Public Service Superannuation Regulations

84 (1) Subject to subsection (3), a contributor described in subsection 13.01(1) of the Act is entitled to exercise an option for a transfer value determined in accordance with sections 90 to 95, if the contributor

• (a) ceases to be employed in the Public Service or by a new employer on or after April 30, 1997 and is more than ten years younger than pensionable age on the date of ceasing to be employed in the Public Service or, in the case of a contributor who is subsequently employed by a new employer, on the date of ceasing to be employed by the new employer;

• (b) ceased to be employed in the Public Service before April 30, 1997 and was more than ten years younger than pensionable age on the date of ceasing to be so employed and on June 20, 1996; or

• (c) is more than ten years younger than pensionable age on the date of becoming entitled to a deferred annuity pursuant to section 28 of the Act.

(2) A contributor described in paragraph (1)(b) includes a person who has opted or is deemed to have opted for a deferred annuity and a person who has opted for an annual allowance that is not yet payable.

(3) A contributor described in paragraph (1)(a) is not entitled to exercise an option for a transfer value if the contributor has exercised an option for any other benefit under the Act.