Successor plan

The terms and conditions to which transfers of assets under section 53 of the Act are subject 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 62 Private Pensions to the aggregate of the accrued benefits of the transferring members valued, for each member, on the greater of– (i) the going concern basis, using the salary projections and other assumptions that were used in the most recently filed actuarial valuation report; or (ii) the solvency basis, using the assumptions that were used in the most recently filed actuarial report, and if there are insufficient assets in the existing pension plan, the shortfall shall be paid by the employer to the successor pension plan on the date of 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 (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 Private Pensions 63 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 existing 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 existing plan and the