Exemption from execution, seizure or attachment

(1) Money payable under a pension plan or an annuity purchased with moneys transferred from a pension fund is exempt from execution, seizure or attachment or any other process taken by a creditor. (2) The assets of a pension plan, pension fund or an annuity purchased with moneys transferred from a pension fund are exempt from execution, seizure or attachment or any other process taken by a creditor. (3) Sub-sections (1) and (2) do not apply to a transfer required by a court order or pursuant to a property settlement agreement relating to the transfer of assets on a divorce or to an order or settlement agreement for the maintenance of a spouse. (4) Sub-sections (1) and (2) do not apply to a loan to a member or former member by the pension fund that is secured by the assets of the pension fund.