Module 4

What is the primary focus of pension standards legislation in Canada?

In Canada, who regulates the Pension Standards Legislation (PSL)?

Which function is NOT associated with the Agreement Respecting Multi-Jurisdictional Pension Plans (MJPP Agreement)?

What happens to pension plans operating in multiple jurisdictions regarding funding standards?

Which aspect of pension plans does the Income Tax Act primarily focus on?

What is one of the main functions of pension standards legislation in Canada?

What is the primary reason an employer might find 'buy-out' annuities attractive in the context of a DB pension plan?

What happens when an employer purchases 'buy-in' annuities from an insurance company in the context of a DB pension plan?

Why might an actuary advise an employer about taking a contribution holiday in a DB pension plan?

What is a key difference between 'buy-in' and 'buy-out' annuities in the context of a DB pension plan?

What happens to an employer's responsibility for pension payments when 'buy-out' annuities are purchased in a DB pension plan?

What is a critical consideration for an actuary when advising on a contribution holiday in a DB pension plan?

What must employers do with employee contributions under pension standards legislation?

How is the interest rate on employee contributions calculated for DC pension plans?

In the context of a DB pension plan valuation, what does the 'solvency' basis assess?

Why might a 'contribution holiday' occur in a DB pension plan?

What happens when a DB pension plan is valued on an 'ongoing' basis?

How does pension standards legislation typically treat pension credits during a divorce?

What determines benefit entitlements for spouses under pension standards legislation?

Why are DB plans required to be prefunded under pension standards legislation?

What circumstances may qualify for unlocking locked-in vehicles due to financial hardship?

In what situation is spousal consent usually required for unlocking pension funds?

Under pension standards legislation, what must contributory defined benefit (DB) plan sponsors do in terms of cost sharing?

What is the '50% rule' in relation to contributory DB pension plans?

In what situation may a DB pension plan member have excess contributions under the minimum employer contribution rule?

Which option is available to a DB pension plan member with excess contributions as determined by the minimum employer contribution rule?

What approach does most pension standards legislation take towards providing inflation protection to DB pension plan members?

When can plan sponsors allow portability for defined contribution (DC) plan members?

What is the primary reason for allowing portability out of DC plans?

Which option describes how individuals in some jurisdictions may access funds in locked-in vehicles during financial hardship?

According to CAPSA's efforts for uniform pension legislation in Canada, which significant event occurred in 2008?

In pension plan eligibility as per pension standards legislation, what is the minimum employment period required for full-time employees to join a plan?

What is a common employer option allowed by pension standards legislation for plan members beyond normal retirement age (NRA)?

Under pension standards legislation, what typically happens to death benefits before pension commencement in a Defined Benefit (DB) plan?

What is the general requirement under pension standards legislation for death benefits after pension commencement in a Defined Contribution (DC) plan?

Which factor does the requirement for nondiscrimination by gender affect in pension plans as per pension standards legislation?

Regarding portability rights under pension standards legislation, what is NOT a locked-in vehicle available to terminating plan members?

In terms of normal retirement ages set by different jurisdictions, which province places a specific restriction on the normal retirement age?

What factor determines when members gain ownership rights to their pension benefits under pension standards legislation?

Which option is available to employers under pension standards legislation regarding plan rules for members who remain employed beyond normal retirement age?

Buy-in annuities mean the employer is no longer legally obligated for the benefits of DB plan members and beneficiaries.

Buy-out annuities allow the employer to shift the financial risk and responsibility of pension payments to insurance companies.

An actuary can advise on a contribution holiday without considering specific rules related to the plan's funding.

DB pension plans are not required to be prefunded under pension standards legislation.

Purchasing 'buy-out' annuities means the employer remains legally obligated for pension payments.

A 'buy-in' annuity helps eliminate risks associated with maintaining a DB pension plan.

Insurance companies reimburse plan administrators for monthly payments in buy-out annuities.

DB plan sponsors are not required to consider cost sharing under pension standards legislation.

'Buy-out' annuities may attract employers due to the ability to reduce or eliminate risks tied to maintaining a DB pension plan.

The primary reason for allowing 'buy-in' annuities in a DB pension plan is to shift responsibility for pension payments to insurance companies.