R-17.0.1 - Voluntary Retirement Savings Plans Act

Section 68 Disposition versions

2014-07-01

68. A member is entitled to the refund of the funds in the locked-in account

(1)  if a physician certifies that the member’s physical or mental disability reduces his or her life expectancy;

(2)  if a physician certifies that the member is physically or mentally disabled without giving an opinion on his or her life expectancy. In such a case, the member must provide a statement to the administrator certifying that the income he or she is to receive during the 12 months following the application for a refund will not exceed 40% of the Maximum Pensionable Earnings determined, for the year of the refund, pursuant to the Act respecting the Québec Pension Plan (chapter R-9);

(3)  if the balance in the member’s locked-in account is, subject to any other percentage and conditions set by regulation, less than 20% of the Maximum Pensionable Earnings established in accordance with the Act respecting the Québec Pension Plan for the year in which the member is no longer employed by an employer who subscribed to a voluntary retirement savings plan; or

(4)  if the member is deemed, for the purposes of the Taxation Act (chapter I-3), to not have resided in Canada for at least two years.

The plan administrator must make the refund within 60 days after the member’s request.

2013, c. 26, s. 68.