24. The premium that the pension committee must use to determine, for settlement purposes, the value of the benefits of the members and beneficiaries to whom a pension was being paid on the date of the withdrawal or termination is the premium determined using the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply at the date of the calculation.
Despite the foregoing, to determine the value of the non-guaranteed benefits of a member or beneficiary who has requested that his or her pension be guaranteed by an insurer in accordance with section 220.127.116.11 of the Act, the premium to be used is the premium provided by the insurer to guarantee the benefits.
The value of the benefits of the members and beneficiaries must be calculated in the 7 days following the first day of the month that follows the expiry of a time period that is not more than 40 days after the deadline given to the members and beneficiaries to indicate their choices and options.
O.C. 863-2010, s. 24; O.C. 426-2019, s. 131.