BILL 92

An Act to Amend the Pension Benefits Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 The Pension Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is amended by adding after section 99.8 the following:

Shared risk plan provisions

99.81( 1) Despite section 12 and subject to the regulations, the administrator may make an amendment to either pension plan for the purpose of establishing a shared risk plan provision subject to Part 2.

99.81( 2) Sections 100.52 and 100.81 apply with the necessary modifications to an amendment made under subsection (1).

2 Paragraph 99.94(1)(a) of Act the is amended by striking out “as at April 1, 2018, unless otherwise ordered by the Superintendent” and substituting “as at the date determined by the Superintendent”.

3 The Act is amended by adding after section 99.991 the following:

Rescission of the wind-up order

99.9911( 1) The Superintendent may, by an order made retroactive to March 31, 2010, rescind in whole or in part a wind-up order for either pension plan.

99.9911( 2) The Superintendent may not rescind a wind-up order for a pension plan if the assets in the fund of the pension plan have been distributed under section 99.98.

Transfer of commuted value to the shared risk plan

99.9912( 1) On approval of the wind-up report for either pension plan, each person who is entitled to a pension, a deferred pension or other benefit or to a refund with respect to the wound-up pension plan is entitled, in addition to the options available under this Act, to require the administrator to transfer the commuted value of the pension to the shared risk plan provision established under section 99.81.

99.9912( 2) Subsections 36(4) and (5) apply with the necessary modifications to the exercise of the right to transfer the commuted value of the pension to the shared risk plan provision.

99.9912( 3) A person who has not exercised any of the options referred to in subsection (1) within 90 days after receipt of notice of his or her rights shall be deemed to have required the administrator to transfer the commuted value of the pension to the shared risk plan provision.

Election of form of pension

99.9913 On the transfer of the commuted value of a pension to a shared risk plan provision established under section 99.81,

(a)  a member or former member who commenced receiving a pension between April 1, 2010, and September 30, 2014, inclusive, is required to re-elect his or her form of pension in accordance with the plan text, despite any previous election he or she has made, and

(b)  if they wish to waive a joint and survivor pension, a member or former member and the member’s or former member’s spouse or common-law partner are required to resubmit a waiver in accordance with subsection 41(4), within 90 days after receipt of notice of the right to do so, despite any previous waiver submitted.