Pension Benefits Standards Regulations, 1985 — 20.1
savings plan; (j) provide that, subject to subsection 25(4) of the Act, the funds in the life income fund shall not be assigned, charged, anticipated or given as security and that any transaction purporting to assign, charge, anticipate or give the funds as security is void; (k) state whether or not any pension benefit credit transferred pursuant to section 26 of the Act was varied according to the sex of the plan member; (l) provide that, in the calendar year in which the holder of the life income fund reaches 55 years of age or in any subsequent calendar year, the funds may be paid to the holder in a lump sum if (i) the holder certifies that the total value of all assets in all locked-in registered retirement savings plans, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of a transfer of pension benefit credits under section 16.4 or 26 of the Act, a transfer under these Regulations or a transfer under section 50, 53 or 54 of the Pooled Registered Pension Plans Act or Pooled Registered Pension Plans Regulations , is less than or equal to 50% of the Year’s Maximum Pensionable Earnings, and (ii) if the holder gives a copy of Form 2 and Form 3 of Schedule V to the financial institution with whom the contract or arrangement for the life income fund was entered into; (m) provide that the holder of the life income fund may withdraw an amount from that fund up to the lesser of the amount determined by the formula set out in subsection 20(1.1) and 50% of the Year’s Maximum Pensionable Earnings minus any amount withdrawn in the calendar year under this paragraph — from any life income fund — or under paragraph 20 (1)(d), 20.2 (1)(e) or 20.3 (1)(m) (i) if the holder certifies that the holder has not made a withdrawal in the calendar year under this paragraph — from any life income fund — or under paragraph 20 (1)(d), 20.2 (1)(e) or 20.3 (1)(m) other than within the last 30 days before this certification, (ii) if, in the event that the value of M in subsection 20 (1.1) is greater than zero, (A) the holder certifies that the holder expects to make expenditures on medical or disability-related treatment or adaptive technology for the calendar year in excess of 20% of the holder’s total expected income for that calendar year determined in accordance with the Income Tax Act , excluding withdrawals in the calendar year under this paragraph — from any life income fund — or under paragraph 20 (1)(d), 20.2 (1)(e) or 20.3 (1)(m), and (B) a physician certifies that such medical or disability-related treatment or adaptive technology is required, and (iii) if the holder gives a copy of Form 1 and Form 2 of Schedule V to the financial institution with whom the contract or arrangement for the life income fund was entered into; and (n) provide that the holder of the life income fund who has ceased to be a resident of Canada for at least two years may withdraw any amount from that fund. (2) Where a pension benefit credit transferred to a life income fund was not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with the funds accumulated in the life income fund shall not differentiate as to sex. (3) A life income fund shall provide that, where a physician certifies that, owing to mental or physical disability, the life expectancy of the holder of the life income fund is likely to be shortened considerably, the funds in the life income fund may be paid to the holder in a lump sum. SOR/95-551, s. 4; SOR/97-448, s. 1; SOR/2001-194, s. 4; SOR/2006-208, s. 1; SOR/2008-144, s. 4; SOR/2011-85, s. 14(F); SOR/2015-60, s. 9; SOR/2017-145, s. 6