Canadian Forces Superannuation Regulations

70 (1) Any application for revocation of an option must be sent in writing to the Minister or to the person designated by the Minister for that purpose.

(2) The option is revoked on the day on which the application for revocation is sent in accordance with subsection (1).

(3) A contributor who revokes their option under subsection (2), must not exercise a new option in favour of the elective beneficiary of the option that was revoked, except in the following circumstances:

• (a) the contributor received, in writing, from a member of the Canadian Forces or a person employed in the public service whose ordinary duties included the giving of advice respecting the options, materially erroneous or misleading information regarding the amount of the reduction of the contributor’s annuity or annual allowance or the amount of the immediate annual allowance to which the elective beneficiary would be entitled; or

• (b) the amount of the annuity or annual allowance that is payable to the contributor is adjusted in accordance with the Pension Benefits Division Act after the day on which the revoked option was exercised.

(4) A new option in favour of the elective beneficiary of the option that was revoked must be exercised in writing and must

• (a) indicate which of the reductions referred to in paragraph 58(a) is applicable;

• (b) be signed by the contributor and a witness, other than the elective beneficiary, and bear the date of the contributor’s signature;

• (c) be included with the application for revocation referred to in subsection (1); and

• (d) be sent within three months after the day on which

  • (i) a written notice containing the correct information is sent to the contributor, or

  • (ii) the annuity or annual allowance is adjusted in accordance with the Pension Benefits Division Act.

(5) That new option is exercised on the day on which it is sent with the application for revocation referred to in subsection (1).