34.12. When contributions are refunded, if amounts have been paid as pension benefits under this plan or a pension plan from which service has not been transferred to this plan on the basis of actuarially equivalent benefits, the total amount of the contributions, excluding amounts paid by the person in respect of which a pension credit is granted and any interest accrued on the contributions up to the date on which a pension became payable,is reduced by any amounts paid as pension benefits from the date the pension ceased to be paid. The balance of the contributions and any accrued interest shall bear interest from that date, at the rate in force on the date of reimbursement, for every period during which no amount was paid as pension benefits.
However, if a pension is payable to the person, spouse or child in accordance with section 99 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10) or section 140 of the Act respecting the Pension Plan of Management Personnel (chapter R-12.1), referred to in section 34.17 of this Act, contributions refunded under sections 34.1 to 34.3 do not include contributions in respect of service giving entitlement to the application of the said section 99 or the said section 140. In that case, the first paragraph of this section applies, at the time the pension becomes payable, in respect of other contributions, but without taking into account the amounts paid as pension benefits in accordance with the said section 99 or the said section 140. However, where the employee is entitled only to a deferred annuity under this plan, or where he has applied for a deferred annuity under section 34.3, the amounts paid as pension benefits in accordance with the said section 99 or the said section 140 are deducted only from the amount of contributions in respect of service giving entitlement to the application of the said section 99 or the said section 140, if that pension is more advantageous than the benefits provided for under this plan.
1990, c. 87, s. 7; 2001, c. 31, s. 226.