B-5.1, r. 1 - Regulation respecting the application of the Unclaimed Property Act

Section 3 Disposition versions

2023-07-20

3. Amounts payable under a pension or retirement contract or plan referred to in subparagraph 10 of the first paragraph of section 3 of the Act correspond,

(1)  in the case of a retirement plan governed by the Supplemental Pension Plans Act (chapter R-15.1) or a retirement plan established by an Act in force in Québec, other than a retirement plan administered by Retraite Québec and referred to in section 4 of the Act respecting Retraite Québec (chapter R-26.3),

(a)  where the pension payments have begun, to the total of the payments owing but not paid, and the interest accrued at the rate of return of the retirement fund up to the date of the yearly delivery or, as the debtor or holder chooses, to that amount plus the residual value of the pension on the date of the delivery; the residual value must be assessed on the basis of the hypotheses used to calculate the liabilities of the retired participants on a solvency basis;

(b)  in other cases, to the value of the benefits accrued under that plan which, on the date of delivery, could have been transferred into a locked-in retirement account within the meaning of section 29 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6) without consideration of the restrictions and prohibitions in section 99 of the Supplemental Pension Plans Act;

(1.1)  in the case of a retirement plan administered by Retraite Québec and referred to in section 4 of the Act respecting Retraite Québec,

(a)  where the benefit is a pension, to the total of the following sums:

i.  the value, on the date of the delivery, of the arrears and interest accrued, calculated in accordance with section 151 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10);

ii.  the residual value of the pension, established on the date of the delivery and in accordance with the actuarial assumptions and methods referred to in section 79 of the Act respecting the Government and Public Employees Retirement Plan, taking into account the demographic assumptions applicable to the plan or, failing that, the demographic assumptions used in the most recent actuarial valuation of the plan that is available on the 31 December preceding the date of the delivery, except, in both cases, for the assumptions relating to mortality rates and the age of retirement;

(b)  in other cases, to the value of the benefits accrued under the plan on the date of the delivery;

(2)  in the case of a life annuity,

(a)  where the pension payments have begun, to the total of the payments owing but not paid and the interest accrued at the rate provided for in the contract up to the date of the yearly delivery or, as the debtor or holder chooses, to that amount plus the residual value of the pension on the date of the delivery;

(b)  in other cases, to the value of the benefits accrued under the contract on the date of delivery;

(3)  in the case of any other pension or retirement contract or plan,

(a)  where the payments have begun, to the total of the payments owing but not paid, the interest accrued at the rate provided for in the contract up to the date of the delivery and the residual value of the benefits accrued under the contract on that date;

(b)  in other cases, to the value of the benefits accrued under the contract on the date of delivery.

The values referred to in the first paragraph must be established even if the benefits or pension credits are unclaimed property.

In case of a claim made to the Minister for sums referred to in the first paragraph that were delivered and initially came from a pension plan governed by the Supplemental Pension Plans Act or a retirement plan administered by Retraite Québec and referred to in section 4 of the Act respecting Retraite Québec, the rules applicable to a locked-in pension account under section 29 of the Regulation respecting supplemental pension plans apply to the payment of the balance of the sum still locked-in at the time of the claim and delivered, with the necessary modifications.

O.C. 584-2015, s. 3; O.C. 1036-2023, s. 3.

2016-01-01

3. Amounts payable under a pension or retirement contract or plan referred to in subparagraph 10 of the first paragraph of section 3 of the Act correspond,

(1)  in the case of a retirement plan governed by the Supplemental Pension Plans Act (chapter R-15.1) or a retirement plan established by an Act in force in Québec,

(a)  where the pension payments have begun, to the total of the payments owing but not paid, and the interest accrued at the rate of return of the retirement fund up to the date of the yearly delivery or, as the debtor or holder chooses, to that amount plus the residual value of the pension on the date of the delivery; the residual value must be assessed on the basis of the hypotheses used to calculate the liabilities of the retired participants on a solvency basis;

(b)  in other cases, to the value of the benefits accrued under that plan which, on the date of delivery, could have been transferred into a locked-in retirement account within the meaning of section 29 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6) without consideration of the restrictions and prohibitions in section 99 of the Supplemental Pension Plans Act;

(2)  in the case of a life annuity,

(a)  where the pension payments have begun, to the total of the payments owing but not paid and the interest accrued at the rate provided for in the contract up to the date of the yearly delivery or, as the debtor or holder chooses, to that amount plus the residual value of the pension on the date of the delivery;

(b)  in other cases, to the value of the benefits accrued under the contract on the date of delivery;

(3)  in the case of any other pension or retirement contract or plan,

(a)  where the payments have begun, to the total of the payments owing but not paid, the interest accrued at the rate provided for in the contract up to the date of the delivery and the residual value of the benefits accrued under the contract on that date;

(b)  in other cases, to the value of the benefits accrued under the contract on the date of delivery.

Despite the first paragraph and given the right to reinstatement provided for in section 147.0.6 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10), the sums payable under a retirement plan administered by Retraite Québec correspond to the total of the contributions made and, if applicable, the interest accrued on the date of delivery. Calculation of the contributions and, if applicable, of the interest is made in accordance with sections 58 and 59 of that Act, with the necessary modifications.

The values referred to in the first paragraph must be established even if the benefits or pension credits are unclaimed property.

In case of a claim made to the Minister for sums referred to in the first paragraph that were delivered and initially came from a pension plan governed by the Supplemental Pension Plans Act, the rules applicable to a locked-in pension account under section 29 of the Regulation respecting supplemental pension plans apply to the payment of the balance of the locked-in sum delivered, with the necessary modifications.

O.C. 584-2015, s. 3.

2015-09-01

3. Amounts payable under a pension or retirement contract or plan referred to in subparagraph 10 of the first paragraph of section 3 of the Act correspond,

(1)  in the case of a retirement plan governed by the Supplemental Pension Plans Act (chapter R-15.1) or a retirement plan established by an Act in force in Québec,

(a)  where the pension payments have begun, to the total of the payments owing but not paid, and the interest accrued at the rate of return of the retirement fund up to the date of the yearly delivery or, as the debtor or holder chooses, to that amount plus the residual value of the pension on the date of the delivery; the residual value must be assessed on the basis of the hypotheses used to calculate the liabilities of the retired participants on a solvency basis;

(b)  in other cases, to the value of the benefits accrued under that plan which, on the date of delivery, could have been transferred into a locked-in retirement account within the meaning of section 29 of the Regulation respecting supplemental pension plans (chapter R-15.1, r. 6) without consideration of the restrictions and prohibitions in section 99 of the Supplemental Pension Plans Act;

(2)  in the case of a life annuity,

(a)  where the pension payments have begun, to the total of the payments owing but not paid and the interest accrued at the rate provided for in the contract up to the date of the yearly delivery or, as the debtor or holder chooses, to that amount plus the residual value of the pension on the date of the delivery;

(b)  in other cases, to the value of the benefits accrued under the contract on the date of delivery;

(3)  in the case of any other pension or retirement contract or plan,

(a)  where the payments have begun, to the total of the payments owing but not paid, the interest accrued at the rate provided for in the contract up to the date of the delivery and the residual value of the benefits accrued under the contract on that date;

(b)  in other cases, to the value of the benefits accrued under the contract on the date of delivery.

Despite the first paragraph and given the right to reinstatement provided for in section 147.0.6 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10), the sums payable under a retirement plan administered by the Commission administrative des régimes de retraite et d’assurances correspond to the total of the contributions made and, if applicable, the interest accrued on the date of delivery. Calculation of the contributions and, if applicable, of the interest is made in accordance with sections 58 and 59 of that Act, with the necessary modifications.

The values referred to in the first paragraph must be established even if the benefits or pension credits are unclaimed property.

In case of a claim made to the Minister for sums referred to in the first paragraph that were delivered and initially came from a pension plan governed by the Supplemental Pension Plans Act, the rules applicable to a locked-in pension account under section 29 of the Regulation respecting supplemental pension plans apply to the payment of the balance of the locked-in sum delivered, with the necessary modifications.

O.C. 584-2015, s. 3.