39.1 (1) Repealed: 2017, c. 8, Sched. 27, s. 7 (1). Payment of variable benefits authorized (2) A pension plan that provides defined contribution benefits may authorize payment of pension benefits that are variable benefits in the manner authorized by the Income Tax Act (Canada) and in accordance with such requirements and subject to such restrictions as may be prescribed. 2015, c. 20, Sched. 34, s. 2. Waiver of joint and survivor pension (2.1) No variable benefit account shall be established for a retired member who has a spouse who would be entitled to a joint and survivor pension under section 44 unless the retired member and the spouse have waived the entitlement to receive payment of pension benefits in the form of a joint and survivor pension in accordance with subsection 46 (1). 2017, c. 8, Sched. 27, s. 7 (2). Time (2.2) A waiver under subsection (2.1) is not effective unless the following condition is satisfied: 1.  For a written waiver in the form approved by the Chief Executive Officer, the form is dated, signed and delivered to the administrator within the prescribed period before the date the variable benefit account is established. 2.  For a certified copy of a domestic contract, the certified copy is delivered to the administrator within the prescribed period before the date the variable benefit account is established. 2017, c. 8, Sched. 27, s. 7 (2); 2017, c. 34, Sched. 33, s. 14 (1); 2018, c. 8, Sched. 23, s. 5. Cancellation of waiver (2.3) Persons who have delivered a waiver under subsection (2.1) may jointly cancel it by delivering a written and signed notice of cancellation to the administrator before the variable benefit account is established. 2017, c. 8, Sched. 27, s. 7 (2). Transfers in (3) A pension plan that provides for the payment of variable benefits may provide that a retired member receiving variable benefits is entitled to transfer, to the extent authorized by the Income Tax Act (Canada) and in accordance with such requirements and subject to such restrictions as may be prescribed, any amount to the retired member’s variable benefit account, (a)  from the pension fund related to another defined contribution pension plan; (a.1)  from an account with a pooled registered pension plan; or (b)  from a prescribed retirement savings arrangement. 2015, c. 20, Sched. 34, s. 2; 2017, c. 8, Sched. 27, s. 7 (3). Transfers out (4) A pension plan that provides for the payment of variable benefits shall provide that a retired member or specified beneficiary receiving variable benefits is entitled to require the administrator to pay, to the extent authorized by the Income Tax Act (Canada) and in accordance with such requirements and subject to such restrictions as may be prescribed, any amount remaining in the retired member’s variable benefit account, (a)  to the pension fund related to another defined contribution pension plan, if the administrator of the other pension plan agrees to accept payment; (b)  into a prescribed retirement savings arrangement; or (c)  for the purchase of a life annuity. 2015, c. 20, Sched. 34, s. 2; 2017, c. 34, Sched. 33, s. 14 (2). Withdrawal from variable benefit account (5) Within 60 days after the establishment of a variable benefit account for a retired member, the retired member may apply to the administrator, in accordance with such requirements and subject to such restrictions as may be prescribed, to withdraw from the retired member’s variable benefit account or transfer from it to a registered retirement savings arrangement an amount representing up to 50 per cent of the amount transferred to the retired member’s variable benefit account at the time the account was established. 2018, c. 17, Sched. 33, s. 3. Cessation of variable benefit payments (6) Before a pension plan ceases to provide for the payment of a variable benefit, the administrator shall offer a retired member or specified beneficiary who receives that variable benefit the options referred to in subsection (4). 2015, c. 20, Sched. 34, s. 2. Direction (7) A retired member or specified beneficiary may exercise his or her entitlement under subsection (4) or (6) by delivering a direction to the administrator in accordance with the prescribed rules. 2015, c. 20, Sched. 34, s. 2; 2017, c. 8, Sched. 27, s. 7 (5); 2017, c. 34, Sched. 33, s. 14 (3). Compliance with direction (8) Subject to compliance with the requirements of this section and the regulations, the administrator shall comply with the direction within the prescribed period of time after delivery of the direction. 2015, c. 20, Sched. 34, s. 2. Terms of arrangement or life annuity (9) The administrator shall not make a payment, (a)  under clause (4) (b) unless the retirement savings arrangement meets the prescribed requirements; or (b)  under clause (4) (c) unless the life annuity meets the prescribed requirements. 2015, c. 20, Sched. 34, s. 2. (10)-(13) Repealed: 2017, c. 8, Sched. 27, s. 7 (6). Discharge of administrator (14) The administrator is discharged in respect of the amount that is paid or transferred under subsection (4) on making the payment or transfer in accordance with the direction of the retired member or specified beneficiary if the payment or transfer complies with this Act and the regulations. 2015, c. 20, Sched. 34, s. 2; 2017, c. 34, Sched. 33, s. 14 (4). (15) Repealed: 2017, c. 8, Sched. 27, s. 7 (6). Section Amendments with date in force (d/m/y) 2015, c. 20, Sched. 34, s. 2 - 01/01/2020 2017, c. 8, Sched. 27, s. 7 (4, 6) - 17/05/2017; 2017, c. 8, Sched. 27, s. 7 (1-3, 5) - 01/01/2020; 2017, c. 34, Sched. 33, s. 14 (1-4) - 01/01/2020 2018, c. 8, Sched. 23, s. 5 (1, 2) - 08/06/2019; 2018, c. 17, Sched. 33, s. 3 - 01/01/2020