Canada Gazette, Part I, Volume 146, Number 43: GOVERNMENT NOTICES

October 27, 2012

BANK OF CANADA

AMENDMENTS TO THE BANK OF CANADA PENSION PLAN (BY-LAW 15) AND AMENDMENTS TO THE SUPPLEMENTARY PENSION ARRANGEMENT (BY-LAW 18)

CERTIFICATE

I, Jeremy Farr, General Counsel and Corporate Secretary of the Bank of Canada, hereby certify that, pursuant to subsection 15(2) of the Bank of Canada Act, By-laws 15 and 18 of the Bank of Canada have been duly amended by the Board of Directors of the Bank on September 19, 2012, as set out below, and that such amendments have not been amended or rescinded since that date.

Ottawa, September 28, 2012

JEREMY FARR
General Counsel and Corporate Secretary

BY-LAW 15 — BANK OF CANADA PENSION PLAN (THE “PLAN”)

The Plan is amended, effective July 12, 2010, as follows by

1. adding the following paragraph 11.2.4 immediately following paragraph 11.2.3:

“11.2.4 Adjustment of Joint and Survivor Pension Benefit

Effective July 12, 2010, in the event that no part of a pension benefit of a member is required to be distributed to that person’s spouse or former spouse in accordance with paragraph 11.2.2, a joint and survivor pension benefit in pay pursuant to paragraph 7.3.1 may be adjusted so that it becomes payable to the member at the date of adjustment as though the member had not had a spouse on the pension benefit commencement date.”

2. deleting subsection 14.1 and replacing it by the following:

“14.1 RIGHT TO AMEND OR WIND-UP

While the Bank intends to continue the Plan indefinitely, it necessarily must and does reserve the right to amend or wind-up the Plan in whole should future conditions, in the opinion of the Bank, warrant such action.

The wind-up of the Plan in whole constitutes an amendment to the Plan.”

3. deleting subsection 14.2 and replacing it by the following:

“14.2 NO REDUCTION IN BENEFITS

Except as may be required to avoid revocation of the registration of the Plan by the Minister of National Revenue, no amendment or wind-up of the Plan in whole shall have the effect of reducing

  • (a) pension benefits accrued prior to the date of such amendment, or
  • (b) pension benefit credits relating to pension benefits accrued prior to the date of amendment

unless permission is given by the Superintendent.”

4. deleting subsection 14.6 and replacing it by the following:

“14.6 PARTIAL WIND-UP OF THE PLAN

Up to July 11, 2010, if the Plan was wound-up in part, the rights of the members affected shall not be less than what they would be if the whole of the Plan were wound-up at the same time.”

The Plan is amended, effective December 15, 2010, as follows by

5. amending paragraph 6.2.2 as follows:

  • (a) deleting “If” at the beginning of paragraph 6.2.2; and
  • (b) adding “For transfers occurring before December 15, 2010, if” at the beginning of paragraph 6.2.2.

6. deleting paragraph 13.3.1 and its title and replacing them by the following:

“13.3.1 Explanation to Active Members and to their Spouses

Effective December 15, 2010, the Administrator will provide to active members and their spouses, and to each employee who is eligible to join the Plan, a written explanation of the provisions of the Plan, and any applicable amendments thereto, delivered within the prescribed period of the adoption of such amendment.

Any such written explanation required to be provided to the active member and to the active member’s spouse shall be addressed to both of them and delivered to the active member.”

The Plan is amended, effective April 1, 2011, as follows by

7. deleting paragraph 13.3.2 and replacing it by the following:

“13.3.2 Statements

Effective April 1, 2011, within the prescribed period after the end of each calendar year the Administrator will provide each active member and each active member’s spouse a written statement showing the active member’s pension benefit entitlements and such other information as prescribed, as well as each member that is no longer an active member, as prescribed, and their spouse with a written statement showing such information as is prescribed.

Effective April 1, 2011, if a member ceases to be an active member or if the Plan is terminated in part, the Administrator will give to that member and to the member’s spouse (or, in the case of the member’s death, if there is no spouse, to the member’s designated beneficiary if the Administrator has been notified of the designation, or, in every other case, to the executor, administrator or liquidator of the member’s estate or succession) a written statement in the form prescribed under the PBSA and delivered within the prescribed period after the date of ceasing to be an active member, or such longer period as the Superintendent may allow.

Any such statement required to be provided to the member and to the member’s spouse shall be addressed to both of them and delivered to the member.”

8. deleting paragraph 13.3.3 and replacing it by the following:

“13.3.3 Rights to Examine Documents

Effective April 1, 2011, each member and every other person entitled to pension benefits under the Plan, as prescribed, and their spouse may, once in each calendar year, either personally or by an agent or mandatary authorized in writing for that purpose, examine at the Bank’s head office, or such other place as is agreed to by the Administrator and the person concerned,

  • (a) a copy of the Plan or of any amendment thereto, or
  • (b) a copy of any report filed with the Superintendent at any time after December 31, 1986, including
    • (i) information returns,
    • (ii) information on the source of funds and application of gains,
    • (iii) actuarial reports,
    • (iv) financial statements, and
    • (v) any other report or statement as prescribed
  • and may order, in writing, a photocopy of any such documents, on condition of payment of such reasonable fee as the Administrator may fix.”

The Plan is amended, effective July 1, 2011, as follows by

9. deleting the title of subsection 6.3 and replacing it by “REFUNDS”.

10. deleting paragraph 6.3.1 and replacing it by the following:

“6.3.1 Less Than Two Years of Membership

(a) Notwithstanding paragraph 6.2.1, effective July 1, 2011, a member entitled to a deferred pension benefit pursuant to subsection 6.1 who has not been a member of the Plan for at least two years at the date of termination of employment may elect, in lieu of the benefits otherwise payable under the Plan,to receivea single payment equal to the member’s pension benefit credit.

  • (b) If any portion of the member’s pension benefit credit is comprised of locked-in funds transferred into the Plan and the member elects to receive a single payment pursuant to subparagraph (a), then
    • (i) the single payment shall exclude the portion of the pension benefit credit in respect of the locked-in funds, and
    • (ii) the member must transfer the portion of the pension benefit credit in respect of the locked-in funds according to the options described in paragraph 6.2.1.”

11. amending paragraph 6.3.2 as follows:

  • (a) deleting “A” at the beginning of paragraph 6.3.2; and
  • (b) adding “Up to June 30, 2011, a” at the beginning of paragraph 6.3.2.

12. amending paragraph 6.3.3 as follows:

  • (a) deleting “A” at the beginning of paragraph 6.3.3; and
  • (b) adding “Up to June 30, 2011, a” at the beginning of paragraph 6.3.3.

13. deleting paragraph 7.1.1 and replacing it by the following:

“7.1.1 Eligibility

For a death occurring on or after July 1, 2011, upon the death of a member prior to the date the member retires, the member’s spouse and each dependant of the member, not exceeding three dependants at any point in time, shall be entitled to an immediate pension benefit computed according to paragraphs 7.1.2 (or paragraph 17.4.1, for a grandfathered member), 7.1.3 and 7.1.5, subject to the limitations and exclusions set out in paragraph 7.1.5 as well as any prescribed limitations.”

14. deleting paragraph 7.1.3 and its title and replacing them by the following:

“7.1.3 Minimum Spouse’s and Dependant’s Pension Benefit Credit

For a death occurring on or after July 1, 2011, the pension benefits computed according to paragraph 7.1.2, paragraph 7.1.5 or paragraph 17.4.1 (for a grandfathered member) will be increased, if necessary, so that the spouse’s pension benefit credit or, where there is no spouse, the total pension benefit credit payable to the dependant(s), will equal the member’s pension benefit credit computed as if the member had terminated employment at the member’s date of death and had not died.”

15. deleting paragraph 7.1.4 and replacing it by the following:

“7.1.4 Transfer of Spouse’s Pension Benefit Credit

For a death occurring on or after July 1, 2011, the member’s spouse may elect, in lieu of the spouse’s lifetime pension benefit otherwise payable, to transfer an amount equal to the member’s pension benefit credit, computed as if the member had terminated employment at the member’s date of death and not died, to

  • (a) the pension fund of another registered pension plan for the benefit of the spouse, if the other plan accepts such payment,
  • (b) a locked-in registered retirement savings plan for the spouse of the kind prescribed, or
  • (c) a corporation authorized to undertake life insurance in Canada to purchase for the spouse a lifetime pension benefit of the kind prescribed that will commence to be paid prior to the end of the year in which the spouse attains age seventy-one years or such other age as prescribed by the Income Tax Act from time to time.”

16. deleting paragraph 7.1.5 and replacing it by the following:

“7.1.5 Amount of Dependant’s Pension Benefit

  • (a) For a death occurring on or after July 1, 2011, the pension benefit payable to each dependant pursuant to paragraph 7.1.1 shall equal one-sixth of the amount of the pension benefit to which a spouse is entitled, computed according to paragraph 7.1.2 (or paragraph 17.4.1, for a grandfathered member) or 7.1.3, as applicable, or if there is not a spouse, twice the amount otherwise payable, subject to the limitations and exclusions set out in paragraph 7.1.5 and any other prescribed limitation.
  • (b) If a member is survived at any point in time by more than three dependants, a dependant’s entitlement at that time to a pension benefit shall be according to the order of birth, from first to last born.
  • (c) A dependant entitled to a pension benefit shall cease to be entitled to such pension benefit at the earlier of the date of death of the dependant or the date on which the dependant ceases to be a dependant.
  • (d) For the death of a member occurring on or after July 1, 2011, and prior to the date the member retires, notwithstanding anything to the contrary in this paragraph and in the Plan, if the spouse’s pension benefit is increased pursuant to paragraph 7.1.3, and the member has at least one dependant as of the date of death, a pension benefit shall be paid to the dependant in the manner described in this paragraph 7.1.5, but only if the surviving spouse’sadjusted pension benefit does not exceed sixty-six and two-thirds per cent of the greater of (i) and (ii)
    • (i) the lesser of
      • A. the lifetime pension benefit that could reasonably be expected to have accrued to the member to the day on which the member would have attained 65 years of age if the member had survived to that day and continued in employment and if the member’s rate of salary had not increased after the member’s date of death; and
      • B. one hundred fifty percent of the Year’s Maximum Pensionable Earnings for the calendar year in which the member dies;
    • (ii) the lifetime pension benefit accrued by the member, on the date of his death.
  • (e) For the death of a member occurring on or after July 1, 2011, and prior to the date the member retires, notwithstanding anything to the contrary in this paragraph 7.1.5 and in the Plan, in the event a member dies without a spouse and the member has solely designated one or several of his dependant(s) as beneficiary(ies), if such beneficiary’s (ies’) pension benefit is increased pursuant to paragraph 7.1.3, a pension benefit shall be paid to such dependant(s) (subject to the maximum set out in paragraph 7.1.5(b)) in the manner described in this paragraph 7.1.5, but only if each dependant’sadjusted pension benefit does not exceed sixty-six and two-thirds per cent of the greater of (i) and (ii), and where there is more than one dependant, the total of the dependants’adjusted pension benefits does not exceed one hundred percent of the greater of (i) and (ii):
    • (i) the lesser of
      • A. the lifetime pension benefit that could reasonably be expected to have accrued to the member to the day on which the member would have attained 65 years of age if the member had survived to that day and continued in employment and if the member’s rate of salary had not increased after the member’s date of death; and
      • B. one hundred fifty percent of the Year’s Maximum Pensionable Earnings for the calendar year in which the member dies;
    • (ii) the lifetime pension benefit accrued by the member, on the date of his death.

Such dependant(s) may elect, in lieu of the pension benefit, to receive an amount equal to their respective share of the member’s pension benefit credit in the form of a lump sum payment.”

17. deleting paragraph 7.5.1 and replacing it by the following:

“7.5.1 For Pre-Retirement Survivor Benefits

For deaths occurring on or after July 1, 2011, subject to subparagraph 17.4.2(b) (for a grandfathered member),

  • (a) if no pension benefit is payable under paragraph 7.1.1, a single payment, equal to the aggregate of
    • (i) the sum of the deceased member’s net contribution account, if positive, in respect of the deceased member’s pensionable service prior to 2012 (other than pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service is before or after January 1, 2012), and accrued interest up to the beginning of the month in which such payment is made; and
    • (ii) the deceased member’s pension benefit credit at the time of the member’s death computed as if the member had terminated employment at the deceased member’s date of death and had not died, in respect of the member’s pensionable service after 2011 (and in respect of pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012);
  • will be paid as soon as practicable to the deceased member’s designated beneficiary or estate, as applicable. The sum payable under this paragraph 7.5.1(a) will be increased, if necessary, so that it is equal to the member’s pension benefit credit computed as if the member had terminated employment at the member’s date of death and had not died; and
  • (b) if all pension benefits which have been or could become payable under paragraph 7.1.1 arising out of the pensionable service of a deceased member have ceased, a single payment will be paid as soon as practicable to the member’s designated beneficiary or estate, as applicable, equal to the sum of the member’s net contribution account, if positive, in respect of all of the deceased member’s pensionable service, which includes, for greater certainty, pensionable service prior to 2012 and after 2011, and accrued interest up to the beginning of the month in which such payment is made.”

18. deleting subparagraph 17.4.2(b) and replacing it by the following:

  • “(b) For a grandfathered member, if no pension benefit is payable or if all pension benefits which have been or could become payable arising out of the pensionable service of such a deceased grandfathered member have ceased, a single payment will be paid as soon as practicable to such deceased grandfathered member’s designated beneficiary or estate, as applicable, equal to the sum of the deceased grandfathered member’s net contribution account, if positive, in respect of all of the grandfathered member’s pensionable service which includes, for greater certainty, pensionable service prior to 2012 and after 2011, and accrued interest up to the beginning of the month in which such payment is made. For the death of a grandfatheredmember occurring on or after July 1, 2011, in the event of the death of a grandfathered member prior to the date the grandfathered member retires and where paragraph 7.1.1 does not apply, the sum payable under this subparagraph 17.4.2(b) will be increased, if necessary, so that it is equal to the grandfathered member’s pension benefit credit computed as if the grandfathered member had terminated employment at the grandfathered member’s date of death and had not died.”

The Plan is amended, effective January 1, 2012, as follows by

19. adding the following immediately before “The Plan shall be interpreted in the context of this “INTRODUCTION” Section.” in the “INTRODUCTION” section of the Plan:

“The Plan is once again amended, effective January 1, 2012 (except where another effective date is specifically provided by the Plan), to (among other things) change certain provisions relating to pre-retirement death benefits, make adjustments to pensionable age provisions for split-service members, make sundry changes required as a result of amendments to the PBSA pursuant to the provisions of Bill C-9 and Bill C-47 and which come into effect on various dates, and to make changes to plan termination provisions. For greater certainty, these Plan amendments do not apply to the determination of pension benefits, pension benefit credits, pensionable service and credited service accrued prior to January 1, 2012, unless otherwise specifically provided by the Plan and permitted by the PBSA (among other things, the references throughout the Plan to partial wind-ups of the Plan by the Bank were removed effective July 12, 2010.) Unless stated otherwise, the amount or the value of the pension benefit or pension benefit credit of members whose pensionable service or credited service terminated before January 1, 2012, are determined by the terms of the Plan that were in effect at the time of that event.”

20. adding “Subject to subsection 14.7,” at the beginning of paragraph 1.2.1.

21. amending paragraph 1.2.2 as follows:

  • (a) deleting “The” at the beginning of paragraph 1.2.2; and
  • (b) adding “Subject to subsection 14.7, the” at the beginning of paragraph 1.2.2.

22. amending subsection 1.3 as follows:

  • (a) deleting “The” at the beginning of subsection 1.3; and
  • (b) adding “Subject to subsection 14.7, the” at the beginning of subsection 1.3.

23. adding the following subparagraph 5.5(e) immediately following subparagraph 5.5(d):

  • “(e) for a split-service member electing retirement before pensionable age in accordance with subsection 5.3, eligibility to an immediate pension benefit as described in paragraph 5.3.1 is attained at any time in the ten-year period preceding the split-service member’s deemed pensionable age described in subparagraph 5.5(a) with respect to all of his pensionable service and credited service. However, notwithstanding the foregoing, the actuarial reduction factor specified in paragraphs 5.3.2 and 5.3.3 will apply using the pensionable age described in subparagraph 5.5(a) for pensionable service and credited service prior to January 1, 2012, and using the pensionable age described in subparagraph 5.5(b) for pensionable service and credited service after December 31, 2011.”

24. adding “subject to subsection 5.5 (if applicable),” immediately following “pursuant to paragraph 6.1.1 may elect,” in paragraph 6.1.3.

25. deleting subsection 6.2.1 and replacing it by the following:

“6.2.1 Optional Transfer

A member entitled to a deferred pension benefit pursuant to subsection 6.1 who is not eligible for an immediate pension benefit pursuant to Section Five may elect, in lieu of the benefits otherwise payable, that the member’s pension benefit credit be transferred to

  • (a) the pension fund of another registered pension plan for the benefit of the member, if the other plan accepts such payment,
  • (b) a locked-in registeredretirement savings arrangement for the member of the kind prescribed,or
  • (c) a corporation authorized to undertake life insurance in Canada to purchase for the member a lifetime pension benefit of the kind prescribed that will commence to be paid prior to the end of the year in which the member attains age seventy-one years or such other age as prescribed by the Income Tax Act from time to time.

Notwithstanding the foregoing, a split-service member entitled to a deferred pension benefit pursuant to subsection 6.1 may elect, in lieu of the benefits otherwise payable, that the split-service member’s pension benefit credit be transferred to one of the vehicles in subparagraphs (a), (b) or (c) above up to age fifty-five at the time of termination of employment or age fifty having attained thirty years of pensionable service at the time of termination of employment, whichever occurs first, even if the split-service member is eligible for an immediate pension benefit pursuant to Section Five.”

26. deleting paragraph 7.1.2 and replacing it by the following:

“7.1.2 Amount of Spouse’s Lifetime Pension Benefit

Subject to paragraph 17.4.1 (for a grandfathered member),

  • (a) if the member was an active member at the date of death, the annual lifetime pension benefit payable to the member’s spouse pursuant to paragraph 7.1.1 shall be equal to the greater of
    • A. the sum of
      • (I) sixty per cent of the amount computed at the member’s date of death according to subparagraph 5.1.2(a) in respect of the member’s pensionable service prior to 1992, and
      • (II) sixty-six and two-thirds per cent of the member’s annual lifetime pension benefit computed at the member’s date of death according to paragraph 5.1.2 in respect of the member’s pensionable service after 1991; and
    • B. sixty-six and two-thirds per cent of the projected annual lifetime pension benefit that would be payable to the member upon retirement at age sixty-five years, but not exceeding the Year’s Maximum Pensionable Earnings for the year of death of the member, had the member remained in employment with the Bank to that age and had the member’s salary, expressed as an annual rate, not increased; and
  • (b) if the member was not an active member at the date of death, the annual lifetime pension benefit payable to a member’s spouse pursuant to paragraph 7.1.1 shall be equal to the sum of
    • (i) sixty per cent of the amount computed at the member’s date of death according to subparagraph 5.1.2(a) in respect of the member’s pensionable service prior
      to 1992; and
    • (ii) sixty-six and two-thirds per cent of the member’sannual lifetime pension benefit computed at the member’sdate of death according to paragraph 5.1.2 in respect of the member’s pensionable service after 1991.”

27. deleting subsection 10.2 and its title and replacing them by the following:

“10.2 COMMUTATION OF SMALL BENEFITS

For transfers occurring on or after January 1, 2012, if the member’s pension benefit credit is less than twenty per cent of the Year’s Maximum Pensionable Earnings for the calendar year in which the member terminates employment other than by retirement or by death, the pension benefit credit will be paid to the member, or surviving spouse and dependants in the event of death, in lieu of any other benefits under the Plan.

For transfers occurring on or after January 1, 2012, if the member’s pension benefit credit is less than twenty per cent of the Year’s Maximum Pensionable Earnings for the calendar year in which the member terminates employment by retirement or by death, the member may elect to receive the pension benefit credit in lieu of any other benefits under the Plan.”

28. deleting the title of section 14 and replacing it by “AMENDMENT OR TERMINATION”.

29. deleting subsection 14.1 and replacing it by the following:

“14.1 RIGHT TO AMEND OR TERMINATE

While the Bank intends to continue the Plan indefinitely, it necessarily must and does reserve the right to amend or terminate the Plan in whole should future conditions, in the opinion of the Bank, warrant such action.

The termination of the Plan in whole constitutes an amendment to the Plan.”

30. deleting subsection 14.2 and replacing it by the following:

“14.2 NO REDUCTION IN BENEFITS

Except as may be required to avoid revocation of the registration of the Plan by the Minister of National Revenue, no amendment or termination of the Plan in whole shall have the effect of reducing

  • (a) pension benefits accrued prior to the date of such amendment, or
  • (b) pension benefit credits relating to pension benefits accrued prior to the date of amendment

unless permission is given by the Superintendent.”

31. deleting subsection 14.4 and its title and replacing them by the following:

“14.4 WITHDRAWAL OF SURPLUS ON PLAN TERMINATION

If the Plan is terminated, any assets of the Trust Fund remaining after the satisfaction of all liabilities under the Plan shall be paid to the Bank, subject to the approval of the Minister of National Revenue and the Superintendent, and provided such payment is made in the manner prescribed.”

32. deleting subsection 14.5 and renumbering the following subsections of section 14 accordingly.

33. deleting renumbered subsection 14.6 and replacing it by the following:

“14.6 REPORT TO SUPERINTENDENT

Upon termination of the Plan, in whole or in part, a report will be prepared by an actuary setting out the information prescribed.

Assets of the Trust Fund may not be applied toward the provision of any benefit until the Superintendent has approved the report except that the Administrator of the Plan may direct the payment of pension benefits and refunds of contributions as they fall due.”

34. adding the following subsection 14.7 immediately following renumbered subsection 14.6:

“14.7 PENSIONABLE SERVICE, CREDITED SERVICE AND AVERAGE SALARY ON PLAN TERMINATION

For the purpose of determining a member’s entitlements under the Plan upon termination of the Plan, a member’s pensionable service and credited service shall cease, at the latest, on the date of termination of the Plan.

Furthermore, for the purpose of determining a member’s entitlements under the Plan upon termination of the Plan, the member’s average salary as of the date of termination of the Plan will be used to calculate any entitlement under the Plan.”

35. deleting paragraph 17.4.1 and replacing it by the following:

“17.4.1 Amount of Spouse’s Lifetime Pre-Retirement Survivor Benefit

  • (a) If the grandfathered member was an active member at the date of death, the annual lifetime pension benefit payable to the grandfathered member’s spouse pursuant to paragraph 7.1.1 shall be determined according to subparagraph 7.1.2(a) and paragraph 7.1.3 in respect of all of the grandfathered member’s pensionable service which includes, for greater certainty, pensionable service prior to 2012 and after 2011.
  • (b) If the grandfathered member was not an active member at the date of death, the annual lifetime pension benefit payable to the grandfathered member’s spouse pursuant to paragraph 7.1.1 shall equal the amount computed according to subparagraph 7.1.2(b) and paragraph 7.1.3 in respect of all of the grandfathered member’s pensionable service which includes, for greater certainty, pensionable service prior to 2012 and after 2011.”

BY-LAW 18 — SUPPLEMENTARY PENSION ARRANGEMENT (THE “ARRANGEMENT”)

The Arrangement is amended, effective July 1, 2011, as follows by

1. deleting the title of subsection 6.2 and replacing it by “Payment of Supplementary Pension Benefit Credit or Refund”.

2. deleting paragraph 6.2.2 and its title and replacing them by the following:

“6.2.2 Refund

Effective July 1, 2011, any participant entitled to a deferred supplementary pension benefit pursuant to subsection 6.1 may elect, in lieu of the benefits otherwise payable and in conjunction with an election to receive a single payment from the Pension Plan in respect of all or a portion of the participant’s pensionable service pursuant to subsection 6.3 of the Pension Plan, to receive a single payment from the Arrangement equal to the participant’s supplementary pension benefit credit in respect of the same period of pensionable service and accrued interest up to the beginning of the month in which such payment is made.”

3. deleting paragraph 7.5.1 and replacing it by the following:

“7.5.1 For Pre-Retirement Survivor Benefits

For deaths occurring on or after July 1, 2011, if no supplementary pension benefit is payable under subsection 7.1 or if all supplementary pension benefits which have been or could have become payable under subsection 7.1 arising out of the pensionable service of a deceased participant have ceased, a single payment will be paid to the participant’s estate equal to the aggregate of the participant’s supplementary pension benefit credit at the time of the participant’s death, computed as if the participant had terminated employment at the participant’s date of death and had not died, in respect of all of the participant’s pensionable service under the Pension Plan which includes, for greater certainty, pensionable service prior to 2012 and after 2011, plus accrued interest on the resulting amount up to the beginning of the month in which such payment is made and net of the aggregate value of all payments made under subsection 7.1. In no event shall this aggregate be less than the participant’s net supplementary contribution account, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan.”

The Arrangement is amended, effective January 1, 2012, as follows by

4. adding the following subsection 1.1 and renumbering the following subsection “Definitions” 1.2:

“1.1 INTRODUCTION

The Arrangement was amended, effective January 1, 2012 (except where another effective date is specifically provided by the Arrangement), to (among other things) reflect sundry changes made to the Pension Plan. For greater certainty, these amendments to the Arrangement do not apply to the determination of supplementary pension benefits or supplementary pension benefit credits accrued prior to January 1, 2012, unless otherwise specifically provided by the Arrangement.”

5. deleting the last sentence of paragraph 2.1.1 and replacing it by the following:

“Further, any person who is an active member of the Pension Plan on or after January 1, 1992, and as a consequence of such member’s death a pension benefit becomes payable to such member’s spouse or dependants pursuant to subsection 7.1 of the Pension Plan after 1991, which pension benefit is restricted by the limitation in respect of the Year’s Maximum Pensionable Earnings set out in subclause 7.1.2(a)B of the Pension Plan, shall unless already a participant of this Arrangement pursuant to (a) or (b) above, be deemed to be a participant of this Arrangement on the day immediately prior to such person’s date of death.”

6. deleting subsection 3.2 and replacing it by the following:

“3.2 NO WITHDRAWAL OF PARTICIPANT CONTRIBUTIONS

A participant who is an active member of the Pension Plan shall not withdraw any part of the participant’s net supplementary contribution account, except in the event of the termination of the Arrangement.”

7. deleting subsection 7.1 and replacing it by the following:

“7.1 PRE-RETIREMENT SURVIVOR BENEFITS

Subject to applicable legislation regarding beneficiary designations, upon the death of a participant prior to the date the participant retires, the spouse and each dependant of the participant who receives an immediate pension benefit or transfer of a pension benefit credit pursuant to subsection 7.1 of the Pension Plan, shall receive under the Arrangement a supplementary pension benefit or supplementary pension benefit credit, as applicable, equal to the excess of

  • (a) the pension benefit or pension benefit credit, as applicable, calculated pursuant to subsection 7.1 or paragraph 17.4.1 of the Pension Plan but without the limits imposed thereon by Section Nine of the Pension Plan and without reference to the limitation in subclause 7.1.2(a)B of the Pension Plan in respect of the Year’s Maximum Pensionable Earnings,
  • over
  • (b) the actual pension benefit, or pension benefit credit if applicable, payable from the Pension Plan.

The spouse may elect, in conjunction with the spouse’s election to transfer the member’s pension benefit credit pursuant to paragraph 7.1.4 of the Pension Plan and in lieu of the spouse’s lifetime supplementary pension benefit otherwise payable, to receive the participant’s supplementary pension benefit credit from the Arrangement in a lump sum.”

8. deleting subsection 9.2 and replacing it by the following:

“9.2 COMMUTATION OF SMALL PENSIONS

If the annual supplementary lifetime pension benefit of a participant or a deceased participant, as applicable, is less than two percent of the Year’s Maximum Pensionable Earnings for the calendar year in which the participant ceases to be an active member and

  • (a) The participant transfers or withdraws the pension benefit or the pension benefit credit under paragraph 6.2.1, 6.2.2, 6.2.4 or subsection 11.3 of the Pension Plan, or
  • (b) the participant makes an election under paragraph 6.3.1 of the Pension Plan, or
  • (c) the spouse of a deceased participant elects to transfer the pension benefit credit under paragraph 7.1.4 of the Pension Plan, or
  • (d) the participant or the spouse or dependants of a deceased participant, as applicable, receive the pension benefit credit in a lump sum under subsection 10.2 of the Pension Plan,

such participant, spouse or dependants, as applicable, shall receive, in lieu of any other benefits under the Arrangement, the participant’s supplementary pension benefit credit from the Arrangement in a lump sum as a result of an event described in (a), (c) or (d) above, subject to applicable legislation regarding beneficiary designations.”

9. deleting the title for Section Twelve and replacing it by “Amendment or Termination”.

10. deleting subsection 12.1 and its title and replacing them by the following:

“12.1 RIGHT TO AMEND OR TERMINATE

While the Bank intends to continue the Arrangement indefinitely, it necessarily must and does reserve the right to amend or terminate the Arrangement, in whole or in part, should future conditions, in the opinion of the Bank, warrant such action.

The termination of the Arrangement, either in whole or in part, constitutes an amendment to the Arrangement.”

11. deleting subsection 12.2 and replacing it by the following:

“12.2 NO REDUCTION IN BENEFITS

No amendment or termination of the Arrangement, either in whole or in part, shall have the effect of reducing

  • a) supplementary pension benefits accrued prior to the date of such amendment, or
  • b) supplementary pension benefit credits relating to supplementary pension benefits accrued prior to the date of amendment

except, where reductions in pension benefits or pension benefit credits are made to the Pension Plan, comparable reductions shall be made to this Arrangement.”

12. deleting subsection 12.3 and its title and replacing them by the following:

“12.3 RESIDUAL PAYMENTS ON TERMINATION

If the Arrangement is terminated, any balance remaining in the Supplementary Trust Fund following payment of all supplementary pension benefits, if any, which have been or could have become payable under the Arrangement in respect of each participant including the payment of the residual amount, if any, in respect of a participant, as provided in paragraph 6.2.3 or subsection 7.5, as applicable, will be paid to the Bank at the Bank’s direction.”

13. deleting paragraph 14.5(b) and replacing it by the following:

  • “(b) that part of the supplementary pension benefit or supplementary pension benefit credit payable under subsection 7.1 that is attributable to the increase in the supplementary pension benefit under subsection 14.3 shall be calculated without reference to subclause 7.1.2(a)B of the Pension Plan.”

[43-1-o]

DEPARTMENT OF INDUSTRY

CANADA CORPORATIONS ACT

Application for surrender of charter

Notice is hereby given that, pursuant to the provisions of subsection 32(2) of the Canada Corporations Act, an application for surrender of charter was received from
File No. Name of Company Received
307653-9 FONDATION GAUDIUM ET SPES 28/08/2012
774760-8 THOMAS A Think Tank on Mental Peace 17/09/2012
325385-6 UFOLAND 10/09/2012

October 19, 2012

MARCIE GIROUARD
Director
For the Minister of Industry

[43-1-o]

DEPARTMENT OF INDUSTRY

CANADA CORPORATIONS ACT

Supplementary letters patent

Notice is hereby given that, pursuant to the provisions of the Canada Corporations Act, supplementary letters patent have been issued to
File No. Name of Company Date of S.L.P.
448766-4 LITERARY REVIEW OF CANADA 31/08/2012
198165-0 MAX AND TESSIE ZELIKOVITZ FAMILY CHARITABLE FOUNDATION 25/07/2012
448351-1 MENTAL ILLNESS CAREGIVERS ASSOCIATION OF CANADA 21/06/2012
753078-1 PANJAB DIGITAL LIBRARY CANADA 10/09/2012
417677-4 SODRAC 2003 INC. 28/08/2012
196263-9 THE DUKE OF EDINBURGH COMMONWEALTH STUDY CONFERENCES CANADA INC. 05/09/2012

October 19, 2012

MARCIE GIROUARD
Director
For the Minister of Industry

[43-1-o]

DEPARTMENT OF INDUSTRY

CANADA CORPORATIONS ACT

Supplementary letters patent — Name change

Notice is hereby given that, pursuant to the provisions of the Canada Corporations Act, supplementary letters patent have been issued to
File No. Old Name of Company New Name of Company Date of S.L.P.
305865-4 CANADIAN COMMITTEE FOR UNIFEM
COMITE CANADIEN POUR L’UNIFEM 		UN Women Canada National Committee-
Comité National Canada d’ONU Femmes 		19/09/2012
034898-8 CANADIAN ORIENTEERING FEDERATION Orienteering Canada /
Course d’orientation Canada 		12/09/2012
035808-8 CHRISTIAN REFORMED WORLD RELIEF COMMITTEE OF CANADA WORLD RENEW 16/08/2012
405195-5 CONSUMERS COUNCIL OF CANADA FOUNDATION Consumer Education and Research Foundation CERF 06/07/2012
442117-5 ELYSIUM FOUNDATION IMLADRIS FOUNDATION 04/09/2012
243737-6 FRIENDS OF THE POOR (CANADA) INC. Missionaries of the Poor (Canada) Inc. 19/09/2012
234485-8 OVERBROOK-FORBES COMMUNITY SERVICES ASSOCIATION
ASSOCIATION DES SERVICES COMMUNAUTAIRES D’OVERBROOK-FORBES 		The Rideau-Rockliffe Community Resource Centre/
Le centre de ressources communautaires Rideau-Rockliffe 		19/07/2012

October 19, 2012

MARCIE GIROUARD
Director
For the Minister of Industry

[43-1-o]

DEPARTMENT OF PUBLIC SAFETY AND EMERGENCY PREPAREDNESS

CRIMINAL CODE

Designation as fingerprint examiner

Pursuant to subsection 667(5) of the Criminal Code, I hereby designate the following person of the Calgary Police Service as a fingerprint examiner:

Sarah Robison

Ottawa, October 9, 2012

RICHARD WEX
Assistant Deputy Minister
Law Enforcement and Policing Branch

[43-1-o]

DEPARTMENT OF PUBLIC SAFETY AND EMERGENCY PREPAREDNESS

CRIMINAL CODE

Revocation of designation as fingerprint examiner

Pursuant to subsection 667(5) of the Criminal Code, I hereby revoke the designation of the following persons of the Victoria Police Department as fingerprint examiners:

Edward C. Jacobsen
Phyllis A. Senay

Ottawa, October 9, 2012

RICHARD WEX
Assistant Deputy Minister
Law Enforcement and Policing Branch

[43-1-o]