(b)
are entitled to a deferred pension with a commuted value that exceeds the maximum transfer that may be made to another pension plan or to a registered retirement savings plan under the Income Tax Act (Canada),
are a class of employees that is exempt from the application of subsection 56(1) of the Act.
25.2(2)The exemption in subsection (1) is subject to the following conditions:
(a)
the exemption shall only apply to the amount of the commuted value of the pension that exceeds the maximum transfer that may be made to another pension plan or to a registered retirement savings plan under the Income Tax Act (Canada), and
(b)
the exemption shall only apply to a member
(i)
who is transferring the commuted value of a deferred pension under paragraph 36(1)(a) of the Act and whose
(A)
employment has been terminated, or
(B)
pension plan is being wound up and the wind-up report filed under section 62 of the Act has been approved by the Superintendent, or
(ii)
whose pension plan assets are being transferred to a new plan under section 70 of the Act, including a pension plan deemed to be a new plan under subsection 12(3) of the Act.
25.2(3)When a member withdraws contributions and interest from a pension fund in accordance with this section, the administrator’s and the pension fund’s liability to provide a deferred pension is reduced by the amount that has been withdrawn.
(b)
are entitled to a deferred pension with a commuted value that exceeds the maximum transfer that may be made to another pension plan or to a registered retirement savings plan under the Income Tax Act (Canada),
are a class of employees that is exempt from the application of subsection 56(1) of the Act.
25.2(2)The exemption in subsection (1) is subject to the following conditions:
(a)
the exemption shall only apply to the amount of the commuted value of the pension that exceeds the maximum transfer that may be made to another pension plan or to a registered retirement savings plan under the Income Tax Act (Canada), and
(b)
the exemption shall only apply to a member
(i)
who is transferring the commuted value of a deferred pension under paragraph 36(1)(a) of the Act and whose
(A)
employment has been terminated, or
(B)
pension plan is being wound up and the wind-up report filed under section 62 of the Act has been approved by the Superintendent, or
(ii)
whose pension plan assets are being transferred to a new plan under section 70 of the Act, including a pension plan deemed to be a new plan under subsection 12(3) of the Act.
25.2(3)When a member withdraws contributions and interest from a pension fund in accordance with this section, the administrator’s and the pension fund’s liability to provide a deferred pension is reduced by the amount that has been withdrawn.