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Reserve Force Pension Plan Regulations

Version of section 61 from 2016-03-29 to 2024-04-01:

Marginal note:Payment effected by transfer

  •  (1) The payment of a transfer value is effected

    • (a) by transferring any portion that may, in accordance with section 8517 of the Income Tax Regulations, be transferred, at the direction of the former participant, to

      • (i) a pension plan that is registered under the Income Tax Act, if that pension plan so permits,

      • (ii) a retirement savings plan or fund for the former participant that is of the kind prescribed for the purposes of section 26 of the Pension Benefits Standards Act, 1985, or

      • (iii) a financial institution authorized to sell immediate or deferred life annuities, as defined in subsection 2(1) of the Pension Benefits Standards Regulations, 1985, for the purchase from that financial institution of such an annuity for the former participant; and

    • (b) by paying any excess to the former participant.

  • Marginal note:Payment if former participant deceased

    (2) If, after the option for the payment of the transfer value described in section 53 has been exercised but before that payment has been effected, the former participant dies, the following rules apply:

    • (a) the amount that may be transferred shall be paid accordingly and any excess shall be paid

      • (i) to the person who would have been entitled to an annual allowance as a survivor under Division 2 had the option for the payment of a transfer value not been exercised, or

      • (ii) to the former participant’s estate or succession if there is no person who would have been entitled to the annual allowance as a survivor; or

    • (b) if no amount may be transferred, all of the transfer value shall be paid in accordance with subparagraphs (a)(i) and (ii)

  • Marginal note:Apportionment

    (3) If there are two persons who would have been entitled to an annual allowance under Division 2 as survivors had the transfer value option not been exercised, each of them shall be entitled to a portion determined in accordance with section 64 as if the reference to “death benefit” in that section were a reference to “excess” or “transfer value”, as the case may be.

  • SOR/2016-64, s. 70

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