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

Section 55 Disposition versions

2012-09-01

55. No administrator of a plan shall irrevocably transfer or take out of the fund the amounts required to pay a pension credit except inasmuch as the contributions required to constitute it have been paid into the fund.

Where special contributions are not specifically allocated under the plan to fund a given pension credit, the administrator shall, in order to determine the measure in which the contributions required for the funding of that pension credit have been paid, allocate in respect of the member concerned a part of the unpaid balance of any initial unfunded liability. That part shall be obtained by multiplying the unpaid balance of any initial unfunded liability by the proportion existing when the said initial unfunded liability was created between that part of the pension credit which contributed to the creation of such initial unfunded liability and the total amount of the latter.

The part of the unpaid balance of any initial unfunded liability so obtained shall be that part of a pension credit for which the required contributions shall be deemed not to have been paid.

Nothing in this section shall forbid an administrator from paying out of the fund the periodic amounts payable under the plan as they become due.

R.R.Q., 1981, c. R-17, r. 1, s. 55.