When an employer decides to wind up their pension plan, or FSRA orders the pension plan to be wound up, there are various filing requirements and procedures the plan administrator must follow before it can settle benefits, pay expenses, distribute surplus assets (if any), and complete the wind up.
Compliance with legislative requirements and FSRA’s guidance will help avoid delays in obtaining approval of wind up reports, payment requests and surplus applications. FSRA does not require “hard copies” for compliance purposes. Therefore, all documents related to a wind up should be filed electronically through the Pension Service Portal (PSP) to facilitate processing, if possible.
FSRA encourages administrators of defined contribution plans to complete their wind up report using the online smart form that’s available through the PSP. However, for the time being, administrators may request a fillable form by contacting [email protected]. See a sample of the Wind up report for defined contribution pension plan.
Guidance – Wind ups:
- Filing Requirements and Procedure on Full or Partial Wind Up of a Pension Plan (PE0173ORG)
- Conditional Notice of Intended Wind Up Not Permitted (PE0174ORG)
- Treatment of Prior Year Credit Balance (PE0175ORG)
- Allocation of Assets in a Multi-Jurisdictional Pension Plan Providing Defined Benefits Guaranteed in Whole or in Part by the Pension Benefits Guarantee Fund (PE0176ORG)
- Distribution of Benefits on Partial Wind Up Where Immediate or Deferred Pensions are Not Purchased (PE0178ORG)
- Payment of Benefits on Partial Wind Up (PE0179ORG)
- Natural Termination of a Pension Plan (PE0180ORG)
- Guideline for Notice of Full or Partial Wind Up of Pension Plan (PE0181ORG)
- Payment of Immediate Pensions & Other Benefits (PE0182ORG)
- Restrictions on Payments on wind up where there is a Deficit (PE0183ORG)
- Fees and expenses for wind ups and surplus refund applications (PE0119ORG)
- Credited Service for Employment Standards Act, 2000 Notice Period (PE0248ORG)
- Where Employer Sells, Assigns or Disposes the Business or assets of the Business (PE0282ORG)
- Original and Successor Pension Plans - Section 81 Does Not Preclude Wind Up of Original Plan (PE0283ORG)
- Recalculation of transfer values (PE0278ORG)
Guidance – Surplus:
- Application by employer for payment of surplus on wind up of a pension plan (PE0163ORG)
- Surplus Distribution by Written Agreement - The Role of Legal Counsel (PE0164ORG)
- Undistributed Surplus on Full or Partial Wind Up (PE0165ORG)
- Surplus Distribution in Cash in Continuing Plan (PE0166ORG)
- Allocation of Surplus to Members, Former Members and Other Persons on Wind Up (PE0167ORG)
- Distribution of Surplus to Employer on Partial Wind Up (PE0168ORG)
- Partial Wind Up - Identification and Administration of Surplus (PE0162ORG)
- Fees and expenses for wind ups and surplus refund applications (PE0119ORG)