R-15.1, r. 6 - Regulation respecting supplemental pension plans

Section 24 Disposition versions

2018-01-04

24. The financial institution shall, at the beginning of each fiscal year of a life income fund that it manages, provide the purchaser with a statement that indicates:

(1)  the balance of the fund at the said date and, where required, the reconciliation of that balance with the balance indicated on the previous statement pertinent thereto with, notably, an indication of the sums on deposit, the accumulated earnings, the withdrawals made and the fees charged;

(2)  where the beginning of the fiscal year is later than the beginning of the year, the sums coming directly or initially during the year from another life income fund of the purchaser from a supplemental pension plan that offers the variable benefits referred to in Division II.3, or from the locked-in account of his voluntary retirement savings plan governed by the Voluntary Retirement Savings Plans Act (chapter R-17.0.1) and offering variable payments;

(3)  the maximum amount that may be paid to the purchaser as income a life during the current fiscal year;

(4)  the minimum amount that must be paid to the purchaser as income during the current fiscal year;

(5)  where the contract that establishes the fund provides for the payment of a temporary income and the purchaser was at least 54 years of age but less than 65 years of age at the end of the preceding year:

(a)  the terms and conditions that the purchaser must meet to be entitled to payment of the temporary income referred to in section 19.1;

(b)  the reference temporary income for the current fiscal year;

(c)  the effect of payment of an income greater than the amount referred to in paragraph 3, for each year until the end of the year in which the purchaser reaches 65 years of age, on the income that may be paid to him after that date;

(d)  under what conditions the purchaser may obtain payment of a temporary income greater than the reference temporary income;

(6)  where the contract establishing the funds provides for payment of a temporary income and the purchaser was less than 54 years of age at the end of the preceding year, the terms and conditions that the purchaser must meet to be entitled to payment of the temporary income referred to in section 19.2;

(7)  that the transfer to the fund of sums originating directly or not from a life income fund of the purchaser from a supplemental pension plan that offers the variable benefits referred to in Division II.3, or from the locked-in account of his voluntary retirement savings plan governed by the Voluntary Retirement Savings Plans Act and offering variable payments during a given year may not result in a revision of the maximum amount that may be paid to the purchaser by the fund during the fiscal year;

(8)  that if the purchaser wishes to transfer, in whole or in part, the balance of the fund and still receive from the fund the income that he determined for the fiscal year, he must ensure that the balance of the fund after the transfer is at least equal to the difference between the income determined for the fiscal year and the income that he has already received since the beginning of the fiscal year.

Where the contract establishing the fund provides for payment of a temporary income and the purchaser was at least 54 years of age but less than 65 years of age at the end of the preceding year, the financial institution shall accompany the statement with a copy of the declarations that are prescribed in Schedules 0.4 and 0.8.

O.C. 1158-90, s. 24; O.C. 1681-97, s. 14; O.C. 173-2002, s. 19; O.C. 500-2014, s. 10; O.C. 1183-2017, s. 19.

2014-07-01

24. The financial institution shall, at the beginning of each fiscal year of a life income fund that it manages, provide the purchaser with a statement that indicates:

(1)  the balance of the fund at the said date and, where required, the reconciliation of that balance with the balance indicated on the previous statement pertinent thereto with, notably, an indication of the sums on deposit, the accumulated earnings, the withdrawals made and the fees charged;

(2)  where the beginning of the fiscal year is later than the beginning of the year, the sums coming directly or initially during the year from another life income fund of the purchaser, or from the locked-in account of his voluntary retirement savings plan governed by the Voluntary Retirement Savings Plans Act (chapter R-17.0.1) and offering variable payments;

(3)  the maximum amount that may be paid to the purchaser as income a life during the current fiscal year;

(4)  the minimum amount that must be paid to the purchaser as income during the current fiscal year;

(5)  where the contract that establishes the fund provides for the payment of a temporary income and the purchaser was at least 54 years of age but less than 65 years of age at the end of the preceding year:

(a)  the terms and conditions that the purchaser must meet to be entitled to payment of the temporary income referred to in section 19.1;

(b)  the reference temporary income for the current fiscal year;

(c)  the effect of payment of an income greater than the amount referred to in paragraph 3, for each year until the end of the year in which the purchaser reaches 65 years of age, on the income that may be paid to him after that date;

(d)  under what conditions the purchaser may obtain payment of a temporary income greater than the reference temporary income;

(6)  where the contract establishing the funds provides for payment of a temporary income and the purchaser was less than 54 years of age at the end of the preceding year, the terms and conditions that the purchaser must meet to be entitled to payment of the temporary income referred to in section 19.2;

(7)  that the transfer to the fund of sums originating directly or not from a life income fund of the purchaser, or from the locked-in account of his voluntary retirement savings plan governed by the Voluntary Retirement Savings Plans Act and offering variable payments during a given year may not result in a revision of the maximum amount that may be paid to the purchaser by the fund during the fiscal year;

(8)  that if the purchaser wishes to transfer, in whole or in part, the balance of the fund and still receive from the fund the income that he determined for the fiscal year, he must ensure that the balance of the fund after the transfer is at least equal to the difference between the income determined for the fiscal year and the income that he has already received since the beginning of the fiscal year.

Where the contract establishing the fund provides for payment of a temporary income and the purchaser was at least 54 years of age but less than 65 years of age at the end of the preceding year, the financial institution shall accompany the statement with a copy of the declarations that are prescribed in Schedules 0.4 and 0.8.

O.C. 1158-90, s. 24; O.C. 1681-97, s. 14; O.C. 173-2002, s. 19; O.C. 500-2014, s. 10.

2012-09-01

24. The financial institution shall, at the beginning of each fiscal year of a life income fund that it manages, provide the purchaser with a statement that indicates:

(1)  the balance of the fund at the said date and, where required, the reconciliation of that balance with the balance indicated on the previous statement pertinent thereto with, notably, an indication of the sums on deposit, the accumulated earnings, the withdrawals made and the fees charged;

(2)  where the beginning of the fiscal year is later than the beginning of the year, the sums coming directly or initially during the year from another life income fund of the purchaser;

(3)  the maximum amount that may be paid to the purchaser as income a life during the current fiscal year;

(4)  the minimum amount that must be paid to the purchaser as income during the current fiscal year;

(5)  where the contract that establishes the fund provides for the payment of a temporary income and the purchaser was at least 54 years of age but less than 65 years of age at the end of the preceding year:

(a)  the terms and conditions that the purchaser must meet to be entitled to payment of the temporary income referred to in section 19.1;

(b)  the reference temporary income for the current fiscal year;

(c)  the effect of payment of an income greater than the amount referred to in paragraph 3, for each year until the end of the year in which the purchaser reaches 65 years of age, on the income that may be paid to him after that date;

(d)  under what conditions the purchaser may obtain payment of a temporary income greater than the reference temporary income;

(6)  where the contract establishing the funds provides for payment of a temporary income and the purchaser was less than 54 years of age at the end of the preceding year, the terms and conditions that the purchaser must meet to be entitled to payment of the temporary income referred to in section 19.2;

(7)  that the transfer to the fund of sums originating directly or not from a life income fund of the purchaser during a given year may not result in a revision of the maximum amount that may be paid to the purchaser by the fund during the fiscal year;

(8)  that if the purchaser wishes to transfer, in whole or in part, the balance of the fund and still receive from the fund the income that he determined for the fiscal year, he must ensure that the balance of the fund after the transfer is at least equal to the difference between the income determined for the fiscal year and the income that he has already received since the beginning of the fiscal year.

Where the contract establishing the fund provides for payment of a temporary income and the purchaser was at least 54 years of age but less than 65 years of age at the end of the preceding year, the financial institution shall accompany the statement with a copy of the declarations that are prescribed in Schedules 0.4 and 0.8.

O.C. 1158-90, s. 24; O.C. 1681-97, s. 14; O.C. 173-2002, s. 19.