Income Tax Regulations — 8517
an permit an individual to elect to receive additional lifetime retirement benefits in lieu of benefits that would, in the absence of the election, be payable after the death of the individual if the individual dies after retirement benefits under the provision commence to be paid to the individual, and (b) the elections available to the individual include an election (i) to receive additional lifetime retirement benefits, not exceeding additional benefits determined on an actuarially equivalent basis, in lieu of all or a portion of a guarantee that retirement benefits will be paid for a minimum period of 10 years or less, or (ii) to receive additional lifetime retirement benefits in lieu of retirement benefits that would otherwise be payable to a person who is a spouse or common-law partner or former spouse or common-law partner of the individual for a period beginning after the death of the individual and ending with the death of the person, where (A) the election may be made only if the life expectancy of the person is significantly shorter than normal and has been so certified in writing by a medical doctor or a nurse practitioner licensed to practise under the laws of a province or of the place where the person resides, and (B) the additional benefits do not exceed additional benefits determined on an actuarially equivalent basis and on the assumption that the person has a normal life expectancy, paragraph (5)(g) applies as if (c) the election described in subparagraph (b)(i) were not available to the individual, and (d) where the particular time the normalized pension of the individual is determined under subsection (5) is after 1991, the election described in subparagraph (b)(ii) were not available to the individual. Replacement Benefits (7) Where (a) an amount is transferred on behalf of an individual in full or partial satisfaction of the individual’s entitlement to benefits under a defined benefit provision (in this subsection referred to as the “particular provision”) of a registered pension plan, (b) in conjunction with the transfer, benefits become provided to the individual under another defined benefit provision of the plan or under a defined benefit provision of another registered pension plan, and (c) an employer who participated under the particular provision for the benefit of the individual also participates under the other provision for the individual’s benefit, the amount of the individual’s lifetime retirement benefits under the particular provision commuted in connection with the transfer is the amount that would be determined under subsection (4) if the benefits provided under the other provision were provided under the particular provision. (8) For the purposes of this section, if subsection 147.4(5) of the Act deems an amount to be transferred under a defined benefit provision (as defined in subsection 147.1(1) of the Act) of a registered pension plan, the benefits payable under the annuity contract are deemed to be benefits payable under the provision. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/99-9, s. 26; SOR/2001-188, s. 12; 2011, c. 24, s. 97; 2014, c. 20, s. 36; 2017, c. 33, s. 103 2026, c. 3, s. 114