R-15.1 - Supplemental Pension Plans Act

Section 217 Disposition versions

2020-12-11

217. Except in the case of a share of the surplus assets, any amount due to a member or beneficiary which, pursuant to the pension plan and the provisions of this Act, must be paid following the withdrawal of an employer from a multi-employer pension plan or the termination of the plan shall bear interest, from the date of termination to the date of payment, at the rate used to determine the value of the person’s accrued benefits. The rate of interest must be the rate mentioned in section 44 or 45 and which is applicable to the contributions paid under the plan if the amount due is due

(1)  under a defined contribution plan;

(2)  under provisions of the plan which relate to additional voluntary contributions;

(3)  under provisions which, in a defined benefit plan or target benefit plan, are identical to those of a defined contribution plan;

(4)  as member contributions that exceed the limits set under section 60; or

(5)  as amounts credited to the plan following a transfer, even a transfer other than a transfer under Chapter VII.

1989, c. 38, s. 217; 1992, c. 60, s. 30; 2000, c. 41, s. 125; 2006, c. 42, s. 33; 2020, c. 30, s. 74.

2006-12-13

217. Except in the case of a share of the surplus assets, any amount due to a member or beneficiary which, pursuant to the pension plan and the provisions of this Act, must be paid following the withdrawal of an employer from a multi-employer pension plan or the termination of the plan shall bear interest, from the date of termination to the date of payment, at the rate used to determine the value of the person’s accrued benefits. The rate of interest must be the rate mentioned in section 44 or 45 and which is applicable to the contributions paid under the plan if the amount due is due

(1)  under a defined contribution plan;

(2)  under provisions of the plan which relate to additional voluntary contributions;

(3)  under provisions which, in a defined benefit plan, are identical to those of a defined contribution plan;

(4)  as member contributions that exceed the limits set under section 60; or

(5)  as amounts credited to the plan following a transfer, even a transfer other than a transfer under Chapter VII.

1989, c. 38, s. 217; 1992, c. 60, s. 30; 2000, c. 41, s. 125; 2006, c. 42, s. 33.

2001-01-01

217. Except in the case of a share of the surplus assets, any amount due to a member or beneficiary which, pursuant to the pension plan and the provisions of this Act, must be paid following the withdrawal of an employer from a multi-employer pension plan or the termination of the plan shall bear interest, from the date of termination to the date of payment, at the rate used to determine the value of the person’s accrued benefits. Where the amount due is due under a defined contribution plan, or where it is due under provisions of the plan which relate to additional voluntary contributions or under provisions which, in a defined benefit plan, are identical to those of a defined contribution plan, the rate of interest shall be the rate mentioned in section 44 or 45 and which is applicable to the contributions paid under the plan.

1989, c. 38, s. 217; 1992, c. 60, s. 30; 2000, c. 41, s. 125.

1993-01-01

217. Except in the case of a share of the surplus assets, any amount due to a member or beneficiary which, pursuant to the pension plan and the provisions of this Act, must be paid following the total or partial termination of the plan shall bear interest, from the date of termination to the date of payment, either at the rate used to determine the value of his benefits or, where that value has been determined on the basis of an insurance proposal, at the monthly rate of return on personal five-year term deposits with chartered banks, as compiled by the Bank of Canada. Where the amount due is due under a defined contribution plan, or where it is due under provisions of the plan which relate to additional voluntary contributions or under provisions which, in a defined benefit plan, are identical to those of a defined contribution plan, the rate of interest shall be the rate mentioned in section 44 or 45 and which is applicable to the contributions paid under the plan.

1989, c. 38, s. 217; 1992, c. 60, s. 30.

1990-01-01

217. Any amount due to a member or beneficiary which, pursuant to the pension plan and the provisions of this Act, must be paid following the total or partial termination of the plan shall bear interest, from the date of termination to the date of payment, either at the rate used to determine the value of his benefits or, where that value has been determined on the basis of an insurance proposal, at the monthly rate of return on personal five-year term deposits with chartered banks, as compiled by the Bank of Canada.

1989, c. 38, s. 217.