Canadian Forces Superannuation Regulations

16.991 (1) A contributor may revoke an option for the payment of a transfer value if they establish that they were given erroneous or misleading information in writing, by a member of the Canadian Forces or a person employed in the public service who normally gives information regarding benefits under the Act, in respect of the amount, nature or type of benefit provided as a result of the exercise of an option for the payment of a transfer value or any other benefit to which the contributor might have become entitled had the option not been exercised, or in respect of the procedures to be followed to effect a valid exercise of the option.

(2) No option for the payment of a transfer value may be revoked unless

• (a) the contributor who was given the erroneous or misleading information applies to the Minister for a revocation within three months after the day on which they became aware that erroneous or misleading information was given to them;

• (b) the contributor establishes that they acted on the erroneous or misleading information, and would not otherwise have exercised the option;

• (c) the contributor repays any payment made to or in respect of them for the option within three months after being notified by the Minister of the amount to be repaid; and

• (d) the erroneous information that was given, was given in respect of the amount of any benefit under the Act, and the erroneous information was that the amount of a benefit to which the contributor would have been entitled was at least 5% different from the actual amount of that benefit.