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FCAA is Saskatchewan’s financial and consumer marketplace regulator.
The requirements with respect to the disposal of a business are covered, for the most part, in section 61 of The Pension Benefits Act, 1992 (the PBA).
A successor employer situation occurs when a predecessor employer disposes of all or part of its business, undertaking or assets to a successor employer.
There are four possible treatments of the funds accumulated and the benefits accrued under the predecessor employer's plan:
Subsection 61(3) of the PBA requires that continuous service with both employers must be counted for purposes of plan eligibility under the successor employer's plan and for purposes of vesting and locking-in under either employer's plan.
Without the prior written consent of the Superintendent of Pensions, the assets of a pension plan may not be transferred from one plan to another or released on plan termination.
For more information about successor employers, read the Successor Employer Situations bulletin.