Acts and Regulations

P-5.1 - Pension Benefits Act

Section 99.1
Disposition versions

Full text
Transfer of commuted value of a pension
99.1(1)This section applies to the following pension plans:
(a) Pension Plan for Non-Union Salaried Employees of St. Anne-Nackawic Pulp Company Ltd., the registration of which under the Act was acknowledged on August 7, 1997, as amended;
(b) Pension Plan for Hourly Paid and Clerical Union Employees of St. Anne-Nackawic Pulp Company Ltd., as registered with the Superintendent on January 13, 1994, as amended.
99.1(2)On the wind-up of the pension plans mentioned in subsection (1) a person who is receiving a pension under one of the plans is entitled to require the administrator to transfer the commuted value of the pension in accordance with the regulations
(a) to another pension plan with the consent of the administrator of that plan, or
(b) to a prescribed retirement savings arrangement.
99.1(3)The administrator shall not make a transfer under paragraph (2)(a) to a pension plan that is not registered in the Province unless
(a) the pension plan is registered for persons employed in a designated jurisdiction, and
(b) 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.
99.1(4)The administrator shall not make a transfer under paragraph (2)(b) unless the retirement savings arrangement meets the prescribed requirements.
99.1(5)A person who desires to exercise any rights under subsection (2) shall deliver a direction to the administrator in the form provided by the Superintendent within ninety days after receipt of notice of the rights.
99.1(6)The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.
99.1(7)Money transferred from a pension fund to a retirement savings arrangement purchased pursuant to a right exercised under subsection (2) shall be administered in accordance with this Act and the regulations, and sections 41, 42 and 56 apply to the amount transferred.
99.1(8)Subsection (7) applies to the initial transfer or purchase and to any subsequent transfer or purchase.
99.1(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 pension.
2007, c.76, s.1; 2015, c.31, s.8
Transfer of commuted value of a pension
99.1(1)This section applies to the following pension plans:
(a) Pension Plan for Non-Union Salaried Employees of St. Anne-Nackawic Pulp Company Ltd., the registration of which under the Act was acknowledged on August 7, 1997, as amended;
(b) Pension Plan for Hourly Paid and Clerical Union Employees of St. Anne-Nackawic Pulp Company Ltd., as registered with the Superintendent on January 13, 1994, as amended.
99.1(2)On the wind-up of the pension plans mentioned in subsection (1) a person who is receiving a pension under one of the plans is entitled to require the administrator to transfer the commuted value of the pension in accordance with the regulations
(a) to another pension plan with the consent of the administrator of that plan, or
(b) to a prescribed retirement savings arrangement.
99.1(3)The administrator shall not make a transfer under paragraph (2)(a) to a pension plan that is not registered in the Province unless
(a) the pension plan is registered for persons employed in a designated jurisdiction, and
(b) 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.
99.1(4)The administrator shall not make a transfer under paragraph (2)(b) unless the retirement savings arrangement meets the prescribed requirements.
99.1(5)A person who desires to exercise any rights under subsection (2) shall deliver a direction in the prescribed form to the administrator within ninety days after receipt of notice of the rights.
99.1(6)The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.
99.1(7)Money transferred from a pension fund to a retirement savings arrangement purchased pursuant to a right exercised under subsection (2) shall be administered in accordance with this Act and the regulations, and sections 41, 42 and 56 apply to the amount transferred.
99.1(8)Subsection (7) applies to the initial transfer or purchase and to any subsequent transfer or purchase.
99.1(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 pension.
2007, c.76, s.1
Transfer of commuted value of a pension
99.1(1)This section applies to the following pension plans:
(a) Pension Plan for Non-Union Salaried Employees of St. Anne-Nackawic Pulp Company Ltd., the registration of which under the Act was acknowledged on August 7, 1997, as amended;
(b) Pension Plan for Hourly Paid and Clerical Union Employees of St. Anne-Nackawic Pulp Company Ltd., as registered with the Superintendent on January 13, 1994, as amended.
99.1(2)On the wind-up of the pension plans mentioned in subsection (1) a person who is receiving a pension under one of the plans is entitled to require the administrator to transfer the commuted value of the pension in accordance with the regulations
(a) to another pension plan with the consent of the administrator of that plan, or
(b) to a prescribed retirement savings arrangement.
99.1(3)The administrator shall not make a transfer under paragraph (2)(a) to a pension plan that is not registered in the Province unless
(a) the pension plan is registered for persons employed in a designated jurisdiction, and
(b) 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.
99.1(4)The administrator shall not make a transfer under paragraph (2)(b) unless the retirement savings arrangement meets the prescribed requirements.
99.1(5)A person who desires to exercise any rights under subsection (2) shall deliver a direction in the prescribed form to the administrator within ninety days after receipt of notice of the rights.
99.1(6)The administrator shall, subject to the requirements of this Act and the regulations, comply with the direction within thirty days after its receipt.
99.1(7)Money transferred from a pension fund to a retirement savings arrangement purchased pursuant to a right exercised under subsection (2) shall be administered in accordance with this Act and the regulations, and sections 41, 42 and 56 apply to the amount transferred.
99.1(8)Subsection (7) applies to the initial transfer or purchase and to any subsequent transfer or purchase.
99.1(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 pension.
2007, c.76, s.1