45 (1) This section applies with respect to a worker who is receiving payments under the insurance plan for loss of earnings.  However, it does not apply with respect to a worker who was 64 years of age or older on the date of the injury.  1997, c. 16, Sched. A, s. 45 (1). Amount set aside (2) If a worker has received payments for loss of earnings for 12 continuous months, the Board shall set aside for him or her an amount equal to 5 per cent of every subsequent payment to him or her for loss of earnings. (Payments made under section 65 to another person shall be deemed to have been made to the worker.)  1997, c. 16, Sched. A, s. 45 (2). Contribution by worker (3) If amounts are being set aside for a worker under subsection (2), he or she may elect to contribute an amount equal to 5 per cent of every payment to him or her for loss of earnings. The election is irrevocable and must be in writing in a form approved by the Board.  1997, c. 16, Sched. A, s. 45 (3). Same (4) If the worker makes the election under subsection (3), the Board shall deduct the worker’s contribution from each payment to him or her for loss of earnings.  1997, c. 16, Sched. A, s. 45 (4). Entitlement to benefit (5) When the worker reaches 65 years of age, he or she is entitled to receive a retirement benefit under this section.  The amount of the benefit is the sum of the amount set aside by the Board and the contribution by the worker, if any, plus the accumulated investment income on those amounts.  1997, c. 16, Sched. A, s. 45 (5). Payment scheme (6) The worker may select the payment scheme for the benefit from among such schemes and subject to such restrictions as may be prescribed.  2011, c. 1, Sched. 7, s. 3 (4). Lump sum (6.1) Despite subsection (6), the Board shall pay the benefit as a lump sum if, (a)  in the case of a worker who reaches the age of 65 before the specified date, the amount of the benefit is less than $3,000 per year; (b)  in the case of a worker who reaches the age of 65 on or after the specified date, the amount of the benefit is less than or equal to the maximum amount of average earnings determined under section 54 for the year in which the worker reaches the age of 65.  2011, c. 1, Sched. 7, s. 3 (4). Specified date (6.2) For the purpose of subsection (6.1), the specified date is the day that is one month after the day the Good Government Act, 2011 receives Royal Assent.  2011, c. 1, Sched. 7, s. 3 (4). Prescribed benefits – survivors (7) When the worker dies, his or her survivors are entitled to the prescribed benefits in respect of amounts set aside for the worker under subsection (2).  However, a survivor who receives benefits under section 48 is not entitled to benefits under this subsection.  2002, c. 18, Sched. J, s. 5 (8). Prescribed benefits – beneficiary or estate (7.1) If the worker has no survivors and has designated a beneficiary, the beneficiary is entitled to the prescribed benefits.  If the worker has not designated a beneficiary, the worker’s estate is entitled to the prescribed benefits.  2002, c. 18, Sched. J, s. 5 (8). No entitlement to prescribed benefits (7.2) If there is no entitlement to the prescribed benefits under subsection (7) or (7.1), the Board shall remove from the fund maintained under subsection (12) the amounts set aside for the worker and the accumulated investment income on the amounts, and shall transfer the total, (a)  to the worker’s employer, if it is a Schedule 2 employer that is individually liable to pay benefits with respect to the worker under the insurance plan; or (b)  in any other case, to the insurance fund.  2002, c. 18, Sched. J, s. 5 (8). Application (7.3) Subsections (7) to (7.2) apply in respect of any worker who dies on or after January 1, 1998.  2002, c. 18, Sched. J, s. 5 (8). Same (8) The amount of the benefits under subsection (7) shall be based on the amounts set aside for the worker plus the accumulated investment income on the amounts.  1997, c. 16, Sched. A, s. 45 (8). Same, worker’s contributions (9) When the worker dies, his or her survivors are entitled to the prescribed benefits in respect of amounts contributed by the worker under subsection (3).  If there are no survivors, the beneficiary designated by the worker or (if no beneficiary is designated) the worker’s estate is entitled to the benefits under this subsection.  1997, c. 16, Sched. A, s. 45 (9). Same (10) The amount of the benefits under subsection (9) shall be based on the amounts contributed by the worker plus the accumulated investment income on the amounts.  1997, c. 16, Sched. A, s. 45 (10). Annual statements (11) The Board shall provide the worker with an annual statement setting out, (a)  the amounts set aside by the Board in the worker’s name in the year; (b)  the amounts contributed by the worker in the year, if any; (c)  the accumulated investment income earned on the amounts referred to in clauses (a) and (b) in the year; (d)  the date when the worker will become entitled to a benefit; (e)  the name of any designated beneficiary; and (f)  such other information as the Board considers appropriate.  1997, c. 16, Sched. A, s. 45 (11); 1999, c. 6, s. 67 (9); 2001, c. 9, Sched. I, s. 4 (1). Benefit fund (12) The Board shall maintain a fund into which the amounts set aside under subsection (2) or contributed under subsection (3) shall be deposited.  1997, c. 16, Sched. A, s. 45 (12). Investment (13) Subsections 97 (4) to (7) apply with respect to the investment of money in the fund.  1997, c. 16, Sched. A, s. 45 (13). Section Amendments with date in force (d/m/y) 1999, c. 6, s. 67 (9) - 01/03/2000 2000, c. 26, Sched. I, s. 1 (7) - 01/01/1998 2001, c. 9, Sched. I, s. 4 (1) - 29/06/2001 2002, c. 18, Sched. J, s. 5 (8) - 15/03/2003 2007, c. 7, Sched. 41, s. 4 - 01/07/2007 2011, c. 1, Sched. 7, s. 3 (4) - 30/03/2011