R-15.1, r. 3 - Regulation to provide a framework for settlement of the benefits of members and beneficiaries of plans covered by subdivision 4.0.1 of Division II of Chapter XIII of the Supplemental Pension Plans Act and for administration by Retraite Québec of certain pensions paid out of the assets of the plans

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43. A pension committee is required to purchase the pensions of members and beneficiaries that were guaranteed by an insurer at the request of the committee after the date of withdrawal or termination if the date on which the pension was guaranteed is after 3 November 2010. If the contract does not provide for a commuted value of a guaranteed pension, the value must be equal to the fair market value of the pension determined on the basis of reasonable assumptions and cancellation fees.
For a termination of a plan, section 212.1 of the Act applies for the purposes of the distribution of the pension fund and the preparation of the report as regards a pension guaranteed after the date of termination that has not been purchased pursuant to the first paragraph, but using a rate that is the estimated rate of return of the account intended for the members and beneficiaries to whom a pension was being paid on the date of termination.
O.C. 863-2010, s. 43.