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 128 Disposition versions

2024-11-21

128. The pension committee must send to each member or beneficiary affected by the withdrawal, within 60 days of the date on which the notice referred to in section 200 of the Act is sent, a statement of benefits and their value, as well as the information necessary to choose a benefit payment method. Members and beneficiaries must be given at least 30 days to indicate their choice and exercise their options.

The statement must contain the following information:

(1)  the information referred to in paragraphs 2 to 10 of section 58 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6) and, unless the statement is for a non-active member whose pension is in payment or a beneficiary, in paragraph 1 of that section, as established or updated on the date of the withdrawal;

(2)  a mention whether or not it is possible to maintain the member’s or beneficiary’s benefits in the plan;

(3)  the period during which the member’s or beneficiary’s choices must be provided to the pension committee;

(4)  in the case of a member or beneficiary referred to in the second paragraph of section 126, an estimate of the annuity that can be purchased from an insurer with the value of his or her benefits adjusted in accordance with paragraph 1 of section 127 and a mention that the purchased annuity could differ.

An estimate of the annuity is made based on the premium determined using the assumptions for the hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply at the date on which the statement was prepared. The premium must be increased by a margin that allows for any possible variation in the cost of purchasing the annuity between that date and the probable date of payment.

O.C. 1535-2024, s. 27.