Acts and Regulations

P-5.1 - Pension Benefits Act

Section 99.99
Disposition versions

Full text
Distribution of assets - commuted value
99.99(1)For the purpose of the wind-up of either pension plan, the commuted value of a benefit as of the effective date of the wind-up, in respect of a member or former member who requires a transfer under paragraph 36(1)(a), shall be determined as if the pension plan were fully funded on a wind-up basis and shall not be less than the amount referred to in paragraph 19(4)(b) of Regulation 91-195 determined as if the transfer occurred on the effective date of the wind-up, or a lesser amount approved by the Superintendent.
99.99(2)For the purpose of the wind-up of either pension plan, the commuted value of a benefit as of the effective date of the wind-up, in respect of a person who is receiving a pension at the wind-up date or in respect of a member or former member who requires a purchase under paragraph 36(1)(b), shall not be less than the sum of the present value of payments made between the effective date of the wind-up and the distribution date, and the present value of the amount required to purchase the annuity referred to in paragraph 19(4)(b) of Regulation 91-195 as at the distribution date, or a lesser amount approved by the Superintendent.
99.99(3)The amounts referred to in subsection (2) shall be determined as follows:
(a) as if the pension plan were fully funded on a wind-up basis;
(b) taking into account the survival of the member, former member, or persons entitled to benefits through members or former members, from the effective date of the wind-up to the distribution date;
(c) using the interest rate that would apply to an annuity purchase referred to in paragraph 19(4)(b) of Regulation 91-195 on the effective date of the wind-up to discount values from the distribution date to the effective date of the wind-up; and
(d) any other adjustments approved by the Superintendent.
2010, c.13, s.1
Distribution of assets - commuted value
99.99(1)For the purpose of the wind-up of either pension plan, the commuted value of a benefit as of the effective date of the wind-up, in respect of a member or former member who requires a transfer under paragraph 36(1)(a), shall be determined as if the pension plan were fully funded on a wind-up basis and shall not be less than the amount referred to in paragraph 19(4)(b) of Regulation 91-195 determined as if the transfer occurred on the effective date of the wind-up, or a lesser amount approved by the Superintendent.
99.99(2)For the purpose of the wind-up of either pension plan, the commuted value of a benefit as of the effective date of the wind-up, in respect of a person who is receiving a pension at the wind-up date or in respect of a member or former member who requires a purchase under paragraph 36(1)(b), shall not be less than the sum of the present value of payments made between the effective date of the wind-up and the distribution date, and the present value of the amount required to purchase the annuity referred to in paragraph 19(4)(b) of Regulation 91-195 as at the distribution date, or a lesser amount approved by the Superintendent.
99.99(3)The amounts referred to in subsection (2) shall be determined as follows:
(a) as if the pension plan were fully funded on a wind-up basis;
(b) taking into account the survival of the member, former member, or persons entitled to benefits through members or former members, from the effective date of the wind-up to the distribution date;
(c) using the interest rate that would apply to an annuity purchase referred to in paragraph 19(4)(b) of Regulation 91-195 on the effective date of the wind-up to discount values from the distribution date to the effective date of the wind-up; and
(d) any other adjustments approved by the Superintendent.
2010, c.13, s.1