Common use of Transfers from the Plan Clause in Contracts

Transfers from the Plan. Subject to any restrictions imposed by the Act, the property of the Plan may be transferred to the issuer of an RPP, LIRA, life annuity, a locked-in account of a voluntary retirement savings plan (if the plan is governed by a legislative authority other than the Quebec Parliament, the member must have joined the plan as part of their employment) or a LIF. Before transferring property of the Plan, the Trustee will: (a) confirm that the transfer is permitted under Pension Legislation and the Act; (b) write to the issuer of the recipient plan to notify it of the locked-in status of the property being transferred and the pension legislation that governs the property; (c) not permit the transfer unless the issuer of the recipient plan agrees to administer the transferred property according to Pension Legislation; (d) confirm that the issuer of the recipient plan is on the list of financial institutions maintained by the Regie des rentes du Quebec; and (e) confirm that the recipient plan is on the list of LIRAs or LIFs maintained by the Regie des rentes du Quebec. Where the property is being transferred to a LIF, the Annuitant’s Spouse must provide a consent or waiver in the manner required by Pension Legislation. If the Plan holds identifiable and transferable securities, the transfer or purchase referred to in paragraphs 11 and 12 may, unless otherwise stipulated, at the option of the Trustee, be effected by remittance of the investment securities of the Plan. The Trustee will make the transfer within 30 days of the later of the receipt from the Annuitant of the properly documented transfer request and the maturity of the investment to be transferred.