All DPSP's must be revised to reflect the new legislation as soon as possible, and amendments must be submitted no later than one year from the date the proposed legislation receives royal assent. The transfer of lump sum amounts from a DPSP to another registered plan will be regulated by new rules similar to those affecting registered pension plans. The proposed rules permit the transfer of lump sum amounts between plans on a tax-free basis if the transfer is made directly. The transfer rules are effective commencing January 1, 1989. Please refer to item 6 above, with respect to reporting requirements.
Additional information is available from the following sources.