R-15.1 - Supplemental Pension Plans Act

Section 98 Disposition versions

2020-12-11

98. Every plan member is entitled, subject to the conditions and time limits set out in this chapter, to transfer to such pension plan as he indicates

(1)  the additional voluntary contributions credited to his account, with accrued interest;

(2)  the amount corresponding to the value of any pension benefit, including a benefit guaranteed by an insurer, to which the member is entitled but of which payment has not begun. Such value must be equal to or greater than,

(a)  where the transfer is applied for within the time limit set out in subparagraph 1 of the second paragraph of section 99, the value of the member’s pension benefit determined pursuant to section 61;

(b)  where the transfer is not applied for within that time limit, the value of the member’s pension benefit determined with reference to related benefits and on the basis of the assumptions referred to in section 61 which are used, on the day the transfer is applied for, to determine the value of benefits under the plan which are vested on that date;

(3)  the member contributions which exceed the limit set by section 60, with accrued interest;

(4)  the amounts previously transferred, even otherwise than under this chapter, with accrued interest, or the amount corresponding to the value of the pension purchased with the amounts transferred; that value must be determined on the basis of the assumptions referred to in section 61 which are used, at the date of vesting of the pension if the transfer is applied for within the time limit set out in subparagraph 1 of the second paragraph of section 99 or at the date the transfer is applied for in other cases, to determine the value of benefits under the plan which are vested on that date.

Interest calculated, until the date of transfer, at the rate used to determine the value of the pension benefit to which the member is entitled shall be added to the values referred to in subparagraphs a and b of subparagraph 2 and in subparagraph 4 of the first paragraph.

The value of the benefits under a target benefit plan shall be established taking into account, despite the postponement of their effective date, if applicable, the adjustments provided for in an actuarial valuation report of the plan transmitted to Retraite Québec before the date on which that value is determined and that result from recovery measures, the restoration of benefits or the appropriation of surplus assets.

For the purposes of this section, the expression “pension plan” includes, in addition to the pension plans governed by this Act, any pension plan or annuity contract prescribed by regulation.

1989, c. 38, s. 98; 2000, c. 41, s. 60; 2020, c. 30, s. 31.

2001-01-01

98. Every plan member is entitled, subject to the conditions and time limits set out in this chapter, to transfer to such pension plan as he indicates

(1)  the additional voluntary contributions credited to his account, with accrued interest;

(2)  the amount corresponding to the value of any pension benefit, including a benefit guaranteed by an insurer, to which the member is entitled but of which payment has not begun. Such value must be equal to or greater than,

(a)  where the transfer is applied for within the time limit set out in subparagraph 1 of the second paragraph of section 99, the value of the member’s pension benefit determined pursuant to section 61;

(b)  where the transfer is not applied for within that time limit, the value of the member’s pension benefit determined with reference to related benefits and on the basis of the assumptions referred to in section 61 which are used, on the day the transfer is applied for, to determine the value of other pension benefits to which section 60 applies and which are vested on that date;

(3)  the member contributions which exceed the limit set by section 60, with accrued interest;

(4)  the amounts previously transferred, even otherwise than under this chapter, with accrued interest, or the amount corresponding to the value of the pension purchased with the amounts transferred; that value must be determined on the basis of the assumptions referred to in section 61 which are used, at the date of vesting of the pension if the transfer is applied for within the time limit set out in subparagraph 1 of the second paragraph of section 99 or at the date the transfer is applied for in other cases, to determine the value of other pension benefits to which section 60 applies and which are vested on that date.

Interest calculated, until the date of transfer, at the rate used to determine the value of the pension benefit to which the member is entitled shall be added to the values referred to in subparagraphs a and b of subparagraph 2 and in subparagraph 4 of the first paragraph.

For the purposes of this section, the expression “pension plan” includes, in addition to the pension plans governed by this Act, any pension plan or annuity contract prescribed by regulation.

1989, c. 38, s. 98; 2000, c. 41, s. 60.

1990-01-01

98. Every plan member is entitled, subject to the conditions and time limits set out in this chapter, to transfer to such pension plan as he indicates

(1)  the member contributions paid by him into the plan, if he is not entitled to the payment of a pension benefit, and the additional voluntary contributions credited to his account, with accrued interest;

(2)  the amount corresponding to the value of any pension benefit, including a benefit guaranteed by an insurer, to which the member is entitled but of which payment has not begun. Such value must be equal to or greater than,

(a)  where the transfer is applied for within the time limit set out in subparagraph 1 of the second paragraph of section 99, the value of the member’s pension benefit determined pursuant to section 61;

(b)  where the transfer is applied for within the time limit set out in subparagraph 2 or 3 of the second paragraph of section 99, the value of the member’s pension benefit determined with reference to related benefits and according to actuarial assumptions and methods identical to those which were transmitted to the Régie and which are used, on the day the transfer is applied for, to determine the value of other pension benefits to which section 60 applies and which are vested on that date;

(3)  the member contributions which exceed the limit set by section 60, with accrued interest;

(4)  the amounts previously transferred, with accrued interest, or the amount corresponding to the value of the pension purchased with the transferred amounts. That value shall be determined according to actuarial assumptions and methods identical to those which were transmitted to the Régie and which are used, on the date the transfer is applied for, to determine the value of other pension benefits to which section 60 applies and which are vested on that date.

Interest calculated, until the date of transfer, at the rate used to determine the pension benefit to which the member is entitled or, where such values have 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, shall be added to the values referred to in paragraphs a and b of subparagraph 2 and in subparagraph 4 of the first paragraph.

For the purposes of this section, the expression “pension plan” includes, in addition to the pension plans governed by this Act, any pension plan or annuity contract prescribed by regulation.

1989, c. 38, s. 98.