46.2. The option shall be exercised on the basis of the estimated degree of solvency of the affected component of the pension plan as at 31 December of the year for which the payment option is chosen.
It is exercised on the condition that, as provided under sections 46.9 and 46.10, the degree of solvency of the affected component, determined no later than 31 May of the following year, is at least equal to the estimated degree of solvency.