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R-15.1 - Supplemental Pension Plans Act

Section 237
Disposition versions

Full text
237. With the exception of a pension provided for in section 67.2 and the variable benefits provided for in section 90.1, the vested pension of a member or beneficiary affected by the withdrawal of an employer or the termination of the plan, which is in payment or suspended on the date of the withdrawal or termination, shall be guaranteed by an insurer, according to the conditions prescribed by regulation.
The pension shall, subject to the exceptions prescribed by regulation, be a life pension and shall not be paid in any form other than that authorized by this Act.
If no pension of the type to which the member is entitled under the pension plan is available on the market, the pension committee may, in order to have an insurer guarantee the pension, replace the characteristics of the pension that make it unavailable on the market by similar characteristics that do not entail such a result.
The pension thus modified must, on the date payment begins, be of a value equal to that of the member’s vested pension; however, if equal value cannot be attained because of the limits set under the Taxation Act (chapter I-3), an amount equal to the difference between the value of the pension to which the member is entitled and the value of the modified pension must be paid to the member in a lump sum. These values must be established on the basis of the actuarial assumptions referred to in section 61.
1989, c. 38, s. 237; 2000, c. 41, s. 146; 2006, c. 42, s. 36; 2008, c. 21, s. 21; 2015, c. 29, s. 63; 2020, c. 30, s. 79.
237. With the exception of a pension provided for in section 67.2 and the variable benefits provided for in section 90.1, the vested pension of a member or beneficiary affected by the termination of the pension plan, which is in payment or suspended on the date of the termination, shall be guaranteed by an insurer, according to the conditions prescribed by regulation.
The pension shall, subject to the exceptions prescribed by regulation, be a life pension and shall not be paid in any form other than that authorized by this Act.
If no pension of the type to which the member is entitled under the pension plan is available on the market, the pension committee may, in order to have an insurer guarantee the pension, replace the characteristics of the pension that make it unavailable on the market by similar characteristics that do not entail such a result.
The pension thus modified must, on the date payment begins, be of a value equal to that of the member’s vested pension; however, if equal value cannot be attained because of the limits set under the Taxation Act (chapter I-3), an amount equal to the difference between the value of the pension to which the member is entitled and the value of the modified pension must be paid to the member in a lump sum. These values must be established on the basis of the actuarial assumptions referred to in section 61.
1989, c. 38, s. 237; 2000, c. 41, s. 146; 2006, c. 42, s. 36; 2008, c. 21, s. 21; 2015, c. 29, s. 63.
237. With the exception of a pension provided for in section 67.2, the vested pension of a member or beneficiary affected by the termination of the pension plan, which is in payment or suspended on the date of the termination, shall be guaranteed by an insurer, according to the conditions prescribed by regulation.
The pension shall, subject to the exceptions prescribed by regulation, be a life pension and shall not be paid in any form other than that authorized by this Act.
If no pension of the type to which the member is entitled under the pension plan is available on the market, the pension committee may, in order to have an insurer guarantee the pension, replace the characteristics of the pension that make it unavailable on the market by similar characteristics that do not entail such a result.
The pension thus modified must, on the date payment begins, be of a value equal to that of the member’s vested pension; however, if equal value cannot be attained because of the limits set under the Taxation Act (chapter I-3), an amount equal to the difference between the value of the pension to which the member is entitled and the value of the modified pension must be paid to the member in a lump sum. These values must be established on the basis of the actuarial assumptions referred to in section 61.
1989, c. 38, s. 237; 2000, c. 41, s. 146; 2006, c. 42, s. 36; 2008, c. 21, s. 21.
237. The vested pension of a member or beneficiary affected by the termination of the pension plan, which is in payment on the date of the termination, shall be guaranteed by an insurer, according to the conditions prescribed by regulation.
The pension shall, subject to the exceptions prescribed by regulation, be a life pension and shall not be paid in any form other than that authorized by this Act.
If no pension of the type to which the member is entitled under the pension plan is available on the market, the pension committee may, in order to have an insurer guarantee the pension, replace the characteristics of the pension that make it unavailable on the market by similar characteristics that do not entail such a result.
The pension thus modified must, on the date payment begins, be of a value equal to that of the member’s vested pension; however, if equal value cannot be attained because of the limits set under the Taxation Act (chapter I-3), an amount equal to the difference between the value of the pension to which the member is entitled and the value of the modified pension must be paid to the member in a lump sum. These values must be established on the basis of the actuarial assumptions referred to in section 61.
1989, c. 38, s. 237; 2000, c. 41, s. 146; 2006, c. 42, s. 36.
237. The vested pension of a member or beneficiary affected by the termination of the pension plan, which is in payment on the date of the termination, shall be guaranteed by an insurer, according to the conditions prescribed by regulation.
The pension shall, subject to the exceptions prescribed by regulation, be a life pension and shall not be paid in any form other than that authorized by this Act.
However, the requirement whereby the pension must be insured does not apply if no pension of the type paid to the member under the pension plan is available on the market. In such a case, the residual value of the pension shall be transferred pursuant to section 98, which shall apply with the necessary modifications.
1989, c. 38, s. 237; 2000, c. 41, s. 146.
237. The vested pension of a member or beneficiary affected by the total termination of the pension plan, which is in payment on the date of the termination, shall be guaranteed by an insurer.
The pension shall be a life pension and shall not be paid in any form other than that authorized by this Act.
1989, c. 38, s. 237.
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