Portability

(1) A member of a pension plan who terminates employment shall be entitled to require the administrator to pay an amount actuarially equivalent to the member’s pension benefit in the case of a defined benefit pension plan or the account balance in the case of a defined contribution pension plan– (a) to the pension fund of a new employer, if one exists and agrees to accept the transferred funds; (b) for the purchase for the member of a prescribed life annuity that will commence on a date not earlier than the earliest date on which the member would have been entitled to receive payment of pension benefits under the pension plan; or (c) to a financial institution pension plan. (2) Notwithstanding sub-section (1), a pension plan may restrict the right of a member of a defined benefit pension plan to make the transfer if the termination takes place on or after the member’s early retirement age. (3) A former member may exercise his right under sub- section (1) by delivering to the administrator within ninety days from his date of termination a direction in a form determined by the administrator. (4) The administrator shall comply with the direction within thirty days after delivery of the direction. (5) The administrator is discharged from its obligations to the former member on making the payment or transfer in accordance with sub-section (2) if the payment or transfer complies with this Act and the regulations