each of two consecutive calendar years, not less than the number of hours of work for the employer specified by the plan, which cannot exceed 700, or

(ii) earned from the employer, in each of two consecutive calendar years, not less than the percentage of the YMPE specified by the plan, which cannot exceed 35%.

Entitlement to join plan

21(19.2)    When a pension plan is in effect for a class of employees, the plan must permit

(a) every employee of that class; and

(b) every non-full-time employee who would come within that class if he or she were working full time;

to become a member on a date specified by the plan, which cannot be more than 30 days after the employee has completed the minimum period of continuous employment specified by the plan for that class, which cannot exceed two years.

No separate plan for non-full-time employees

21(19.3)    When a pension plan is in effect for a class of employees, the employer cannot provide a separate pension plan for non-full-time employees who are in that class or would come within that class if they were working full time.

11(13)      Subsection 21(20) is amended

(a) in the part before clause (a), by striking out "subsection (19)" and substituting "subsections (19) and (19.1)";

(b) in clause (d),

(i) by striking out "part-time or temporary" wherever it occurs and substituting "non-full-time", and

(ii) by striking out "suspensions of" and substituting "interruptions in"; and

(c) in clause (e), by striking out "benefit".

11(14)      Subsection 21(21) is amended

(a) by striking out "deferred life annuity prescribed in subsection (1)" and substituting "pension"; and

(b) by striking out "benefits prescribed in subsection (1)".

11(15)      Subsection 21(22) is amended

(a) in the part before clause (a), by striking out "benefits"; and

(b) in clause (b), by striking out "the service of" and substituting "employment with".

11(16)      Subsection 21(23) is amended

(a) in the part before clause (a), by striking out "(1) and (3)" and substituting "(1) to (3)";

(b) in clause (a),

(i) by striking out "the benefits arising from the deferred life annuities prescribed in subsection (1) include additional pension benefits" and substituting "a pension includes an additional pension", and

(ii) by striking out "service" and substituting "employment"; and

(c) in clause (b) and the part after clause (b), by striking out "benefits".

11(17)      Subsections 21(25) and (26) are replaced with the following:

Minimum benefit for pre-1985 membership

21(25)      When a member of a defined benefit pension plan ceases to be an active member, the commuted value of the member's pension in respect of membership in the plan before 1985 must not be less than the member's contributions for that period of membership plus interest on those contributions.  The member's pension must be increased, if necessary, for it to comply with this subsection.

Survivor benefit on pre-retirement death

21(26)      If a member of a pension plan dies before his or her pension commences, the plan must

(a) subject to subsection (26.2), provide a pension under the plan to the member's spouse or common-law partner, unless

(i) at the time of death the member was living separate and apart from the spouse or common-law partner by reason of a breakdown of their relationship, or

(ii) the spouse or common-law partner has waived his or her entitlement to the pension in accordance with subsection (26.3) and the waiver has not been revoked under subsection (26.4); or

(b) if there is no spouse or common-law partner entitled to a pension under clause (a), pay an amount to

(i) the member's designated beneficiary, other than the member's spouse or common-law partner, or

(ii) the member's estate, if there is no such designated beneficiary.

Value of pension or payment

21(26.1)    The commuted value of the pension to be provided under clause (26)(a), or the amount to be paid under clause (26)(b), must not be less than the commuted value of the pension to which the member

(a) was entitled at the time of his or her death; or

(b) would have been entitled at the time of his or her death if he or she had ceased to be an active member immediately before that time;

less any amount that is or may become payable under subsection 31(2) in respect of the member's pension benefit credit.

Transfer of commuted value

21(26.2)    Subject to the regulations, a person entitled to a pension under clause (26)(a) may transfer the commuted value of the pension to a prescribed plan or other prescribed arrangement.

Waiver

21(26.3)    A person who is or might become entitled to a pension under clause (26)(a) may, after being given prescribed information in accordance with the regulations, waive that entitlement by signing and filing with the administrator of the pension plan a waiver in a form approved by the superintendent.

Joint revocation of waiver

21(26.4)    A waiver under subsection (26.3) may be revoked before the death of the member by filing with the administrator a written revocation signed by the member and the spouse or common-law partner who granted the waiver.

11(18)      Subsection 21(27) is amended by striking out "or former member".

12          The following is added after section 21:

Ancillary benefits

21.1(1)     A pension plan may provide one or more prescribed ancillary benefits.

Entitlement to ancillary benefit

21.1(2)     An ancillary benefit becomes part of a member's pension, and is to be included in calculating the member's pension benefit credit or the commuted value of the pension, when and only when the member has met all the eligibility requirements under the pension plan necessary to exercise the right to receive the benefit.

Optional ancillary benefits

21.2(1)     A defined benefit pension plan may permit a member, at his or her option, to make optional ancillary contributions for conversion to enhanced benefits, in this section called "optional ancillary benefits", that

(a) are elected by a member or his or her surviving spouse or common-law partner; and

(b) are partly or entirely funded by optional ancillary contributions made by the member.

Plan to provide for method of conversion

21.2(2)     A pension plan that provides for optional ancillary contributions and optional ancillary benefits

(a) must provide, in accordance with the regulations, for the method of converting the optional ancillary contributions to optional ancillary benefits when the member ceases to be an active member; and

(b) may provide that optional ancillary contributions, to the extent that they exceed the maximum that under the Income Tax Act (Canada) can be converted into optional ancillary benefits, are to be forfeited to the plan.

Accounting and interest

21.2(3)     Optional ancillary contributions are to be accounted for separately from other contributions, and are to be credited with interest in accordance with the regulations.

"Non-resident" defined

21.3(1)     In this section, "non-resident" means not resident in Canada for the purposes of the Income Tax Act (Canada).

Withdrawal of money from plan by non-resident

21.3(2)     Subject to an order under The Garnishment Act to enforce a maintenance order within the meaning of that Act, to an order under section 59.3 of The Family Maintenance Act to preserve assets, and to subsections (3) to (5) and the regulations,

(a) a non-resident person entitled to a pension under a pension plan may, if the plan so provides and the pension has not commenced, make a lump sum withdrawal of the commuted value of the pension; and

(b) a non-resident owner of a prescribed plan may, if the plan so provides, make a lump sum withdrawal of the balance owing to him or her under the plan.

Application for withdrawal

21.3(3)     A person may withdraw an amount under subsection (2) only after

(a) receiving prescribed information provided to him or her in accordance with the regulations; and

(b) applying for the withdrawal in accordance with the regulations.

Consent of cohabiting spouse or common-law partner

21.3(4)     If the person applying for a withdrawal under subsection (2)

(a) is

(i) a member of a pension plan seeking to withdraw the commuted value of his or her pension, or

(ii) a former member of a pension plan seeking to withdraw an amount from a prescribed plan to which he or she directly or indirectly transferred the commuted value of his or her pension under the pension plan;

(b) has a spouse or common-law partner; and

(c) at the time of applying for the withdrawal, is not living separate and apart from the spouse or common-law partner by reason of a breakdown of their relationship;

the administrator must not permit the withdrawal unless the spouse or common-law partner, after being given prescribed information in accordance with the regulations, consents in writing to the withdrawal, in a form approved by the superintendent.

No withdrawal of amount payable on division

21.3(5)     The amount that may be withdrawn under subsection (2)

(a) from a pension plan by a member of the plan; or

(b) from a prescribed plan by a former member of a pension plan who directly or indirectly transferred the commuted value of his or her pension to the prescribed plan;

must be reduced by any amount that is or may become payable under subsection 31(2) from the plan to a person who is living separate and apart from the non-resident member or former member at the time of the application for the withdrawal.

"Registered retirement income fund" defined

21.4(1)     In this section, "registered retirement income fund" means a registered retirement income fund as defined in the Income Tax Act (Canada) that meets prescribed requirements.

One-time transfer to RRIF

21.4(2)     Subject to an order under The Garnishment Act to enforce a maintenance order within the meaning of that Act, to an order under section 59.3 of The Family Maintenance Act to preserve assets, and to subsections (3) to (5) and the regulations, a person who

(a) is at least 55 years old;

(b) is the annuitant under one or more prescribed retirement benefit plans; and

(c) by filing prescribed information with the superintendent in accordance with the regulations, satisfies the superintendent that he or she has not previously made a transfer under this subsection;

may, despite any provisions of the prescribed retirement benefit plans, transfer an amount from each plan to a registered retirement income fund.

Application for transfer

21.4(3)     A person may transfer an amount under subsection (2) only after

(a) receiving prescribed information provided to him or her in accordance with the regulations; and

(b) applying for the transfer in accordance with the regulations.

Maximum amount for transfer

21.4(4)     The maximum amount that may be transferred under subsection (2) from a prescribed retirement benefit plan is 50% of the amount by which

(a) the balance in the plan on the day the application for the transfer is made;

exceeds the total of

(b) the amount, if any, that is or may become payable under subsection 31(2) from the plan to a person who is living separate and apart from the transferor at the time that he or she applies for the transfer; and

(c) all amounts, if any, required to be paid out of the plan on or after the date of the application pursuant to an order under section 14.1 of The Garnishment Act that is served before the transfer is made.

Consent of cohabiting spouse or common-law partner

21.4(5)     If the transferor under subsection (2)

(a) is a former member of a pension plan who directly or indirectly transferred the commuted value of his or her pension under the plan to the prescribed retirement benefit plan;

(b) has a spouse or common-law partner; and

(c) at the time of applying for the transfer under subsection (2), is not living separate and apart from the spouse or common-law partner by reason of a breakdown of their relationship;

the administrator must not permit the transfer unless the spouse or common-law partner, after being given prescribed information in accordance with the regulations, consents in writing to the transfer, in a form approved by the superintendent.

Phased retirement

21.5        Subject to the regulations, a pension plan may provide for benefits to be paid to an active member of the plan if

(a) the member's hours of work and remuneration are reduced by agreement between the member and the employer;

(b) the member has reached the normal retirement age under the plan or is within 10 years of reaching it; and

(c) the plan also provides for the member's pension to be adjusted in accordance with the regulations when he or she retires.

13          Section 22 is replaced with the following:

Refund of contributions

22(1)       When a person becomes entitled to a refund of contributions to a pension plan, the administrator must make the refund, with interest as prescribed and within the time prescribed.

Transfer of benefits

22(2)       When a person becomes entitled to transfer the value of the pension and other benefits under a pension plan, the administrator must complete the transfer within the time prescribed.

14          Section 23 is replaced with the following:

Joint pension entitlement

23(1)       Every pension plan must provide that the pension payable to a member who, when the pension commences, has a spouse or common-law partner must be a joint pension payable

(a) to the member during his or her lifetime; and

(b) after the member dies, to the spouse or common-law partner for his or her lifetime if he or she survives the member;

unless

(c) immediately before the pension commences, the member is living separate and apart from the spouse or common-law partner by reason of a breakdown of their relationship; or

(d) the spouse or common-law partner has waived his or her entitlement to the joint pension in accordance with subsection (4), and the waiver has not been revoked under subsection (5).

Minimum pension payable to survivor

23(2)       The periodic pension payment payable to the surviving spouse or common-law partner must be at least 60% of the periodic pension payment that was payable to the member.

Actuarial value of joint pension

23(3)       The actuarial value of the joint pension must not be less than the actuarial value of the pension that would have been payable to the member if this section had not applied.

Waiving joint pension

23(4)       The spouse or common-law partner may, after being given prescribed information in accordance with the regulations, waive his or her entitlement to a joint pension by signing and filing with the administrator of the pension plan a waiver in a form approved by the superintendent.

Revoking waiver

23(5)       A spouse or common-law partner who has provided a waiver under subsection (4) may revoke the waiver at any time before the pension commences by filing a written revocation with the administrator.

15          Section 24 is amended in the part before clause (a)

(a) by striking out "or pension benefit,"; and

(b) by striking out "of the pension plan or former member of the pension plan who dies,".

16          Subsection 25(3) is replaced with the following:

Interest on other plans

25(3)       A pension plan other than a defined benefit pension plan must provide for interest to be credited on member and employer contributions in accordance with the regulations.

17(1)       Subsection 26(1) is amended

(a) in clause (a), by striking out "pension benefits, deferred life annuities and other benefits" and substituting "pension and other benefits"; and

(b) by replacing clause (b) with the following:

(b) investment of the pension fund in accordance with this Act and the regulations.

17(2)       Clause 26(2.1)(a) is replaced with the following:

(a) one of the following conditions is satisfied:

(i) the employer has demonstrated to the satisfaction of the commission that the employer is entitled under the terms governing the plan to the surplus,

(ii) a judge of the Court of Queen's Bench, upon application of the employer, has determined that the employer is entitled under the terms governing the plan to the surplus,

(iii) the employer has made a proposal, in accordance with the regulations, to the members and other beneficiaries of the plan for the payment of the surplus, and has provided to the commission the following written consents to the proposed payment:

(A) the consent of every bargaining agent who represents members in relation to the proposed payment,

(B) the consents of at least 2/3 of the active members, if any, who are not represented by a bargaining agent in relation to the proposed payment,

(C) the consents of at least 2/3 of the non-active members, if any, who are not represented by a bargaining agent in relation to the proposed payment, and

(D) the consents of such number or proportion, as determined by the superintendent, of the other beneficiaries who have an absolute entitlement to a pension or other benefits under the plan;

17(3)       Subsection 26(2.1) is further amended by adding the following after clause (c):

For the purpose of subclause (a)(iii), "bargaining agent" has the same meaning as in The Labour Relations Act, and a bargaining agent may represent its members in relation to a proposed payment of surplus, unless the relevant collective agreement provides otherwise.

17(4)       Subsection 26(2.2) is repealed.

17(5)       The following is added after subsection 26(2.3):

Trustee Act does not apply

26(2.4)     If the requirements of this Act and the regulations have been met for making a payment of surplus in accordance with a proposal made under subclause (2.1)(a)(iii), the payment may be made despite the provisions of The Trustee Act.

17(6)       Subsection 26(3) is amended by striking out everything after "to be paid" and substituting ", up to the date of the termination or winding up, to meet the prescribed tests for solvency."

17(7)       Subjection 26(5) is replaced with the following:

No reduction of accrued benefits

26(5)       A pension plan amendment that adversely affects the pension or the pension benefit credit of any person in respect of a period of employment or membership in the plan before the effective date of the amendment is void, unless it meets prescribed requirements and

(a) the amendment is necessary for the plan to comply with the Income Tax Act (Canada) and does not affect any pension or pension benefit credit any more than is necessary for the plan to comply; or

(b) the amendment

(i) is permitted by the terms of a multi-unit pension plan,

(ii) is necessary for the plan to meet prescribed solvency requirements, and does not affect any pension or pension benefit credit any more than is necessary for the plan to meet those requirements, and

(iii) is approved in writing by the superintendent.

18(1)       Subsection 26.1(1) is amended

(a) by adding the following definition:

"collective agreement" means a collective agreement as defined in The Labour Relations Act; (« convention collective »)

(b) by repealing the definitions "employment", "member" and "termination of membership"; and

(c) in the definition "participating employer", by striking out "in respect of employee service".

18(2)       Subsection 26.1(2) is replaced with the following:

Designation of multi-unit pension plan

26.1(2)     Upon the written request of the administrator of a pension plan, the superintendent may designate the plan as a multi-unit pension plan if the plan complies with this Act and the regulations and

(a) the plan is organized and administered for employees of one employer, who is required under two or more collective agreements to make contributions to the plan;

(b) the plan

(i) is organized and administered for employees of two or more employers who are required under one collective agreement to make contributions to the plan, and none of whom employs more than 95% of the active members of the plan, and

(ii) provides a pension determined with reference to periods of employment with those employers; or

(c) the plan

(i) is organized and administered for employees of two or more employers each of whom is required by two or more collective agreements to make contributions to the plan, and none of whom employs more than 95% of the active members of the plan, and

(ii) provides a pension determined with reference to periods of employment with those employers.

For the purpose of this subsection, two or more employers who are affiliated with each other for the purposes of The Corporations Act are to be treated as one employer.

18(3)       Subsection 26.1(3) is repealed.

18(4)       Subsection 26.1(4) is replaced with the following:

Board of trustees

26.1(4)     The administrator of a multi-unit pension plan must be a board of trustees with

(a) at least as many trustees representing members of the plan as there are trustees representing the participating employer or employers; and

(b) at least one trustee representing non-active members of the plan.

18(5)       Subsection 26.1(6) is replaced with the following:

Employment with two or more employers

26.1(6)     In determining when an employee who has been employed at different times by two or more participating employers is eligible or required to become a member of a multi-unit pension plan, all those periods of employment must be treated as one period of continuous employment with one employer.

18(6)       Subsections 26.1(7) and (8) are repealed.

18(7)       Subsection 26.1(9) is replaced with the following:

Forfeiture of minimal benefit

26.1(9)     If

(a) a member's pension benefit credit under a multi-unit pension plan is less than a prescribed amount;

(b) no contributions have been made by or behalf of the member for a period of two years; and

(c) the administrator is unable to locate the member, having made a reasonable effort to do so;

the member's pension benefit credit may be forfeited to the plan in accordance with the regulations.

18(8)       Clause 26.1(11)(d) is replaced with the following:

(d) specifying, in accordance with the regulations, the circumstances when a member ceases to be an active member of the plan;

18(9)       The following is added after subsection 26.1(11):

No partial termination

26.1(12)    The suspension or cessation of contributions by a participating employer to a multi-unit pension plan does not constitute a partial termination of the plan unless

(a) the plan expressly provides that it does; or

(b) the superintendent, upon application by the administrator, declares that it does.

19          Subsection 27 is amended

(a) in clause (a),

(i) by striking out "age and service", and

(ii) by striking out "years of service" and substituting "years of employment"; and

(b) in clause (b), by striking out "benefit".

20(1)       Subsection 28(5) is amended by striking out "to the trustees of the pension plan or, if there are not trustees of the pension plan other than the employer" and substituting "to the administrator or, if the employer is the administrator".

20(2)       Subsection 28(6) is amended by striking out "person" and substituting "administrator or fund holder".

20(3)       Subsection 28(7) is repealed.

21(1)       Subsection 28.1(1) is replaced with the following:

Who may be administrator

28.1(1)     A pension plan must be administered by the following person or body:

(a) in the case of a multi-unit pension plan, by a board of trustees in accordance with subsection 26.1(4);

(b) in the case of a jointly trusteed plan, by a board of trustees with at least as many trustees representing members of the plan as there are trustees representing the employer;

(c) in the case of a simplified money purchase pension plan, by an administrator as defined in the regulations;

(d) in the case of a plan with fewer than the prescribed number of members, by the employer;

(e) where an Act of the Legislature makes a board, agency or commission responsible for its administration, by that board, agency or commission;

(f) in any other case, by a pension committee or as otherwise prescribed.

Administration by superintendent or appointee

28.1(1.1)   Subsection (1) does not apply to a pension plan while it is being administered by the superintendent or a person appointed under subsection 8(3).

Pension committee

28.1(1.2)   A pension plan that is required by clause (1)(f) to be administered by a pension committee must provide for the appointment or election of the committee members in accordance with the regulations, and, in doing so, must ensure that

(a) the active members, as a group, are required to appoint or elect at least one voting member of the committee;

(b) the non-active members, as a group, are required to appoint or elect at least one voting member of the committee;

(c) each of those groups may appoint or elect one additional non-voting member of the committee; and

(d) committee members are given prescribed rights and obligations.

21(2)       Subsection 28.1(2) is amended by striking out "in the administration and investment of".

21(3)       The following is added after subsection 28.1(2):

Investing pension assets

28.1(2.1)   The administrator of a pension plan shall invest the assets of the pension fund, and manage those investments, in accordance with the regulations and in a manner that a reasonable and prudent person would apply in investing and managing a portfolio of investments of a pension fund.

Non-financial considerations

28.1(2.2)   Unless a pension plan otherwise provides, an administrator who uses a non-financial criterion to formulate an investment policy or to make an investment decision does not thereby commit a breach of trust or contravene this Act if, in formulating the policy or making the decision, he or she has complied with subsections (2) and (2.1).

21(4)       Subsection 28.1(8) is amended by adding "(2.1)," after "subsections (2),".

21(5)       Subsection 28.1(10) is replaced with the following:

Member of board or committee

28.1(10)    If the administrator is a board, committee or other body of persons, subsection (9) applies with necessary modifications to each member of that body.

22          Sections 29 and 30 are replaced with the following:

Administrator to provide information

29          The administrator of a pension plan must provide information about the plan and benefits under the plan in accordance with the regulations to such persons and in such circumstances as are prescribed.

Administrator to make documents available

30          The administrator of a pension plan must make plan documents and related documents available in accordance with the regulations to such persons and in such circumtances as are prescribed.

23(1)       Subsection 31(1) is replaced with the following:

Protection of pension money

31(1)       Subject to subsection (1.1) and except as permitted by The Garnishment Act,

(a) money in or payable under a pension plan;

(b) money in or payable under a prescribed plan to which no money has been transferred or contributed other than money transferred

(i) under subsection 21(13), (13.1) or (26.2) or clause 31(4)(b), or

(ii) from another prescribed plan to which this subsection applies; and

(c) money in a registered retirement income fund, as defined in section 21.4, to which no money has been transferred or contributed other than money transferred under that section;

is exempt from execution, seizure or attachment, and cannot be assigned, charged, anticipated or given as security.  Any transaction purporting to do so is void.

Exceptions

31(1.1)     Subsection (1) does not prevent

(a) money referred to in clause (1)(a) or (b) from being paid or transferred to satisfy a division under subsection (2); or

(b) money referred to in clause (1)(c) from being subject to execution, seizure or attachment

(i) to satisfy an order made under The Family Property Act, or

(ii) by a designated officer as defined in section 52 of The Family Maintenance Act in enforcement proceedings the officer may take pursuant to Part VI of that Act.

23(2)       Subsections 31(2) and (3) are replaced with the following:

Division of pension on breakdown of relationship

31(2)       Subject to subsections (3), (4) and (6), a member's pension or, if the pension has not commenced, the member's or former member's pension benefit credit must be divided in accordance with the regulations if

(a) pursuant to an order of the Court of Queen's Bench made under The Family Property Act, family assets of the member or former member or his or her spouse, former spouse or common-law partner are required to be divided;

(b) pursuant to a written agreement between the member or former member and his or her spouse, former spouse or common-law partner, their family assets are divided; or

(c) a division of the pension or the pension benefit credit, as the case may be, is required by

(i) an order of a court of competent jurisdiction in another province or territory of Canada, or

(ii) an order of the Court of Queen's Bench made under subsection (3.4).

Manner of division

31(2.1)     The division of a pension or pension benefit credit under subsection (2) must be made in accordance with the regulations even if an agreement or court order requires it to be made in a different manner.

Limitation

31(3)       Subsection (2) applies only to

(a) spouses who began living separate and apart from each other after 1983; and

(b) common-law partners who

(i) began living separate and apart from each other on or after June 30, 2004,

(ii) began living separate and apart from each other after 1983 and before June 30, 2004, if a declaration was filed in respect of the relationship under subsection (5) as it read before it was repealed on June 30, 2004, or

(iii) were living separate and apart on June 30, 2004, but resumed cohabiting with each other for a period of at least 90 days after that day.

23(3)       The following is added before subsection 31(4):

Application for court order

31(3.2)     A common-law partner may apply to the Court of the Queen's Bench for an order requiring a member's pension or a member's or former member's pension benefit credit to be divided under subsection (2), if

(a) the applicant and the member or former member are common-law partners referred to in clause (3)(b);

(b) they cohabited with each other for at least one year but less than three years while neither of them was married, and their relationship was never registered under section 13.1 of The Vital Statistics Act; and

(c) their last common habitual residence was in Manitoba.

Limitation period

31(3.3)     The application under subsection (3.2) must be made

(a) within three years after the common-law partner and the member or former member last began to live separate and apart; or

(b) within six months after the grant of letters probate of the member's or former member's will or of letters of administration;

whichever occurs first.

Court may order division

31(3.4)     Upon being satisfied that the application meets the requirements of subsections (3.2) and (3.3), the court may order the member's pension or the member's or former member's pension benefit credit, as the case may be, to be divided under subsection (2).

23(4)       Subsection 31(4) is amended

(a) in the part before clause (a), by striking out "of a member or former member of the pension plan";

(b) in clause (a), by striking out "or former member"; and

(c) by replacing clause (b) with the following:

(b) to a prescribed retirement savings plan or a prescribed retirement benefit plan.

23(5)       Subsection 31(6) is replaced with the following:

Opting out

31(6)       A member or former member of a pension plan and a person who is entitled to a division of the member's pension or the member's or former member's pension benefit credit may, after each has received

(a) independent legal advice; and

(b) prescribed information in accordance with the regulations;

enter into a written agreement, containing prescribed terms, not to divide the pension or pension benefit credit between them.  Subsection (2) no longer applies to require that division when the agreement is filed with the administrator who would otherwise be required to give effect to the division.

23(6)       Subsection 31(8) is repealed.

23(7)       The following is added after subsection 31(8):

Waiver after death of member

31(9)       A person who is entitled to a division under subsection (2) in respect of a member or former member who has died, or by obtaining a court order would be so entitled, may, after being given prescribed information in accordance with the regulations, waive the entitlement by signing and filing with the administrator a waiver in a form approved by the superintendent.

24          Section 31.1 is amended

(a) in the part before clause (a),

(i) by striking out "of a pension plan, the member is entitled" and substituting "or other beneficiary of a pension plan or the owner of a prescribed plan, the member, other beneficiary or owner is entitled", and

(ii) by striking out "the member's" in the English version and substituting "his or her";

(b) in the description of A under clause (a), by striking out "member's";

(c) in the description of B under clause (a), by striking out "member's"; and

(d) in the description of E under clause (b), by adding ", other beneficiary's or owner's" after "member's".

25          Section 32 is repealed.

26(1)       Subsection 33(2) is amended by striking out "employer" and substituting "administrator".

26(2)       Subsection 33(3) is replaced with the following:

Objection to declaration

33(3)       The administrator may object to the declaration by serving on the commission, within 60 days after the date of mailing of the declaration, a notice of objection, in a form approved by the superintendent, setting out the reasons for the objection and all the relevant facts.

26(3)       The following is added after subsection 33(3):

Review on objection

33(4)       As soon as practicable after receiving a notice of objection, the commission must

(a) reconsider its declaration;

(b) confirm, revoke or vary the declaration; and

(c) notify the administrator by registered mail of its decision.

27          Section 34 is replaced with the following:

Regulations re successor employers or plans

34          The Lieutenant Governor in Council may make regulations

(a) prescribing circumstances in which an employer or a pension plan is to be treated as the successor in relation to another employer or plan;

(b) respecting the rights and obligations of employers, and of pension plan administrators and members, in circumstances where an employer or pension plan is to be treated as a successor in relation to another employer or plan.

28          Subsections 35(1) and (3) are amended by striking out "employer" and substituting "administrator".

29          Subsection 36(1) is amended in the part before clause (a) and in clause (b) by striking out "employer" and substituting "administrator".

30          The following centred heading is added after the heading "PART III":

GENERAL PROVISIONS

31           Section 37 is amended

(a) in clause (a), by striking out "deferred life annuity" and substituting "pension";

(b) in clause (b), by striking out "deferred life annuities" and substituting "pensions";

(c) by replacing clauses (c) and (d) with the following:

(c) respecting the investment of pension fund moneys and the management of those investments;

(d) respecting the solvency of pension plans, and prescribing tests and standards for solvency;

(d) by replacing clause (e) with the following:

(e) respecting transfers from pension plans to prescribed retirement savings plans, prescribed retirement benefit plans or other pension plans, or to the commission or an agency established or designated under section 16;

(e.1) prescribing and regulating retirement savings plans and retirement benefit plans to which amounts may be transferred under this Act;

(e.2) respecting the withdrawal of money by non-residents from pension plans and prescribed plans under section 21.3;

(e.3) respecting transfers to registered retirement income funds under section 21.4;

(e.4) respecting the administrator's duties in relation to a request for a withdrawal under section 21.3 or for a transfer under section 21.4;

(e.5) respecting benefits under section 21.5, and related adjustments to pension benefits;

(e.6) prescribing circumstances or conditions, in addition to those provided for in the Act, under which a person entitled to a pension may withdraw or surrender all or part of a pension, an interest in a pension or the commuted value of a pension;

(e.7) respecting the commutation of a small pension as permitted or required by subsection 21(4);

(e) in clause (f),

(i) by striking out "deferred life annuity" and substituting "pension", and

(ii) by striking out "of of" in the English version and substituting "of";

(f) by adding the following after clause (g):

(g.1) prescribing classes of employees for the purpose of subsection 21(18.1);

(g.2) prescribing plans, schemes or arrangements that are to be excluded from the definition "pension plan" under subsection 1(1);

(g.3) specifying provisions of this Act or the regulations which do not bind the Crown;

(g) in clause (i), by adding "or employment" after "service" wherever it occurs;

(h) by replacing clause (j) with the following:

(j) respecting payments under subsection 21(6) to persons with a shortened life expectancy;

(i) in clause (l), by striking out "providing for, regulating and governing" and substituting "respecting";

(j) by replacing clause (m) with the following:

(m) establishing reporting requirements for employers and administrators;

(k) by repealing clause (n);

(l) by adding the following after clause (n):

(n.1) respecting the registration of pension plans;

(m) by replacing clause (q) with the following:

(q) respecting the provision of information under section 29 and documents under section 30;

(n) by repealing clause (r);

(o) by replacing clause (s) with the following:

(s) respecting the division of pensions or pension benefit credits under subsection 31(2);

(p) by replacing clause (t) with the following:

(t) respecting the provision of information in relation to

(i) a waiver under subsection 21(26.3), 23(4) or 31(9),

(ii) an agreement under subsection 31(6) that a pension or pension benefit credit is not to be divided,

(iii) a withdrawal under section 21.3, or

(iv) a transfer under section 21.4;

(q) by repealing clause (u);

(r) by replacing clause (v) with the following:

(v) establishing rates of interest, or the manner of determining rates of interest, for the purposes of this Act, and respecting the manner in which interest is to be calculated and credited;

(s) by replacing clause (w) with the following:

(w) respecting the provision of information relating to a pension plan

(i) by an employer to the administrator of the plan, to enable the administrator to comply with the terms of the plan, this Act and the regulations, or

(ii) by an employer to his or her employees;

(t) by adding the following after clause (y):

(z) defining "simplified money purchase pension plan" and "administrator" in relation to a simplified money purchase pension plan;

(aa) prescribing the number of members for the purpose of clause 28.1(1)(d);

(bb) respecting pension committees, and the appointment of pension committee members;

(cc) for the purpose of section 21.2, respecting the conversion of optional ancillary contributions into optional ancillary benefits.

32          Section 38.1 is amended

(a) in the part before clause (a), by striking out "employer, administrator or trustee of a pension plan" and substituting "administrator"; and

(b) by striking out "and" at the end of clause (a), adding "and" at the end of clause (b) and adding the following after clause (b):

(c) an order under section 59.3 of The Family Maintenance Act to preserve assets.

33          The following is added after section 38.1:

Review every five years

38.2        The commission must review this Act at least once every five years after 2004 and report its findings and recommendations to the minister.

Consequential amendment, C.C.S.M. c. F20

34          Subclause 55(2)(b)(v) of The Family Maintenance Act is amended by striking out "benefits".

Consequential amendments, C.C.S.M. c. G20

35(1)       This section amends The Garnishment Act.

35(2)       Subsection 14(4) is amended by adding "prescribed plan as defined in The Pension Benefits Act," after "pension scheme or plan,".

35(3)       Subsection 14.1(1) is amended

(a) in clause (b) of the definition "garnishee", by striking out "retirement benefit plan of a type prescribed by regulation under" and substituting "prescribed plan as defined in"; and

(b) in the definition "pension plan", by striking out everything after "includes" and substituting "a prescribed plan as defined in that Act."

Consequential amendment, C.C.S.M. c. H175

36          Subsection 14(7) of The Human Rights Code is amended by striking out "21(6.4)" and substituting "21(7.1)".

Coming into force

37(1)       Subject to subsections (2) and (3), this Act comes into force on a day to be fixed by proclamation.

Coming into force — subsection 18(4)

37(2)       For the purpose of applying subsection 26.1(4) of The Pension Benefits Act to a pension plan that is designated as a multi-unit pension plan before the day fixed by proclamation for subsection 18(4) of this Act to come into force, subsection 18(4) comes into force exactly one year after that day.

Coming into force — subsection 21(1)

37(3)       For the purpose of applying subsections 28.1(1) to (1.2) of The Pension Benefits Act to a pension plan registered before the day fixed by proclamation for subsection 21(1) of this Act to come into force, subsection 21(1) comes into force exactly one year after that day.