34(1)A pension plan may, in accordance with the regulations, provide for the payment, on termination of employment or wind-up of the pension plan, of the commuted value of a benefit under the plan if the adjusted commuted value of the benefit payable, calculated in accordance with subsection (2), is less than forty per cent of the Year’s Maximum Pensionable Earnings for the calendar year in which employment is terminated or the pension plan is wound-up.

34(2)For the purposes of subsection (1) and subject to subsection (3), the adjusted commuted value of the benefit payable is calculated using the following formula:

34(3)For the purposes of subsection (2), “n” shall not be greater than sixty-five.

34(4)A pension plan may only make a payment authorized by subsection (1) if the spouse or common-law partner, if any, of the member or former member waives in writing any rights that he or she may have in the pension fund under this Act, the regulations or the pension fund.

34(1)A pension plan may, in accordance with the regulations, provide for the payment, on termination of employment or wind-up of the pension plan, of the commuted value of a benefit under the plan if the adjusted commuted value of the benefit payable, calculated in accordance with subsection (2), is less than forty per cent of the Year’s Maximum Pensionable Earnings for the calendar year in which employment is terminated or the pension plan is wound-up.

34(2)For the purposes of subsection (1) and subject to subsection (3), the adjusted commuted value of the benefit payable is calculated using the following formula:

34(3)For the purposes of subsection (2), “n” shall not be greater than sixty-five.

34(4)A pension plan may only make a payment authorized by subsection (1) if the spouse, if any, of the member or former member waives in writing any rights that he or she may have in the pension fund under this Act, the regulations or the pension fund.