Section 64Part 9 — Termination and Winding Up
Accrual of pensions during notice of termination
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Membership in a pension plan that is wound up in whole or in part includes the period of notice of termination of employment required under the Labour Act (2021 Revision).
Subsection (3) does not apply for the purpose of calculating the amount of a pension benefit of a member who is required to make contributions to the pension plan unless the member makes the contributions in respect of the period of notice of termination of employment.
For the purposes of this section, where —
under a pension plan the consent of an employer is an eligibility requirement to receive payment of an ancillary benefit; and
the member would meet all other eligibility requirements,
the employer shall be deemed to have given the consent.
This section and other sections relating to entitlement and benefits, apply in respect of the winding up, in whole or in part of a pension plan where the commencement of the winding up is on or after the 1st June, 1998.
Cross References
- Section of Labour Act
Labour Act (2021 Revision)