21 (1) This section applies if an individual elects the transfer described in subsection 20 (1) to a locked-in retirement account.  1996, c. 6, Sched. A, s. 21 (1). Payment (2) The Minister of Finance shall pay to the individual’s locked-in retirement account an amount equal to the individual’s credit in the registered plan account together with interest on the amount of the credit. The interest is calculated from the date on which the amount was credited to the registered plan account until the date on which the Minister makes the payment to the locked-in retirement account.  1996, c. 6, Sched. A, s. 21 (2). Same (3) The Minister shall make the payment within 90 days after the Speaker receives notice of the individual’s election.  1996, c. 6, Sched. A, s. 21 (3). (4) Repealed:  1999, c. 15, s. 20 (1). Same (5) The locked-in retirement account must not permit any payment to be made to the individual before the later of, (a) the date on which he or she ceases to be a member of the plan; and (b) the date on which he or she reaches 55 years of age.  1996, c. 6, Sched. A, s. 21 (5). Effect of payment (6) The individual ceases to be entitled to any other benefit under the registered plan for service before June 8, 1995 when the payment is made to the locked-in retirement account.  1996, c. 6, Sched. A, s. 21 (6). Amendment, locked-in retirement account (7) An individual described in subsection (1) who has entered into a contract to establish a locked-in retirement account is entitled to require that the contract be amended, despite any other term of the contract, (a) if the person who is the individual’s spouse when the amendment is required to be made consents in writing to the amendment; and (b) if the contract, as it would be amended, complies with subsection (5) and meets the requirements established under the Income Tax Act (Canada) for a registered retirement savings plan or a registered retirement income fund, as those expressions are defined in that Act.  1999, c. 15, s. 20 (2); 2005, c. 5, s. 43 (5). Same, life income fund (8) An individual described in subsection (1) who, by the exercise of rights under a contract entered into to establish a locked-in retirement account, has entered into a contract to establish a life income fund is entitled to require that the life income fund contract be amended, despite any other term of the contract, (a) if the person who is the individual’s spouse when the amendment is required to be made consents in writing to the amendment; and (b) if the life income fund contract, as it would be amended, complies with subsection (5) and meets the requirements established under the Income Tax Act (Canada) for a registered retirement savings plan or a registered retirement income fund, as those expressions are defined in that Act.  1999, c. 15, s. 20 (2); 2005, c. 5, s. 43 (6). Amendment required (9) The parties to the contract to establish the locked-in retirement account or life income fund, as the case may be, that is to be amended in accordance with subsection (7) or (8) shall promptly make the amendment.  1999, c. 15, s. 20 (2). Effect of amendment (10) When the contract is amended as required by subsection (9), the locked-in retirement account or life income fund ceases to be such an account or fund.  1999, c. 15, s. 20 (2). Definitions (11) In subsections (7) to (10), “life income fund” means a life income fund that was established before the Pension Benefits Statute Law Amendment Act, 1999 received Royal Assent and that, when the fund was established, was described in Schedule 1 to Regulation 909 (“General”) made under the Pension Benefits Act
as the Schedule then read; (“fonds de revenu viager”) “locked-in retirement account” means a locked-in retirement account that was established before the Pension Benefits Statute Law Amendment Act, 1999 received Royal Assent and that, when the account was established, was intended to comply with this section as it then read. (“compte de retraite avec immobilisation des fonds”)  1999, c. 15, s. 20 (2). Section Amendments with date in force (d/m/y) 1999, c. 15, s. 20 (1, 2) - 22/12/1999 2005, c. 5, s. 43 (5, 6)
- 13/06/2005 PART V   REGISTERED PLAN PAYMENTS