Royal Canadian Mounted Police Superannuation Regulations (C.R.C., c. 1393)

Prescribed Retirement Savings Plan or Fund

66 A retirement savings plan prescribed for the purposes of section 26 of the Pension Benefits Standards Act, 1985 is prescribed as a kind of retirement savings plan or fund for the purposes of paragraph 12.1(2)(b) of the Act.

Prescribed Immediate and Deferred Life Annuity

67 An immediate life annuity and a deferred life annuity, as those terms are defined in subsection 2(1) of the Pension Benefits Standards Regulations, 1985, are prescribed as a kind of immediate life annuity and a kind of deferred life annuity for the purposes of paragraph 12.1(2)(c) of the Act.

Adaptation of Subsection 12.1(2) of the Act

68 For the purposes of subsection 12.1(2) of the Act, if the transfer value determined in accordance with sections 61 to 65 exceeds the amount that may, in accordance with section 8517 of the Income Tax Regulations, be transferred to a retirement savings plan or fund, or to a financial institution for the purchase of an immediate or deferred life annuity, the excess amount shall be paid to the contributor.

Transfer When Contributor Is Deceased

69 If the transfer value cannot be transferred in accordance with subsection 12.1(2) of the Act because the contributor is deceased, the transfer value shall be paid to the estate or succession of the contributor.

Transfer Agreements

70 For the purposes of subsection 24.1(1) of the Act, a pension plan is a pension plan registered under section 147.1 of the Income Tax Act with at least 10 active participants on the day that the eligible employer enters into an agreement under subsection 24.1(2) of the Act.

71 For the purposes of clause 6(a)(ii)(C) of the Act, an employee may count a period of service as pensionable service to the following extent and subject to the following terms and conditions:

• (a) any part of a period of service during which the contributor worked part-time is counted in the proportion determined by the formula set out in subsection 11.6(1), and the total period of service is taken into account in determining eligibility for a benefit;

• (b) any period of service in respect of which the amount referred to in a demand for funds, made to an eligible employer in respect of an employee in accordance with an agreement referred to in subsection 24.1(2) of the Act, has not been paid in total by an employer, is

  • (i) if the period includes only full-time service, counted, beginning with the part that is most recent in point of time, in the same proportion as the amount paid by the employer bears to the amount referred to in the demand for funds, or

  • (ii) if the period includes both full-time service and part-time service, converted to full-time service and costed as a period of full-time service, with the counted part being the most recent in point of time; and

• (c) if the pension benefits that have accrued in respect of the period of service were subject to a division under a pension plan that was subject to the Pension Benefits Standards Act, 1985 or an equivalent provincial Act, only the part of the period of service that corresponds to the portion of the benefits that remain accrued to the employee is, after confirmation of the division by the eligible employer, counted and the total period of service is taken into account in determining eligibility for a benefit.

72 For the purposes of paragraph 10(4)(b) of the Act, the annual rate of pay that the contributor is deemed to have received during a period of service that is counted as a period of pensionable service under clause 6(a)(ii)(C) of the Act is determined in accordance with section 9.095, except that the valuation day is the one that is set out in the agreement referred to in subsection 24.1(2) of the Act.