Income Tax Regulations — 8506
missible under paragraph (1)(e.1) or (e.2)) under the provision are provided by means of annuities that are purchased from a licensed annuities provider; Undue Deferral of Payment — Death of Member (h) each single amount that is payable after the death of a member (other than a single amount that is payable after the death of the specified beneficiary of the member in relation to the provision) is paid as soon as is practicable after the member’s death; and Undue Deferral of Payment — Death of Specified Beneficiary (i) each single amount that is payable after the death of the specified beneficiary of a member in relation to the provision is paid as soon as is practicable after the specified beneficiary’s death. Alternative Method for Allocating Employer Contributions (2.1) The Minister may, on the written application of the administrator of a pension plan, waive the application of the condition in paragraph (2)(b.1) in respect of a money purchase provision of the plan where contributions made under the provision by an employer are allocated to members of the plan in a manner acceptable to the Minister. Reallocation of Forfeitures (3) The Minister may, on the written application of the administrator of a registered pension plan, extend the time for satisfying the requirements of paragraph (2)(f) where (a) the aggregate of the forfeited amounts that arise in a calendar year is greater than normal because of unusual circumstances; and (b) the forfeited amounts are to be reallocated on a reasonable basis to a majority of plan members or paid as or on account of administrative, investment or similar expenses incurred in connection with the plan. Non-payment of Minimum Amount — Plan Revocable (4) A registered pension plan that contains a money purchase provision becomes, for the purposes of paragraph 147.1(11)(c) of the Act, a revocable plan at the beginning of a calendar year if the total amount of retirement benefits (other than retirement benefits permissible under any of paragraphs (1)(a) to (e)) paid from the plan in the calendar year in respect of a member’s account under the provision is less than the minimum amount for the account for the calendar year. Minimum Amount (5) For the purposes of paragraph (1)(e.1) and subsection (4), but subject to subsection (7), the minimum amount for a member’s account under a money purchase provision of a registered pension plan for a calendar year is the amount determined by the formula A x B where A is the balance in the account at the beginning of the year; and B is (a) if there is a specified beneficiary of the member for the year in relation to the provision, the factor designated under subsection 7308(4) for the year in respect of the specified beneficiary, (b) if paragraph (a) does not apply for the year, the factor designated under subsection 7308(4) for the year in respect of an individual where (i) the individual was, at the time the designation referred to in subparagraph (ii) was made, the member’s spouse or common-law partner, (ii) the member had, before the beginning of the year, provided the administrator of the plan with a written designation of the individual for the purpose of this paragraph in relation to the provision, and (iii) the member had not, before the beginning of the year, revoked the designation, and (c) in any other case, the factor designated under subsection 7308(4) for the year in respect of the member. Determination of Account Balance (6) For the purpose of the description of A in subsection (5), the balance in a member’s account at the beginning of a calendar year (in this subsection referred to as the “current year”) is to be determined in accordance with the following rules: (a) the determination is to be made in a manner that reasonably reflects the fair market value of the property held in connection with the account at the beginning of the current year, including an estimate of the portion of any unallocated earnings of the plan that arose in the prec