Pooled Registered Pension Plans Act — P-15.3 169
169 The Act is amended by adding the following after section 51: Variable Life Payments Fund and payments 51.1 Subject to the regulations, a pooled registered pension plan may (a) provide for the establishment, as part of the plan, of a variable life payment fund from which variable life payments are to be paid; and (b) provide that a member who has reached the prescribed age fixed for the purposes of this paragraph may, in order to receive variable life payments, elect to transfer any funds in their account to the variable life payment fund. Conditions on election 51.2 A member referred to in paragraph 51.1(b) may elect to transfer funds to the variable life payment fund only if the prescribed conditions are met. No accounts in fund 51.3 A variable life payment fund does not contain individual accounts for members and, for greater certainty, a reference in this Act to a member’s account is not to be construed as referring to funds held within a variable life payment fund. Transfer from variable life payment fund 51.4 Subject to section 51.6 and subsection 62(12), the administrator may transfer or permit the transfer of any part of the assets of a variable life payment fund to any other pension plan, including another pooled registered pension plan or a pension plan not under federal legislative authority, only with the Superintendent’s permission. Termination 51.5 (1) This section applies with respect to the termination of a variable life payment fund in the case where the pooled registered pension plan is not being terminated. Declaration by Superintendent (2) In the prescribed circumstances, the Superintendent may declare a variable life payment fund to be terminated as of the date that the Superintendent considers appropriate. Notification — employers and members (3) An administrator must, not less than 60 and not more than 180 days before the day on which it terminates a variable life payment fund, provide written notification of the termination to each employer that participates in the plan, each member of the plan and the spouse or common-law partner of each member. The notice must specify the date of the termination. Non-application (4) Subsection (3) does not apply with respect to a spouse or common-law partner of a person who is entitled to receive variable life payments (a) as a result of the person being a survivor of a deceased member; or (b) under section 53 as the result of divorce, annulment, separation or breakdown of a common-law partnership. Notification — Superintendent (5) An administrator must, not less than 60 and not more than 180 days before the day on which it terminates a variable life payment fund, notify the Superintendent of the termination. The notice must specify the date of the termination and be in the form and manner directed by the Superintendent. Termination report (6) On the termination of a variable life payment fund, the administrator must file with the Superintendent, in the form and manner that the Superintendent may direct, a termination report that contains the prescribed information and that is prepared by a person having the prescribed qualifications. Approval of termination report (7) Assets of the variable life payment fund must not be used or transferred for any purpose until the Superintendent has approved the termination report, except that the administrator of the plan may make variable life payments, as they fall due, to the members entitled to receive them. Transfer or purchase on termination 51.6 On the termination of a variable life payment fund under section 51.5, a member who was receiving variable life payments from the fund is entitled to (a) transfer, for the purpose of making an election to receive variable payments under section 48, their variable life payment credit to an account with the pooled registered pension plan, if the plan provides for such an election; (b) transfer their variable life payment credit to another pooled registered pension plan or another pe