Plan amendment reducing benefits

(1) The Supervisor may approve an amendment reducing accrued benefits pursuant to section 9(2) of the Act if all of the following conditions are metCAP. 30:01. (a) the accrued benefits being reduced are defined (b) the plan documents permit a reducing (c) the proposed amendment is even handed between members and former members; (d) the and have considered alternatives such as increasing contribution rates and reducing future benefits accruals, and adopted them to the extent possible; (e) the amendment substantially improves the long term viability of the pension plan; (f) required notice has been given; and (g) the members and former members have consented to the amendment. (2) In accordance with section 8 of the Act, a notice for an amendment to reduce accrued benefits shall also include the following informationCAP. 30:01. (a) the information set out in subregulation (1)(a) to (e); (b) an objection form; and (c) a statement that, if at least half the members and former members object to the amendment 20 Private Pensions within 30 days, the proposed amendment will be rejected. (3) The members and former members shall have 30 days to send a signed notice of objection to the administrator. (4) Within 15 days of the expiry of the 30 day period, the administrator shall file a certified Certificate of Consent reporting the number and percentage of notices of objections received by the administrator. (5) The administrator shall retain all notices of objection received for at least one year following the expiry of the 30 day period.