R-17.0.1, r. 3 - Regulation respecting voluntary retirement savings plans

Section 46 Disposition versions

2014-07-01

46. For the purposes of section 78 of the Act, within 60 days following either receipt of a joint application concerning partition or an execution of a transfer, or the expiry of the period provided for in the second paragraph of section 43 and, except in the latter case, unless it has been notified of the spouse’s waiver or of a judicial opposition to the partition or transfer of the member’s benefits, the administrator shall, with respect to the sum granted to the spouse, including interest, take one of the following measures:

(1)  except in the cases referred to in the second paragraph, transfer the sum deducted from the locked-in account to one of the following pension plans:

(a)  a pension plan referred to in paragraph 1 or 2 of section 27 of which the spouse is a member, on the understanding that the sum must, in the case of a simplified pension plan referred to in Division IV of the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act (chapter R-15.1, r. 7), be credited to his locked-in account;

(b)  the locked-in account of the voluntary retirement savings plan in the spouse’s name; and as such, the spouse becomes a member of the voluntary retirement savings plan;

(c)  the locked-in account of another voluntary retirement savings plan;

(d)  a locked-in retirement account referred to in section 29 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6);

(e)  a life income fund referred to in section 18 of the Regulation respecting supplemental pension plans;

(f)  an annuity contract referred to in section 30 of the Regulation respecting supplemental pension plans;

(2)  pay or transfer the sum deducted from the not locked-in account or, in the cases referred to in the second paragraph, pay or transfer the sum deducted from the locked-in account to one of the following pension plans:

(a)  another pension plan of which the spouse is a member, on the understanding that the sum must, in the case of a simplified pension plan, be credited to his not locked-in account;

(b)  the not locked-in account of the voluntary retirement savings plan in the spouse’s name; and as such, the spouse becomes a member of the voluntary retirement savings plan;

(c)  the not locked-in account of another voluntary retirement savings plan;

(d)  the not locked-in account of an equivalent voluntary retirement savings plan emanating from a legislative authority other than the Parliament of Québec, provided the spouse joins that plan as part of his employment;

(e)  a registered retirement savings plan;

(f)  a registered retirement income fund defined in section 1 of the Taxation Act (chapter I-3);

(g)  an annuity contract referred to in section 30 of the Regulation respecting supplemental pension plans.

The cases mentioned in subparagraph 2 of the first paragraph are as follows:

(1)  the sum referred to in that paragraph is less than 20% of the Maximum Pensionable Earnings determined under the Act respecting the Québec Pension Plan (chapter R-9) for the year in which the application regarding transfer or partition is filed;

(2)  the spouse is considered not to have resided in Canada for the purposes of the Taxation Act, for at least 2 years.

Where the spouse fails to inform the administrator of the payment method selected, the administrator may, on its own initiative and on the expiry of that time period, transfer the sum to be paid to the spouse to one of the plans referred to in subparagraphs 1 or 2 of the first paragraph.

O.C. 499-2014, s. 46.