Section 48Part 3 — Defined Contributions
Maintenance of accounts
←→ Navigate · Click subsection badges to collapse · Press ? for help
48. (1) The Administrator shall maintain on the books of the Fund for each active, deferred vested and retired defined contribution plan member (and each former defined benefit plan member who, under section 34(2), has the rights of a deferred vested defined contribution plan member with respect to the portion of that person's deferred vested benefit which remains in the Fund), and for any beneficiary of a deceased defined contribution plan member, for so long as the Plan maintains an obligation to pay to or on behalf of the plan member or beneficiary a benefit under this Act —
a plan member contribution account;
an employer contribution account; and
such other accounts and sub-accounts which the Administrator may, from time to time, deem appropriate.
The Administrator shall determine for each active defined benefit plan member who elects to transfer to the defined contribution part from the defined benefit part under section 29 a plan member contribution account balance and, based on Plan actuarial tables, an employer contribution account balance on the date of transfer.
The plan member contribution account balance for each such plan member shall equal the sum of the contributions made by the plan member up to the date of transfer plus interest credited in accordance with regulations.
The employer contribution account balance for each such plan member shall equal the excess, if any, of the actuarial equivalent present value of the plan member's accrued benefit under the defined benefit part on the date of transfer (determined by reference to Plan actuarial tables and based on pensionable service and final pensionable earnings on such date) over an amount equal to the value of that person's plan member contribution account balance on that date.
The Administrator shall make adjustments to the account balances of a defined contribution plan member's accounts at such times and in such manner as prescribed by regulations.