NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999 BR 82/1999 NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS) ACT : 36

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1 BR 82/1999 NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS) ACT : 36 THE NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999 ARRANGEMENT OF REGULATIONS 1 Citation PART I PRELIMINARY 2 Interpretation PART II REGISTRATION AND ADMINISTRATION OF PENSION PLAN Registration 3 Application for registration of pension plan 4 Application for registration of aendent of pension plan 5 Proof of participation in financial institution pension plan 6 Issuance of notice of registration 7 Issuance of notice of registration of aendent 8 Annual inforation report Pension Fund Requireents 9 Financial stateents 10 Adinistrator to provide inforation to eligible persons, etc. Stateents to Mebers 11 Annual stateent to ebers of pension plan 12 Stateent on terination of eployent, etc. 13 Stateent on terination other than by retireent, etc. 14 Stateent to survivor 15 Stateent on retireent 1

2 Inforation available on request 16 Inforation available on request PART III WINDING UP 17 Notice of proposal to wind up 18 Insufficiency after winding up 19 Fees SCHEDULES The Minister of Finance, in exercise of the power conferred upon hi by section 69 of the National Pension Schee (Occupational Pensions) Act 1998 akes the following Regulations: PART 1 PRELIMINARY Citation 1 These Regulations ay be cited as the National Pension Schee (General) Regulations Interpretation 2 In these Regulations unless the context otherwise requires "the Act" eans the National Pension Schee (Occupational Pensions) Act 1998; "annual inforation report" eans the report referred to in regulation 8 and section 7(3)(a) of the Act; "auditor" eans (a) a person entitled to practise as a public accountant in Beruda; or (b) a person who has qualified as an accountant by exaination of one of the Institutes of Chartered Accountants of England and Wales, Ireland or Scotland, the Canadian Institute of Chartered Accountants or the Aerican Institute of Certified Public Accountants; "average eployent incoe" eans such incoe as ay, fro tie to tie be specified as such by the Departent of Statistics; "collective agreeent" has the eaning assigned to that expression by section 1 of the Trade Union Act 1965; "interest or investent incoe" eans 2

3 (a) the rate of return as can reasonably be attributed to the investent of the pension fund or that part of the pension fund to which the contributions relate; or (b) such rate as ay otherwise be prescribed; "pension coittee" eans a coittee referred to in section 6 of the Act; "prescribed retireent product" eans a pension plan provided by (a) a financial institution; or (b) soe other body or person recognised by the Coission, which provides retireent benefits and which is approved by the Coission. PART II REGISTRATION AND ADMINISTRATION OF PENSION PLAN REGISTRATION Application for registration of pension plan 3 An application for registration of a pension plan shall be in For No. 1 in the First Schedule and shall be accopanied by certified copies of the docuents specified in paragraph 13 of that For. Application for registration of aendent of pension plan 4 (1) The adinistrator of a pension plan shall, by application in For No. 2 in the First Schedule, apply to the Coission within ninety days after the date on which the pension plan is aended, for registration of the aendent. (2) An application for registration of an aendent shall be ade by paying the prescribed fee to the Coission and subitting (a) a certified copy of each aending docuent that changes the docuents that create and support the pension plan or pension fund; and (b) such other inforation as the Coission ay require. Proof of participation in financial institution pension plan 5 Proof of participation in a financial institution pension plan shall be in For No. 3 in the First Schedule. 3

4 Issuance of notice of registration 6 The Coission shall issue a notice of registration to the eployer or, in the case of a financial institution pension plan, the financial institution, for each pension plan registered under the Act. Issuance of notice of registration of aendent 7 The Coission shall issue to the adinistrator a notice of registration for each aendent to a pension plan registered under this Act. Annual inforation report 8 The adinistrator of a pension plan shall, within six onths after the end of the fiscal year of a pension plan, subit to the Coission an annual inforation report in For No. 4 in the First Schedule. PENSION FUND REQUIREMENTS Financial stateents 9 (1) The adinistrator of a pension plan shall, within six onths after the end of the fiscal year of a pension fund, subit to the Coission financial stateents in respect of the pension fund. (2) If, at the end of the fiscal year of a pension plan the plan has $1,000,000 or ore in assets calculated at arket value, the adinistrator shall, within six onths thereafter, subit to the Coission an auditor's report respecting the financial stateents. (3) The financial stateents and the auditor's report, if any, shall be prepared in accordance with generally accepted accounting principles and generally accepted auditing standards, respectively. (4) The financial stateents shall be coprised of a stateent of net assets and a stateent of changes in net assets and shall be prepared on the accrual basis of accounting. (5) The financial stateents shall identify (a) the nae of the pension plan for which the stateents have been prepared; (b) the registration nuber of the pension plan; and (c) the fiscal period for which the financial stateents have been prepared. (6) The auditor shall report to the adinistrator when, in the course of reporting on the financial stateents, he becoes aware that 4

5 there are circustances that indicate that there has or ay have been a contravention of the Act or regulations. (7) The auditor shall report to the Coission any atter reported under paragraph (6) that has not been corrected or reported to the Coission by the adinistrator within thirty days after the auditor has reported such atter to the adinistrator. (8) A financial stateent subitted under this regulation shall be approved by the adinistrator and the approval shall be evidenced by the anual or facsiile signature of, (a) the adinistrator; (b) where the adinistrator is a pension coittee or board of trustees, two ebers duly authorized to signify the approval; or (c) where the adinistrator is a financial institution, an officer of the institution duly authorized to sign on behalf of the institution. Adinistrator to provide inforation to eligible persons, etc. 10 For the purposes of the inforation required to be provided by an adinistrator under section 13 of the Act, that inforation shall be provided (a) in the case of a person who is eligible to be a eber of a pension plan upon coenceent of eployent, within thirty days after the date of such coenceent, or, where prior notice of coenceent is not provided to the adinistrator, within thirty days after the adinistrator receives notice of such coenceent; (b) in the case of a person who is a eber of a pension plan on the date that the plan is established within thirty days after the date of such establishent; and (c) in the case of a person who at soe date in the future will becoe eligible to be a eber of a pension plan, within sixty days prior to such date, or, where prior notice of such eligibility is not provided to the adinistrator, within thirty days after the adinistrator receives notice of such eligibility. STATEMENTS TO MEMBERS Annual stateent to ebers of pension plan 11 (1) A stateent required under section 14 of the Act shall contain, at least, 5

6 (a) the nae of the pension plan and its registration nuber; (b) the eber's nae and date of birth; (c) the period covered by the stateent; (d) the date on which the eber joined the plan, and, except for ulti-eployer pension plans, the date on which the eber was eployed by the eployer; (e) the date or dates on which the eber becae fully vested or will becoe fully vested; (f) the eber's noral retireent date and the earliest date at which the eber ay retire under the pension plan; (g) where applicable, the earliest date the eber will be eligible to receive an unreduced pension; (h) where applicable any person designated by the eber as a beneficiary for the purposes of the pre-retireent death benefit under section 31 of the Act; (i) a description of any benefits provided on the death of a eber and the nae of any person designated as a beneficiary; (j) the aount of required contributions, if any, ade to the pension fund by a eber during the period covered by the stateent; (k) the accuulated aount of required contributions, if any, ade to the pension fund by the eber, including interest or investent incoe credited to such contributions, to the end of the period covered by the stateent; (l) the aount of any additional voluntary contributions ade by the eber to the pension fund during the period covered by the stateent; ()the accuulated aount of any additional voluntary contributions ade by the eber to the pension fund, including interest or investent incoe credited to such contributions, to the end of the period covered by the stateent; (n) in the case of a plan providing defined contributions benefits 6

7 (i) the aount of eployer contributions allocated to the eber during the period covered by the stateent; (ii) the accuulated aount of eployer contributions, including interest or investent incoe credited to such contributions, allocated to the eber, to the end of the period covered by the stateent; (iii) (iv) the account balance at the end of the period covered by the stateent; and a suary of fees and expenses; (o) in the case of a defined benefit plan (i) (ii) (iii) the eber's years of eployent for the purpose of the calculation of pension benefits, deterined as of the end of the period covered by the stateent; the annual aount of pension benefit payable at noral retireent date accrued at the end of the period covered by the stateent; and where salary is a factor in deterining a pension benefit, the salary level utilized for the purpose of deterining the benefit; (p) where applicable, a stateent that special payents are being ade to liquidate any liability; (q) a stateent setting out the treatent of any surplus in a continuing plan and on wind up; (r) an explanation of any aendents affecting the eber ade to the pension plan during the period covered by the stateent for which an explanation has not been previously provided; (s) a stateent that if, on the wind up of the plan, the assets of the plan are not sufficient to eet the liabilities of the plan, pension benefits ay be reduced; and (t) inforation relating to actual or perceived conflicts of interest. (2) The adinistrator shall provide the stateent required under section 14 of the Act to ebers within six onths after the fiscal year end of the plan. 7

8 Terination stateent - deferred pensions 12 (1) A written stateent required to be given under section 15 of the Act to a eber of a pension plan who terinates eployent or ceases to be a eber for reasons other than retireent or death and who is entitled to a deferred pension shall contain, as recorded on the records of the adinistrator, at least (a) the nae of the pension plan and its registration nuber; (b) the eber's nae and date of birth; (c) the date on which the eber joined the pension plan and the years of eployent credited under the plan for the purpose of calculating the pension benefit; (d) the eber's noral retireent date under the plan; (e) the pension benefits and ancillary benefits to which the eber is entitled on terination and any options respecting such benefits, including early, noral and postponed dates for coenceent of the payent of benefits; (f) where applicable, the nae of the person recorded as the eber's beneficiary; (g) benefits provided on the death of a eber and the nae of any person appointed as beneficiary; (h) any suppleental benefits payable for a teporary period of tie and the date on which the benefits cease to be so payable; (i) any indexation provisions applicable to a deferred pension; (j) any benefit payable in the event of the eber's death, should the death occur prior to the coenceent of payent of pension benefits; (k) any benefit payable in the event of the eber's death, should the death occur after the coenceent of payent of pension benefits; (l) the couted value of any deferred pension deterined in accordance with the regulations; ()any options with respect to transfers available under section 23 of the Act; (n) the tie periods in which any option ust be exercised; and 8

9 (o) the aount of any refunds to which the eber is entitled and inforation on the effect, if any, the eber's election to receive a refund would have on the eber's pension or deferred pension. (2) The adinistrator shall provide the written stateent referred to in subsection (1) within thirty days following the eber's terination of eployent or cessation of ebership in the plan or, where notice of terination or cessation is not provided to the adinistrator prior to the event, within thirty days after the adinistrator's receipt of such notice. Terination stateent - refunds 13 (1) A written stateent required to be given under section 15 of the Act to a eber of a pension plan who terinates eployent or ceases to be a eber of a pension plan for reasons other than retireent or death where the eber is not entitled to a pension or deferred pension shall contain at least (a) the nae of the plan and its registration nuber; (b) the eber's nae and date of birth; (c) the dates on which the eber joined the plan and ceased ebership in the plan; (d) where applicable, the years of eployent credited under the plan for the deterination of pension benefits; (e) the aount of any refund; (f) any ancillary benefit to which the eber ay be entitled; and (g) any option which the eber is entitled to elect and the tie period in which the option ust be exercised. (2) The adinistrator shall provide the stateent referred to in subsection (1) within thirty days after the terination of eployent or cessation of ebership in the plan or, where notice of terination or cessation is not provided to the adinistrator prior to the event, within thirty days after the adinistrator's receipt of such notice. (3) Where no options are available to the eber with respect to a refund, the adinistrator shall provide any refund to which the eber is entitled within thirty days after the eber's terination of eployent or cessation of ebership in the plan or, where notice of terination or cessation is not provided to the adinistrator prior to the event, within thirty days after the adinistrator's receipt of such notice. 9

10 (4) Where the eber has an option with respect to a refund, the adinistrator shall coply with the election ade by the eber within sixty days after receipt of a direction fro the eber. Stateent to survivor 14 (1) The adinistrator shall, within thirty days after receipt of a notice of death of a eber or a forer eber who is not receiving payents fro the pension fund where the death results in the beneficiary or estate of the eber or forer eber becoing entitled to a benefit, provide the beneficiary or legal representative with a stateent required under section 15 of the Act that sets out at least (a) the nae of the pension plan and its registration nuber; (b) the aount and ethod of payent of the benefit; (c) the aount, if any, payable under section 31(1) of the Act; (d) where applicable, the basis for indexation of a pension; and (e) where applicable, the aount of the pension resulting fro additional voluntary contributions; and (f) the options available under section 31 of the Act. (2) For purposes of subsection 31(1) of the Act, a beneficiary shall ake an election, in writing, within ninety days after receipt of the stateent referred to in paragraph (1) and in default of such election the adinistrator shall forthwith pay the lup su referred to in section 31(1) of the Act; and upon such payent the adinistrator shall be discharged fro any further obligation. (3) The adinistrator of the plan shall coply with an election under paragraph (2) within thirty days after receipt of the written election fro the beneficiary. (4) The adinistrator of the plan shall provide payent of the death benefit to the beneficiary, if any, or the estate, within thirty days of receipt of such inforation as in the opinion of the adinistrator, is sufficient to justify payent of the benefit. Stateent on retireent 15 (1) Within thirty days after the date on which an adinistrator receives notification that a eber has retired, or, where the adinistrator has not received such notification, within thirty days after an adinistrator receives a copleted application for the payent of 10

11 pension benefits, the adinistrator shall give the eber a written stateent that sets out, in accordance with section 15 of the Act, (a) the nae of the pension plan and its registration nuber; (b) the eber's nae and date of birth; (c) where applicable, the date on which the eber joined the plan and the years of eployent credited under the plan for purposes of calculating the pension benefit; (d) where applicable, the nae of the person recorded as the eber's beneficiary; (e) the date pension benefit payents coence; (f) the aount of the pension to which the eber is or will be entitled according to the records of the adinistrator and based on elections ade by the eber; (g) any increase or reduction in the pension resulting fro early or postponed retireent; (h) the aount of the pension benefit purchased with additional voluntary contributions ade by the eber; (i) the aount of the pension benefit purchased with contributions resulting fro a transfer ade on behalf of the eber fro another pension fund; (j) any bridging benefits or special allowances and the date on which such ancillary benefits cease to be paid; (k) any indexation provisions applicable to the pension or deferred pension; (l) any benefit payable in the event of the eber's death and the nae of the person approved as the beneficiary of that benefit; and ()any other refunds under the plan to which the eber is entitled. (2) In this regulation "bridging benefit" eans a periodic payent provided under a pension plan to a forer eber of the pension plan for a teporary period of tie after retireent for the purpose of suppleenting the forer eber's pension benefit. 11

12 INFORMATION AVAILABLE ON REQUEST Inforation available on request 16 (1) Subject to paragraph (2), for the purposes of section 16(2) of the Act, the docuents which a person entioned in subsection (1) of that section is entitled to inspect are (a) the provisions of the current pension plan including any aendents to the plan; (b) any docuents that relate to the pension plan that are required to be subitted to the Coission; (c) the provisions of any previous pension plan including aendents thereto where the current plan is a successor to a previous pension plan; (d) any docuents that relate to a previous version of the pension plan and that are required to be subitted to the Coission; (e) the applicable provisions of any docuent that sets out the eployer's responsibilities with respect to the pension plan; (f) a docuent that delegates the adinistration of the pension plan or pension fund; (g) copies of any financial stateent or any report that is subitted to the Coission in respect of the pension plan or pension fund; and (h) copies of those parts of an agreeent that concern the purchase or sale of a business or the assets of a business and that relate to the pension plan. (2) Nothing contained in paragraph (1) authorizes a person to inspect any part of a pension plan, or other docuent or inforation, unless such part or docuent or inforation, as the case ay be, is specifically applicable to that person; and that paragraph shall be read and construed accordingly. PART III WINDING UP Notice of proposal to wind up 17 (1) A notice of proposal to wind up a pension plan required under section 38(2) of the Act shall include 12

13 (a) the nae of the pension plan and its registration nuber; (b) the proposed date of winding up; and (c) a stateent that each eber, forer eber or any other person entitled to a pension, deferred pension, any other benefit or a refund will be provided with an individual stateent setting out entitleents and options under the plan. (2) In addition to entitleents under the plan and any options available, a stateent provided to each eber, forer eber or any other person under section 42 of the Act shall include (a) the nae of the pension plan and its registration nuber; (b) the eber's nae and date of birth; (c) the date of winding up of the plan; (d) the date on which the eber joined the plan, and, except in the case of ulti-eployer pension plans, the date the eber was eployed by the eployer; (e) the eber's beneficiary as indicated on the records of the adinistrator; (f) the aount of required contributions ade to the pension fund by a eber since the date of the last annual stateent provided under section 14 of the Act; (g) the accuulated aount of required contributions ade to the pension fund by the eber, including interest or investent incoe credited to such contributions, to the date of the winding up of the plan; (h) the aount of additional voluntary contributions ade by the eber to the pension fund since the date of the last annual stateent provided under section 14 of the Act; (i) the accuulated aount of additional voluntary contributions ade by the eber to the pension fund, including interest or investent incoe credited to such contributions, to the date of winding up; (j) any aount transferred into the pension plan since the date of the last annual stateent provided under section 14 of the Act fro another pension plan on behalf of the 13

14 eber and the pension attributable to that aount; benefit under the plan (k) in the case of a plan providing defined contribution benefits (i) (ii) the aount of eployer contributions required to be ade in respect of the eber since the date of the last annual stateent provided under section 14 of the Act; the aount of eployer contributions allocated to the eber since the date of the last annual stateent provided under section 14 of the Act; (iii) the accuulated aount of eployer contributions, including interest or investent incoe credited to such contributions, allocated to the eber on the records of the plan, to the date of winding up; and (iv) the account balance to the date of winding up; (l) in the case of a defined benefit plan (i) (ii) the eber's years of eployent for the purpose of the calculation of pension benefits; and where salary is a factor in deterining a pension benefit, the salary level utilized for the purpose of deterining the benefit; ()the interest or investent incoe credited to contributions required to be ade by the eber since the date of the last annual stateent required under section 14 of the Act; (n) an explanation of any aendents affecting the eber ade to the pension plan during the period covered by the stateent for which an explanation has not previously been provided; (o) the tie period in which any option ust be exercised; (p) if there are insufficient assets to pay all pension benefits, a description of any reductions ade to the person's benefits and the aount of contributions the eployer is liable to pay into the fund; 14

15 (q) if there are surplus assets, a stateent of the ethod of distribution and, if applicable, the forula for allocation of any surplus aong the plan beneficiaries; (r) notice of where copies of the winding up report are available and inforation on how copies of the report ay be obtained; (s) notice of the person the recipient of the stateent ay contact with respect to any questions arising out of the stateent; and (t) notice that the entitleents and options are subject to the approval of the Coission and ay be adjusted accordingly. (3) A recipient of a stateent referred to in subsection (2) who is entitled to elect an option shall forward the election to the adinistrator within ninety days after receipt of the stateent. (4) The adinistrator shall coply with an election ade by a person on the winding up of a pension plan within thirty days after whichever is the later. (a) the receipt of the election; or (b) the receipt of notice that the winding up report has been approved by the Coission, Insufficiency after winding up 18 Where a pension plan has been wound up in whole or in part and the assets of the pension plan are not sufficient to pay pension or other benefits (a) pension benefits to which a person ay be entitled but which have not vested under the ters of the pension plan shall be reduced to an aount proportionate to the extent that the benefits had been funded; and (b) except as provided in paragraph (a), pension or other benefits to which a person would otherwise be entitled, shall be reduced to an aount proportionate to the extent that the benefits had been funded. Fees 19 (1) The fees specified in the second colun of the Second Schedule shall be payable in respect of the atters specified in the first colun of that Schedule. 15

16 (2) The Minister ay fro tie to tie by order subject to affirative resolution procedure aend the Second Schedule. 16

17 FIRST SCHEDULE (r. 3) FORM NO. 1 APPLICATION FOR REGISTRATION OF A PENSION PLAN (All questions ust be copleted - please type or print) 1. Provide the nae of the adinistrator and the following inforation: (Note: If the adinistrator is a copany, partnership, pension coittee or board, use the nae of the copany, partnership, coittee or board) (priary contact) (ailing address) (postal code) (telephone nuber) (ext.) (fax nuber) e- ail 2. Indicate whether the adinistrator is (check the ost appropriate): an eployer or eployers a board of trustees a pension coittee a board or coittee ade responsible by an act of the legislature for the adinistration of the pension plan a financial institution 3. If the adinistrator is a pension coittee or board indicate the nuber of ebers who are representatives of: the eployer or eployers or any other person required to ake contributions under the pension plan on behalf of an eployer ebers of the pension plan Total nuber of representatives FOR PC USE ONLY Registration No.: For Signed: Plan Docuents Not Received: Additional Fee Needed: Refund Issued: Verified By: For 1 - APPLICATION FOR REGISTRATION OF A PENSION PLAN 17

18 INFORMATION CONCERNING THE EMPLOYER 4. Provide the nae of the eployer and the following inforation: (priary contact) (nae of eployer) (ailing address) (postal code) (telephone nuber) (ext.) (fax nuber) payroll tax account nuber social insurance schedule (account) nuber 5. Are there any other eployers, including subsidiary or affiliated copanies, with eployees participating in the plan? yes no If "yes", attach to this for the nae and ailing address of each of the other eployers. INFORMATION CONCERNING THE PENSION PLAN 6. What is the nae of the pension plan? 7. What is the effective date of the establishent of the plan? / / yy dd 8. What is the date of the plan year-end? / dd 9. Is the pension plan a creation of, or supported by, a collective agreeent? yes no If "yes", attach a copy of the collective agreeent to this For (as required by paragraph 13 - docuents which ust be subitted.) 18

19 10. Indicate the type of plan (check the ost appropriate): ulti-eployer defined benefit defined contribution defined contribution defined benefit cobination of defined benefit and defined contribution other (provide details) FUNDING INFORMATION 11 Funding instruent/arrangeent (a) Are the benefits provided for in the plan guaranteed? yes no (b) If "yes", provide the following inforation: (nae of contact) (nae of institution) (ailing address) (postal code) (telephone nuber) (ext.) (fax nuber) (c) Provide the nae of the fund, the nae of the body which holds the fund's assets, and the following inforation: (fund nae) (nae of body holding fund's assets) (contact nae) (ailing address) (postal code) (telephone nuber) (ext.) (fax nuber) OTHER PENSION PLANS SPONSORED BY THE EMPLOYER 19

20 12. Have any of the ebers covered by this plan participated in the past in any other pension plan of the copany, including a subsidiary or affiliated copany? yes no If "yes", provide the particulars of the previous plan(s) including the nae and the registration nuber(s) (if applicable) and describe the current status of the plan(s): 13. The following docuents are required in all cases and ust be subitted with this for, exceptions where noted (to ensure that all required docuents and fees are attached to this for, check applicable ites below): Certified copies of the docuents that create and support the pension plan: certified copy of the text of the plan if not already subitted, a certified copy of the initial valuation report certified copy of the collective agreeent if the plan was set up in accordance with a collective agreeent Certified copies of the docuents that create and support the pension fund: certified copy of the trust agreeent(s) certified copy of the deposit contract(s) with an insurance copany certified copy of the group annuity contract(s) certified copy of other types of funding instruents a certified copy of the explanatory stateent and other inforation provided to ebers and persons eligible to becoe ebers as required under section 13 of the Act (inforation provided by adinistrator) a cheque payable to the Pension Coission and coputed in accordance with the fees calculation at paragraph The following docuents are required if applicable to the plan (to ensure that all applicable docuents and inforation are attached please check ites below; if ites are not applicable, indicate [N/A]): a list of the naes and addresses of each eber of a coittee, a board of trustees or a board, responsible for the adinistration of the pension plan a list of the naes and addresses of each individual trustee or each eber of a board, coittee or copany responsible for the adinistration of a pension fund, if not included in certified copy of funding instruent 20

21 a list of the other pension plans already set up by the eployer a list of the naes and addresses of each eployer participating in this plan as per paragraph 5 a list of the nae and registration nuber of each previous pension plan of the eployer(s), as required by paragraph 12 other (provide details) PLAN MEMBERSHIP AND REGISTRATION FEES CALCULATION 15. Enter below the nuber of ebers, as of the effective date of the establishent of the plan. Male Feale Total + = (A) (total - all ebers) REGISTRATION FEE: Fee payent ust be the aount shown in (A) ultiplied by $5.00. $5.00 per eber x (A) $ Registration Fees enclosed: $ Please ake cheque payable to the Pension Coission and send the application, required docuents and fees to: Pension Coission, P.O. Box HM 3384, Hailton HM PX STATISTICAL INFORMATION RELATED TO PENSIONS AND PENSION PLANS The inforation requested in paragraphs 16 to 24 is to be provided for the purpose of copiling statistical inforation related to pensions and pension plans. 16. Type of organization operated by the principal eployer(s) (check the ost appropriate): a sole proprietorship/partnership a copany a registered charity other (provide details) 17. What is the ain business of the principal eployer? 18. Eligibility for ebership 21

22 Specify the class or classes of eployees who are eligible to join the plan: all eployees Berudians and spouses of Berudians only other (provide details) 19. Noral retireent age Indicate noral retireent age according to the plan text: 20 Eployee contributions Identify eployee contribution rate: 21. Eployer contributions no eployee contribution required % of pensionable earnings axiu % of pensionable earnings above required contribution rate other (provide details) Identify eployer contribution rate or aount: eployer pays eployee contribution % of pensionable earnings % of pensionable earnings above required contribution rate $ per year other (provide details) Plans Which Have A Defined Benefit Provision, Coplete Questions 22 to Benefit calculation Pension benefits are based on (check the ost appropriate): final average earnings over the last years best average earnings for the best years (of the last years, if applicable) career average earnings flat benefit 23. Benefit forula - for noral retireent benefit only (do not include optional or alternative benefits requiring specific conditions) Indicate aount or rate of benefit forula: % of earnings $ per onth for each year of service $ per onth for each hour(s) worked 22

23 other (provide details) 24. Does the pension plan docuent provide for autoatic (contractual) increases to pensions in pay, or deferred pensions (e.g. indexation to Consuer Price Index)? yes no DECLARATION I,, hereby apply for registration of the Pension Plan identified in this For in accordance with the Act and the Regulations. I ake the application in y capacity as (circle the appropriate description:) the eployer/in the case of a financial institution pension plan, the financial institution/duly authorized signing officer of the eployer or financial institution of (the "Pension Plan"). (Nae of the pension plan) Attached are certified copies of the docuents that create and support the Pension Plan and the pension fund as well as any other docuents required to be subitted under the Act and the Regulations. I DECLARE THAT: 1. The docuents subitted with this For include certified copies of the docuents that create and support the Pension Plan and the pension fund and those docuents, as well as all other docuents subitted with this application, coply with the Act and the Regulations; 2. I understand that the obligation to ensure that the docuents subitted with this For coply with the Act and the Regulations is the responsibility of the eployer/financial institution, and I declare that I have fulfilled that obligation and have coplied with the provisions of the Act and the Regulations in aking this application for registration. I declare that I a aware of y obligations under the Act as eployer/financial institution establishing the Pension Plan and that the contents of this for and the docuents subitted with this for, and y declarations are true to the best of y knowledge and belief. DATED this day of, 200. Signature of Witness Nae of Witness (printed) Signature of eployer/financial institution or authorized signing officer Nae of eployer/financial institution or authorized signing officer (printed) 23

24 Title/Position FORM NO. 2 (r. 4) APPLICATION FOR REGISTRATION OF A PENSION PLAN AMENDMENT (All applicable questions ust be copleted - please type or print) INFORMATION ABOUT THIS APPLICATION 1. Plan registration nuber: 2. Nae of pension plan: 3. Nae of eployer: 4. The effective date of the aendent is: / / yy dd 24

25 5. Aendent nuber(s) (if ultiple aendents are subitted): 6. Indicate whether the application involves an aendent(s) concerning: transfer of assets erger of plans refund of contributions distribution of surplus plan conversion reduction of accrued benefits or refund of contributions early retireent/downsizing progra full wind up of the pension plan (coplete paragraphs 1 to 6 and 19 only) partial wind up of the pension plan other (provide details) AMENDMENTS CONCERNING BENEFITS OR CONTRIBUTIONS 7. Indicate whether the application involves any of the following (please answer each question): Yes No eligibility for ebership... if "yes", coplete paragraph 11 noral retireent age... if "yes", coplete paragraph 12 eployee contributions rate... if "yes", coplete paragraph 13 eployer contributions... if "yes", coplete paragraph 14 benefit calculation/forula for plans providing defined benefits... if "yes", coplete paragraphs 15, 17 benefit calculation/forula: career average earnings...if "yes", coplete paragraph 16 the provision of autoatic (contractual) increases to pensions in pay or deferred pensions... if "yes", coplete paragraph 18 ad hoc increases to pensions in pay or deferred pensions... if "yes", coplete paragraph 8 funding instruent... if "yes", coplete paragraph 9 If the answer to each of the ite listed above is "no", go directly to the declaration. STATISTICAL INFORMATION CONCERNING PENSIONS AND PENSION PLANS The inforation requested in questions 8 to 19 is to be provided for the purpose of copiling statistical inforation related to pensions and pension plans. 25

26 8. (a) Does this application involve an aendent to provide ad hoc increases to pensions in pay or deferred pensions? (if "yes", answer (b) and (c) below; if "no", go to paragraph 9) yes no (b) How are these increases to be ade? ad hoc increase pursuant to a collective agreeent and plan aendent ad hoc increase ade voluntarily by the eployer in accordance with a plan aendent other (provide details) (c) What was the effective date of the increase? / / yy dd 9. Funding instruent/arrangeent Are the benefits provided for in the plan totally insured or guaranteed, or both? yes no 10. Indicate the type of plan (in cases where this aendent changes the type of plan, indicate the new plan type:) ulti-eployer defined benefit defined contribution defined contribution defined benefit cobination of defined benefit and defined contribution other (provide details) Inforation Concerning Benefits or Contributions 11. Eligibility for ebership plan: Specify the class or classes of eployees who are eligible to join the all eployees Berudians and spouses of Berudians only other (provide details) 12. Noral retireent age Indicate noral retireent age according to plan text: 13. Eployee contributions 26

27 Identify eployee contribution rate: % of earnings % of earnings above required contribution rate other (provide details) 14. Eployer contributions Identify eployer contribution rate or aount: eployer pays eployee contribution % of earnings % of earnings above required contribution rate $ per year other (provide details) Pension Plans Which Have A Defined Benefit Provision, Coplete Paragraphs 15 to Benefit calculation Are pension benefits per year of service based on (check the ost appropriate): final average earnings over the last years best average earnings for the best years (of the last years, if applicable) career average earnings flat benefit 16. (a) If the benefit calculation is based on career average earnings, are career earnings or benefits updated, for exaple, in accordance with a price or wage index? yes no (b) If the benefit calculation is updated, are all earnings included or only those after a specified date? yes (all earnings included) no (only earnings after / / ) yy dd 17. Benefit forula - for noral retireent benefit only (do not include optional or alternative benefits requiring specific conditions) Indicate aount or rate of benefit forula per year of service: % of earnings $ per onth for each year of service $ per onth for each hour(s) worked other (provide details) 27

28 18. Does this application involve an aendent to provide for autoatic (contractual) increases to pension in pay or deferred pensions (e.g. indexation to Consuer Price Index)? yes no PLAN WIND UP IN FULL 19. (a) Does this application involve the full winding up of the pension plan? yes no If "yes", what is the effective date of winding up? / / yy dd (b) What is the ajor reason for the winding up of the pension plan? erged with/replaced by another pension plan plan registration nuber copany liquidated no ebers reaining other (provide details) Aendent Fee $ Please ake cheque payable to the Pension Coission, P.O. Box HM 3384, Hailton HM PX 28

29 DECLARATION BY ADMINISTRATOR I,, hereby apply for registration of the Pension Plan aendent(s) identified in this For in accordance with the Act and the Regulations. I ake the application in y capacity as (circle the appropriate description:) the adinistrator/duly authorized signing officer of the adinistrator of (the "Pension Plan"), (nae of the pension plan) registration nuber. Attached is a certified copy of the aending docuent as well as any other docuent required to be subitted under the Act and the Regulations. I DECLARE THAT: 1. The docuents subitted with this For include a certified copy of the aending docuent(s) and that/ those docuent(s), as well as all other docuents subitted with this application, coply with the provisions of the Act and the Regulations; 2. I understand that the obligation to ensure that the docuents subitted with this For coply with the Act and the Regulations is the responsibility of the adinistrator, and I declare that I have fulfilled that obligation and have coplied with the provisions of the Act and the Regulations in aking this application for registration; and I declare that I a aware of y obligations under the Act as adinistrator of the Pension Plan and that the contents of this For and the docuents subitted with this For, and y declarations are true to the best of y knowledge and belief. DATED this day of, 200. Signature of Witness Nae of Witness (printed) Signature of adinistrator or authorized signing officer Nae of adinistrator or authorized signing officer (printed) Title/Position 29

30 FORM NO. 3 (r. 5) CERTIFICATE OF PARTICIPATION IN A FINANCIAL INSTITUTION PENSION PLAN (To be copleted by the Eployer and the Financial Institution) PART A INFORMATION CONCERNING THE EMPLOYER Payroll tax account nuber) 1. Nae of Eployer: (Social Insurance Account Nuber) (Mailing Address) (Postal code) (telehone nuber) (fax nuber) (authorized officer) (e-ail) (title or position) OTHER PENSION PLANS 2. Does the Eployer sponsor or participate in any other pension plans? yes no If yes, provide particulars of other pension plans, including the nae and registration nubers and the current status of the plan(s): 3. Is the pension plan supported by a collective agreeent? yes no If yes attach a copy of relevant provisions of collective agreeent to this For. PLAN MEMBERSHIP AND REGISTRATION FEES CALCULATION 4. Enter below the nuber of ebers, as of the effective date of the Eployer s coenceent of participation in the plan: Male Feale Total = (A) 30

31 REGISTRATION FEES: Fee payent ust be the aount shown in (A) ultiplied by $5.00. $5.00 per eber x (A) = $ Please ake cheque payable to the Pension Coission and send this For and fees to: Pension Coission, P.O. Box HM 3384, Hailton HM PX STATISTICAL INFORMATION RELATED TO PENSIONS AND PENSION PLANS 5. Type of organization operated by the principal eployer(s) (check the ost appropriate): a sole proprietorship/partnership a copany a registered charity other (provide details) 6. What is the ain business of the principal eployer? 7. Eligibility for ebership Specify the class or classes of eployees who are eligible to join the plan: all eployees Berudians and spouses of Berudians only other (provide details) 8. Noral retireent age Indicate noral retireent age according to the plan text: 9. Eployee contributions Identify eployee contribution rate: no eployee contribution required % of pensionable earnings axiu % of pensionable earnings above required contribution rate other (provide details) 31

32 10. Eployer contributions Identify eployer contribution rate or aount: eployer pays eployee contribution % of pensionable earnings % of pensionable earnings above required contribution rate $ per year other (provide details) Plans Which Have A Defined Benefit Provision, Coplete Questions 11 to Benefit calculation Pension benefits are based on (check the ost appropriate): final average earnings over the last years best average earnings for the best years (of the last years, if applicable) career average earnings flat benefit 12. Benefit forula - for noral retireent benefit only (do not include optional or alternative benefits requiring specific conditions) Indicate aount or rate of benefit forula: % of earnings $ per onth for each year of service $ per onth for each hour(s) worked other (provide details) 13. Does the pension plan docuent provide for autoatic (contractual) increases to pensions in pay, or deferred pensions (e.g. indexation to Consuer Price Index)? yes no 32

33 DECLARATION BY EMPLOYER I DECLARE THAT the contents of Part A of this for are true to the best of y knowledge and belief. DATED this day of, 200. Signature of Witness Nae of Witness (printed) Signature of Eployer Nae of authorized signing officer (printed) PART B - FINANCIAL INSTITUTION 1. Nae of Financial Institution: (ailing address) (contact nae) (postal code) (telehone nuber) (ext.) (fax nuber) (e-ail) 2. Nae of Financial Institution Pension Plan: 3. Registration Nuber of Financial Institution Pension Plan: 4. Effective date of establishent of Financial Institution Pension Plan: 5. Effective date of participation of Eployer in the Financial Institution Pension Plan: 33

34 DECLARATION BY FINANCIAL INSTITUTION I,, hereby declare that the Eployer naed in Part A above has been enrolled as a participating eployer in the Financial Institution Pension Plan referred to above, with effect fro the date referred to above. I declare that certified copies of the docuents that create and support the plan and the pension fund have been duly subitted to the Pension Coission and reain in effect unaended as of the date hereof. I declare that I a aware of y obligations under the Act in respect of the Financial Institution Pension Plan and the Eployer s participation therein and that the contents of Part B of this for and y declarations are true to the best of y knowledge and belief. DATED this day of, 200. Signature of Witness Nae of Witness (printed) Signature of Financial Institution or authorized signing officer Nae of Financial Institution or authorized signing officer (printed) 34

35 FORM NO. 4 (r. 8) ANNUAL INFORMATION REPORT (To be copleted by the Pension Plan Adinistrator) Due Date Please review all the inforation shown below. If any inforation is incorrect or incoplete, please ake the appropriate corrections. Return for to: Pension Coission 1 Registration Nuber 2 Nae of Pension Plan 3 Plan Type 4 Plan Reporting Period p Defined Benefit p Defined Contribution p Multi-eployer p Other (specify) 5 Plan Adinistrator - Nae and Mailing Address Contact Title Copany Nae Address City Telephone (Area Code) Extension Postal/Zip Code (Area Code) FAX 6 Eployer - Nae and Address Nae Address City Telephone (Area Code) Extension Postal/Zip Code (Area Code) FAX 7 Body Holding Pension Fund Assets - Nae and Address Nae Address City Telephone (Area Code) Extension Postal Code (Area Code) FAX 35

36 8 Location of books or records aintained by the plan adinistrator or - sae as plan adinistrator's address p Address City Postal Code 9 Nae of collective bargaining agent representing the largest nuber of ebers of the pension plan, or not applicable p 10 Funding inforation for the Reporting Period Contributions ade in respect of the reporting period: Eployer contributions Meber required contributions Additional voluntary contributions 11 Mebership Inforation at the end of the Reporting Period Indicate nuber of plan ebers Male Feale Total Nuber of plan ebers 12 Annual Inforation Report Fee Calculation Total plan ebers x $5.00 = $ Fee payent ust be the nuber shown above ultiplied by $5.00 Please ake the cheque payable to Pension Coission 13 Confiration of Copliance Plan adinistrators are required to review the Stateent of Investent Policies and Goals (SIP&G) at least once each year in order to confir or aend it. Have you reviewed the SIP&G since the last Annual Inforation Report? p Yes p No If yes, enter the date the SIP&G was last reviewed: year/onth/day Have you aended the SIP&G since the last Annual Inforation Report? p Yes p No If yes, enter the date of the last aendent year/onth/day 36

37 Have the pension plan and fund been adinistered in copliance with the National Pension Schee (Occupational Pensions) Act 1998 p Yes p No If no, please attach an explanation. 14 Certification As the authorized representative of the adinistrator of the above noted pension plan, I certify that all the inforation presented on this for is true to the best of y knowledge and belief. DATED this, day of, 200. Signature of Witness Signature of Authorized Representative Nae of Witness (please print) Nae of Authorised Representative (please print) Address of Witness Title/Position (please print) Reittance Advice Annual Inforation Report Enter the payent aount in the space provided. Please return the Copleted Annual Inforation Report with the required fee to: Pension Coission P.O. Box HM 3384 Hailton HM PX Due Date Payent Enclosed $ 15 Aounts transferred in fro other plans... $ 16 Payent of benefits fro the plan Transfers of benefits to other plans Market value of assets at beginning of reporting period Market value of assets at end of reporting period Net investent earnings (losses)... 37

38 21 Did the pension plan No Yes terinate or becoe p p If yes, enter inactive prior to or in Date of Terination this reporting period? If all the assets were distributed pursuant to the terination of the plan, enter the date of final distribution. [No further questions]...date of Final Distribution year/onth/day year/onth/day 22 How any eployers participated in the plan at the end of the reporting period? 38

39 SECOND SCHEDULE (r. 19) (1) Application for registration of pension plan under regulations: for each eber $5.00 $ (2) Application for registration of an aendent of a pension plan or pension fund $ (3) Subission of annual inforation report under regulation 8: for each eber $5.00 (4) For copy of docuents under regulation 16(1): (a) for each page (b) iniu fee $0.50 $5.00 Dated this 23 rd day of Deceber, 1999 Minister of Finance 39