R-15.1 - Supplemental Pension Plans Act

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63.1. Where a pension plan cannot continue to be a registered pension plan as defined in section 1 of the Taxation Act (chapter I‐3), either because the value of the benefits accrued to a member or a beneficiary under defined-benefit provisions exceeds the amount which may be transferred directly to another plan or because the amount of contributions paid each year into the pension fund under defined-contribution provisions exceeds the limits imposed, the pension committee must refund the excess to the member or beneficiary concerned.
1992, c. 60, s. 10; 2000, c. 41, s. 34.
63.1. Where the value of the benefits of a member or a beneficiary under a pension plan exceeds the upper limit fixed in that respect by fiscal rules, the pension committee must refund the excess portion to him in order that the plan may continue to be a registered pension plan as defined in section 1 of the Taxation Act (chapter I-3).
1992, c. 60, s. 10.