Transfer of Funds and Purchase of Life Annuities (continued)
Marginal note:Prescribed life annuity
42 (1) For the purposes of paragraphs 50(1)(c) and (3)(c), 53(4)(c) and 54(2)(c) of the Act, the funds in a member’s account may be used to purchase
(a) an immediate life annuity that provides that
(i) subject to subsection 53(3) of the Act, no benefit provided under the annuity shall be transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null, and
(ii) except in the case of the unexpired period of a guaranteed annuity when the annuitant is deceased, no benefit provided under the annuity shall be surrendered during the lifetime of their spouse or common-law partner and that any transaction appearing to do so is void or, in Quebec, null; or
(b) a deferred life annuity that provides
(i) for the conditions set out in subparagraphs (a)(i) and (ii),
(ii) that if the annuitant dies prior to the day on which the annuity payments begin, the survivor is entitled, on the death of the annuitant, to an amount equal to the commuted value of the deferred life annuity, and
(iii) that any amount to which the survivor is entitled shall be
(A) transferred to a locked-in RRSP,
(B) transferred to a PRPP,
(C) transferred to a pension plan if the pension plan permits such a transfer and administers the benefit attributed to the transferred funds as if the benefit were that of a plan member,
(D) used to purchase an immediate life annuity or a deferred life annuity, or
(E) transferred to a life income fund or to a restricted life income fund.
Marginal note:Commuted value of deferred life annuity
(2) For the purposes of subsection (1), the commuted value of the deferred life annuity is to be determined in accordance with section 3500 (“Pension Commuted Values”) of the Standards of Practice of the Actuarial Standards Board, published by the Canadian Institute of Actuaries, as amended from time to time.
43 (1) For the purposes of paragraph 64(1)(a) of the Act, the addressee must consent in writing, in paper or electronic form, or orally.
Marginal note:Requirements — administrator
(2) Before an addressee consents, the administrator must notify the addressee
(a) of the addressee’s right to revoke their consent at any time;
(b) of the addressee’s responsibility to inform the administrator of any changes the addressee makes to the designated information system including any changes made to the contact information for the designated information system; and
(c) of the date when the consent takes effect.
(3) Any revocation of consent must be done in writing, in paper or electronic form, or orally.
44 If an electronic document is provided on a generally accessible information system, such as a website, the administrator must provide to the member written notice, in paper or electronic form, of the electronic document’s availability and location.
Marginal note:Document considered provided
45 An electronic document is considered to have been provided to an addressee when it is entered into or made available on the information system designated by the addressee.
Marginal note:Believed not to be received
46 (1) If an administrator has reason to believe that an addressee has not received an electronic document or the notice required under section 44, the administrator must mail a paper copy of the document to the addressee.
Marginal note:No effect — electronic document reception
(2) The mailing of a paper copy does not affect when the electronic document is considered to have been provided under section 45.
Objections and Appeals
Marginal note:Notice of objection
47 An administrator must sign and send two copies of the notice of objection referred to in subsection 37(1) of the Act by registered mail.
Marginal note:Notice of appeal
Termination and Winding-Up
Marginal note:Prescribed qualifications — termination report
49 For the purposes of subsection 62(9) of the Act, the termination report is to be prepared by an actuary who is a Fellow of the Canadian Institute of Actuaries, a person authorized to act as an accountant under the laws of a province or other professional advisor.
Coming into Force
Marginal note:S.C. 2012, c. 16
Footnote *51 These Regulations come into force on the day on which the Pooled Registered Pensions Plans Act, chapter 16 of the Statutes of Canada, 2012, comes into force but if they are registered after that day, they come into force on the day on which they are registered.
Return to footnote *[Note: Regulations in force December 14, 2012, see SI/2012-102.]
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