9.2. A person may, for the purposes of Chapters VI.0.1, VI.0.2 and VI.0.3 of the Act, apply for redemption of service by sending Retraite Québec a written notice specifying the period to be redeemed. After receiving the notice, Retraite Québec must send the applicant a redemption proposal in which it determines the amount the applicant must pay.
For the purposes of Chapters VI.0.1 and VI.0.2 of the Act, the amount the applicant must pay is determined in accordance with Schedule II. For the purposes of Chapter VI.0.3 of the Act, that amount corresponds to the sum of the contributions the applicant would have paid under the plan in respect of the service the applicant wishes to redeem and the interest compounded annually, computed at the rate established each year in accordance with section 1 as of the midpoint of each year until the date on which the application for redemption is received.
The amount determined pursuant to the second paragraph is payable in cash not later than on the expiry date of the redemption proposal or by instalments spread over the maximum period prescribed by section 8. If the amount is paid by instalments, interest compounded annually is added at the rate established as provided in section 1.1 in force on the date on which the application for redemption is received and computed as of the expiry date of the redemption proposal made by Retraite Québec.
O.C. 103-2004, s. 1; O.C. 1009-2005, s. 2; O.C. 20-2007, s. 6.