Royal Canadian Mounted Police Superannuation Regulations

55 (1) Subject to subsection (3), a contributor described in subsection 12.1(1) of the Act who holds a rank in the Force is entitled to exercise an option for a commuted value determined in accordance with sections 61 to 65 if the annuity to which the contributor is entitled becomes payable after the date of exercising the option.

(2) Subject to subsection (3), a contributor described in subsection 12.1(1) of the Act who does not hold a rank in the Force is entitled to exercise an option for a commuted value determined in accordance with sections 61 to 65 if the annuity to which the contributor is entitled becomes payable after the date of exercising the option and if

• (a) in the case of a contributor who ceases to be a member of the Force on or after the day on which this section comes into force, the contributor is less than the age referred to in subsection 54(1) on the day on which the contributor ceases to be a member of the Force;

• (b) in the case of a contributor who ceased to be a member of the Force on or after September 14, 1999 but before the day on which this section comes into force, the contributor was less than 50 years of age on the day on which the contributor ceased to be a member of the Force; and

• (c) in the case of a contributor who ceased to be a member of the Force before September 14, 1999, the contributor was less than 50 years of age on September 14, 1999.

(3) A contributor described in subsection 12.1(1) of the Act who becomes entitled to a deferred annuity under subsection 12(2) of the Act is entitled to exercise an option for a commuted value determined in accordance with sections 61 to 65 if the contributor is less than 50 years of age on the day on which the contributor becomes entitled to the deferred annuity.