Surplus ongoing plan

(1) When approving a payment of surplus under section 51(2) of the Act, the Supervisor shall consider the following factorsplan. CAP. 30:01. (a) the terms of the trust deed, the historic trust deeds and other plan documents must provide for payment of surplus from an ongoing (b) the offers made by the employer and any counter-offers made by plan members; (c) whether surplus assets have been or can be used to improve the benefits of members and other persons entitled to benefits from the plan, in particular by providing escalated adjustments due to inflation; (d) whether an adequate margin for benefit security has been provided for within the plan; (e) the fairness of the proposed method of distribution between all groups of members and other persons entitled to benefits from the plan; and Private Pensions 67 (f) the historic levels of contributions made by employees and employers to the plan. (2) A registered trade union shall represent any members or other persons entitled to benefits from the plan who are members of the registered trade union, but shall not represent any person not entitled to vote on the leadership of the registered trade union. (3) A representative group of members and other persons entitled to benefits from the plan who are not represented by a registered trade union may apply to the Supervisor to represent such persons in negotiating a written agreement with the employer or representing the members and other persons entitled to a benefit before an arbitrator. (4) The Supervisor may appoint the group of members and other persons entitled to benefits from the plan with the greatest amount of support from the members and other persons entitled to benefits from the plan, and shall hold an election if multiple groups come forward. (5) The representative group of members and other persons entitled to benefits from the plan are entitled to a reasonable amount of professional costs from the pension plan, and shall pass their accounts with the Supervisor. (6) The administrator of an ongoing plan where the employer has applied for a share of surplus shall provide written notice to all members and other persons entitled to benefits from the plan that include the following information– (a) the name of the pension plan and its registration number; (b) the valuation date of the report provided with the application and the amount of surplus in the pension plan; 68 Private Pensions (c) the amount of surplus withdrawal requested; (d) a statement that submissions in respect of the application may be made in writing to the Supervisor within thirty days after receipt of the notice; (e) the contractual authority, if any, for surplus withdrawals; and (f) notice that copies of the report and certificates filed with the Supervisor in support of the surplus request are available for review at the offices of the employer and information on how copies of the report may be obtained. (7) Upon Supervisor approval under section 52(5) of the Act, the administrator shall provide each person entitled to a share of surplus from the plan a statement with the following CAP. 30:01. (a) the name of the pension plan and its registration number; (b) the name and date of birth of the member, former member or retired member; (c) the method of distributing the surplus assets; (d) the formula for allocating the surplus among the plan beneficiaries; (e) an estimate of the amount allocated to the person; (f) the options available to the person concerning the method for distributing the amount allocated to the person and the period within Private Pensions 69 which any election respecting the options must be made; (g) the method of distribution that will be used, if an election is not made within the specified period; and (h) the name and details of the person to be contacted with respect to any questions arising out of the statement.