Reserve Force Pension Plan Regulations

Marginal note:Payment effected by transfer

• 61 (1) The payment of a transfer value is effected

  • (a) by transferring any portion that may, in accordance with section 8517 of the Income Tax Regulations, be transferred, at the direction of the former participant, to

    • (i) a pension plan that is registered under the Income Tax Act, if that pension plan so permits,

    • (ii) a retirement savings plan or fund for the former participant that is of the kind prescribed for the purposes of section 26 of the Pension Benefits Standards Act, 1985, or

    • (iii) a financial institution authorized to sell immediate or deferred life annuities, as defined in subsection 2(1) of the Pension Benefits Standards Regulations, 1985, for the purchase from that financial institution of such an annuity for the former participant; and

  • (b) by paying any excess to the former participant.

• Marginal note:Payment if former participant deceased

  (2) If the former participant is deceased, the following rules apply:

  • (a) if the portion of the transfer value may still be transferred, any excess shall be paid to the survivor who would have been entitled to an annual allowance under Division 2 had the option for the payment of a transfer value not been made; if there is no survivor, it shall be paid to the former participant’s estate or succession or, if it is less than $1,000, to the former participant’s next of kin; or

  • (b) otherwise, the transfer value shall be paid to the survivor who would have been entitled to an annual allowance under Division 2 had the option for the payment of a transfer value not been made; if there is no survivor, it shall be paid to the former participant’s estate or succession or, if it is less than $1,000, to the former participant’s next of kin.

• Marginal note:Apportionment if two survivors

  (3) If there are two survivors who would have been entitled to an annual allowance under Division 2, each survivor’s portion shall be determined in accordance with section 64 as if the reference to “death benefit” in that section were a reference to “excess” or “transfer value”, as the case may be.