s.33Early pension entitlement option
33
Section 33Part 6 — Benefits

Early pension entitlement option

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An inactive member of a pension plan is entitled to elect at any time to receive an early pension entitlement under the pension plan if the member —
terminates employment on or after the 1st June, 1998;
is entitled, at the time of election, to a deferred benefit under the pension plan; and
is at the time of election, within ten years of the normal pension entitlement date.
An active member who is within ten years of the normal pension entitlement date and who would be entitled to a deferred benefit on termination of employment is entitled upon termination of employment or on the winding up of the pension plan in whole or in part to elect to receive an early pension entitlement.
The actuarial present value of an inactive member's early pension entitlement under subsection (1) shall not be less than the actuarial present value of the inactive member's deferred benefit under the pension plan.
The actuarial present value of a member's early pension entitlement shall be not less than the actuarial present value of the deferred benefit under the pension plan to which the member would be entitled on termination of employment.
An inactive or active member may require the commencement of the payment of the early pension entitlement at any time after making the election and within the ten year period mentioned in subsections (1) and (2).
An election under subsection (1) or (2) may be made in writing, signed by the member and delivered to the administrator of the plan.

Defined Terms

inactive memberactive memberearly pension entitlement

Referenced By