BILL 46

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 Section 72 of the Pension Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is amended

(a)  by adding after paragraph (2)(c) the following:

(c.1)  that the administrator of the pension plan, the employer or any other person is violating a provision of the multilateral agreement entered into under section 93.3, in the case of a pension plan that is subject to that agreement,

(b)  by adding after subsection (6) the following:

72(7) In an order made under paragraph (2)(c.1), the Superintendent shall specify the provision of the multilateral agreement that, in the Superintendent’s opinion, has not been complied with.

2 The Act is amended by adding after section 93 the following:

Continuance of prior agreement

93.1 Any agreement entered into under subsection 92(1) continues in force until it is terminated according to its terms or until the date the Province and the other party to that agreement become subject to the multilateral agreement entered into under section 93.3.

Definition of “multi-jurisdictional pension plan”

In sections 93.3 to 93.9, “multi-jurisdictional pension plan” means a pension plan that is subject to this Act and to the pension benefits legislation of one or more designated jurisdictions. (régime de pension relevant de plus d’une autorité gouvernementale)

Authority to enter into the agreement

93.3(1) With the approval of the Lieutenant-Governor in Council, the Minister may

(a)  enter into a multilateral agreement respecting multi-jurisdictional pension plans with an authorized representative of one or more designated jurisdictions, and

(b)  enter into arrangements to make amendments to the agreement referred to in paragraph (a) under its amending formula.

93.3(2) The Minister or his or her delegate may enter into an agreement with an authorized representative of a designated jurisdiction respecting the application of any provision of the multilateral agreement for which the Minister and the authorized representative have discretion as to its application.

Scope of the agreement

93.4(1) The multilateral agreement entered into under section 93.3 shall have the force of law in the Province on the date the Minister signs the agreement, including any provision in the agreement that

(a)  determines which multi-jurisdictional pension plans are subject to the agreement,

(b)  establishes which parties to the agreement have jurisdiction with respect to a multi-jurisdictional pension plan,

(c)  makes applicable in the Province a provision of

(i) the pension benefits legislation of a designated jurisdiction, or

(ii) the legislation of a designated jurisdiction that provides a right of recourse under the pension benefits legislation of that jurisdiction,

(d)  makes inapplicable in the Province a provision of this Act or the regulations,

(e)  provides that a decision made by the pension supervisory authority of a party to the agreement is deemed to be a decision made by the Superintendent,

(f)  provides that a decision made by the Superintendent is deemed to be a decision made by the pension supervisory authority of a party to the agreement,

(g)  provides that a provision of the agreement prevails over a provision of a multi-jurisdictional pension plan in the case of a conflict, and

(h)  establishes additional requirements with respect to a multi-jurisdictional pension plan that is subject to the agreement, including requirements for

(i) the exchange of notices, documents and information with respect to a multi-jurisdictional pension plan between pension supervisory authorities, administrators, employers, members and other persons having rights under the plan or their representatives,

(ii) contributions to a multi-jurisdictional pension plan in addition to those required under this Act and the regulations,

(iii) the establishment and funding of an additional liability with respect to a multi-jurisdictional pension plan that would not otherwise be required under this Act or the regulations,

(iv) the determination of the amount of the pension benefits, deferred pension, or ancillary benefits or any other amount payable in relation to a member or former member that differ from the requirements that would apply in the absence of the agreement, if the member or former member has service in the Province and in a designated jurisdiction that is subject to the agreement, which requirements may result in an increase or a decrease in the amount to which the member or former member would otherwise be entitled,

(v) the allocation of the assets of a multi-jurisdictional pension plan between designated jurisdictions,

(vi) the establishment of time limits for an administrator to comply with the investment rules applicable in the pension benefits legislation to which the multi-jurisdictional pension plan is subject,

(vii) the allocation of the assets between participating employers of a multi-jurisdictional pension plan that is also a multi-employer pension plan,

(viii) the payment of benefits following the allocation of the assets of a multi-jurisdictional pension plan, or

(ix) the establishment of procedures for withdrawing from the agreement.

93.4(2) The administrator of a multi-jurisdictional pension plan shall comply with any requirement set out in the multilateral agreement entered into under section 93.3 that applies with respect to the plan and with any requirement imposed under the authority of the agreement.

93.4(3) An employer or person required to make contributions to a multi-jurisdictional pension plan on the employer’s behalf shall comply with any requirement set out in the multilateral agreement entered into under section 93.3 that applies with respect to the plan and with any requirement imposed under the authority of the agreement.

93.4(4) The amount of pension benefits, deferred pension or ancillary benefits or any other amount payable under a multi-jurisdictional pension plan in relation to a member or former member shall be determined in accordance with the requirements set out in the multilateral agreement entered into under section 93.3.

93.4(5) This section does not apply to a multi-jurisdictional pension plan unless the Minister has entered into a multilateral agreement under section 93.3 with the authorized representative of the designated jurisdiction to which the plan is subject.

Reciprocal implementation of the agreement

93.5(1) The Minister or his or her delegate may exercise any of the duties or powers of a designated jurisdiction for which the multilateral agreement entered into under section 93.3 permits a delegation to the Province as a major or minor authority.

93.5(2) The Minister may delegate to a party to the multilateral agreement entered into under section 93.3 any duty or power of the Minister under this Act for which the agreement permits a delegation to the designated jurisdiction as a major or minor authority.

Rules for asset splitting

93.6(1) The Minister or his or her delegate may order the splitting of the assets of a multi-jurisdictional pension plan that is subject to the multilateral agreement entered into under section 93.3.

93.6(2) In the case of the splitting of the assets of a multi-jurisdictional pension plan, the portion of the assets of the plan with respect to persons employed in the Province is no longer subject to the multilateral agreement.

Non-application of Regulations Act

93.7 The Regulations Act does not apply to the multilateral agreement entered into under section 93.3.

Publication of the agreement

93.8 The Minister shall publish in The Royal Gazette the multilateral agreement entered into under section 93.3 and any amendment to that agreement as soon as practicable after entering into the agreement or making the amendment.

Requests for copies of the agreement

93.9 The Superintendent shall, on request, provide a copy of the multilateral agreement entered into under section 93.3.