R-15.1 - Supplemental Pension Plans Act

Section 91.1 Disposition versions

2001-01-01

91.1. Every member or spouse who has become entitled to a pension under a pension plan is entitled, under conditions prescribed by regulation, to replace the pension, in whole or in part, before payment begins, by a temporary pension the amount of which is fixed by him before payment begins and which meets the following requirements:

(1)  the annual amount of the pension must not exceed 40% of the Maximum Pensionable Earnings established pursuant to the Act respecting the Québec Pension Plan (chapter R‐9) for the year in which payment of the pension begins, that limit being reduced, where applicable, by the annual amount of any other temporary benefit to which he is entitled under the plan;

(2)  payment of the temporary pension must not begin more than 10 years before the member or spouse attains normal retirement age, and must end no later than the last day of the month following the month in which the member or spouse attains 65 years of age.

Notwithstanding subparagraph 2 of the first paragraph, the pension plan may allow a member or spouse who is more than 10 years under normal retirement age and who has become entitled to a pension to elect, before payment of the pension begins, to replace it by a pension the amount of which is adjusted by reference to the benefits determined under the Old Age Security Act, the Act respecting the Québec Pension Plan or a similar plan within the meaning of paragraph u of section 1 of the latter Act. In such a case, the annual amount of the replacement pension increased, where applicable, by the annual amount of any other temporary benefit to which the member or the spouse is entitled under the plan shall not exceed the lesser of

(1)  40% of the Maximum Pensionable Earnings established pursuant to the Act respecting the Québec Pension Plan for the year in which payment of the pension begins; and

(2)  the amount of the temporary benefit to which the member or spouse would be entitled if the entire life pension were converted into a temporary pension ceasing on the last day of the month following the month in which the member or the spouse attains 65 years of age.

Upon attaining the age which is 10 years under normal retirement age, a member or spouse who is receiving a pension under the second paragraph is entitled to elect to replace it by a temporary pension which meets the conditions set out in the first paragraph.

Notwithstanding the second paragraph of section 5, the plan may not contain provisions that are more advantageous than those contained in this section.

The value of the temporary pension shall be equal to or greater than the value of the pension or of the part of the pension it replaces, discounted on the date of the replacement.

1997, c. 19, s. 10; 2000, c. 41, s. 54.

1999-04-01

91.1. Every member or spouse who has become entitled to a pension under a pension plan and whose age is 10 years or less under normal retirement age or who has attained or exceeded that age is entitled, under conditions prescribed by regulation, to replace the pension, in whole or in part, before payment begins, by a temporary pension the amount of which is fixed by him before payment begins and which meets the following requirements:

(1)  the annual amount of the pension must not exceed 40 % of the Maximum Pensionable Earnings established pursuant to the Act respecting the Québec Pension Plan (chapter R-9) for the year in which payment of the pension begins, that limit being reduced, where applicable, by the annual amount of any other temporary benefit to which he is entitled under the plan;

(2)  payment of the temporary pension must end on or before the last day of the month following the month in which the member or the spouse attains 65 years of age.

Notwithstanding the second paragraph of section 5, the plan may not contain provisions that are more advantageous than those contained in the first paragraph.

The value of the temporary pension shall be equal to or greater than the value of the pension or of the part of the pension it replaces, discounted on the date of the replacement.

1997, c. 19, s. 10.