C-52.1, r. 1 - Regulation respecting the partition and assignment of benefits accrued under the pension plan of the Members of the National Assembly

Section 12 Disposition versions

2016-01-01

12. Upon receipt of a duly completed application for payment, the Office sends the Member or former Member a statement showing the sums awarded to the spouse as well as the amount of the reduction computed under Division IV. The Office also sends the spouse a statement showing the sums awarded to him or her.

Within 60 days of the mailing date of the latter statement, the spouse must inform the Office of the name and address of the financial institution to which the sums awarded to the spouse are to be transferred, including the identity of the annuity contract, locked-in retirement account, life income fund or, where applicable, registered retirement savings plan or registered retirement income fund concerned.

Unless the spouse has been paid otherwise, within 120 days of the expiry of the period specified in the second paragraph, the Office transfers 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 the sums have been taken.

Should the spouse fail to indicate his or her choice or to take the necessary steps within the prescribed period, the Office transfers the 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 the Office has entered into an agreement to that effect.

If the spouse resorts to forced execution, the judgment authorizing seizure in the hands of a third person serves as an application for payment and this section applies.

Decision 1611-1, s. 12; I.N. 2016-01-01 (NCCP).

2012-09-01

12. Upon receipt of a duly completed application for payment, the Office sends the Member or former Member a statement showing the sums awarded to the spouse as well as the amount of the reduction computed under Division IV. The Office also sends the spouse a statement showing the sums awarded to him or her.

Within 60 days of the mailing date of the latter statement, the spouse must inform the Office of the name and address of the financial institution to which the sums awarded to the spouse are to be transferred, including the identity of the annuity contract, locked-in retirement account, life income fund or, where applicable, registered retirement savings plan or registered retirement income fund concerned.

Unless the spouse has been paid otherwise, within 120 days of the expiry of the period specified in the second paragraph, the Office transfers 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 the sums have been taken.

Should the spouse fail to indicate his or her choice or to take the necessary steps within the prescribed period, the Office transfers the 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 the Office has entered into an agreement to that effect.

If the spouse resorts to compulsory execution, the judgment authorizing a seizure by garnishment serves as an application for payment and this section applies.

Decision 1611-1, s. 12.