Section 57Part 8 — Locking In
Commutation or surrender
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Except as provided by or under this Act —
a pension or benefit of a person under a pension plan, a prescribed pension entitlement savings arrangement or a life annuity purchased for a person under a pension plan shall not be commuted or surrendered during a person's life; and
a transaction that purports to commute or surrender such a pension, benefit, annuity or prescribed pension entitlement savings arrangement is void and of no effect.