Acts and Regulations

91-195 - General

Section 29
Disposition versions

Full text
Calculation of commuted value
29(1)If the benefit or the commuted value of the benefit of a member or a former member that is a deferred pension under a defined contribution plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total amount of
(a) all contributions, with interest, made by
(i) the member or former member, if applicable, and
(ii) the employer or person required to make contributions on behalf of an employer in respect of the member or former member, and
(b) any surplus money allocated to the member or former member, with interest,
as of the date of the breakdown of the marriage or common-law partnership.
29(2)If the commuted value of the benefit of a member that is a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be determined as though the member had terminated employment on the date of the breakdown of the marriage or common-law partnership and shall be the total of
(a) the commuted value of the benefit determined using
(i) the benefit formula provided by the plan,
(ii) the pension benefits, salary and contribution history in existence on the date of the breakdown of the marriage or common-law partnership,
(iii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(iii.1) where the marriage breakdown occurs from July 1, 1994 to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(iii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(iii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, as amended from time to time, to the extent that they are consistent with the Act and the regulations,
(iii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, as amended from time to time, to the extent that they are consistent with the Act and the regulations,
(iv) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit,
(v) any escalated adjustment, if it is provided for in the plan, and
(vi) the normal retirement date or, if the plan provides for a member to retire at a date other than the normal retirement date without any actuarial reduction to the pension payable and the member has met the eligibility requirements for retiring at that other date, the other date,
(b) any additional voluntary contributions with interest and any excess employee contributions; and
(c) any optional ancillary contributions with interest that have not been included in the calculation pursuant to paragraph (a).
29(3)If the benefit of a former member that is a pension or a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total of
(a) the commuted value of the pension or deferred pension determined using
(i) the periodic amount of the pension or deferred pension being paid or payable at the date of the breakdown of the marriage or common-law partnership,
(ii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(ii.1) where the marriage breakdown occurs from July 1, 1994, to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(ii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(ii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, as amended from time to time, to the extent that they are consistent with the Act and the regulations,
(ii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, as amended from time to time, to the extent that they are consistent with the Act and the regulations,
(iii) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit, and
(iv) any escalated adjustment, if it is provided for in the plan, and
(b) any additional voluntary contributions with interest and any excess employee contributions.
29(4)If a pension plan provides contributory pension benefits, the commuted value of a member’s contributions under the plan, with interest, that may be paid out under subsection 44(15) of the Act shall be the total of the contributions, with interest, made by the member.
29(5)Section 48 of the Act applies to the determination under this section of the commuted value of a pension or a deferred pension that may be reduced under a pension plan by reason of payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada).
94-78; 2002, c.12, s.32; 2003-87; 2005-102; 2009-42; 2011-60; 2015-59; 2016-55
Calculation of commuted value
29(1)If the benefit or the commuted value of the benefit of a member or a former member that is a deferred pension under a defined contribution plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total amount of
(a) all contributions, with interest, made by
(i) the member or former member, if applicable, and
(ii) the employer or person required to make contributions on behalf of an employer in respect of the member or former member, and
(b) any surplus money allocated to the member or former member, with interest,
as of the date of the breakdown of the marriage or common-law partnership.
29(2)If the commuted value of the benefit of a member that is a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be determined as though the member had terminated employment on the date of the breakdown of the marriage or common-law partnership and shall be the total of
(a) the commuted value of the benefit determined using
(i) the benefit formula provided by the plan,
(ii) the pension benefits, salary and contribution history in existence on the date of the breakdown of the marriage or common-law partnership,
(iii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(iii.1) where the marriage breakdown occurs from July 1, 1994 to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(iii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(iii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, as amended from time to time, to the extent that they are consistent with the Act and the regulations,
(iv) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit,
(v) any escalated adjustment, if it is provided for in the plan, and
(vi) the normal retirement date or, if the plan provides for a member to retire at a date other than the normal retirement date without any actuarial reduction to the pension payable and the member has met the eligibility requirements for retiring at that other date, the other date,
(b) any additional voluntary contributions with interest and any excess employee contributions; and
(c) any optional ancillary contributions with interest that have not been included in the calculation pursuant to paragraph (a).
29(3)If the benefit of a former member that is a pension or a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total of
(a) the commuted value of the pension or deferred pension determined using
(i) the periodic amount of the pension or deferred pension being paid or payable at the date of the breakdown of the marriage or common-law partnership,
(ii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(ii.1) where the marriage breakdown occurs from July 1, 1994, to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(ii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(ii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(ii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, as amended from time to time, to the extent that they are consistent with the Act and the regulations,
(iii) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit, and
(iv) any escalated adjustment, if it is provided for in the plan, and
(b) any additional voluntary contributions with interest and any excess employee contributions.
29(4)If a pension plan provides contributory pension benefits, the commuted value of a member’s contributions under the plan, with interest, that may be paid out under subsection 44(15) of the Act shall be the total of the contributions, with interest, made by the member.
29(5)Section 48 of the Act applies to the determination under this section of the commuted value of a pension or a deferred pension that may be reduced under a pension plan by reason of payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada).
94-78; 2002, c.12, s.32; 2003-87; 2005-102; 2009-42; 2011-60; 2015-59
Calculation of commuted value
29(1)If the benefit or the commuted value of the benefit of a member or a former member that is a deferred pension under a defined contribution plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total amount of
(a) all contributions, with interest, made by
(i) the member or former member, if applicable, and
(ii) the employer or person required to make contributions on behalf of an employer in respect of the member or former member, and
(b) any surplus money allocated to the member or former member, with interest,
as of the date of the breakdown of the marriage or common-law partnership.
29(2)If the commuted value of the benefit of a member that is a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be determined as though the member had terminated employment on the date of the breakdown of the marriage or common-law partnership and shall be the total of
(a) the commuted value of the benefit determined using
(i) the benefit formula provided by the plan,
(ii) the pension benefits, salary and contribution history in existence on the date of the breakdown of the marriage or common-law partnership,
(iii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(iii.1) where the marriage breakdown occurs from July 1, 1994 to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(iii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(iii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iv) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit,
(v) any escalated adjustment, if it is provided for in the plan, and
(vi) the normal retirement date or, if the plan provides for a member to retire at a date other than the normal retirement date without any actuarial reduction to the pension payable and the member has met the eligibility requirements for retiring at that other date, the other date,
(b) any additional voluntary contributions with interest and any excess employee contributions; and
(c) any optional ancillary contributions with interest that have not been included in the calculation pursuant to paragraph (a).
29(3)If the benefit of a former member that is a pension or a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total of
(a) the commuted value of the pension or deferred pension determined using
(i) the periodic amount of the pension or deferred pension being paid or payable at the date of the breakdown of the marriage or common-law partnership,
(ii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(ii.1) where the marriage breakdown occurs from July 1, 1994, to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(ii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(ii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(ii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iii) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit, and
(iv) any escalated adjustment, if it is provided for in the plan, and
(b) any additional voluntary contributions with interest and any excess employee contributions.
29(4)If a pension plan provides contributory pension benefits, the commuted value of a member’s contributions under the plan, with interest, that may be paid out under subsection 44(15) of the Act shall be the total of the contributions, with interest, made by the member.
29(5)Section 48 of the Act applies to the determination under this section of the commuted value of a pension or a deferred pension that may be reduced under a pension plan by reason of payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada).
94-78; 2002, c.12, s.32; 2003-87; 2005-102; 2009-42; 2011-60
Calculation of commuted value
29(1)If the benefit or the commuted value of the benefit of a member or a former member that is a deferred pension under a defined contribution plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total amount of
(a) all contributions, with interest, made by
(i) the member or former member, if applicable, and
(ii) the employer or person required to make contributions on behalf of an employer in respect of the member or former member, and
(b) any surplus money allocated to the member or former member, with interest,
as of the date of the breakdown of the marriage or common-law partnership.
29(2)If the commuted value of the benefit of a member that is a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be determined as though the member had terminated employment on the date of the breakdown of the marriage or common-law partnership and shall be the total of
(a) the commuted value of the benefit determined using
(i) the benefit formula provided by the plan,
(ii) the pension benefits, salary and contribution history in existence on the date of the breakdown of the marriage or common-law partnership,
(iii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(iii.1) where the marriage breakdown occurs from July 1, 1994 to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(iii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(iii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iv) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit,
(v) any escalated adjustment, if it is provided for in the plan, and
(vi) the normal retirement date or, if the plan provides for a member to retire at a date other than the normal retirement date without any actuarial reduction to the pension payable and the member has met the eligibility requirements for retiring at that other date, the other date,
(b) any additional voluntary contributions with interest and any excess employee contributions; and
(c) any optional ancillary contributions with interest that have not been included in the calculation pursuant to paragraph (a).
29(3)If the benefit of a former member that is a pension or a deferred pension under a defined benefit plan is to be divided on the breakdown of a marriage or common-law partnership under section 44 of the Act, the commuted value of the benefit shall be the total of
(a) the commuted value of the pension or deferred pension determined using
(i) the periodic amount of the pension or deferred pension being paid or payable at the date of the breakdown of the marriage or common-law partnership,
(ii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(ii.1) where the marriage breakdown occurs from July 1, 1994, to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(ii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(ii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(ii.4) when the breakdown of a common-law partnership occurs on or after the commencement of this subparagraph, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iii) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit, and
(iv) any escalated adjustment, if it is provided for in the plan, and
(b) any additional voluntary contributions with interest and any excess employee contributions.
29(4)If a pension plan provides contributory pension benefits, the commuted value of a member’s contributions under the plan, with interest, that may be paid out under subsection 44(15) of the Act shall be the total of the contributions, with interest, made by the member.
29(5)Section 48 of the Act applies to the determination under this section of the commuted value of a pension or a deferred pension that may be reduced under a pension plan by reason of payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada).
94-78; 2002, c.12, s.32; 2003-87; 2005-102; 2009-42; 2011-60
Calculation of commuted value
29(1)If the benefit or the commuted value of the benefit of a member or a former member that is a deferred pension under a defined contribution plan is to be divided on marriage breakdown under section 44 of the Act, the commuted value of the benefit shall be the total amount of
(a) all contributions, with interest, made by
(i) the member or former member, if applicable, and
(ii) the employer or person required to make contributions on behalf of an employer in respect of the member or former member, and
(b) any surplus money allocated to the member or former member, with interest,
as of the date of marriage breakdown.
29(2)If the commuted value of the benefit of a member that is a deferred pension under a defined benefit plan is to be divided on marriage breakdown under section 44 of the Act, the commuted value of the benefit shall be determined as though the member had terminated employment on the date of marriage breakdown and shall be the total of
(a) the commuted value of the benefit determined using
(i) the benefit formula provided by the plan,
(ii) the pension benefits, salary and contribution history in existence on the date of marriage breakdown,
(iii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(iii.1) where the marriage breakdown occurs from July 1, 1994 to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(iii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(iii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iv) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit,
(v) any escalated adjustment, if it is provided for in the plan, and
(vi) the normal retirement date or, if the plan provides for a member to retire at a date other than the normal retirement date without any actuarial reduction to the pension payable and the member has met the eligibility requirements for retiring at that other date, the other date,
(b) any additional voluntary contributions with interest and any excess employee contributions; and
(c) any optional ancillary contributions with interest that have not been included in the calculation pursuant to paragraph (a).
29(3)If the benefit of a former member that is a pension or a deferred pension under a defined benefit plan is to be divided on marriage breakdown under section 44 of the Act, the commuted value of the benefit shall be the total of
(a) the commuted value of the pension or deferred pension determined using
(i) the periodic amount of the pension or deferred pension being paid or payable at the date of marriage breakdown,
(ii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(ii.1) where the marriage breakdown occurs from July 1, 1994, to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(ii.2) where the marriage breakdown occurs from August 1, 2005, to March 31, 2009, both dates inclusive, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(ii.3) when the marriage breakdown occurs on or after April 1, 2009, the actuarial assumptions contained in section 3800 of the Standards of Practice - Practice Specific Standards for Pension Plans adopted by the Canadian Institute of Actuaries and effective on April 1, 2009, to the extent that they are consistent with the Act and the regulations,
(iii) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit, and
(iv) any escalated adjustment, if it is provided for in the plan, and
(b) any additional voluntary contributions with interest and any excess employee contributions.
29(4)If a pension plan provides contributory pension benefits, the commuted value of a member’s contributions under the plan, with interest, that may be paid out under subsection 44(15) of the Act shall be the total of the contributions, with interest, made by the member.
29(5)Section 48 of the Act applies to the determination under this section of the commuted value of a pension or a deferred pension that may be reduced under a pension plan by reason of payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada).
94-78; 2002, c.12, s.32; 2003-87; 2005-102; 2009-42
Calculation of commuted value
29(1)If the benefit or the commuted value of the benefit of a member or a former member that is a deferred pension under a defined contribution plan is to be divided on marriage breakdown under section 44 of the Act, the commuted value of the benefit shall be the total amount of
(a) all contributions, with interest, made by
(i) the member or former member, if applicable, and
(ii) the employer or person required to make contributions on behalf of an employer in respect of the member or former member, and
(b) any surplus money allocated to the member or former member, with interest,
as of the date of marriage breakdown.
29(2)If the commuted value of the benefit of a member that is a deferred pension under a defined benefit plan is to be divided on marriage breakdown under section 44 of the Act, the commuted value of the benefit shall be determined as though the member had terminated employment on the date of marriage breakdown and shall be the total of
(a) the commuted value of the benefit determined using
(i) the benefit formula provided by the plan,
(ii) the pension benefits, salary and contribution history in existence on the date of marriage breakdown,
(iii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(iii.1) where the marriage breakdown occurs from July 1, 1994 to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(iii.2) where the marriage breakdown occurs on or after August 1, 2005, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(iv) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit,
(v) any escalated adjustment, if it is provided for in the plan, and
(vi) the normal retirement date or, if the plan provides for a member to retire at a date other than the normal retirement date without any actuarial reduction to the pension payable and the member has met the eligibility requirements for retiring at that other date, the other date,
(b) any additional voluntary contributions with interest and any excess employee contributions; and
(c) any optional ancillary contributions with interest that have not been included in the calculation pursuant to paragraph (a).
29(3)If the benefit of a former member that is a pension or a deferred pension under a defined benefit plan is to be divided on marriage breakdown under section 44 of the Act, the commuted value of the benefit shall be the total of
(a) the commuted value of the pension or deferred pension determined using
(i) the periodic amount of the pension or deferred pension being paid or payable at the date of marriage breakdown,
(ii) where the marriage breakdown occurs before July 1, 1994, the actuarial and economic assumptions contained in the Recommendations Concerning the Computation of the Capitalized Value of Pension Entitlement on Marriage Breakdown as adopted by the Canadian Institute of Actuaries, to the extent that they are consistent with the Act and the regulations,
(ii.1) where the marriage breakdown occurs from July 1, 1994, to July 31, 2005, both dates inclusive, the actuarial and economic assumptions contained in the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993, to the extent that they are consistent with the Act and the regulations,
(ii.2) where the marriage breakdown occurs on or after August 1, 2005, the actuarial assumptions contained in section 4 of the Standard of Practice for Determining Pension Commuted Values adopted by the Canadian Institute of Actuaries and effective on February 1, 2005, to the extent that they are consistent with the Act and the regulations,
(iii) the value of any survivor benefits provided by the plan either before or after the commencement of payment of the pension benefit, and
(iv) any escalated adjustment, if it is provided for in the plan, and
(b) any additional voluntary contributions with interest and any excess employee contributions.
29(4)If a pension plan provides contributory pension benefits, the commuted value of a member’s contributions under the plan, with interest, that may be paid out under subsection 44(15) of the Act shall be the total of the contributions, with interest, made by the member.
29(5)Section 48 of the Act applies to the determination under this section of the commuted value of a pension or a deferred pension that may be reduced under a pension plan by reason of payments under the Canada Pension Plan, the Quebec Pension Plan or the Old Age Security Act (Canada).
94-78; 2002, c.12, s.32; 2003-87; 2005-102