Content of Documents

(1) The documents establishing a pension plan and its related pension fund, shall set out the following information– (a) the objects for which the pension plan is established, and the rules governing the administration of the pension plan and the (b) the method by which the documents establishing the pension plan and pension fund may be amended; (c) the method of appointment and removal of the administrator and the custodian of the pension fund; (d) the powers and duties of the administrator, including the to delegate the administration of the pension plan to another person; (e) the conditions for membership in the pension plan; (f) the pension benefits and rights that are to accrue upon disability, of employment, termination of membership, retirement or death; (g) the normal retirement age under the pension plan; 18 (h) the requirements for entitlement under the pension plan to any pension benefit and including the schedule for the pension plan; (i) the contributions or the method of calculating under the plan, including a description of the member’s right to make additional voluntary contributions if they are permitted; (j) the method of determining pension benefits payable under the pension plan; (k) the method of calculating interest or earnings to be credited to contributions or pension benefits payable under the pension plan; (l) the mechanism for payment of the cost of administration and investment of the pension plan and the pension fund; (m) the circumstances in which the pension plan may be wound up and the method by which the assets of the pension fund are to be allocated consequent on such winding up; (n) the method for allocation of gains and losses in a defined contribution plan; (o) the obligation of the administrator to provide members with information, and documents required by or under this Act, to be disclosed; (p) the method of receiving or transferring a member’s accrued pension benefit from or to other pension plans; 19 (q) the treatment of surplus during the existence of the pension plan and on the winding up of the pension plan; (r) particulars of any predecessor pension plan under which members of the pension plan may be entitled to pension benefits; and (s) such other information as may be prescribed by regulations or required by the Supervisor. (2) As regards a defined benefit pension plan, the most recent valuation report shall set out, on the basis of a going concern valuation– (a) the normal cost in the year of registration of the plan (“the initial year”) and the formula for computing normal cost in subsequent years up to the scheduled date of the next such valuation report (“subsequent years”); (b) an estimate of the normal cost in each of the subsequent years up to the date of the next (c) a calculation of the employer’s required contributions in each of the initial year and the subsequent years in accordance with Section 32(3); (d) estimated total employee contributions, if any, during each of the initial year and subsequent years up to the date of the next report; (e) the past service unfunded liability or surplus, if any, as at the initial valuation date; (f) where there is a past service unfunded liability, the special payments required to 20 amortize it over a term not exceeding fifteen years; (g) information respecting escalated adjustments, if any; and (h) such other information that may be required by the Supervisor. (3) If the actuary is of the opinion that there is a solvency deficiency, the report shall also set out, on the basis of a solvency valuation– (a) the amount of the solvency deficiency and the special payments needed to amortize it over a term not exceeding five years; an (b) whether the transfer ratio is less than 1.00 and if it is, the transfer ratio. (4) Where a pension plan is established pursuant to a trust deed or agreement, the documents constituting such agreement shall set out the powers and duties of the trustees.