Public Service Superannuation Act (R.S.C., 1985, c. P-36)
Full Document:
Act current to 2016-07-07 and last amended on 2015-09-13. Previous Versions
Amounts
Marginal note:Amounts to be credited in each year
44 (1) There shall be credited to the Superannuation Account in each fiscal year
(a) [Repealed, 1999, c. 34, s. 95]
(b) in respect of every month, such amount in relation to the total amount paid into the Account during the preceding month by way of contributions in respect of past service as is determined by the Minister; and
(c) an amount representing interest on the balance from time to time to the credit of the Account, calculated in such manner and at such rates and credited at such times as the regulations provide, but the rate for any quarter in a fiscal year shall be at least equal to the rate that would be determined for that quarter using the method set out in section 46 of the Public Service Superannuation Regulations, as that section read on March 31, 1991.
(2) to (5) [Repealed, 1999, c. 34, s. 95]
Marginal note:Amounts to be credited on basis of actuarial valuation report
(6) Following the laying before Parliament of any actuarial valuation report pursuant to section 45 that relates to the state of the Superannuation Account and the Public Service Superannuation Investment Fund, there shall be credited to the Account, at the time and in the manner set out in subsection (7), the amount that in the opinion of the Minister will, at the end of the fifteenth fiscal year following the tabling of that report or at the end of the shorter period that the Minister may determine, together with the amount that the Minister estimates will be to the credit of the Account and the Public Service Superannuation Investment Fund at that time, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.
Marginal note:Equal annual instalments
(7) Subject to subsection (8), the amount required to be credited to the Superannuation Account under subsection (6) shall be divided into equal annual instalments and the instalments shall be credited to the Account over a period of fifteen years, or such shorter period as the Minister may determine, with the first such instalment to be credited in the fiscal year in which the actuarial valuation report is laid before Parliament.
Marginal note:Adjustments
(8) When a subsequent actuarial valuation report is laid before Parliament before the end of the period applicable under subsection (7), the instalments remaining to be credited in that period may be adjusted to reflect the amount that is estimated by the Minister, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the Minister estimates will be to the credit of the Superannuation Account and the Public Service Superannuation Investment Fund at the end of that period, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.
Marginal note:Amounts to be debited on basis of actuarial valuation report
(9) Following the laying before Parliament of any actuarial valuation report pursuant to section 45 that relates to the state of the Superannuation Account and the Public Service Superannuation Investment Fund, there may be debited from the Account, at the time and in the manner set out in subsection (11), an amount that in the opinion of the Minister exceeds the amount that the Minister estimates, based on the report, will be required to be to the credit of the Account and the Public Service Superannuation Investment Fund at the end of the fifteenth fiscal year following the tabling of that report or at the end of a shorter period that the Minister may determine, in order to meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.
Marginal note:If total exceeds maximum
(10) If the total of the amounts in the Account and in the Fund referred to in subsection (9) exceeds, following the laying of the report referred to in that subsection, the maximum amount referred to in subsection (13), there shall be debited from the Account, at the time and in the manner set out in subsection (11), the amount of the excess.
Marginal note:Annual instalments
(11) Subject to subsection (12), the amount that may be debited under subsection (9) and the amount that must be debited under subsection (10) shall be debited in annual instalments over a period of fifteen years, or a shorter period that the Minister may determine, with the first such instalment to be debited in the fiscal year in which the actuarial valuation report is laid before Parliament.
Marginal note:Adjustments
(12) When a subsequent actuarial valuation report is laid before Parliament before the end of the period applicable under subsection (11), the instalments remaining to be debited in that period may be adjusted to reflect the amount that is estimated by the Minister, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the Minister estimates will be to the credit of the Superannuation Account and the Public Service Superannuation Investment Fund at the end of that period, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.
Marginal note:Maximum amount to credit of Account and Fund
(13) At the end of the period, the total of the amounts that are to the credit of the Superannuation Account and the Public Service Superannuation Investment Fund must not exceed one hundred and ten percent of the amount that the Minister estimates is required to meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.
Marginal note:Costs
(14) The costs of the administration of this Act, as determined by the Treasury Board, with respect to benefits payable under this Act in respect of pensionable service that is to the credit of contributors before April 1, 2000, shall be paid out of the Superannuation Account.
- R.S., 1985, c. P-36, s. 44;
- 1992, c. 46, s. 23;
- 1999, c. 34, s. 95.
Public Service Superannuation Investment Fund
Marginal note:Establishment of Public Service Superannuation Investment Fund
44.1 (1) The Public Service Superannuation Investment Fund is established.
Marginal note:Amounts to be deposited into the Public Service Superannuation Investment Fund
(2) The following amounts shall be deposited into the Public Service Superannuation Investment Fund:
(a) the amounts in the Superannuation Account transferred on or after April 1, 2000 that the Minister of Finance determines, in the manner and at the times that that minister determines; and
(b) the income from the investment of the amounts referred to in paragraph (a) plus profits less losses on the sale of the investments.
Marginal note:Costs
(3) If there are insufficient amounts in the Superannuation Account to pay the costs of the administration of this Act with respect to benefits payable under this Act in respect of pensionable service that is to the credit of contributors before April 1, 2000, those costs shall be paid out of the Public Service Superannuation Investment Fund.
Marginal note:Transfer of amounts
(4) The Minister of Finance may, after consultation with the Public Sector Pension Investment Board within the meaning of the Public Sector Pension Investment Board Act, transfer to the Superannuation Account amounts in the Public Service Superannuation Investment Fund that he or she determines, in the manner and at the times that that minister determines.
- 1999, c. 34, s. 96.
Public Service Pension Fund
Marginal note:Establishment of Public Service Pension Fund
Marginal note:Amounts to be deposited into the Public Service Pension Fund
(2) The following amounts shall be deposited into the Public Service Pension Fund:
Marginal note:Amounts to be determined by the Minister
(3) There shall be deposited into the Public Service Pension Fund, in each fiscal year, in respect of every month, no later than thirty days after the end of the month in respect of which the deposit is made
(a) an amount that is determined by the Minister, based on actuarial advice, to be required to provide for the cost of the benefits that have accrued in respect of that month in relation to current service and that will become payable out of the Public Service Pension Fund; and
(b) an amount that is determined by the Minister in relation to the total amount paid into the Public Service Pension Fund during the preceding month by way of contributions in respect of past service.
Marginal note:Determination of the amounts
(4) In determining amounts for the purposes of paragraph (3)(a), the Minister may take into account any surplus in the Public Service Pension Fund as shown in the most recent actuarial valuation report referred to in section 45 on the state of the Fund.
Marginal note:Transfer of amounts
(5) The amounts deposited in the Public Service Pension Fund shall be transferred to the Public Sector Pension Investment Board within the meaning of the Public Sector Pension Investment Board Act to be dealt with in accordance with that Act.
Marginal note:Payment of benefits
(6) All amounts required for the payment of benefits for which this Part and Part III make provision shall be charged to the Public Service Pension Fund and paid out of the assets of the Public Sector Pension Investment Board if the benefits are payable in respect of pensionable service that comes to the credit of a contributor on or after April 1, 2000.
- 1999, c. 34, s. 96.
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