Pooled Registered Pension Plans Act (S.C. 2012, c. 16)

Marginal note:Who may transfer funds

• 54 (1) The following persons may, in accordance with subsection (2), transfer or use funds from their account with a pooled registered pension plan:

  • (a) a member who is no longer employed by an employer that is participating in the plan;

  • (b) a member who has provided the notice referred to in section 44;

  • (c) a member of a plan that has been terminated under section 62; or

  • (d) the survivor of a member.

• Marginal note:Transfer of funds

  (2) If the member or survivor, as the case may be, notifies the administrator within the prescribed time or, in the case where the Superintendent permits a longer period under paragraph 57(1)(d) or (e) for giving the statement referred to in any of those paragraphs, within 60 days after the day on which the administrator gives that statement, the funds in the member’s account may be

  • (a) transferred to an account for the member or the survivor, as the case may be, with a pooled registered pension plan or another pension plan, if that plan permits;

  • (b) transferred to a retirement savings plan of the prescribed kind for the member or survivor, as the case may be; or

  • (c) used to purchase an immediate or deferred life annuity of the prescribed kind for the member or survivor, as the case may be.

• Marginal note:Effect to notification

  (3) The administrator must, without delay, take the necessary action to give effect to the notification.