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R-15.1, r. 6 - Regulation respecting supplemental pension plans
Section 39
Disposition versions
39. The value of the capital benefits accumulated during the marriage or civil union is, depending on the circumstances, determined as follows:
(1) where the pension committee has information related to the sum accumulated as at the date of the marriage or civil union:
(a) if no benefit referred to in section 69.1 of the Act or in section 16.2 of this Regulation was paid or if no transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation was made between the date of the marriage or civil union and the valuation date, the value corresponds to the difference between the value of the capital benefits accumulated as at the valuation date and the sum accumulated as at the date of the marriage or civil union, increased by interest for the period included between the date of the marriage or civil union and the valuation date;
(b) if a benefit referred to in section 69.1 of the Act or in section 16.2 of this Regulation was paid or if a transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation was made between the date of the marriage or civil union and the valuation date and the pension committee has information related, as the case may be, to the amount accumulated to the date of payment of the benefit or the amount and the date of the transfer, the value is equal to the amount “W” in the following formula:
_ _
| |
| Y |
W = Y - | Z x _____ |
| |
| Y + S |
|_ _|
| |
| Y |
W = Y - | Z x _____ |
| |
| Y + S |
|_ _|
“Y” represents the accumulated sum as at the valuation date;
“Z” represents the accumulated sum as at the date of the marriage or civil union, increased by the interest for the period included between the date of the marriage or civil union and the valuation date.
“S” represents the amount of the benefit paid, increased by interest for the period included between the date of payment and the valuation date;
(2) where the pension committee does not have information relative to the amount accumulated at the date of marriage or civil union or, where required, those related to the amount or to the date of payment of a benefit referred to in section 69.1 of the Act or in section 16.2 of this Regulation or to the date of a transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation, that value is equal to the amount obtained by multiplying the value of the capital benefits accumulated at the valuation date by the fraction represented by the number of months in the period of membership relative to those benefits between the date of marriage or civil union and the valuation date over the number of months in the period of membership relative to those benefits.
The interest referred to in subparagraph 1 of the first paragraph is calculated at the rates of return used during the period in question to calculate interest on the member contributions or, in the case of a non-contributory plan, on the employer contributions. Where that rate is not available, interest is calculated at the yearly rates provided for in Schedule I for the years indicated and, for the subsequent period, at the average annual rates of return on 5-year personal term deposits with chartered banks.
The average annual rates on the deposits referred to in the second paragraph are determined, for each year, by taking the average of the rates of return on those term deposits, as compiled monthly by Statistics Canada and published in the Bank of Canada Banking and Financial Statistics, in CANSIM Series V122515. For the period after 30 September 2019, the average is calculated using the rates of the last Wednesday of each month, published in CANSIM Series V80691336. Despite the foregoing, where the rates are available for a number of months in the current year fewer than 6, that average is calculated on the basis of the last 6 months available.
Where the result of the calculation made in accordance with the third paragraph is not a multiple of one-quarter of one percent, the average is rounded down to the nearest one-quarter.
39. The value of the capital benefits accumulated during the marriage or civil union is, depending on the circumstances, determined as follows:
(1) where the pension committee has information related to the sum accumulated as at the date of the marriage or civil union:
(a) if no benefit referred to in section 69.1 of the Act or in section 16.2 of this Regulation was paid or if no transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation was made between the date of the marriage or civil union and the valuation date, the value corresponds to the difference between the value of the capital benefits accumulated as at the valuation date and the sum accumulated as at the date of the marriage or civil union, increased by interest for the period included between the date of the marriage or civil union and the valuation date;
(b) if a benefit referred to in section 69.1 of the Act or in section 16.2 of this Regulation was paid or if a transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation was made between the date of the marriage or civil union and the valuation date and the pension committee has information related, as the case may be, to the amount accumulated to the date of payment of the benefit or the amount and the date of the transfer, the value is equal to the amount “W” in the following formula:
_ _
| |
| Y |
W = Y - | Z x _____ |
| |
| Y + S |
|_ _|
| |
| Y |
W = Y - | Z x _____ |
| |
| Y + S |
|_ _|
“Y” represents the accumulated sum as at the valuation date;
“Z” represents the accumulated sum as at the date of the marriage or civil union, increased by the interest for the period included between the date of the marriage or civil union and the valuation date.
“S” represents the amount of the benefit paid, increased by interest for the period included between the date of payment and the valuation date;
(2) where the pension committee does not have information relative to the amount accumulated at the date of marriage or civil union or, where required, those related to the amount or to the date of payment of a benefit referred to in section 69.1 of the Act or in section 16.2 of this Regulation or to the date of a transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation, that value is equal to the amount obtained by multiplying the value of the capital benefits accumulated at the valuation date by the fraction represented by the number of months in the period of membership relative to those benefits between the date of marriage or civil union and the valuation date over the number of months in the period of membership relative to those benefits.
The interest referred to in subparagraph 1 of the first paragraph is calculated at the rates of return used during the period in question to calculate interest on the member contributions or, in the case of a non-contributory plan, on the employer contributions. Where that rate is not available, interest is calculated at the yearly rates provided for in Schedule I for the years indicated and, for the subsequent period, at the average annual rates of return on 5-year personal term deposits with chartered banks.
The average annual rates of return referred to in the second paragraph are determined by taking the average of the rates of return on those terms deposits, as compiled monthly by Statistics Canada and published in the Bank of Canada Banking and Financial Statistics, Series V122515 in CANSIM system. However, where the annual rates of return published monthly and available for the current year are fewer than 6 in number, that average is taken on the basis of the last 6 rates of return available.
Where the result of the calculation made in accordance with the third paragraph is not a multiple of one-quarter of one percent, the average is rounded down to the nearest one-quarter.
39. The value of the capital benefits accumulated during the marriage or civil union is, depending on the circumstances, determined as follows:
(1) where the pension committee has information related to the sum accumulated as at the date of the marriage or civil union:
(a) if no benefit referred to in section 69.1 of the Act was paid or if no transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation was made between the date of the marriage or civil union and the valuation date, the value corresponds to the difference between the value of the capital benefits accumulated as at the valuation date and the sum accumulated as at the date of the marriage or civil union, increased by interest for the period included between the date of the marriage or civil union and the valuation date;
(b) if a benefit referred to in section 69.1 of the Act was paid or if a transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation was made between the date of the marriage or civil union and the valuation date and the pension committee has information related, as the case may be, to the amount accumulated to the date of payment of the benefit or the amount and the date of the transfer, the value is equal to the amount “W” in the following formula:
_ _
| |
| Y |
W = Y - | Z x _____ |
| |
| Y + S |
|_ _|
| |
| Y |
W = Y - | Z x _____ |
| |
| Y + S |
|_ _|
“Y” represents the accumulated sum as at the valuation date;
“Z” represents the accumulated sum as at the date of the marriage or civil union, increased by the interest for the period included between the date of the marriage or civil union and the valuation date.
“S” represents the amount of the benefit paid, increased by interest for the period included between the date of payment and the valuation date;
(2) where the pension committee does not have information relative to the amount accumulated at the date of marriage or civil union or, where required, those related to the amount or to the date of payment of a benefit referred to in section 69.1 of the Act or to the date of a transfer referred to in subparagraph 2 of the second paragraph of section 19.2 of the Regulation, that value is equal to the amount obtained by multiplying the value of the capital benefits accumulated at the valuation date by the fraction represented by the number of months in the period of membership relative to those benefits between the date of marriage or civil union and the valuation date over the number of months in the period of membership relative to those benefits.
The interest referred to in subparagraph 1 of the first paragraph is calculated at the rates of return used during the period in question to calculate interest on the member contributions or, in the case of a non-contributory plan, on the employer contributions. Where that rate is not available, interest is calculated at the yearly rates provided for in Schedule I for the years indicated and, for the subsequent period, at the average annual rates of return on 5-year personal term deposits with chartered banks.
The average annual rates of return referred to in the second paragraph are determined by taking the average of the rates of return on those terms deposits, as compiled monthly by Statistics Canada and published in the Bank of Canada Banking and Financial Statistics, Series V122515 in CANSIM system. However, where the annual rates of return published monthly and available for the current year are fewer than 6 in number, that average is taken on the basis of the last 6 rates of return available.
Where the result of the calculation made in accordance with the third paragraph is not a multiple of one-quarter of one percent, the average is rounded down to the nearest one-quarter.
