Canadian Forces Superannuation Regulations

16.97 (1) 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 22(2)(b) of the Act.

(2) A “deferred life annuity” and an “immediate life annuity," as defined in subsection 2(1) of the Pension Benefits Standards Regulations, 1985, are prescribed as a kind of deferred life annuity and a kind of immediate life annuity for the purposes of paragraph 22(2)(c) of the Act.

(3) Any portion of the transfer value, the payment of which is being effected by a transfer under subsection 22(2) of the Act, that is in excess of the amount that may be transferred in accordance with section 8517 of the Income Tax Regulations shall be paid to the contributor.

(4) If the contributor is deceased, the following rules apply:

• (a) if the portion of the transfer value may still be transferred, any excess shall be paid to the survivor who would have been entitled to an annual allowance under subsection 25(1) of the Act had the option for the payment of a transfer value not been exercised; if there is no survivor it shall be paid to the contributor’s estate or succession or, if it is less than $1,000, to the former contributor’s next of kin; or

• (b) otherwise, the transfer value shall be paid to the survivor who would have been entitled to an annual allowance under subsection 25(1) of the Act had the option for the payment of a transfer value not been exercised; if there is no survivor it shall be paid to the former contributor’s estate or succession or, if it is less than $1,000, to the former contributor’s next of kin.

(5) If there are two survivors who would have been entitled to an annual allowance under subsection 25(1) of the Act, each survivor’s portion shall be determined in accordance with section 26.1 of the Act as if the reference to “total amount” in that section were a reference to “excess” or “transfer value”, as the case may be.