Acts and Regulations

91-195 - General

Section 32
Disposition versions

Full text
Division and transferability of non-commutable annuity
32(1)Subject to subsection (2), if a member’s or a former member’s benefit to be divided under section 44 of the Act includes or consists of an annuity that is payable under an insurance contract that prohibits the annuity from being commuted and if the commuted value of the benefits under the pension plan apart from the annuity, if credited to, paid to or otherwise delivered to the benefit of the member’s or former member’s spouse or common-law partner, would be insufficient to fulfill the entitlement of the spouse or common-law partner on division under section 44 of the Act, the annuity is a class of pension plan that is exempt from the application of subsections 44(2) and (10) of the Act and
(a) the member or former member shall pay the spouse or common-law partner an amount equal to the spouse’s portion or the common-law partner’s portion, or
(b) if agreed to in writing by the member or former member and the spouse or common-law partner or if so ordered by a competent tribunal, the actual periodic pension shall be divided in accordance with the applicable domestic contract or decree, order or judgment of the tribunal, as the case may be, and the portion of the pension payable to the spouse or common-law partner shall be subject to the terms and conditions of the annuity contract.
32(2)Sections 28 to 31 apply and subsection (1) does not apply to an annuity described in subsection (1) that is entered into on or after the commencement of the Act.
2011-60
Division and transferability of non-commutable annuity
32(1)Subject to subsection (2), if a member’s or a former member’s benefit to be divided under section 44 of the Act includes or consists of an annuity that is payable under an insurance contract that prohibits the annuity from being commuted and if the commuted value of the benefits under the pension plan apart from the annuity, if credited to, paid to or otherwise delivered to the benefit of the member’s or former member’s spouse, would be insufficient to fulfill the spouse’s entitlement on division under section 44 of the Act, the annuity is a class of pension plan that is exempt from the application of subsections 44(2) and (10) of the Act and
(a) the member or former member shall pay the spouse an amount equal to the spouse’s portion, or
(b) if so ordered by the court or if agreed to in writing by the member or former member and the spouse, the actual periodic pension shall be divided in accordance with the applicable court order, marriage contract or separation agreement, as the case may be, and the portion of the pension payable to the spouse shall be subject to the terms and conditions of the annuity contract.
32(2)Sections 28 to 31 apply and subsection (1) does not apply to an annuity described in subsection (1) that is entered into on or after the commencement of the Act.