Transfer options2(1)Despite sections 18 and 36 of the Act, the administrator of the plan must, on request of a former member and with the consent of the spouse or common-law partner of the former member, if any, or on request of the survivor of the former member, transfer the assets of the plan to(a)a locked-in registered retirement savings plan that(i)provides that the funds may only be(A)transferred to another locked-in registered retirement savings plan,(B)transferred to a life income fund, or(C)used to purchase an immediate life annuity or a deferred life annuity,(ii)provides that, on the death of the holder of the locked-in registered retirement savings plan, the funds must be paid to the survivor of the holder by(A)transferring the funds to another locked-in registered retirement savings plan,(B)transferring the funds to a life income fund, or(C)using the funds to purchase an immediate life annuity or a deferred life annuity,(iii)provides that, subject to subsection 25(4) of the Act, the funds, and any interest or right in those funds, must not be transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null,(iv)provides that, if the assets of the plan that were transferred into the locked-in registered retirement savings plan were not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with the funds accumulated in the locked-in registered retirement savings plan must not differentiate as to sex,(v)contains a statement as to whether the assets of the plan that were transferred were varied according to the sex of the plan member, and(vi)sets out the method of determining the value of the locked-in registered retirement savings plan, including the valuation method used to establish its value on the date of death of the holder of the locked-in registered retirement savings plan or on the date of transfer of assets from the locked-in registered retirement savings plan; or(b)a life income fund that(i)provides that the funds may only be(A)transferred to a locked-in registered retirement savings plan,(B)transferred to another life income fund, or(C)used to purchase an immediate life annuity or a deferred life annuity,(ii)provides that, on the death of the holder of the life income fund, the funds must be paid to the survivor of the holder by(A)transferring the funds to a locked-in registered retirement savings plan,(B)transferring the funds to another life income fund, or(C)using the funds to purchase an immediate life annuity or a deferred life annuity,(iii)sets out the method of determining the value of the life income fund, including the valuation method used to establish its value on the date of death of the holder of the life income fund or on the date of transfer of assets from the life income fund,(iv)provides that the holder of the life income fund must, at the beginning of each calendar year or at any other time agreed to by the financial institution with whom the contract or arrangement was entered into, decide the amount to be paid out of the life income fund in that year,(v)provides that in the event that the holder of the life income fund does not decide the amount to be paid out of the life income fund in a calendar year, the minimum amount determined in accordance with the Income Tax Act must be paid out of the life income fund in that year,(vi)provides that, for any calendar year before the calendar year in which the holder of the life income fund reaches 90 years of age, the amount of income paid out of the life income fund must not exceed the amount determined by the formulaC/FwhereCis the balance in the life income fund(A)at the beginning of the calendar year, or(B)if the amount determined under clause (A) is zero, at the date when the assets of the plan were transferred into the life income fund, andFis the value, as at the beginning of the calendar year, of a pension benefit of which the annual payment is $1, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the holder reaches 90 years of age, established using an interest rate that(A)for the first 15 years after January 1 of the year in which the life income fund is valued, is less than or equal to the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the second month before the beginning of the calendar year, and(B)for any subsequent year, is not more than 6%,(vii)provides that, for the calendar year in which the holder of the life income fund reaches 90 years of age and for all subsequent calendar years, the amount of income paid out of the life income fund must not exceed the value of the funds held in the fund immediately before the date of the payment,(viii)provides that, for the calendar year in which the contract or arrangement was entered into, the amount of income paid out of the life income fund, as referred to in subparagraph (vi) or (vii), as the case may be, must be multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month,(ix)provides that if, on the day on which the life income fund was established, part of the life income fund was composed of funds that had been held in another life income fund of the holder earlier in the calendar year in which the fund was established, the amount of income paid out of the life income fund, as referred to in subparagraph (vi) or (vii) as the case may be, is deemed to be zero in respect of that part of the life income fund for that calendar year;(x)provides that, subject to subsection 25(4) of the Act, the funds, and any interest or right in those funds, must not be transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null,(xi)contains a statement as to whether the assets of the plan that were transferred were varied according to the sex of the plan member, and(xii)provides that, if the assets of the plan that were transferred into a life income fund were not varied according to the sex of the plan member, an immediate life annuity or a deferred life annuity purchased with the funds accumulated in the life income fund must not differentiate as to sex.Form and time limit(2)The request to transfer and the consent must be provided in Forms 1 and 2 respectively of the schedule within 90 days after receipt of the statement required under section 3.