Acts and Regulations

P-5.1 - Pension Benefits Act

Full text
Restriction on withdrawal of contributions
56(1)Except as otherwise specifically permitted in this Act and the regulations, contributions and interest shall not be withdrawn from a pension fund.
56(2)Subsection (1) does not prevent the withdrawal with interest of additional voluntary contributions or optional ancillary contributions made to a pension fund.
56(3)Upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(1), is entitled to withdraw contributions with interest made in respect of employment before the commencement of this section.
56(4)Subject to subsection 55(2.1), upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(2) or (2.1), is entitled to withdraw contributions with interest made in respect of employment after the commencement of this section.
56(4.1)A pension plan may provide for shorter qualification periods for entitlement to a deferred pension than those set out in subsections 35(2) and (2.1).
56(4.2)A pension plan that provides for qualification periods for a deferred pension that are shorter than the periods set out in subsections 35(2) and (2.1) may permit a member to withdraw the member’s own contributions with interest made in respect of employment before or after the commencement of this subsection if the member terminates employment after becoming entitled to a deferred pension under the pension plan before the completion of the qualification period referred to in subsection 35(2) or (2.1).
56(5)When a member withdraws contributions with interest under subsection (2), (3), (4) or (4.2), the amount withdrawn, at the option of the member, shall be dealt with in one or more of the following ways:
(a) returned to the member;
(b) transferred to a registered retirement savings plan as defined in the Income Tax Act (Canada) if
(i) the transfer is permitted under that Act or its regulations, and
(ii) the registered retirement savings plan is not a retirement savings arrangement prescribed for the purposes of subparagraph 36(1)(a)(ii); or
(c) transferred to a registered retirement income fund as defined in the Income Tax Act (Canada) if
(i) the transfer is permitted under that Act or its regulations, and
(ii) the registered retirement income fund is not a retirement savings arrangement prescribed for the purposes of subparagraph 36(1)(a)(ii).
2002, c.12, s.26; 2021, c.41, s.14
Restriction on withdrawal of contributions
56(1)Except as otherwise specifically permitted in this Act and the regulations, contributions and interest shall not be withdrawn from a pension fund.
56(2)Subsection (1) does not prevent the withdrawal with interest of additional voluntary contributions or optional ancillary contributions made to a pension fund.
56(3)Upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(1), is entitled to withdraw contributions with interest made in respect of employment before the commencement of this section.
56(4)Subject to subsection 55(2.1), upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(2) or (2.1), is entitled to withdraw contributions with interest made in respect of employment after the commencement of this section.
56(5)When a member withdraws contributions with interest under subsection (2), (3) or (4), the amount withdrawn, at the option of the member, shall be dealt with in one or more of the following ways:
(a) returned to the member;
(b) transferred to a registered retirement savings plan as defined in the Income Tax Act (Canada) if
(i) the transfer is permitted under that Act or its regulations, and
(ii) the registered retirement savings plan is not a retirement savings arrangement prescribed for the purposes of subparagraph 36(1)(a)(ii); or
(c) transferred to a registered retirement income fund as defined in the Income Tax Act (Canada) if
(i) the transfer is permitted under that Act or its regulations, and
(ii) the registered retirement income fund is not a retirement savings arrangement prescribed for the purposes of subparagraph 36(1)(a)(ii).
2002, c.12, s.26
Restriction on withdrawal of contributions
56(1)Except as otherwise specifically permitted in this Act and the regulations, contributions and interest shall not be withdrawn from a pension fund.
56(2)Subsection (1) does not prevent the withdrawal with interest of additional voluntary contributions or optional ancillary contributions made to a pension fund.
56(3)Upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(1), is entitled to withdraw contributions with interest made in respect of employment before the commencement of this section.
56(4)Subject to subsection 55(2.1), upon termination of employment, a member of a pension plan who is not entitled to a pension, or to a deferred pension under subsection 35(2) or (2.1), is entitled to withdraw contributions with interest made in respect of employment after the commencement of this section.
56(5)When a member withdraws contributions with interest under subsection (2), (3) or (4), the amount withdrawn, at the option of the member, shall be dealt with in one or more of the following ways:
(a) returned to the member;
(b) transferred to a registered retirement savings plan as defined in the Income Tax Act (Canada) if
(i) the transfer is permitted under that Act or its regulations, and
(ii) the registered retirement savings plan is not a retirement savings arrangement prescribed for the purposes of subparagraph 36(1)(a)(ii); or
(c) transferred to a registered retirement income fund as defined in the Income Tax Act (Canada) if
(i) the transfer is permitted under that Act or its regulations, and
(ii) the registered retirement income fund is not a retirement savings arrangement prescribed for the purposes of subparagraph 36(1)(a)(ii).
2002, c.12, s.26