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 121 Disposition versions

2024-11-21

121. Despite section 212 of the Act, the value of the benefits of the members and beneficiaries affected by the withdrawal of an employer or the termination of a plan must be determined at either of the following dates, using the assumptions referred to in the second paragraph of section 79 that are applicable at that date:

(1)  the date the member ceased to be an active member, if the benefits whose value is being determined are those accrued to a member whose active membership ended before the date of the withdrawal or termination and who, at that date, had already opted, within the time limit set out in subparagraph 1 of the second paragraph of section 99 of the Act, for the payment of his or her benefits or still had time to exercise such an option, or those accrued to a beneficiary whose benefits under the plan derive from the service credited to such a member;

(2)  the date of the withdrawal or termination, if the benefits whose value is being determined are those accrued to any other member or beneficiary affected by the withdrawal or termination, including any member or beneficiary whose pension is in payment on that date.

The benefits accrued to the members and beneficiaries referred to in subparagraph 1 of the first paragraph bear interest from the date their value is determined to the date of the withdrawal or termination, at the rate used for the purposes of the valuation.

O.C. 1535-2024, s. 27.