The applicant, a former member of a pension plan, sought to transfer the commuted value of his pension to a locked-in retirement account due to financial hardship.
The Superintendent proposed to refuse the transfer because the applicant was eligible for an immediate pension and his annual benefit exceeded the statutory threshold for a lump sum payment.
The Financial Services Tribunal found that the Superintendent's proposal was premature, as the plan administrator had discretion to permit the transfer.
The Tribunal ordered the Superintendent to ascertain whether the plan administrator would exercise its discretion to allow the transfer before making a final decision.
