37. The value of the member’s total benefits corresponds to the value of the capital benefits and of the pension benefits accumulated at the valuation date.
The value of the pension benefits must be determined according to assumptions referred to in section 61 of the Act which, at that date, are used to establish the value of other benefits to which section 60 of the Act applies and to which entitlement is acquired at that date, it being understood that the progression of the member’s remuneration after that date is not taken into account to determine that value.
The value of a deferred pension whose payment has not begun is determined according to the following formula:
O + P
“O” represents the value of the pension to which the member is entitled and the benefits resulting therefrom by supposing that payment of the pension begins on date on which the member reaches the normal retirement age;
“P” represents the value of the pension to which the member is entitled and the benefits resulting therefrom by supposing that the member acts so as to maximize it.
However, in the case of a member who has not received the payment of a benefit provided for under Subdivision 0.1 of Division III of Chapter VI of the Act and whose benefits correspond to a deferred pension to which the member would be entitled if the member terminated active membership on the valuation date, the value of the benefits related to excess member contributions, with accrued interest, in excess of the limit set in section 60 of the Act is established assuming that, with respect to the member’s recognized service related to the period during which that section applied with regard to the member, the value of the pension referred to in subparagraph 1 of the first paragraph of that section is established according to the formula provided for in the third paragraph.
O.C. 1158-90, s. 37; O.C. 173-2002, s. 32; O.C. 1073-2009, s. 18; O.C. 1183-2017, s. 231.