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

Article 19 Versions de la disposition

2025-01-01

19. Replacement of the pension referred to in section 92 of the Act by a life pension is authorized only where the provisions of the contract establishing the life income fund are in conformity with provisions of the standard contract previously registered with Retraite Québec that provide:

0.1°  that the only amounts that may be transferred to a life income fund are amounts coming directly or initially from the fund of a pension plan subject to the Act or referred to in subparagraphs 1, 2, 2.1, 2.2, 4 or 5 of section 28, or another life income fund;

1°  the fiscal year of the fund must end on 31 December of each year and may not exceed 12 months;

2°  that the amount of the income paid during a fiscal year or, if the purchaser is 55 years of age or over and so requests it, the amount of the payment of all or part of the balance of the fund in one or more instalments is, subject to the lower limit referred to in section 20.2, set by the purchaser each year;

2.1°  that the amount of the income set by a purchaser under 55 years of age for a fiscal year may not exceed the upper limit determined in accordance with section 20.1;

3°  that the amount of the life income that may be provided with the sums held by a purchaser 55 years of age or over is estimated in accordance with section 20.0.1;

3.1°  that, despite the amount of the life income referred to in subparagraph 3, all or part of the balance of the life income fund of a purchaser 55 years of age or over may, unless the term of the investments has not expired, be paid in one or more instalments, on request to the financial institution made at any time during a fiscal year;

4°  that, where the purchaser who is a former member or a member dies before conversion of the total balance of the fund into a life pension, his spouse or, failing that, his successors are, entitled to a benefit of which the amount is equal to the balance;

5°  that the spouse of the purchaser who is a former member or beneficiary may, by giving notice in writing to the financial institution, waive his entitlement to receive the pension benefit provided for in paragraph 4 above or the life pension provided for in paragraph 2 of the second paragraph of section 23 and may, in the case of the pension benefit, revoke such a waiver by giving notice in writing to the financial institution to that effect before the death of the purchaser and, in the case of the life pension, before the date of conversion, in whole or in part, of the life income fund;

6°  that the spouse of the purchaser who is a former member or a member ceases to be entitled to the pension benefit provided for in paragraph 2 of the second paragraph of section 23 upon separation from bed and board, divorce, nullity of marriage, nullity or dissolution of a civil union or, in the case of a spouse who is not a married or civil union spouse, upon cessation of the conjugal relationship, unless the purchaser has transmitted to the financial institution the notice provided for in section 89 of the Act;

6.0.1°  that the seizable portion of the balance of the fund may be paid in a lump sum in execution of a judgment rendered in favour of the purchaser’s spouse that gives entitlement to a seizure for unpaid alimony;

6.1°  (subparagraph revoked);

7°  that the purchaser may transfer, in whole or in part, the balance of the fund to a pension plan governed by the Act or referred to in paragraph 1, 2, 2.1, 2.2, 3.1, 4 or 5 of section 28, unless the agreed to term of the investments has not expired;

7.1°  (subparagraph revoked);

7.2°  that the life or temporary income or, as the case may be, the payment of all or part of the balance of the life income fund in one or more instalments, may not be transferred to a pension plan referred to in paragraph 3 of section 28;

8°  the name and address of the financial institution;

9°  the powers that, where applicable, are granted to the purchaser with respect to investment of the capital;

10°  the method and factors used to establish the value of the fund or of the balance of the fund, for the purpose of a transfer of assets or a conversion into a pension, or upon a death;

10.1°  that if the income paid to the purchaser during a fiscal year of the fund exceeds the maximum amount that may be paid to him in accordance with the provisions of the contract of the Regulation, the purchaser may, unless the payment is attributable to a false declaration by him, require that the financial institution pay him, as a penalty, a sum equal to the surplus income paid;

11°  that the financial institution may not make any amendment that would have the effect of reducing benefits under the contract unless, before the date of the amendment, the purchaser has the right to transfer the balance of the fund and receives, not less than 90 days before the date on which he may exercise that right, a notice indicating the nature of the amendment and the date from which he may exercise that right;

12°  that the transfer referred to in subparagraphs 7 and 11 may, at the option of the financial institution and unless otherwise stipulated, be effected by remittance of the investment securities of the fund;

13°  that the financial institution may not, except to fulfil requirements under law, make any amendment other than the amendment provided for in subparagraph 11 without having given prior notice to the purchaser;

14°  that the financial institution may amend the contract only to the extent that it remains in conformity with the standard contract amended and registered with Retraite Québec.

In addition, the standard contract establishing a life income fund may provide that a purchaser under 55 years of age is entitled to receive, during a fiscal year, all or part of the balance of the fund in the form of a temporary income. The provisions of the standard contract must then include the requirements provided for in section 19.2.

It must, however, provide that payment referred to in subparagraph 3.1 of the first paragraph must be made, as applicable, regardless of the amount of the life income or of the payment in one or more instalments determined or received by the purchaser for the current fiscal year.

Sections 27 to 31 of the Act and the second and third paragraphs of section 32 of the Act apply, with the necessary modifications, to the registration of a standard contract designed to propose the establishment of a life income fund and to amendments thereto. The registration of a standard contract may, in addition, be cancelled where no contract establishing a life income fund in conformity with it exists and where the financial institution attests that it no longer intends to make any contracts in conformity with that standard contract.

O.C. 1158-90, s. 19; O.C. 1681-97, s. 7; O.C. 173-2002, s. 17; O.C. 1073-2009, s. 6; O.C. 500-2014, s. 5; D. 942-2024, s. 8.

2016-01-01

19. Replacement of the pension referred to in section 92 of the Act by a life pension is authorized only where the provisions of the contract establishing the life income fund are in conformity with provisions of the standard contract previously registered with Retraite Québec that provide:

0.1°  that the only amounts that may be transferred to a life income fund are amounts coming directly or initially from the fund of a pension plan subject to the Act or referred to in subparagraphs 1, 2, 2.1, 2.2, 4 or 5 of section 28, or another life income fund;

1°  the fiscal year of the fund must end on 31 December of each year and may not exceed 12 months;

2°  that the amount of the income paid during a fiscal year must, subject to the upper limits referred to in section 20.1 and the lower limit referred to in section 20.2, be set by the purchaser each year, or at another agreed to interval of more than one year if the financial institution guarantees the balance of the fund at the end of that interval and if the purchaser is not entitled to payment of the income in a form other than a life income; such an interval must, in every case, terminate at the end of a fiscal year of the fund;

3°  (subparagraph revoked);

4°  that, where the purchaser who is a former member or a member dies before conversion of the total balance of the fund into a life pension, his spouse or, failing that, his successors are, entitled to a benefit of which the amount is equal to the balance;

5°  that the spouse of the purchaser who is a former member or beneficiary may, by giving notice in writing to the financial institution, waive his entitlement to receive the pension benefit provided for in paragraph 4 above or the life pension provided for in paragraph 2 of the second paragraph of section 23 and may, in the case of the pension benefit, revoke such a waiver by giving notice in writing to the financial institution to that effect before the death of the purchaser and, in the case of the life pension, before the date of conversion, in whole or in part, of the life income fund;

6°  that the spouse of the purchaser who is a former member or a member ceases to be entitled to the pension benefit provided for in paragraph 2 of the second paragraph of section 23 upon separation from bed and board, divorce, nullity of marriage, nullity or dissolution of a civil union or, in the case of a spouse who is not a married or civil union spouse, upon cessation of the conjugal relationship, unless the purchaser has transmitted to the financial institution the notice provided for in section 89 of the Act;

6.0.1°  that the seizable portion of the balance of the fund may be paid in a lump sum in execution of a judgment rendered in favour of the purchaser’s spouse that gives entitlement to a seizure for unpaid alimony;

6.1°  that the entire balance of the fund may be paid in a lump-sum to the purchaser upon an application to the financial institution accompanied with a declaration in conformity with the one prescribed in Schedule 0.2 under the following conditions:

a)  the purchaser is at least 65 years of age at the end of the year preceding the application;

b)  the total sums credited to his account in the retirement savings instruments referred to in Schedule 0.2 do not exceed 40% of the Maximum Pensionable Earnings determined in accordance with the Act respecting the Québec Pension Plan (chapter R-9) for the year in which the purchaser applies for the payment;

7°  that the purchaser may transfer, in whole or in part, the balance of the fund to a pension plan governed by the Act or referred to in paragraph 1, 2, 2.1, 2.2, 3.1, 4 or 5 of section 28, unless the agreed to term of the investments has not expired;

7.1°  that the purchaser may, unless the agreed to term of the investments has not expired, require that the total balance of the fund be paid to him in a lump sum if he has not resided in Canada since at least 2 years;

8°  the name and address of the financial institution;

9°  the powers that, where applicable, are granted to the purchaser with respect to investment of the capital;

10°  the method and factors used to establish the value of the fund or of the balance of the fund, for the purpose of a transfer of assets or a conversion into a pension, or upon a death;

10.1°  that if the income paid to the purchaser during a fiscal year of the fund exceeds the maximum amount that may be paid to him in accordance with the provisions of the contract of the Regulation, the purchaser may, unless the payment is attributable to a false declaration by him, require that the financial institution pay him, as a penalty, a sum equal to the surplus income paid;

11°  that the financial institution may not make any amendment that would have the effect of reducing benefits under the contract unless, before the date of the amendment, the purchaser has the right to transfer the balance of the fund and receives, not less than 90 days before the date on which he may exercise that right, a notice indicating the nature of the amendment and the date from which he may exercise that right;

12°  that the transfer referred to in subparagraphs 7 and 11 may, at the option of the financial institution and unless otherwise stipulated, be effected by remittance of the investment securities of the fund;

13°  that the financial institution may not, except to fulfil requirements under law, make any amendment other than the amendment provided for in subparagraph 11 without having given prior notice to the purchaser;

14°  that the financial institution may amend the contract only to the extent that it remains in conformity with the standard contract amended and registered with Retraite Québec.

Sections 27 to 31 of the Act and the second and third paragraphs of section 32 of the Act apply, with the necessary modifications, to the registration of a standard contract designed to propose the establishment of a life income fund and to amendments thereto. The registration of a standard contract may, in addition, be cancelled where no contract establishing a life income fund in conformity with it exists and where the financial institution attests that it no longer intends to make any contracts in conformity with that standard contract.

O.C. 1158-90, s. 19; O.C. 1681-97, s. 7; O.C. 173-2002, s. 17; O.C. 1073-2009, s. 6; O.C. 500-2014, s. 5.

2014-07-01

19. Replacement of the pension referred to in section 92 of the Act by a life pension is authorized only where the provisions of the contract establishing the life income fund are in conformity with provisions of the standard contract previously registered with the Régie that provide:

0.1°  that the only amounts that may be transferred to a life income fund are amounts coming directly or initially from the fund of a pension plan subject to the Act or referred to in subparagraphs 1, 2, 2.1, 2.2, 4 or 5 of section 28, or another life income fund;

1°  the fiscal year of the fund must end on 31 December of each year and may not exceed 12 months;

2°  that the amount of the income paid during a fiscal year must, subject to the upper limits referred to in section 20.1 and the lower limit referred to in section 20.2, be set by the purchaser each year, or at another agreed to interval of more than one year if the financial institution guarantees the balance of the fund at the end of that interval and if the purchaser is not entitled to payment of the income in a form other than a life income; such an interval must, in every case, terminate at the end of a fiscal year of the fund;

3°  (subparagraph revoked);

4°  that, where the purchaser who is a former member or a member dies before conversion of the total balance of the fund into a life pension, his spouse or, failing that, his successors are, entitled to a benefit of which the amount is equal to the balance;

5°  that the spouse of the purchaser who is a former member or beneficiary may, by giving notice in writing to the financial institution, waive his entitlement to receive the pension benefit provided for in paragraph 4 above or the life pension provided for in paragraph 2 of the second paragraph of section 23 and may, in the case of the pension benefit, revoke such a waiver by giving notice in writing to the financial institution to that effect before the death of the purchaser and, in the case of the life pension, before the date of conversion, in whole or in part, of the life income fund;

6°  that the spouse of the purchaser who is a former member or a member ceases to be entitled to the pension benefit provided for in paragraph 2 of the second paragraph of section 23 upon separation from bed and board, divorce, nullity of marriage, nullity or dissolution of a civil union or, in the case of a spouse who is not a married or civil union spouse, upon cessation of the conjugal relationship, unless the purchaser has transmitted to the financial institution the notice provided for in section 89 of the Act;

6.0.1°  that the seizable portion of the balance of the fund may be paid in a lump sum in execution of a judgment rendered in favour of the purchaser’s spouse that gives entitlement to a seizure for unpaid alimony;

6.1°  that the entire balance of the fund may be paid in a lump-sum to the purchaser upon an application to the financial institution accompanied with a declaration in conformity with the one prescribed in Schedule 0.2 under the following conditions:

a)  the purchaser is at least 65 years of age at the end of the year preceding the application;

b)  the total sums credited to his account in the retirement savings instruments referred to in Schedule 0.2 do not exceed 40% of the Maximum Pensionable Earnings determined in accordance with the Act respecting the Québec Pension Plan (chapter R-9) for the year in which the purchaser applies for the payment;

7°  that the purchaser may transfer, in whole or in part, the balance of the fund to a pension plan governed by the Act or referred to in paragraph 1, 2, 2.1, 2.2, 3.1, 4 or 5 of section 28, unless the agreed to term of the investments has not expired;

7.1°  that the purchaser may, unless the agreed to term of the investments has not expired, require that the total balance of the fund be paid to him in a lump sum if he has not resided in Canada since at least 2 years;

8°  the name and address of the financial institution;

9°  the powers that, where applicable, are granted to the purchaser with respect to investment of the capital;

10°  the method and factors used to establish the value of the fund or of the balance of the fund, for the purpose of a transfer of assets or a conversion into a pension, or upon a death;

10.1°  that if the income paid to the purchaser during a fiscal year of the fund exceeds the maximum amount that may be paid to him in accordance with the provisions of the contract of the Regulation, the purchaser may, unless the payment is attributable to a false declaration by him, require that the financial institution pay him, as a penalty, a sum equal to the surplus income paid;

11°  that the financial institution may not make any amendment that would have the effect of reducing benefits under the contract unless, before the date of the amendment, the purchaser has the right to transfer the balance of the fund and receives, not less than 90 days before the date on which he may exercise that right, a notice indicating the nature of the amendment and the date from which he may exercise that right;

12°  that the transfer referred to in subparagraphs 7 and 11 may, at the option of the financial institution and unless otherwise stipulated, be effected by remittance of the investment securities of the fund;

13°  that the financial institution may not, except to fulfil requirements under law, make any amendment other than the amendment provided for in subparagraph 11 without having given prior notice to the purchaser;

14°  that the financial institution may amend the contract only to the extent that it remains in conformity with the standard contract amended and registered with the Régie.

Sections 27 to 31 of the Act and the second and third paragraphs of section 32 of the Act apply, with the necessary modifications, to the registration of a standard contract designed to propose the establishment of a life income fund and to amendments thereto. The registration of a standard contract may, in addition, be cancelled where no contract establishing a life income fund in conformity with it exists and where the financial institution attests that it no longer intends to make any contracts in conformity with that standard contract.

O.C. 1158-90, s. 19; O.C. 1681-97, s. 7; O.C. 173-2002, s. 17; O.C. 1073-2009, s. 6; O.C. 500-2014, s. 5.

2012-09-01

19. Replacement of the pension referred to in section 92 of the Act by a life pension is authorized only where the provisions of the contract establishing the life income fund are in conformity with provisions of the standard contract previously registered with the Régie that provide:

0.1°  that the only amounts that may be transferred to a life income fund are amounts coming directly or initially from the fund of a pension plan subject to the Act or referred to in subparagraphs 1, 2, 4 or 5 of section 28, or another life income fund;

1°  the fiscal year of the fund must end on 31 December of each year and may not exceed 12 months;

2°  that the amount of the income paid during a fiscal year must, subject to the upper limits referred to in section 20.1 and the lower limit referred to in section 20.2, be set by the purchaser each year, or at another agreed to interval of more than one year if the financial institution guarantees the balance of the fund at the end of that interval and if the purchaser is not entitled to payment of the income in a form other than a life income; such an interval must, in every case, terminate at the end of a fiscal year of the fund;

3°  (subparagraph revoked);

4°  that, where the purchaser who is a former member or a member dies before conversion of the total balance of the fund into a life pension, his spouse or, failing that, his successors are, entitled to a benefit of which the amount is equal to the balance;

5°  that the spouse of the purchaser who is a former member or beneficiary may, by giving notice in writing to the financial institution, waive his entitlement to receive the pension benefit provided for in paragraph 4 above or the life pension provided for in paragraph 2 of the second paragraph of section 23 and may, in the case of the pension benefit, revoke such a waiver by giving notice in writing to the financial institution to that effect before the death of the purchaser and, in the case of the life pension, before the date of conversion, in whole or in part, of the life income fund;

6°  that the spouse of the purchaser who is a former member or a member ceases to be entitled to the pension benefit provided for in paragraph 2 of the second paragraph of section 23 upon separation from bed and board, divorce, nullity of marriage, nullity or dissolution of a civil union or, in the case of a spouse who is not a married or civil union spouse, upon cessation of the conjugal relationship, unless the purchaser has transmitted to the financial institution the notice provided for in section 89 of the Act;

6.0.1°  that the seizable portion of the balance of the fund may be paid in a lump sum in execution of a judgment rendered in favour of the purchaser’s spouse that gives entitlement to a seizure for unpaid alimony;

6.1°  that the entire balance of the fund may be paid in a lump-sum to the purchaser upon an application to the financial institution accompanied with a declaration in conformity with the one prescribed in Schedule 0.2 under the following conditions:

a)  the purchaser is at least 65 years of age at the end of the year preceding the application;

b)  the total sums credited to his account in the retirement savings instruments referred to in Schedule 0.2 do not exceed 40% of the Maximum Pensionable Earnings determined in accordance with the Act respecting the Québec Pension Plan (chapter R-9) for the year in which the purchaser applies for the payment;

7°  that the purchaser may transfer, in whole or in part, the balance of the fund to a pension plan governed by the Act or referred to in paragraph 1, 2, 3.1, 4 or 5 of section 28, unless the agreed to term of the investments has not expired;

7.1°  that the purchaser may, unless the agreed to term of the investments has not expired, require that the total balance of the fund be paid to him in a lump sum if he has not resided in Canada since at least 2 years;

8°  the name and address of the financial institution;

9°  the powers that, where applicable, are granted to the purchaser with respect to investment of the capital;

10°  the method and factors used to establish the value of the fund or of the balance of the fund, for the purpose of a transfer of assets or a conversion into a pension, or upon a death;

10.1°  that if the income paid to the purchaser during a fiscal year of the fund exceeds the maximum amount that may be paid to him in accordance with the provisions of the contract of the Regulation, the purchaser may, unless the payment is attributable to a false declaration by him, require that the financial institution pay him, as a penalty, a sum equal to the surplus income paid;

11°  that the financial institution may not make any amendment that would have the effect of reducing benefits under the contract unless, before the date of the amendment, the purchaser has the right to transfer the balance of the fund and receives, not less than 90 days before the date on which he may exercise that right, a notice indicating the nature of the amendment and the date from which he may exercise that right;

12°  that the transfer referred to in subparagraphs 7 and 11 may, at the option of the financial institution and unless otherwise stipulated, be effected by remittance of the investment securities of the fund;

13°  that the financial institution may not, except to fulfil requirements under law, make any amendment other than the amendment provided for in subparagraph 11 without having given prior notice to the purchaser;

14°  that the financial institution may amend the contract only to the extent that it remains in conformity with the standard contract amended and registered with the Régie.

Sections 27 to 31 of the Act and the second and third paragraphs of section 32 of the Act apply, with the necessary modifications, to the registration of a standard contract designed to propose the establishment of a life income fund and to amendments thereto. The registration of a standard contract may, in addition, be cancelled where no contract establishing a life income fund in conformity with it exists and where the financial institution attests that it no longer intends to make any contracts in conformity with that standard contract.

O.C. 1158-90, s. 19; O.C. 1681-97, s. 7; O.C. 173-2002, s. 17; O.C. 1073-2009, s. 6.