R-15.1, r. 3 - Regulation to provide a framework for settlement of the benefits of members and beneficiaries of plans covered by subdivision 4.0.1 of Division II of Chapter XIII of the Supplemental Pension Plans Act and for administration by Retraite Québec of certain pensions paid out of the assets of the plans

Section 24 Disposition versions

2019-05-16

24. The premium that the pension committee must use to determine, for settlement purposes, the value of the benefits of the members and beneficiaries to whom a pension was being paid on the date of the withdrawal or termination is the premium determined using the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply at the date of the calculation.

Despite the foregoing, to determine the value of the non-guaranteed benefits of a member or beneficiary who has requested that his or her pension be guaranteed by an insurer in accordance with section 230.0.0.3 of the Act, the premium to be used is the premium provided by the insurer to guarantee the benefits.

The value of the benefits of the members and beneficiaries must be calculated in the 7 days following the first day of the month that follows the expiry of a time period that is not more than 40 days after the deadline given to the members and beneficiaries to indicate their choices and options.

O.C. 863-2010, s. 24; O.C. 426-2019, s. 13.

2016-01-01

24. Not later than 45 days after the expiry of the time allotted for members and beneficiaries to indicate their choices and options, Retraite Québec must inform the pension committee of the premium to be used to determine, for settlement purposes, the value of the benefits of the members and beneficiaries who were being paid a pension on the date of the withdrawal or termination.

The premium must be:

(1)  the premium determined using the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply at the date of the calculation effected for the purposes of settling the benefits of the members and beneficiaries affected; or

(2)  the premium that would be paid to an insurer at the date of settlement had all the pensions paid been guaranteed on that date, as indicated by an insurer pursuant to an arrangement entered into between Retraite Québec and the insurer concerning the pensions referred to in section 230.0.0.9 of the Act.

Despite the foregoing, to determine the value of the non-guaranteed benefits of a member or beneficiary who has requested that the pension be guaranteed by an insurer under section 230.0.0.3 of the Act, the premium to be used is the premium required by the insurer to guarantee the benefits.

O.C. 863-2010, s. 24.

2012-09-01

24. Not later than 45 days after the expiry of the time allotted for members and beneficiaries to indicate their choices and options, the Régie must inform the pension committee of the premium to be used to determine, for settlement purposes, the value of the benefits of the members and beneficiaries who were being paid a pension on the date of the withdrawal or termination.

The premium must be:

(1)  the premium determined using the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply at the date of the calculation effected for the purposes of settling the benefits of the members and beneficiaries affected; or

(2)  the premium that would be paid to an insurer at the date of settlement had all the pensions paid been guaranteed on that date, as indicated by an insurer pursuant to an arrangement entered into between the Régie and the insurer concerning the pensions referred to in section 230.0.0.9 of the Act.

Despite the foregoing, to determine the value of the non-guaranteed benefits of a member or beneficiary who has requested that the pension be guaranteed by an insurer under section 230.0.0.3 of the Act, the premium to be used is the premium required by the insurer to guarantee the benefits.

O.C. 863-2010, s. 24.