R-15.1, r. 7 - Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act

Section 127 Disposition versions

2024-11-21

127. The notice referred to in section 200 of the Act that must be sent by the pension committee must contain the following, instead of the information listed in paragraphs 2 to 4 of that section:

(1)  that the benefits of members and beneficiaries affected by the withdrawal will be paid based on the plan’s degree of solvency;

(2)  if the members’ and beneficiaries’ benefits cannot be maintained in the plan:

(a)  that the benefits, adjusted in accordance with paragraph 1, of members and beneficiaries to whom a pension is in payment on the date of the withdrawal will be paid by the purchase, from an insurer selected by the pension committee, of an annuity established using the value of those benefits or, if they so request, by means of a transfer under subparagraph b;

(b)  that other members’ benefits, adjusted in accordance with paragraph 1, will be paid by means of a transfer under section 98 of the Act, which applies with the necessary modifications or, if applicable, by a lump-sum payment or transfer to a registered retirement savings plan of the portion of their benefits that is refundable;

(3)  if the members’ and beneficiaries’ benefits can be maintained in the plan,

(a)  that the benefits of the members and beneficiaries referred to in the second paragraph of section 126 will be maintained in the plan, unless the members and beneficiaries request payment of their benefits adjusted in accordance with paragraph 1 by the purchase, from an insurer selected by the pension committee, of an annuity established using the value of those benefits or by means of a transfer under subparagraph b of paragraph 2;

(b)  that other members’ benefits, adjusted in accordance with paragraph 1, will be paid using one of the methods referred to in subparagraph b of paragraph 2.

O.C. 1535-2024, s. 27.