12. Upon receipt of a duly completed application for payment, Retraite Québec shall send the council member or former council member a statement showing the sums awarded to the spouse as well as the amount of the reduction calculated pursuant to Division IV. Retraite Québec shall also send the spouse a statement showing the sums awarded to him.
The spouse must, within 60 days of the date on which the statement is mailed to him, provide Retraite Québec with the name and address of the financial institution and with an identification of the annuity contract, locked-in retirement account, life income fund or, where applicable, registered retirement savings plan or registered retirement income fund into which the sums awarded to him must be transferred.
Except where the spouse has been paid otherwise, Retraite Québec shall, within 120 days of the expiry of the period provided for in the second paragraph, transfer the sums awarded to the spouse into an annuity contract, a locked-in retirement account, a life income fund or, where applicable, a registered retirement savings plan or registered retirement income fund with a financial institution chosen by the spouse, provided that the steps necessary for the transfer of those sums have been taken.
Should the spouse fail to indicate his choice or to take the necessary steps within the prescribed period, Retraite Québec shall transfer those sums into a locked-in retirement account or, where applicable, a registered retirement savings plan in the spouse’s name with the financial institution with which Retraite Québec entered into an agreement to that effect.
Where the spouse proceeds by way of forced execution, the judgment authorizing seizure in the hands of a third person shall take the place of an application for payment and this section shall apply.
O.C. 1753-91, s. 12; O.C. 1188-95, s. 3; I.N. 2016-01-01 (NCCP).