As such, the administrator must comply the prescribed requirements applicable to the payment of lump sums from the Plan, including the applicable Directives of the Superintendent in relation to portability transfers and annuity purchases.

Letters of Credit

Minimum funding requirements in respect of solvency deficiencies that otherwise require monthly contributions to the pension fund may be met, in the alternative, by establishing an irrevocable letter of credit subject to the conditions established by the Act. Required solvency special payments in excess of those met by a letter of credit must be met by monthly contributions to the pension fund.