R-17 - Act respecting supplemental pension plans

Section 34 Disposition versions

1977-12-31

34. Notwithstanding sections 31 to 33, a plan may:

(a)  provide for a deferred annuity at an earlier age than 45 years or upon service or membership in the plan for less than 10 years or for both;

(b)  provide for the cash payment of the commuted value of a pension or deferred annuity if the amount thereof payable to the employee at normal retirement age is less than $25 a month payable during his lifetime;

(c)  allow, upon or after termination of employment or membership in the plan prior to normal retirement age, the payment in partial discharge of the deferred annuity of an amount not exceeding 25% of the commuted value of such annuity.

1965 (1st sess.), c. 25, s. 36; 1975, c. 18, s. 11.