PART I INTERPRETATION
 22. (1) An insurance contract under which a deferred or immediate life annuity will be provided resulting from the transfer of the commuted value of a pension benefit or from the transfer of an amount from a retired member’s variable benefit account or as the result of a purchase from a life income fund, a locked-in retirement income fund or a locked-in retirement account shall set out that, (a)  no money transferred, including interest, will be assigned, charged, anticipated or given as security except as permitted by an order under the Family Law Act, a family arbitration award or a domestic contract; (b)  an order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to entitle a spouse or former spouse of the annuitant to a share that exceeds 50 per cent of the payments under the life annuity, determined as of the family law valuation date; (c)  in the case of the unexpired period of a guaranteed annuity, the annuitant may commute a benefit provided under the annuity only for the purpose of purchasing a life income fund; (c.1)  in the case of the unexpired period of a guaranteed annuity where the annuitant is deceased, the annuitant’s spouse, if any, may surrender or commute the benefit provided under the annuity during the spouse’s lifetime; (d)  a transaction that contravenes clause (a), (c) or (c.1) is void; (e)  where the annuitant has a spouse at the time payments commence, the annuity shall be in the form of a joint and survivor annuity as required by section 44 of the Act unless the annuitant and the spouse provide a waiver as set out in section 46 of the Act; (f)  the amount of the life annuity will be determined on a basis that does not take into account the sex of the annuitant, except, (i)  in the case of a contract that is based entirely upon an amount or amounts transferred from a defined contribution pension plan administered in accordance with clause 52 (2) (b) of the Act, or (ii)  in the case of a contract that is purchased with funds from a life income fund, a locked-in retirement income fund or a locked-in retirement account, the purchase is in accordance with Schedule 1, 1.1, 2 or 3 to this Regulation; and (g)  on the death of the annuitant before payment of the annuity, the annuity shall be administered in accordance with section 48 of the Act.  R.R.O. 1990, Reg. 909, s. 22; O. Reg. 564/92, s. 2 (1-3); O. Reg. 558/94, s. 4; O. Reg. 115/00, s. 2; O. Reg. 144/00, s. 17 (1-4); O. Reg. 324/05, s. 2; O. Reg. 239/09, s. 11 (1-3); O. Reg. 288/11, s. 4; O. Reg. 178/12, s. 21; O. Reg. 369/19, s. 1 (1). (2) The insurance contract must provide that, if a life income fund is being purchased as authorized by clause (1) (c), the financial institution disclose to the annuitant the difference between the commuted value of the annuity and the amount that will be transferred to the life income fund.  O. Reg. 239/09, s. 11 (4). (3) Clause 22 (1) (e) does not apply to a life annuity purchased under subsection 39.1 (4) of the Act. O. Reg. 369/19, s. 1 (2). Transfers into and Withdrawals from Prescribed Retirement Savings Arrangements