If there is a situation in which members are at risk, likely this wouldn't be the route that the superintendent would take; rather, he would replace the administrator and transfer all the assets out of their control.
The use of this power is very severe, because the revocation of registration actually terminates the whole pension plan. Members' further participation in a PRPP would cease, and it would have to be wound up, unless the superintendent replaces the administrator for the wind-up purposes. But if there is a risk to members, there is no requirement for a length of time that the superintendent has to notify about replacing the administrator, and that would be the action more likely taken.