Canadian Forces Superannuation Act

Marginal note:Elections to reduce basic benefit

• 64 (1) Where the basic benefit of an elective participant, who, on ceasing to be a member of the regular force, was entitled under Part I or under the Defence Services Pension Continuation Act, chapter D-3 of the Revised Statutes of Canada, 1970, to an immediate annuity or pension exceeds five thousand dollars, the amount of the basic benefit shall, if the participant so elects, be reduced to five thousand dollars.

• Marginal note:Transitional

  (2) For the purposes of this Part, an elective participant who has made an election under section 64 of this Act, as it read from time to time before the day on which this section comes into force, is, beginning on that day, deemed to have elected to reduce the basic benefit of the participant to five thousand dollars unless, within one year after that day, the participant elects not to be deemed to have so elected.

• Marginal note:Election irrevocable

  (3) An election made under subsection (1) or (2) is irrevocable.