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NewPage Port Hawkesbury Pension Plans Regulations

made under Section 14 of the

NewPage Port Hawkesbury Pension Plans Act

S.N.S. 2012, c. 12

O.I.C. 2012-214 (June 26, 2012), N.S. Reg. 134/2012


Citation

1     These regulations may be cited as the NewPage Port Hawkesbury Pension Plans Regulations.


Definitions

2     (1)    Except as otherwise provided in these regulations, words and expressions used in these regulations have the same meaning as in the Pension Benefits Act and the Pension Benefits Regulations.

 

       (2)    In these regulations,

 

“Act” means the NewPage Port Hawkesbury Pension Plans Act;

 

“election” means the election under Section 7 of the Act to participate in the pension plans during the extended wind-up period that extends until the wind-up date or to participate in the wind-up of the pension plans without extension of the wind-up period;

 

“payout ratio” means the amount of pension payable under Section 3, as modified in accordance with Section 15, divided by the amount of pension that would be payable if the pension plan were fully funded;

 

“pension plan” means the pension plan, as defined in the Act, in relation to which a member, former member or other person is a participant or is otherwise entitled to benefits.


Reduction in pension amount

3     (1)    July 1, 2012, is the prescribed date for the purpose of

 

                (a)    a reduction under subsection 5(1) of the Act in the amount of the pension that is being paid to a retired member;

 

                (b)    a reduction under subsection 5(2) of the Act in the amount of a pension that is paid to a member or former member who retires on or after the date the Act comes into force.

 

       (2)    For the purposes of subsections 5(1) and (2) of the Act, the pension must be reduced to the amount that is proportional to the funded ratio of the pension plans, determined and adjusted

 

                (a)    using the data from the actuarial valuation report for the pension plan prepared as at December 31, 2010;

 

                (b)    by extrapolating the pension plan liabilities to April 30, 2012, as determined by the administrator;

 

                (c)    using the actuarial valuation assumptions as at April 30, 2012, as determined by the administrator; and

 

                (d)    using the market value of the assets of the pension plan as if the plan were being wound up as at April 30, 2012, as determined by the administrator.

 

       (3)    Pensions payable to persons otherwise entitled to benefits under a pension plan, including survivors and beneficiaries, must be reduced in accordance with this Section.


Manner of providing information to persons for purpose of election

4     (1)    For the purpose of subsection 8(1) of the Act, the information required to be provided by the administrator under subsections 8(2) and (3) of the Act must be

 

                (a)    in writing;

 

                (b)    delivered to the Superintendent by hand or courier; and

 

                (c)    delivered to each person referred to in clauses 8(1)(b) through (f) of the Act by regular mail.

 

       (2)    The information provided by the administrator under subsections 8(2) and (3) of the Act is deemed to have been received by each person referred to in clauses 8(1)(b) to (f) of the Act on the date that is 5 days after the date the information is mailed.


Date for providing information about election

5     For the purpose of subsection 8(1) of the Act, August 2, 2012, is prescribed as the date within 60 days of which the administrator must provide the information required by subsections 8(2) and (3) of the Act.


Information to be provided to persons for purpose of election

6     For the purpose of clause 8(3)(d) of the Act, the administrator must provide a statement in writing to each person entitled to make an election indicating that if the person fails to make an election in accordance with subsections 7(1) and (2) of the Act, the person is deemed to have elected to participate in the pension plans during an extended wind-up period that extends until the wind-up date.


Material to be provided to persons for purpose of election

7     For the purpose of making an election, the administrator must provide each member, former member or other person entitled to benefits under a pension plan with

 

                (a)    a form for purposes of making the election; and

 

                (b)    a stamped envelope addressed to the administrator for the purpose of returning the election to the administrator by regular mail.


Manner of making election

8     (1)    An election must be in writing and must contain all of the following:

 

                (a)    the name of the person making the election;

 

                (b)    the name of the pension plan of which the person is a member or a former member, or under which the person is otherwise entitled to benefits;

 

                (c)    a statement that indicates that

 

                         (i)     by signifying “yes” on the election form the member, former member or other person entitled to benefits elects to participate in the pension plans during an extended wind-up period that extends until the wind-up date, and

 

                         (ii)    by signifying “no” on the election form the member, former member or other person entitled to benefits elects to participate in the wind-up of the pension plans without extension of the wind-up period;

 

                (d)    the election of the person in relation to the pension plans;

 

                (e)    the date the election is made;

 

                (f)    a statement that the person making the election understands the nature and legal consequences of the election, and is aware of the right to seek independent legal and financial advice about the election;

 

                (g)    the signature of the person making the election, unless the election is delivered by e-mail.

       (2)    An election must be delivered to the administrator by hand, courier, regular mail, facsimile or e-mail.

 

       (3)    An election delivered to the administrator in accordance with subsection (2) is deemed to have been received by the administrator

 

                (a)    on the date the election is actually received by the administrator, if delivered by hand or courier;

 

                (b)    on the date the election is sent, if delivered by facsimile or e-mail; or

 

                (c)    on the date the election is mailed, if delivered by regular mail.


Prescribed percentages for purposes of election

9     (1)    For the purpose of clause 7(5)(a) of the Act, the prescribed percentage of the members, former members and other persons entitled to benefits under the pension plans is 20.

 

       (2)    For the purpose of clause 7(5)(b) of the Act, the prescribed percentage of the total value of the aggregate of the assets in the pension plans that is held by the members, former members and other persons entitled to benefits under the plans who have elected or are deemed to have elected to participate in the pension plans during the extended wind-up period is 30.


Providing election results

10   (1)    For the purpose of subsection 7(7) of the Act, the 35-day period following the election date is prescribed as the period during which the administrator must provide the results of the election to the Superintendent and to each person referred to in clauses 8(1)(b) to (f) of the Act.

 

       (2)    The results of the election must be in writing and must contain all of the following:

 

                (a)    for each person who made an election,

 

                         (i)     the person’s name, and

 

                         (ii)    the name of the pension plan of which the person is a member or former member, or under which the person is otherwise entitled to benefits;

 

                (b)    the election date;

 

                (c)    the percentages prescribed in Section 9 for the purposes of clauses 7(5)(a) and (b) of the Act;

 

                (d)    the percentage of members, former members and other persons entitled to benefits under the pension plans who elected or are deemed to have elected to participate in the pension plans during the extended wind-up period;

 

                (e)    the percentage of members, former members and other persons entitled to benefits under the pension plans who elected to participate in the pension plans without extension of the wind-up period;

 

                (f)    the percentage of the total value of the aggregate of the assets in the pension plans that is held by the members, former members and other persons entitled to benefits under a pension plan who elected or are deemed to have elected to participate in the plans during the extended wind-up period;

 

                (g)    the wind-up date;

 

                (h)    a statement as to whether the wind-up period is extended to the wind-up date, in accordance with subsection 7(5) of the Act.

 

       (3)    The results of the election must be

 

                (a)    delivered to the Superintendent by hand or courier; and

 

                (b)    delivered to each person referred to in clauses 8(1)(b) to (f) of the Act by regular mail.

 

       (4)    The results of the election are deemed to have been received

 

                (a)    by the Superintendent on the date the results are actually received by the Superintendent; and

 

                (b)    by the persons referred to in clauses 8(1)(b) to (f) of the Act on the date that is 5 days after the results are mailed to them by regular mail.


Authorized payments during extended wind-up period

11   For the purpose of clause 9(1)(f) of the Act, the reasonable fees and expenses of an agent of the administrator are a prescribed payment.


Contents of annual valuation report

12   For the purpose of clause 11(2)(b) of the Act, an annual valuation report to the Superintendent during the extended wind-up period must contain, in addition to the information specified in clause 11(2)(a) of the Act, the information required to be provided in an actuarial valuation report prepared in accordance with the Pension Benefits Regulations.


Contents of a summary statement

13   For the purpose of clause 11(1)(d) of the Act, the administrator must include all of the following information in an annual summary statement to each member, former member and other person entitled to benefits under the pension plans:

 

                (a)    the information specified in clause 11(1)(e) and subsection 11(2) of the Act;

 

                (b)    the information specified in subsection 42(1) of the Pension Benefits Regulations, except clauses (j), (l) and (n), and subclauses (p)(i) and (s)(i), determined in relation to the member, former member or other person entitled to benefits;

 

                (c)    for a retired member or any other person in receipt of a pension payable from the pension plan, the pension, calculated as at the valuation date of the report,

 

                         (i)     that is paid in accordance with the current payout ratio of the pension plan, including any adjustment for which notice has been given but which has not yet taken effect, and

 

                         (ii)    that would be paid if the pension plan were fully funded;

 

                (d)    for a member, former member or any other person who is entitled to benefits but who is not yet in receipt of payments, the deferred pension or other benefit, calculated as at the valuation date of the report, to which the person

 

                         (i)     is entitled in accordance with the current payout ratio of the pension plan, including any adjustment for which notice has been given but which has not yet taken effect, and

 

                         (ii)    would be entitled if the pension plan were fully funded.


Notice of decrease in pension during extended wind-up period

14   (1)    For the purposes of clause 12(1)(c) of the Act and these regulations, the administrator must provide each affected retired member and other person who is in receipt of benefits under a pension plan with 90 days’ notice of a decrease in the pension payout ratio.

 

       (2)    A notice of a decrease must be in writing and must contain all of the following:

 

                (a)    the name of the retired member or other person in receipt of benefits;

 

                (b)    the name of the pension plan;

 

                (c)    the amount of the pension that is being paid as of the date of the notice;

 

                (d)    the amount by which the pension will decrease;

 

                (e)    the payout ratio of the pension plan as at the date of the most recent annual valuation report filed under Section 11 of the Act;

 

                (f)    the basis for the decrease in the payout ratio, with reference to the projected funded ratio of the pension plan at the wind-up date;

 

                (g)    the date that the decrease in the pension will be effective.

 

       (3)    A notice of a decrease must be delivered by regular mail.

 

       (4)    The administrator must provide the Superintendent with a notice of a decrease at the same time and in the same manner as it is provided to the retired members and other persons entitled to benefits, except that the notice must be delivered to the Superintendent by hand or courier instead of by regular mail.

 

       (5)    A notice of a decrease is deemed to have been received by a retired member or other person entitled to benefits on the date that is 5 days after the date the notice is mailed.


Basis for adjustment in pension payable

15   (1)    For the purpose of clause 12(1)(c) of the Act, the administrator may decrease any pension that is being paid to a retired member or other person entitled to benefits under a pension plan if the funded ratio of the pension plan has decreased since the most recent annual valuation report filed under Section 11 of the Act.

 

       (2)    For the purpose of subsection 12(2) of the Act, the administrator may increase any pension that is being paid to a retired member or other person entitled to benefits under a pension plan if the projected funded ratio of the pension plan at the wind-up date is higher than the current payout ratio.