23. To be registered with Retraite Québec, a standard contract referred to in section 19 must, in addition to the provisions required by sections 19, 19.1 and 19.2, provide that the financial institution that manages the life income fund undertake to provide the statements prescribed in sections 24 to 26 at the times determined therein.
That contract must also provide that all or a part of the balance of the life pension fund may be converted only upon the following conditions:
(1) the insurer guarantees payment of that pension in periodic, equal amounts that may not vary unless each of them is uniformly increased in accordance with an index or rate provided for in the annuity contract or uniformly adjusted by reason of a seizure effected on the purchaser’s benefits, a redetermination of the purchaser’s pension, a partition of the purchaser’s benefits in favour of his spouse, the payment of a temporary pension in accordance with the conditions provided for in section 91.1 of the Act or the option provided for in subparagraph 3 of the first paragraph of section 93 of the Act;
(2) in the event of the death of a purchaser who is a former member or a member, the insurer guarantees to the purchaser’s spouse who has not waived it a life pension equal to at least 60% of the amount of purchaser’s pension, including, during the replacement period, the amount of any temporary pension.
The provisions required by this section shall be included in any contract that establishes a life income fund.
O.C. 1158-90, s. 23; O.C. 1681-97, s. 13; O.C. 173-2002, s. 18.