Section 59Part 9 — Termination and Winding Up
Winding up order by the Director
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The Director may, by order, require the termination and winding up of a pension plan in whole or in part if —
there is a cessation or suspension of employees' contributions to the pension fund;
the employer fails to make contributions to the pension fund as required by this Act or regulations;
the employer is bankrupt within the meaning of the Bankruptcy Act (1997 Revision);
a significant number of members of the pension plan cease to be employed by the employer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganisation of the business of the employer;
in the case of a multi-employer pension plan —
there is a significant reduction of the number of members; or
there is a cessation of contributions under the pension plan or a significant reduction in such contributions; or
any other prescribed event or circumstance occurs.
In an order under subsection (1), the Director shall specify —
the date of the winding up;
the person or class of persons to whom the administrator shall give notice of the order; and
the information that shall be given in the notice.
Cross References
- Section of Bankruptcy Act
Bankruptcy Act (1997 Revision)