20. No amendment to a pension plan which cancels refunds or pension benefits, limits eligibility therefor or reduces the amount or value of the benefits of members or beneficiaries may become effective, if made under a collective agreement or an arbitration award in lieu thereof or rendered compulsory by an order or decree, before the date on which the collective agreement, award or order becomes effective and, in other cases, before the date the notice provided for in section 26 is sent.
However, the limit set under the first paragraph in respect of the effective date of an amendment reducing benefits does not apply (1) where the amendment is made to allow the plan to remain a registered pension plan within the meaning of section 1 of the Taxation Act (chapter I‐3);
(2) where the affected members or beneficiaries have agreed to the amendment and where the effective date of the amendment is the date of the bankruptcy pursuant to subparagraph 1.1 of the first paragraph of section 19, provided Retraite Québec has authorized the amendment.
If an amendment reducing pension benefits pertains to the normal pension, the method used for calculating the normal pension or any other pension benefit established on the basis of such pension or method, it may only apply to the service that is subsequent to the effective date of the amendment and if such an amendment pertains to the assumptions referred to in the second paragraph of section 61, it may only apply to the determination of the benefits accrued to a member at a date that is subsequent to the effective date of the amendment. These restrictions are not applicable, however, in the cases mentioned in the second paragraph.
1989, c. 38, s. 20; 1991, c. 25, s. 179; 1992, c. 60, s. 2; 2000, c. 41, s. 8; 2015, c. 20, s. 61.