Successor employer

The requirements in accordance with which a transfer of assets made under section 52(4) of the Act are thatCAP. 30:01. (a) in the case of a defined contribution pension plan, the full value of the defined contribution accounts of the employees who become employees of the successor employer shall be transferred; (b) in the case of a defined benefit pension plan, the assets transferred shall be an amount equal to the solvency assets of the plan multiplied by the proportion that the solvency liabilities of the transferring members bears to the total solvency liabilities of the plan at the date of the transfer; (c) a transfer report, approved by the Supervisor, prepared and certified in the case– (i) of a defined benefit pension plan, by an actuary; or Private Pensions 61 (ii) where all pension benefits are defined contribution benefits or the pension plan is an insured plan and does not require any contributions to be made by employees, by an accountant or by a trust corporation responsible for administering the pension plan or fund, shall be filed with the Supervisor; (d) where the liabilities and related assets of the transferring members are transferred to a successor plan having existing members, the Supervisor shall not approve a transfer report until he is satisfied that the treatment of ongoing funding and surplus in both plans is equitable among all members concerned in the affected plans; and (e) notice of the transfer shall be given to members and former members of the prior plan and to the members and former members, if any, of the successor plan, disclosing the funded ratios on a going concern and on a plan wind up basis of both the prior plan and the