R-15.1 - Supplemental Pension Plans Act

Section 182.1 Disposition versions

2016-01-01

182.1. If a pension plan has an annuity purchasing policy that meets the requirements prescribed by regulation, payment of all or part of a pension benefit in accordance with that policy constitutes, on the date of the first payment by the insurer, as stipulated in the agreement entered into for that purpose, final payment of the benefits of the members and beneficiaries covered by that agreement.

The annuity purchasing policy only applies to pensions if, on the date of the agreement with the insurer, they are in payment or an application for payment of benefits has been filed.

2015, c. 29, s. 41.