59. In order to determine a plan’s liabilities for the purposes of this Division, a pension credit shall be equal to the value obtained in accordance with the following paragraphs.
First shall be determined the amount of the pension due to a person under the plan or which would be due to him were that person, on valuation date, deemed to be entitled to that pension and were the salary, on which the amount of that pension is based, deemed to be the best annual salary known on that date.
Next there shall be assigned to the pension, the amount of which has been determined in accordance with the second paragraph, an actual value by using the accrued benefit method and by using assumptions consistent with those used for the valuation made in accordance with section 43 and that must be strengthened, if need be, depending on the yield and the realizable value of the assets of the plan.
Furthermore, where the plan provides that the pension payable at normal retirement age may be converted into a disability pension or a death benefit, the pension credit shall be determined having regard to that affect.
However if, assuming that an employee terminates his employment or his membership in the plan on valuation date, it appears that his pension credit provided by the plan in such a case exceeds the one obtained according to the 3 preceding paragraphs, then the greater value is to be retained.
R.R.Q., 1981, c. R-17, r. 1, s. 59.