This Addendum sets out further provisions required by the
applicable pension legislation of Saskatchewan.
The Addendum forms part of the main LIRA Agreement to
which it is attached. In the case of any inconsistency between
the main LIRA Agreement and this Addendum, this
Addendum shall prevail in all cases.
1. Definitions
All of the definitions regarding locked-in retirement accounts
set out in the applicable pension legislation are incorporated
in this LIRA Agreement.
In this Addendum, Saskatchewan PRRIF means a RRIF that
complies with Section 29.1 of The Pension Benefits
Regulations, 1993 (Saskatchewan).
2. Withdrawals
Your spouse must consent to the withdrawals provided for in
the second paragraph of Section 9 of the main LIRA
Agreement in the form and manner required by the
applicable pension legislation. However, this requirement for
spousal consent does not apply if the money in your Scotia
Self-Directed LIRA does not derive directly or indirectly from a
pension benefit provided in respect of your past or current
employment.
Subject to certain legislative requirements, you may apply in
the form and manner required by the applicable pension
legislation to have all or, depending on applicable pension
legislation, part of the funds in your Scotia Self-Directed LIRA
withdrawn or, if permitted, commuted (unlocked) if the total
value of your funds in all of your applicable locked-in plans
and pension plans is less than the threshold amount set by
the applicable pension legislation.
3. Transfers
The permitted transfers from your Scotia Self-Directed LIRA,
referred to in Section 10 of the main LIRA Agreement,
include a transfer to a Saskatchewan PRRIF, but do not
include a transfer to a LRIF or LIF. If you make a transfer to a
Saskatchewan PRRIF, your spouse must consent to such
transfer in the form and manner required by the applicable
pension legislation. This consent is not required if you were
not a member of the pension plan from which the money in
your Scotia Self-Directed LIRA directly or indirectly originated.
Before we transfer funds out of your Scotia Self-Directed
LIRA, we will tell the institution which is to receive the funds
of their locked-in status and make acceptance of the transfer
subject to applicable pension legislation.
4. Maturity of Your Plan
The automatic transfer of your Scotia Self-Directed LIRA
funds referred to in the first paragraph of Section 11 of the
main LIRA Agreement will be made to a Scotia Self-Directed
Saskatchewan PRRIF instead of to a Scotia Self-Directed LIF.
You appoint us as your attorney, or agent, to establish and
operate the Scotia Self-Directed Saskatchewan PRRIF.
5. Responsibility
If we pay out funds from your Scotia Self-Directed LIRA in a
way that is contrary to the applicable pension legislation, we
will ensure that you receive a pension equivalent to what you
would have received if the funds had not been paid out. The
same applies if we transfer any funds from your Scotia
Self-Directed LIRA to another financial institution without
fulfilling our obligations and the other institution fails to
administer the funds in the manner required by the
applicable pension legislation.
6. Estate Matters
The provisions of the second paragraph of Section 12 of the
main LIRA Agreement do not apply if the money in your
Scotia Self-Directed LIRA does not derive directly or indirectly
from a pension benefit provided in respect of your past or
current employment. In this event, upon your death, instead
of paying the funds in your Scotia Self-Directed LIRA to your
spouse, if any, we will pay the funds to your beneficiary or, if
there is no beneficiary, to your estate.
Upon your death, the transfers referred to in the second
paragraph of Section 12 of the main LIRA Agreement that
may be made by your spouse, include a transfer to a
Saskatchewan PRRIF, but do not include a transfer to a LRIF
or LIF.
7. Entitlement of Spouse
The required waiver referred to in Section 13 of the main
LIRA Agreement does not apply if you were not a member
of the pension plan from which the LIRA money directly or
indirectly originated.
Addendum
for
Saskatchewan
LIRAs
Addendum
Scotia Self-Directed Locked-in
Retirement Account (LIRA)
8983313 (11/15)
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