35(1)A member of a pension plan who acquires a right to receive a pension benefit under that plan either before or after the commencement of this section is entitled, upon termination of employment after the commencement of this section and before attaining normal retirement date under the plan, to a deferred pension, calculated in accordance with the benefit formula of the pension plan, equal to

35(2)A member of a pension plan who has been employed for a continuous period of not less than five years, which period may begin before the commencement of this section, is entitled, upon termination of employment after the commencement of this section and prior to attaining normal retirement date under the plan, to a deferred pension, calculated in accordance with the benefit formula of the pension plan, equal to

35(2.1)Notwithstanding subsection (2), a member of a pension plan is entitled, upon termination of employment after the commencement of this subsection and prior to attaining normal retirement date under the plan, to a deferred pension, calculated in accordance with the benefit formula of the pension plan, equal to the pension benefit provided under the pension plan at the time of termination if, at termination, the member

35(3)For the purposes of subsection (2) and in relation to a multi-employer pension plan, the greater of a continuous period of membership in the plan and a continuous period of employment shall be deemed to be the continuous period of employment.

35(4)The deferred pension referred to in subsection (1) or (2) does not apply to benefits resulting from additional voluntary contributions.

35(5)For the purposes of this section and section 36, a member of a multi-employer pension plan shall have the right to be deemed to have terminated employment where no contributions have been made or are required to be made by or on behalf of the member for a period of twenty-four consecutive months or such shorter period as may be provided in the plan.

35(6)Subsection (5) does not apply if contributions are not made or not required to be made because the person has become a member of another pension plan and there is a reciprocal transfer agreement respecting the two pension plans.

35(7)Where a member is entitled to a deferred pension under subsection (1) and, on the date of termination of employment, the commuted value of the deferred pension is less than the member’s contributions with interest, the deferred pension shall be increased to an amount such that its commuted value is not less than the contributions with interest.