R-15.1, r. 6 - Regulation respecting supplemental pension plans

Section 19.1 Disposition versions

2012-09-01

19.1. The standard contract referred to in section 19 may also provide that the purchaser is entitled to the payment of a temporary income that he determines if he meets the following requirements:

(1)  makes an application to the financial institution to that effect, accompanied with a declaration in conformity with the one prescribed in Schedule 0.4;

(2)  is at least 54 years of age but under 65 years at the end of the year preceding the application.

In such case, the contract must also provide:

(1)  that if the payment of a portion of the income is made in the form of a transfer to a retirement savings instrument of which the balance is not to be converted to a life annuity, such portion may not exceed the upper limit referred to in section 20, determined by assuming that the purchaser is not entitled to payment of a temporary income;

(2)  that the temporary income may not be paid after the end of the year in which the purchaser reaches 65 years of age.

O.C. 1681-97, s. 8; I.N. 2014-03-01.