R-15.1 - Supplemental Pension Plans Act

Section 240.1 Disposition versions

2001-01-01

240.1. (Repealed).

1992, c. 60, s. 36; 1994, c. 24, s. 21; 2000, c. 41, s. 150.

1999-04-01

240.1. The share of the surplus assets to which a member or beneficiary is entitled may be paid to him in a lump sum, transferred into a plan referred to in section 98 or used to purchase a pension or other pension benefit, according to the chosen option he indicates to the pension committee within 30 days after the pension committee sends him a notice setting out the various modes of payment, which notice must be sent within the time limit prescribed in section 205.1. The share may not, however, be used to purchase a pension the value of which exceeds the amount that, under a registered pension plan as defined in section 1 of the Taxation Act (chapter I-3), may be transferred directly into another plan.

If the member or beneficiary fails to indicate which option he has chosen within the time limit prescribed in the first paragraph, payment shall be made to him according to the mode proposed by the pension committee in the notice.

1992, c. 60, s. 36; 1994, c. 24, s. 21.

1993-01-01

240.1. The share of the surplus assets to which a member or beneficiary is entitled may be paid to him in the form of a life pension only, except for the fraction of that part which was determined in relation to a refund or benefit resulting from the exercise of an election under subparagraphs 4 to 6 of the first paragraph of section 93.

In addition, if the value of the benefits to be paid under the first paragraph to the member or beneficiary in the form of a life pension exceeds the amount which, under a registered pension plan as defined in section 1 of the Taxation Act (chapter I-3), may be transferred directly into another plan, the excess value shall be reimbursed to the member or beneficiary.

Notwithstanding the previous paragraphs, every member or beneficiary to whom a pension is paid on the date of termination of the plan is entitled, if he applies therefor, to the payment in a lump sum of the pension which, constituted with his share of the surplus assets, should have been paid to him from that date up to the application, had the surplus been liquidated on that date. Every other participant who, on the date on which the surplus assets were liquidated, had attained the normal retirement age, is also entitled to such a payment; in this case, the lump sum payment is established by presuming that the payment of the pension constituted with the share of the excess assets due to the member began on the more recent of the date of termination and the date on which he attained the abovementioned age.

1992, c. 60, s. 36.