16.2. On application to the pension committee accompanied with a declaration in conformity with the one prescribed in Schedule 0.3, a member or spouse at least 55 years of age but less than 65 years of age who has become entitled to a pension under a pension plan is entitled to replace it partially, before it comes into payment, by the payment in a lump sum of an amount equal to “Y” in the following formula:
G - W = Y
“G” is equal to 40% of the Maximum Pensionable Earnings determined, for the year in which the application is made, pursuant to the Act Respecting the Québec Pension Plan (chapter R-9);
“W” is equal to the total temporary income that the purchaser has received or must receive during the year under a supplemental pension plan subject to or created by law from the locked-in account of a voluntary retirement savings plan governed by the Voluntary Retirement Savings Plans Act (chapter R-17.0.1) or the locked-in account of an equivalent voluntary retirement savings plan emanating from a legislative authority other than the Parliament of Québec and offering temporary variable payments, an annuity purchase contract of which the capital originates directly or not in such plan or a contract establishing a life income fund.
The member or spouse may not make the application provided for in the first paragraph more than once a year.