Public Service Superannuation Act

Marginal note:Transfer value

• 13.01 (1) Despite any other provision of this Act, except subsections 40(7) and 40.2(6), but subject to the regulations, a contributor who has ceased to be employed in the public service and is not entitled to an immediate annuity and has to the contributor’s credit two or more years of pensionable service is entitled, in the place of any other benefit under this Act to which the contributor would otherwise be entitled in respect of that period of pensionable service, 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 pursuant to 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 prescribed kind; or

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

• Marginal note:Election to pay by instalments

  (3) Where 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 which that contributor may become entitled under subsection (1) shall be determined in accordance with the regulations and by reference to the portion of the period of pensionable service that the contributor has paid for at the time the transfer value becomes payable.