I-3 - Taxation Act

Section 965.0.10 Disposition versions

2015-10-21

965.0.10. An amount is transferred from a registered pension plan in accordance with this section if the following conditions are satisfied:

(a)  the amount is a single amount,

(b)  the amount is transferred on behalf of a member who is entitled to the amount as a return of contributions made (or deemed to have been made) by the member under a defined benefit provision of the plan before 1 January 1991, or as interest, computed at a reasonable rate, in respect of those contributions, and

(c)  the amount is transferred directly to

i.  another registered pension plan for the benefit of the member,

ii.  a registered retirement savings plan under which the member is the annuitant, within the meaning of paragraph b of section 905.1, or

iii.  a registered retirement income fund under which the member is the annuitant, within the meaning of paragraph d of section 961.1.5.

For the purposes of subparagraph b of the first paragraph, if an amount is transferred in accordance with section 965.0.7 to a defined benefit provision (in this paragraph referred to as the “current provision”) of a registered pension plan from a defined benefit provision (in this paragraph referred to as the “former provision”) of another registered pension plan on behalf of all or a significant number of members whose benefits under the former provision are replaced by benefits under the current provision, each current service contribution made at a particular time under the former provision by a member whose benefits are so replaced is deemed to be a current service contribution made at that particular time under the current provision by the member.

1991, c. 25, s. 157; 1994, c. 22, s. 299; 2015, c. 21, s. 350.

2006-03-01

965.0.10. An amount is transferred from a registered pension plan in accordance with this section if the following conditions are satisfied:

(a)  the amount is a single amount,

(b)  the amount is transferred on behalf of a member who is entitled to the amount as a return of contributions made by him under a defined benefit provision of the plan before 1 January 1991, or as interest, computed at a reasonable rate, in respect of those contributions, and

(c)  the amount is transferred directly to

i.  another registered pension plan for the benefit of the member,

ii.  a registered retirement savings plan under which the member is the annuitant, within the meaning of paragraph b of section 905.1, or

iii.  a registered retirement income fund under which the member is the annuitant, within the meaning of paragraph d of section 961.1.5.

1991, c. 25, s. 157; 1994, c. 22, s. 299.