Canadian Forces Superannuation Regulations
16.97 (1) A retirement savings plan prescribed for the purposes of section 26 of the Pension Benefits Standards Act, 1985 is prescribed as a kind of retirement savings plan or fund for the purposes of paragraph 22(2)(b) of the Act.
(2) A deferred life annuity and an immediate life annuity, as defined in subsection 2(1) of the Pension Benefits Standards Regulations, 1985, are prescribed as a kind of deferred life annuity and a kind of immediate life annuity for the purposes of paragraph 22(2)(c) of the Act.
(3) Any portion of the transfer value, the payment of which is being effected by a transfer under subsection 22(2) of the Act, that is in excess of the amount that may be transferred in accordance with section 8517 of the Income Tax Regulations shall be paid to the contributor.
(4) If, after the option for the payment of the transfer value described in section 22 of the Act has been exercised but before that payment has been effected, the contributor dies, the following rules apply:
(a) the amount that may be transferred shall be paid accordingly and any excess shall be paid
(i) to the person who would have been entitled to an annual allowance as a survivor under subsection 25(1) of the Act had the option for the payment of a transfer value not been exercised, or
(ii) to the contributor’s estate or succession if there is no person who would have been entitled to the annual allowance as a survivor; or
(b) if no amount may be transferred, all of the transfer value shall be paid in accordance with subparagraphs (a)(i) and (ii).
(5) If there are two persons who would have been entitled to an annual allowance under subsection 25(1) of the Act as survivors had the transfer value option not been exercised, each of them shall be entitled to a share of the excess or of the transfer value, as the case may be, determined by the formula
A × B/C
where
- A
- is the amount of the excess or of the transfer value;
- B
- is the total number of years that the person cohabited with the contributor while married to or in a relationship of a conjugal nature with the contributor; and
- C
- is the sum of the number of years that each of the two persons cohabited with the contributor while married to or in a relationship of a conjugal nature with the contributor.
(6) In determining the number of years for the purpose of subsection (5), part of a year shall be counted as a full year if the part is six or more months and shall be ignored if it is less.
- SOR/2007-33, s. 9
- SOR/2016-64, s. 26
- Date modified: