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R-15.1, r. 3 - Regulation to provide a framework for settlement of the benefits of members and beneficiaries of plans covered by subdivision 4.0.1 of Division II of Chapter XIII of the Supplemental Pension Plans Act and for administration by Retraite Québec of certain pensions paid out of the assets of the plans

Section 27
Disposition versions

Full text
27. (Revoked).
O.C. 863-2010, s. 27; O.C. 426-2019, s. 14.
27. If a member or beneficiary having a guaranteed pension opts for a replacement pension pursuant to paragraph 1 of section 230.0.0.3 of the Act, the insurer must, at the request of the pension committee, allocate the guarantee to the non-guaranteed benefits of other members or beneficiaries in the same account or, if such an allocation is not possible, pay into the pension fund the commuted value of the guaranteed pension on the date of the transfer or, if the contract does not provide for a commuted value, the fair market value of the guaranteed pension determined on the basis of reasonable assumptions and cancellation fees.
The value of the guaranteed pension to be transferred by the pension committee to the replacement instrument specified by the member or beneficiary must be the value of the pension, reduced to take into account asset insufficiency, to which the member or beneficiary is entitled. That value is determined at the date of settlement using the premium specified by Retraite Québec.
O.C. 863-2010, s. 27.
27. If a member or beneficiary having a guaranteed pension opts for a replacement pension pursuant to paragraph 1 of section 230.0.0.3 of the Act, the insurer must, at the request of the pension committee, allocate the guarantee to the non-guaranteed benefits of other members or beneficiaries in the same account or, if such an allocation is not possible, pay into the pension fund the commuted value of the guaranteed pension on the date of the transfer or, if the contract does not provide for a commuted value, the fair market value of the guaranteed pension determined on the basis of reasonable assumptions and cancellation fees.
The value of the guaranteed pension to be transferred by the pension committee to the replacement instrument specified by the member or beneficiary must be the value of the pension, reduced to take into account asset insufficiency, to which the member or beneficiary is entitled. That value is determined at the date of settlement using the premium specified by the Régie.
O.C. 863-2010, s. 27.
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