Canadian Forces Superannuation Act

Marginal note:Transfer value

• 22 (1) Despite any other provision of this Act but subject to the regulations, a contributor who has ceased to be a member of the regular force, has to their credit two or more years of pensionable service and is not entitled to an immediate annuity is entitled, in place of any other benefit under this Act to which they would otherwise be entitled in respect of the pensionable service that they have to their credit, to a transfer value that is payable to the contributor in accordance with subsection (2).

• Marginal note:Where transferred

  (2) The payment of a transfer value to which a contributor may be entitled under subsection (1) is effected by transferring it to, at the direction of the contributor,

  • (a) a pension plan selected by the contributor that is registered under the Income Tax Act, if that pension plan so permits;

  • (b) a retirement savings plan or fund for the contributor that is of the kind prescribed by the regulations; or

  • (c) a financial institution authorized to sell immediate or deferred life annuities of the kind prescribed by the regulations, for the purchase from that financial institution of such an annuity for the contributor.

• Marginal note:Election to pay by instalments

  (3) If a contributor who is entitled to a transfer value has elected to pay for a period of pensionable service by means of instalments, the transfer value to be determined in accordance with the regulations shall be determined by reference to the portion of the period of pensionable service that the contributor has paid for at the time prescribed in the regulations.