Assessment of Pension Plans Regulations

'The Assessment of Pension Plans Regulations outline the process for determining and paying assessments on pension plans registered under the Office of the Superintendent of Financial Institutions Act or the Pension Benefits Standards Act, 1985. The regulations provide definitions for key terms such as "beneficiary", "cessation of membership", "number of beneficiaries", and "pension plan year".

The assessment to be paid is determined by multiplying the pension plan assessment base by the basic rate in effect for the fiscal year. The pension plan assessment base is calculated using a formula that takes into account the number of beneficiaries and the lesser of 950 or the number of beneficiaries in excess of 50.

The regulations also require the Superintendent to publish the basic rate in the Canada Gazette, Part I, no later than 180 days before the beginning of each fiscal year. The Superintendent is further required to send notice in writing to each administrator of a pension plan of the assessment against it.

These Regulations came into force on December 31, 2011.'