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 28 Disposition versions

2024-11-21

28. The following special modifications apply regarding optional ancillary contributions:

(1)  the provisions of section 47 of the Act apply to the provisions until they are converted into optional ancillary benefits or refunded;

(2)  the provisions of section 83 of the Act apply provided that the member is entitled, from the date on which a pension begins to be paid to the member under the plan, to purchase optional ancillary benefits, whose value is determined in accordance with section 33 with the contributions and accrued interest, or to a refund of those contributions and that interest, unless the plan provides only the conversion into optional ancillary benefits or the refund cannot be postponed beyond the date of the first payment of the member’s pension;

(3)  the provisions of the first paragraph of section 86 and subparagraph 2 of the first paragraph of section 98 of the Act apply without taking into account optional ancillary contributions not converted into optional ancillary benefits before the date of death, the date on which the member ceased to be an active member or the date of the transfer application so that the contributions are refunded, as the case may be, pursuant to the second paragraph of section 86 or subparagraph 1 of the first paragraph of section 98 of the Act.

O.C. 1290-99, s. 1; O.C. 1151-2002, s. 20; O.C. 1535-2024, s. 12.

2012-09-01

28. A flexible pension plan that meets the conditions of this section is, with respect to optional ancillary contributions, exempted from the application of the following provisions of the Act:

(1)  section 47, so that, where a member or beneficiary has become entitled to a benefit under the pension plan, the optional ancillary contributions continue, subject to the provisions of section 45.1 of the Act, to bear interest at the rate referred to in section 44 of the Act until the said contributions are converted into optional ancillary benefits;

(2)  section 83, provided that the member is entitled, from the date on which a pension begins to be paid to him under the plan, to the formation of optional ancillary benefits, whose value shall be determined in accordance with section 33 of the Regulation, that arise from the said contributions credited to his account;

(3)  subparagraph 1 of the second paragraph of section 86 and subparagraph 1 of section 98 so that for the application of the other provisions of the said sections, the optional ancillary contributions are deemed to have been converted, to the highest value of the options available under the plan, into optional ancillary benefits on the day preceding, as the case may be, the death of the member, the date on which he ceased to be an active member or the date of the transfer application;

(4)  section 264, so that the said contributions are non-transferable and non-seizable to the same extent as member contributions.

O.C. 1290-99, s. 1; O.C. 1151-2002, s. 20.