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R-15.1, r. 6.1 - Regulation respecting supplemental pension plans affected by the arrangement regarding AbitibiBowater Inc. under the Companies’ Creditors Arrangement Act
Section 46.13
Disposition versions
46.13. Where the pension of the member or beneficiary has been guaranteed by an insurer for a value that exceeds the portion of the benefits of the member or beneficiary referred to in the third paragraph of section 46.1, the insurer shall, at the request of the pension committee, allocate the value of the surplus to the non-guaranteed benefits of other members or beneficiaries of the plan. Where such an allocation is not possible, the insurer shall pay into the pension fund the commuted value of the guaranteed pension on the date the benefits are paid or, where the contract does not provide for a commuted value, the fair market value of the guarantee determined on the basis of reasonable assumptions and cancellation fees.
In addition, the portion of guaranteed benefits included in the aggregate assets transferred to Retraite Québec under this Division in relation with the plans as a whole for a given year may not be more than 50%. The guaranteed benefits in excess of that percentage shall be allocated or paid into the pension fund in accordance with the provisions of the first paragraph.
46.13. Where the pension of the member or beneficiary has been guaranteed by an insurer for a value that exceeds the portion of the benefits of the member or beneficiary referred to in the third paragraph of section 46.1, the insurer shall, at the request of the pension committee, allocate the value of the surplus to the non-guaranteed benefits of other members or beneficiaries of the plan. Where such an allocation is not possible, the insurer shall pay into the pension fund the commuted value of the guaranteed pension on the date the benefits are paid or, where the contract does not provide for a commuted value, the fair market value of the guarantee determined on the basis of reasonable assumptions and cancellation fees.
In addition, the portion of guaranteed benefits included in the aggregate assets transferred to the Régie under this Division in relation with the plans as a whole for a given year may not be more than 50%. The guaranteed benefits in excess of that percentage shall be allocated or paid into the pension fund in accordance with the provisions of the first paragraph.
