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1 Subsection 11(1) of the Pension Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is repealed and the following is substituted:
11( 1) The administrator of a pension plan shall apply to the Superintendent for registration of an amendment to a pension plan within 60 days after the effective date of the amendment.
2 Section 100.2 of the Act is amended
(a) by repealing the definition “vested ancillary benefit” and substituting the following:
“vested ancillary benefit” means an ancillary benefit for which a member has met all eligibility requirements. (prestation accessoire dévolue)
(b) in the French version by repealing the definition “prestation de base” and substituting the following:
« prestation de base » S’entend du montant global de toutes prestations payées ou à payer, y compris toutes les prestations de base dévolues à la date considérée et toutes les prestations accessoires dévolues à cette date. (base benefit)
3 Section 100.4 of the Act is amended
(a) in paragraph (1)(h) by striking out “plan text” and substituting “shared risk plan”;
(b) by repealing subsection (2) and substituting the following:
100.4( 2) The financial obligation of persons making contributions under a shared risk plan is limited to making or remitting, within the time prescribed by regulation, the contributions required under the shared risk plan and the funding policy.
4 Section 100.5 of the Act is amended
(a) by repealing subsection (6) and substituting the following:
100.5( 6) A trustee shall manage financial risk in accordance with the funding policy, the investment policy and the risk management procedures for the shared risk plan.
(b) in subsection (10) by striking out “contained in the plan text” and substituting “required under paragraph 100.4(1)(h)”.
5 Subsection 100.52(4) of the Act is amended by striking out “transfer” and substituting “transfer the ownership of”.
6 Section 100.6 of the Act is amended
(a) by repealing subsection (1) and substituting the following:
100.6( 1) Section 10, except the fee referred to in subsection 10(2), applies with the necessary modifications to an application for the registration
(a) of a shared risk plan that is converted from a pension plan, or
(b) of a new shared risk plan.
(b) in subsection (2)
( i) in clause (a)(i)(C) by striking out “automatic changes” and substituting “contribution adjustments”;
( ii) in subparagraph (b)(ii) by striking out “automatic changes” and substituting “contribution adjustments”.
7 This Act or any provision of it comes into force on a day or days to be fixed by proclamation.