7. For an employer withdrawal, the value of the benefits of the members and beneficiaries affected by the employer’s withdrawal that is to be used for the distribution into 2 accounts is the value that was used to distribute the plan’s assets under section 220 of the Act.
For a termination of the plan, the value of the benefits that is to be used is the value referred to in section 212.1 of the Act. In spite of the foregoing, for the purpose of determining the plan’s liabilities for the application of this section, the value of the pension that must be insured pursuant to section 237 of the Act is determined:
(1) in cases where the pension was insured before the date of termination, on the basis of the premium established on that date using the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply on the date on which the accounts are constituted; or
(2) in all other cases, by discounting, at the date of termination, according to a rate that is the estimated rate of return of the assets of the plan to the date on which the accounts are constituted, the premium established on the date on which the accounts are constituted using the assumptions for hypothetical wind-up and solvency valuations established by the Canadian Institute of Actuaries as they apply at that latter date.
The liabilities shall also comprise, in the cases referred to in subparagraph 2 of the second paragraph and in spite of the third paragraph of section 212.1 of the Act, the value of the pension payments paid out of the pension fund to a member or beneficiary between the termination date and the date on which the accounts are constituted, such value being determined according to the rate referred to in that subparagraph.