23. Except where a request has been made by a member or beneficiary, the pension committee may only proceed with the payment, through the purchase of an annuity, of the benefits of a member or beneficiary whose pension is already in payment where the following conditions are met:
(1) the value of the member’s benefits at the time of payment, multiplied by the degree of solvency of the pension plan, is greater than or equal to the value of the benefits target;
(2) the amount of the annuity purchased is at least equal to the pension the member or beneficiary was receiving before its purchase;
(3) the payment does not reduce the degree of solvency of the plan.
The value of the benefits of the member or beneficiary is established using the premium determined according to the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply on the date of the calculation made for the purposes of the payment of the benefits.