Acts and Regulations

P-5.1 - Pension Benefits Act

Section 36
Disposition versions

Full text
Transfer of commuted value of a deferred pension or purchase of deferred life annuity
36(1)A member of a pension plan who is entitled to a deferred pension under the plan or pursuant to section 35 is entitled, upon termination of employment,
(a) to require the administrator to transfer the commuted value of the deferred pension in accordance with the regulations
(i) to another pension plan with the consent of the administrator of that plan,
(i.1) to a pooled registered pension plan as defined in the Pooled Registered Pension Plans Act, or
(ii) to a prescribed retirement savings arrangement, or
(b) to require the administrator to purchase a deferred life annuity for the member commencing payment not earlier than ten years before the member’s normal retirement date under the pension plan.
36(1.1)A member of a pension plan who terminates employment on or after attaining the normal retirement date and who is entitled to the immediate payment of a defined contribution benefit under the pension plan or under section 39 may, upon termination, require the administrator to transfer the commuted value of the pension in accordance with the regulations to a prescribed retirement savings arrangement.
36(2)The administrator shall not
(a) make a transfer under subparagraph (1)(a)(ii) or subsection (1.1) unless the retirement savings arrangement meets the prescribed requirements,
(a.1) make a transfer under subparagraph (1)(a)(i) to a pension plan that is not registered in the Province unless
(i) the pension plan is registered for persons employed in a designated jurisdiction, and
(ii) the member is employed in that jurisdiction by an employer who is making contributions on behalf of the member to the pension fund that is to receive the amount to be transferred,
(a.2) make a transfer under subparagraph (1)(a)(i.1) to a pooled registered pension plan unless the transfer is done in accordance with the Pooled Registered Pension Plans Act and the regulations under that Act, or
(b) make a purchase under paragraph (1)(b) unless the contract to purchase the deferred life annuity meets the prescribed requirements and payments under the deferred life annuity will not commence more than ten years before the normal retirement date under the pension plan.
36(3)A member who terminates employment before attaining normal retirement date and who is entitled to the immediate payment of a pension benefit under the pension plan or under section 40 is not eligible to exercise the rights provided in subsection (1) unless the plan so provides.
36(4)A member who desires to exercise any rights under subsection (1) or (1.1) shall deliver a direction to the administrator in the form provided by the Superintendent within ninety days after receipt of notice of the rights.
36(5)The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.
36(6)Money transferred from a pension fund to a retirement savings arrangement or an annuity purchased pursuant to a right exercised under subsection (1) or (1.1) shall be administered in accordance with this Act and the regulations, and sections 40, 41, 42, 43 and 56 apply to the amount transferred or any annuity purchased.
36(7)Subsection (6) applies to the initial transfer or purchase and to any subsequent transfer or purchase.
36(8)The administrator of a pension plan may require a member to request a transfer of the commuted value of the deferred pension under subsection (1) where the commuted value is less than ten per cent of the Year’s Maximum Pensionable Earnings or such other amount as is prescribed.
36(9)Where an administrator has complied with a request in accordance with this section, the administrator and the pension fund are not liable for providing the deferred pension.
2002, c.12, s.15; 2015, c.31, s.4; 2017, c.56, s.38
Transfer of commuted value of a deferred pension or purchase of deferred life annuity
36(1)A member of a pension plan who is entitled to a deferred pension under the plan or pursuant to section 35 is entitled, upon termination of employment,
(a) to require the administrator to transfer the commuted value of the deferred pension in accordance with the regulations
(i) to another pension plan with the consent of the administrator of that plan, or
(ii) to a prescribed retirement savings arrangement, or
(b) to require the administrator to purchase a deferred life annuity for the member commencing payment not earlier than ten years before the member’s normal retirement date under the pension plan.
36(1.1)A member of a pension plan who terminates employment on or after attaining the normal retirement date and who is entitled to the immediate payment of a defined contribution benefit under the pension plan or under section 39 may, upon termination, require the administrator to transfer the commuted value of the pension in accordance with the regulations to a prescribed retirement savings arrangement.
36(2)The administrator shall not
(a) make a transfer under subparagraph (1)(a)(ii) or subsection (1.1) unless the retirement savings arrangement meets the prescribed requirements,
(a.1) make a transfer under subparagraph (1)(a)(i) to a pension plan that is not registered in the Province unless
(i) the pension plan is registered for persons employed in a designated jurisdiction, and
(ii) the member is employed in that jurisdiction by an employer who is making contributions on behalf of the member to the pension fund that is to receive the amount to be transferred, or
(b) make a purchase under paragraph (1)(b) unless the contract to purchase the deferred life annuity meets the prescribed requirements and payments under the deferred life annuity will not commence more than ten years before the normal retirement date under the pension plan.
36(3)A member who terminates employment before attaining normal retirement date and who is entitled to the immediate payment of a pension benefit under the pension plan or under section 40 is not eligible to exercise the rights provided in subsection (1) unless the plan so provides.
36(4)A member who desires to exercise any rights under subsection (1) or (1.1) shall deliver a direction to the administrator in the form provided by the Superintendent within ninety days after receipt of notice of the rights.
36(5)The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.
36(6)Money transferred from a pension fund to a retirement savings arrangement or an annuity purchased pursuant to a right exercised under subsection (1) or (1.1) shall be administered in accordance with this Act and the regulations, and sections 40, 41, 42, 43 and 56 apply to the amount transferred or any annuity purchased.
36(7)Subsection (6) applies to the initial transfer or purchase and to any subsequent transfer or purchase.
36(8)The administrator of a pension plan may require a member to request a transfer of the commuted value of the deferred pension under subsection (1) where the commuted value is less than ten per cent of the Year’s Maximum Pensionable Earnings or such other amount as is prescribed.
36(9)Where an administrator has complied with a request in accordance with this section, the administrator and the pension fund are not liable for providing the deferred pension.
2002, c.12, s.15; 2015, c.31, s.4
Transfer of commuted value of a deferred pension or purchase of deferred life annuity
36(1)A member of a pension plan who is entitled to a deferred pension under the plan or pursuant to section 35 is entitled, upon termination of employment,
(a) to require the administrator to transfer the commuted value of the deferred pension in accordance with the regulations
(i) to another pension plan with the consent of the administrator of that plan, or
(ii) to a prescribed retirement savings arrangement, or
(b) to require the administrator to purchase a deferred life annuity for the member commencing payment not earlier than ten years before the member’s normal retirement date under the pension plan.
36(1.1)A member of a pension plan who terminates employment on or after attaining the normal retirement date and who is entitled to the immediate payment of a defined contribution benefit under the pension plan or under section 39 may, upon termination, require the administrator to transfer the commuted value of the pension in accordance with the regulations to a prescribed retirement savings arrangement.
36(2)The administrator shall not
(a) make a transfer under subparagraph (1)(a)(ii) or subsection (1.1) unless the retirement savings arrangement meets the prescribed requirements,
(a.1) make a transfer under subparagraph (1)(a)(i) to a pension plan that is not registered in the Province unless
(i) the pension plan is registered for persons employed in a designated jurisdiction, and
(ii) the member is employed in that jurisdiction by an employer who is making contributions on behalf of the member to the pension fund that is to receive the amount to be transferred, or
(b) make a purchase under paragraph (1)(b) unless the contract to purchase the deferred life annuity meets the prescribed requirements and payments under the deferred life annuity will not commence more than ten years before the normal retirement date under the pension plan.
36(3)A member who terminates employment before attaining normal retirement date and who is entitled to the immediate payment of a pension benefit under the pension plan or under section 40 is not eligible to exercise the rights provided in subsection (1) unless the plan so provides.
36(4)A member who desires to exercise any rights under subsection (1) or (1.1) shall deliver a direction in the prescribed form to the administrator within ninety days after receipt of notice of the rights.
36(5)The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.
36(6)Money transferred from a pension fund to a retirement savings arrangement or an annuity purchased pursuant to a right exercised under subsection (1) or (1.1) shall be administered in accordance with this Act and the regulations, and sections 40, 41, 42, 43 and 56 apply to the amount transferred or any annuity purchased.
36(7)Subsection (6) applies to the initial transfer or purchase and to any subsequent transfer or purchase.
36(8)The administrator of a pension plan may require a member to request a transfer of the commuted value of the deferred pension under subsection (1) where the commuted value is less than ten per cent of the Year’s Maximum Pensionable Earnings or such other amount as is prescribed.
36(9)Where an administrator has complied with a request in accordance with this section, the administrator and the pension fund are not liable for providing the deferred pension.
2002, c.12, s.15
Transfer of commuted value of a deferred pension or purchase of deferred life annuity
36(1)A member of a pension plan who is entitled to a deferred pension under the plan or pursuant to section 35 is entitled, upon termination of employment,
(a) to require the administrator to transfer the commuted value of the deferred pension in accordance with the regulations
(i) to another pension plan with the consent of the administrator of that plan, or
(ii) to a prescribed retirement savings arrangement, or
(b) to require the administrator to purchase a deferred life annuity for the member commencing payment not earlier than ten years before the member’s normal retirement date under the pension plan.
36(1.1)A member of a pension plan who terminates employment on or after attaining the normal retirement date and who is entitled to the immediate payment of a defined contribution benefit under the pension plan or under section 39 may, upon termination, require the administrator to transfer the commuted value of the pension in accordance with the regulations to a prescribed retirement savings arrangement.
36(2)The administrator shall not
(a) make a transfer under subparagraph (1)(a)(ii) or subsection (1.1) unless the retirement savings arrangement meets the prescribed requirements,
(a.1) make a transfer under subparagraph (1)(a)(i) to a pension plan that is not registered in the Province unless
(i) the pension plan is registered for persons employed in a designated jurisdiction, and
(ii) the member is employed in that jurisdiction by an employer who is making contributions on behalf of the member to the pension fund that is to receive the amount to be transferred, or
(b) make a purchase under paragraph (1)(b) unless the contract to purchase the deferred life annuity meets the prescribed requirements and payments under the deferred life annuity will not commence more than ten years before the normal retirement date under the pension plan.
36(3)A member who terminates employment before attaining normal retirement date and who is entitled to the immediate payment of a pension benefit under the pension plan or under section 40 is not eligible to exercise the rights provided in subsection (1) unless the plan so provides.
36(4)A member who desires to exercise any rights under subsection (1) or (1.1) shall deliver a direction in the prescribed form to the administrator within ninety days after receipt of notice of the rights.
36(5)The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.
36(6)Money transferred from a pension fund to a retirement savings arrangement or an annuity purchased pursuant to a right exercised under subsection (1) or (1.1) shall be administered in accordance with this Act and the regulations, and sections 40, 41, 42, 43 and 56 apply to the amount transferred or any annuity purchased.
36(7)Subsection (6) applies to the initial transfer or purchase and to any subsequent transfer or purchase.
36(8)The administrator of a pension plan may require a member to request a transfer of the commuted value of the deferred pension under subsection (1) where the commuted value is less than ten per cent of the Year’s Maximum Pensionable Earnings or such other amount as is prescribed.
36(9)Where an administrator has complied with a request in accordance with this section, the administrator and the pension fund are not liable for providing the deferred pension.
2002, c.12, s.15