Your role, powers and responsibilities
As an employer who sponsors a pension plan, you have powers and responsibilities regarding the provisions of your plan and the Supplemental Pension Plans Act.
You also have a role to play, depending on the nature of your involvement in the plan. You may be:
As the employer
You have the right under certain conditions to:
As the employer, your responsibilities include:
- collect the required member contributions and pay them to the plan
- pay the required employer contributions to the plan
- take into account the existence of a collective agreement (if any) that may affect a plan conversion, amendments to the plan or termination of the plan
If your plan involves other employers
- Generally, you cannot act alone to amend or terminate the plan. Those decisions must be taken jointly by all the employers party to the same plan.
- However, you can unilaterally stop participating in the plan. That is not considered to be a plan termination by the withdrawal of an employer.
If you are the plan administrator
You should consult the pertinent information in the section pension plan administration.
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