R-15.1, r. 4.01 - Regulation respecting measures related to supplemental pension plans to reduce the consequences of the public health emergency declared on 13 March 2020 due to the COVID-19 pandemic

Section 6 Disposition versions

2020-12-10

6. For the purpose of paying benefits after 16 April 2020, but prior to 1 January 2021, the degree of solvency to be used pursuant to the third paragraph of section 143 or the first paragraph of section 146.20 of the Act is the one established by an actuary based on the the financial position of the plan estimated on the last working day of the month that precedes the date on which the value of benefits is established. Despite the foregoing, if the date on which the value is established is prior to 1 April 2020, the degree of solvency must be determined based on the financial position of the plan estimated at 31 March 2020.

For an estimate of the financial position of the plan, in particular the actual rate of return of the pension fund or, if the rate is unknown, the estimated rate of return of the pension fund, changes in interest rates determined on a solvency basis and contributions paid under the plan since the last complete actuarial valuation of the plan must be taken into account.

In addition, for a payment made after 31 December 2020, the last degree of solvency estimated in 2020 must be used until a more recent degree is established

(1)  in an actuarial valuation report sent to Retraite Québec; or

(2)  in the notice referred to in section 119.1 of the Act sent to Retraite Québec.

Member-funded pension plans to which Division X of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act (chapter R-15.1, r. 7) applies are not covered by these provisions.

O.C. 1186-2020, s. 6.

Not in force

In force: 2020-12-10

6. For the purpose of paying benefits after 16 April 2020, but prior to 1 January 2021, the degree of solvency to be used pursuant to the third paragraph of section 143 or the first paragraph of section 146.20 of the Act is the one established by an actuary based on the the financial position of the plan estimated on the last working day of the month that precedes the date on which the value of benefits is established. Despite the foregoing, if the date on which the value is established is prior to 1 April 2020, the degree of solvency must be determined based on the financial position of the plan estimated at 31 March 2020.

For an estimate of the financial position of the plan, in particular the actual rate of return of the pension fund or, if the rate is unknown, the estimated rate of return of the pension fund, changes in interest rates determined on a solvency basis and contributions paid under the plan since the last complete actuarial valuation of the plan must be taken into account.

In addition, for a payment made after 31 December 2020, the last degree of solvency estimated in 2020 must be used until a more recent degree is established

(1)  in an actuarial valuation report sent to Retraite Québec; or

(2)  in the notice referred to in section 119.1 of the Act sent to Retraite Québec.

Member-funded pension plans to which Division X of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act (chapter R-15.1, r. 7) applies are not covered by these provisions.

O.C. 1186-2020, s. 6.