R-15.1, r. 6.2 - General Regulation respecting supplemental pension plans

Section 36 Disposition versions

2012-09-01

36. If the plan provides for no order of priority of payment of pension credits in case of termination, or if that order does not comply with the standards, this payment shall, subject to section 41 of the Act, be made by classes in the following order of priority:

(a)  the pension credits relating to pensions or parts of pensions arising from the contributions made by former or present employees, other than those contemplated in section 41 of the Act;

(b)  the pension credits corresponding to the balance of the pension credits reduced according to section 35 relating to pensions in payment, to pensions of employees having opted for deferred retirement and to deferred pensions of former or present employees, the amount of which has been calculated when they ceased contributing prior to the plan’s termination date, such balance being obtained by subtracting from the said reduced pension credits the aggregate of the pension credits contemplated in section 41 of the Act and those contemplated in subparagraph a;

(c)  the pension credits corresponding to the balance of the pension credits reduced according to section 35 relating to the deferred annuity to which the present employees, not covered by subparagraph b would be entitled under the plan if they terminated their service on the plan’s termination date, such balance being obtained by subtracting from the said reduced pension credits contemplated in section 41 of the Act and those contemplated in subparagraph a;

(d)  in the case of employees, the pension credits or the parts of the pension credits reduced according to section 35 and which are not contemplated in section 41 of the Act or in subparagraphs a to c.

Should the remaining assets be insufficient to meet the obligations of a class, after provision has been made for the payment of pension credits in one or more of the classes in the order prescribed in the first paragraph, each employee or beneficiary in the class is entitled to his proportionate share of his pension credit.

After provision has been made for the payment of the pension credits of all classes in the order prescribed by the first paragraph, the remaining assets, if any, shall be used to revise the reduction of pension credits made according to section 35.

R.R.Q., 1981, c. R-17, r. 1, s. 36.