Pension Benefits Amendment Act (Transfers on Wind Up), 2009 Sterling, Norman W. — Bill 213 (39th Parliament, 1st Session)

Bill 213, 39-1

Ontario — Bills

role="main" class="main-container container js-quickedit-main-content" id="main-content">

Bill 213, Pension Benefits Amendment Act (Transfers on Wind Up), 2009

Sterling, Norman W.

Please select

View bill

Status

Debates

Acts affected

Original

[39] Bill 213 Original (PDF)

Bill 213 2009

An Act to amend the Pension Benefits Act respecting

transfers on wind ups

Note:

This Act amends the Pension

Benefits Act . For the legislative history of the Act, see the

Table of Consolidated Public Statutes – Detailed Legislative History at

www.e-Laws.gov.on.ca.

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Section 73 of the Pension Benefits Act is amended by

adding the following subsections:

Same, former member receiving a pension

(3) A former member who is receiving a pension is

entitled, on the wind up of the pension plan, to require the administrator to

pay an amount equal to the commuted value of the pension,

(

a) into

a prescribed retirement savings arrangement; or

(

b) for

the purchase for the former member of a life annuity that will commence

immediately after the transfer.

Same, survivor of a former member

(4) A survivor who is receiving a joint and survivor

pension is entitled, on the wind up of the pension plan, to require the

administrator to pay an amount equal to the commuted value of the pension,

(

a) into

a prescribed retirement savings arrangement; or

(

b) for

the purchase for the survivor of a life annuity that will commence immediately

after the transfer.

Commuted value

(5) For the purposes of subsections (3) and (4), the

commuted value of a pension is to be determined in accordance with the

regulations.

Exercise of entitlement

(6) A former member or a survivor of a former member shall

exercise his or her entitlement under subsection (3) or (4), as the case may

be, in accordance with the regulations.

Prescribed requirements

(7) The entitlements referred to in subsections (3) and

(4) shall be determined in accordance with such criteria as may be prescribed.

Prescribed retirement savings arrangements

(8) For the purposes of subsections (3) and (4),

prescribed retirement savings arrangement has the same meaning as in clause 42

(1) (b).

Commencement

2. This Act comes into force on the day it

receives Royal Assent.

Short title

3. The

short title of this Act is the Pension Benefits Amendment Act

(Transfers on Wind Up), 2009 .

EXPLANATORY NOTE

The

Bill amends the Pension

Benefits Act to expand the transfer rights that are available on

the wind up of a pension. On the wind up of a pension plan, the Act currently

allows individuals who are entitled to a pension benefit but are not receiving

a pension to transfer the value of their pension to another pension plan, a

prescribed retirement savings arrangement, or a life annuity. Prescribed

retirement savings arrangements include RRSPs and RRIFs. The Act is amended to

enable pensioners and survivors to transfer the value of their pensions, on the

wind up of a pension plan, to either a prescribed retirement savings

arrangement or a life annuity.

Date Bill stage Activity Committee

November 26, 2009

Second Reading

Lost on division

November 26, 2009

Second Reading

Debate

October 27, 2009

First Reading

Carried

Debates and Progress

First Reading

October 27, 2009

Committee

Second Reading

November 26, 2009

Mr. Norman W. Sterling, Mr. Howard Hampton, Mr. Charles Sousa, Mr. Garfield Dunlop, Mr. Khalil Ramal, Mr. Frank Klees, Mr. Bob Delaney

November 26, 2009

November 26, 2009

Lost on division.

Committee

Third Reading

Royal Assent :

Coming into force :

Royal Assent.

Acts affected - Bill 213

Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-laws

Pension Benefits Act

Legislative Assembly of Ontario

Was this page helpful? Yes , I found this page helpful. An optional survey will open in a new tab. No , I didn’t find this page helpful. An optional survey will open in a new tab.

Back to top

Document details

Collection	Ontario — Bills
Citation	Bill 213, 39-1
Type	bill
Volume / chapter	p39 s1 bill 213 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	547317305bf6aeb4602c28313c39b7b76c7dd36b

Source file is stored in the law ingest library (html).