Pension Benefits Standards Act, 1985 (R.S.C., 1985, c. 32 (2nd Supp.))

Meaning of normal form of the pension benefit

• 22 (1) In this section, normal form of the pension benefit means the form of pension benefit under a pension plan that would be paid to a member at pensionable age were it not for this section.

• Marginal note:Joint and survivor pension benefit

  (2) A pension benefit that commences to be paid on or after January 1, 1987 to a member or former member of a pension plan who has a spouse or common-law partner at the time the pension benefit commences to be paid shall be in the form of a joint and survivor pension benefit, subject to subsection 25(7).

• Marginal note:Reduction by reason of death

  (3) A pension benefit described in subsection (2) may be reduced by reason of the death of either spouse or common-law partner, to an amount not less than sixty per cent of the amount of the pension benefit that would have been payable in respect of the member or former member had the death not occurred.

• Marginal note:Initial adjustment

  (4) The initial amount of a pension benefit described in subsection (2) may be adjusted, provided that the actuarial present value of that pension benefit is not less than the actuarial present value of the normal form of the pension benefit.

• Marginal note:Other forms of pension benefit

  (5) Notwithstanding subsections (2) to (4), a pension plan shall provide that, in respect of a pension benefit that commences to be paid on or after January 1, 1987, a member or former member may elect to receive

  • (a) the normal form of the pension benefit, or

  • (b) the pension benefit in any other form provided for under the terms of the plan,

  except that, where the member or former member has a spouse or common-law partner, an election as a result of which the pension benefit would reduce on the death of the member or former member, where the member or former member predeceases the spouse or common-law partner, to less than sixty per cent of the amount payable when both were alive, may not be made without the spouse’s or common-law partner’s written agreement, in prescribed form and deposited with the administrator of the plan.