R-15.1 - Supplemental Pension Plans Act

Section 305 Disposition versions

2001-01-01

305. Where an insurer has guaranteed, before 2 June 1989, refunds or pension benefits accrued to a member in respect of service credited to him under a pension plan before that date, the transfer of such benefits pursuant to section 98 may, if the member was an active member at that date, be made by subrogating the member in the rights of the pension fund as regards the contract entered into with the insurer.

The value of the guaranteed benefits so transferred shall not exceed the value of the refunds or pension benefits that would result therefrom if the latter value were determined on the basis of actuarial assumptions and methods identical to those which, on the date of the subrogation made in favour of the member, are used to determine the value of unguaranteed pension benefits to which section 60 applies and that are vested on that date.

1989, c. 38, s. 305; 2000, c. 41, s. 189.

1990-01-01

305. Where an insurer has guaranteed, before 2 June 1989, refunds or pension benefits accrued to a member in respect of service credited to him under an uninsured pension plan before that date, the transfer of such benefits pursuant to section 98 or 100 may, if the member was an active member at that date, be made by subrogating the member in the rights of the pension fund as regards the contract entered into with the insurer.

The value of the guaranteed benefits so transferred shall not exceed the value of the refunds or pension benefits that would result therefrom if the latter value were determined on the basis of actuarial assumptions and methods identical to those which, on the date of the subrogation made in favour of the member, are used to determine the value of unguaranteed pension benefits to which section 60 applies and that are vested on that date.

1989, c. 38, s. 305.