final commuted value definition
final commuted value means, in respect of a member, the commuted value of a member’s entitlement under the Plan as of the plan termination date, including any section 73 cost of living benefits then payable to the member which have been funded by transfers to the basic account pursuant to subsection 73(8), calculated in accordance with paragraphs 103(a) to (c) and section 9 of the Pension Benefits Standards Regulation, which amounts will be referred to as the member’s “final accrued basic benefit”, provided that the final commuted value of a member for whom payment of benefits under the plan has commenced prior to the date of plan termination cannot be less than the amount required to purchase an annuity equal to the member’s final accrued basic benefit;