Royal Canadian Mounted Police Superannuation Act

Marginal note:Transfer value

• 12.1 (1) Despite any other provision of this Act, except subsection 24.1(6), but subject to the regulations, a contributor who has ceased to be a member of the Force, has served in the Force for a period equal to or greater than the period prescribed by the regulations and is not entitled to an immediate annuity is entitled, in the place of any other benefit under this Act to which the contributor would otherwise be entitled in respect of the pensionable service that the contributor has 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 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 prescribed in the regulations.

• Marginal note:Election

  (4) Once a transfer has been made under subsection (1), a person who is re-appointed or re-enlisted as a member of the Force after the transfer and becomes a contributor may only count as pensionable service the period of service to which the transfer relates if they elect, in accordance with the terms and conditions prescribed by the regulations, to pay the amount prescribed by the regulations at the time and in the manner prescribed by the regulations.