R-15.1 - Supplemental Pension Plans Act

Section 173 Disposition versions

2001-01-01

173. (Repealed).

1989, c. 38, s. 173; 1994, c. 24, s. 16; 2000, c. 41, s. 103.

1994-06-17

173. The 10 % limit does not apply

(1)  securities issued or guaranteed by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  units of an unincorporated mutual fund or shares in a mutual fund provided that the investments made by the fund are in conformity with this Act and, where the fund is neither a fund governed by Titles II to VIII of the Securities Act (chapter V-1.1) nor a fund all the securities of which are issued in the name of pension funds, provided that its operating rules are comparable to those prescribed under the Securities Act;

(3)  sums deposited, under the terms of a management contract, with an insurer authorized to carry on insurance business in Québec or elsewhere in Canada where an agreement under section 249 is applicable, subject to the following conditions:

(a)  under the contract, the insurer guarantees the capital and a minimum rate of interest and the criteria applicable to the calculation of the maximum premium payable for the purchase of a pension are specified in the contract;

(b)  in the case of a defined contribution plan, the insurer binds himself directly toward each member and any member to whom sums in excess of the coverage provided by the Canadian Life and Health Insurance Compensation Corporation are attributed has the right to transfer all or any part of the excess amount to such pension plan as he chooses among those referred to in the third paragraph of section 98;

(4)  deposits with a financial institution that are insured by the Régie de l’assurance-dépôts du Québec or any equivalent body in Canada, but only up to the insured amount.

The right to a transfer under subparagraph b of subparagraph 3 of the first paragraph may be exercised for the first time by applying therefor within 180 days after transmission of the first statement under the first paragraph of section 112 showing that the sums attributed to the member exceed the coverage referred to in the said subparagraph, and every three years thereafter, within 180 days after the expiry of the third year. The sums transferred must be equal to or greater than the value at maturity of the investment made with that part of the excess amount the member is applying to have transferred, unless the transfer is made before the date of maturity at the member’s request, in which case the sums transferred may be equal only to the market value of the investment. Transfers shall be made free of charge unless a transfer charge, which may in no case exceed the charge for the transfer of the benefits of a member who ceases to be an active member, is stipulated in the contract.

1989, c. 38, s. 173; 1994, c. 24, s. 16.

1990-01-01

173. The 10 % limit does not apply to the following forms of investment:

(1)  securities issued or guaranteed by the Gouvernement du Québec, the Government of Canada or the government of a Canadian province;

(2)  units of an unincorporated mutual fund or shares in a mutual fund provided that the investments made by the fund are in conformity with this Act and, where the fund is neither a fund governed by Titles II to VIII of the Securities Act (chapter V-1.1) nor a fund all the securities of which are issued in the name of pension funds, provided that its operating rules are comparable to those prescribed under the Securities Act;

(3)  deposits guaranteed, under the terms of a management contract, by an insurer authorized to carry on insurance business in Québec or elsewhere in Canada where an agreement under section 249 is applicable;

(4)  deposits with a financial institution that are insured by the Régie de l’assurance-dépôts du Québec or any equivalent body in Canada, but only up to the insured amount.

1989, c. 38, s. 173.