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| 1992, c. 46,
s. 50
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151. (1) Paragraph 55(1)(a) of the Act is
repealed.
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| 1992, c. 46,
s. 50
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(2) Subsections 55(2) to (6) of the Act are
replaced by the following:
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| Amounts to
be credited on
basis of
actuarial
valuation
report
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(6) Following the laying before Parliament
of any actuarial valuation report pursuant to
section 56 that relates to the state of the
Superannuation Account and the Canadian
Forces 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
President of the Treasury Board 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 President of the Treasury Board
may determine, together with the amount that
the President of the Treasury Board estimates
will be to the credit of the Account and the
Canadian Forces 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.
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| 1992, c. 46,
s. 50
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(3) Subsection 55(8) of the Act is replaced
by the following:
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| Adjustments
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(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 President of
the Treasury Board, at the time that
subsequent report is laid before Parliament, to
be the amount that will, together with the
amount that the President of the Treasury
Board estimates will be to the credit of the
Superannuation Account and the Canadian
Forces 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.
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| Amounts to
be debited on
basis of
actuarial
valuation
report
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(9) Following the laying before Parliament
of any actuarial valuation report pursuant to
section 56 that relates to the state of the
Superannuation Account and the Canadian
Forces 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
President of the Treasury Board exceeds the
amount that the President of the Treasury
Board estimates, based on the report, will be
required to be to the credit of the Account and
the Canadian Forces Superannuation
Investment Fund at the end of the fifteenth
fiscal year following the tabling of that report
or at the end of the shorter period that the
President of the Treasury Board 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.
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| If total
exceeds
maximum
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(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.
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| Annual
instalments
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(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
the shorter period that the President of the
Treasury Board may determine, with the first
such instalment to be debited in the fiscal year
in which the actuarial valuation report is laid
before Parliament.
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| Adjustments
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(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 President of the
Treasury Board, at the time that subsequent
report is laid before Parliament, to be the
amount that will, together with the amount
that the President of the Treasury Board
estimates will be to the credit of the
Superannuation Account and the Canadian
Forces 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.
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| Maximum
amount to
credit of
Account and
Fund
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(13) At the end of the period, the total of the
amounts that are to the credit of the
Superannuation Account and the Canadian
Forces Superannuation Investment Fund must
not exceed one hundred and ten percent of the
amount that the President of the Treasury
Board 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.
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| Costs
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(14) The costs of the administration of this
Act, as determined by the Treasury Board on
the recommendation of the Minister, 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.
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152. The Act is amended by adding the
following after section 55:
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| Establishment
of Canadian
Forces
Superannuatio
n Investment
Fund
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55.1 (1) The Canadian Forces
Superannuation Investment Fund is
established.
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| Amounts to
be deposited
into Canadian
Forces
Superannuatio
n Investment
Fund
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(2) The following amounts shall be
deposited into the Canadian Forces
Superannuation Investment Fund:
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(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
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(b) the income from the investment of the
amounts referred to in paragraph (a) plus
profits less losses on the sale of the
investments.
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| Costs
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(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 Canadian Forces
Superannuation Investment Fund.
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| Transfer of
amounts
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(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 Canadian Forces
Superannuation Investment Fund that he or
she determines, in the manner and at the times
that that minister determines.
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| Establishment
of Canadian
Forces
Pension Fund
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55.2 (1) The Canadian Forces Pension Fund
is established.
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| Amounts to
be deposited
into Canadian
Forces
Pension Fund
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(2) The following amounts shall be
deposited into the Canadian Forces Pension
Fund:
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(a) the amounts determined by the
President of the Treasury Board under
subsection (3);
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(b) all other amounts required by this Act to
be paid into the Fund; and
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(c) the income from the investment of the
amounts referred to in paragraphs (a) and
(b) plus profits less losses on the sale of the
investments.
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| Amounts to
be determined
by the
President of
the Treasury
Board
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(3) There shall be deposited into the
Canadian Forces 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 it is made
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(a) an amount that is determined by the
President of the Treasury Board, after
consultation with the Minister and 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 Canadian Forces Pension
Fund; and
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(b) an amount that is determined by the
President of the Treasury Board, after
consultation with the Minister, in relation to
the total amount paid into the Canadian
Forces Pension Fund during the preceding
month by way of contributions in respect of
past service.
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| Determination
of the
amounts
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(4) In determining amounts for the purposes
of paragraph (3)(a), the President of the
Treasury Board may take into account any
surplus in the Canadian Forces Pension Fund
as shown in the most recent actuarial valuation
report referred to in section 56 on the state of
the Fund.
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| Transfer of
amounts
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(5) The amounts deposited in the Canadian
Forces 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.
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| Payment of
benefits
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(6) All amounts required for the payment of
benefits for which this Part and Part III make
provision shall be charged to the Canadian
Forces 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.
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| Amounts to
be paid on
basis of
actuarial
valuation
report
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55.3 (1) Following the laying before
Parliament of any actuarial valuation report
pursuant to section 56 that relates to the state
of the Canadian Forces Pension Fund, there
shall be paid into the Fund, at the time and in
the manner set out in subsection (2), the
amount that in the opinion of the President of
the Treasury Board 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 President of the Treasury Board may
determine, together with the amount that the
President of the Treasury Board estimates will
be to the credit of the Fund at that time, meet
the cost of the benefits payable under this Part
and Part III in respect of pensionable service
that comes to the credit of contributors on or
after April 1, 2000.
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| Equal annual
instalments
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(2) Subject to subsection (3), the amount
required to be paid into the Canadian Forces
Pension Fund under subsection (1) shall be
divided into equal annual instalments and the
instalments shall be paid to the Canadian
Forces Pension Fund over a period of fifteen
years, or the shorter period that the President
of the Treasury Board may determine, with the
first such instalment to be paid in the fiscal
year in which the actuarial valuation report is
laid before Parliament.
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| Adjustments
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(3) When a subsequent actuarial valuation
report is laid before Parliament before the end
of the period applicable under subsection (2),
the instalments remaining to be paid in that
period may be adjusted to reflect the amount
that is estimated by the President of the
Treasury Board, at the time that subsequent
report is laid before Parliament, to be the
amount that will, together with the amount
that the President of the Treasury Board
estimates will be to the credit of the 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 comes to the credit
of contributors on or after April 1, 2000.
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| No more
deposits if
non-permitted
surplus
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55.4 (1) If, following the laying before
Parliament of any actuarial valuation report
pursuant to section 56 that relates to the state
of the Canadian Forces Pension Fund, there is,
in the President of the Treasury Board's
opinion, a non-permitted surplus in that Fund,
no further amounts shall be deposited into the
Fund under paragraph 55.2(3)(a) until the
time that there is, in the President of the
Treasury Board's opinion, no longer a
non-permitted surplus in the Fund.
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| When
non-permitted
surplus
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(2) If, following the laying before
Parliament of any actuarial valuation report
pursuant to section 56 that relates to the state
of the Canadian Forces Pension Fund, there is,
in the President of the Treasury Board's
opinion, a non-permitted surplus in that Fund,
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(a) the contributions payable under section
5 may be reduced in the manner, at the times
and for the period that the Treasury Board
determines, on the recommendation of the
President of the Treasury Board after
consultation with the Minister; or
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(b) there may be paid out of the Canadian
Forces Pension Fund, and into the
Consolidated Revenue Fund, the amount, at
the time and in the manner, that the
Treasury Board determines on the
recommendation of the President of the
Treasury Board after consultation with the
Minister.
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| Recommendat
ion of
President of
the Treasury
Board
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(3) The President of the Treasury Board
shall only make the recommendation referred
to in paragraph (2)(b) after estimating, based
on the report, that the amount that will be to
the credit of the Canadian Forces Pension
Fund at the end of the fifteenth fiscal year of
that report or at the end of the shorter period
that the President of the Treasury Board may
determine, will not be less than the total of
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(a) the amount that will be required in order
to meet the cost of the benefits payable
under this Part and Part III in respect of
pensionable service that comes to the credit
of contributors on or after April 1, 2000, and
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(b) the amount of any surplus in the
Canadian Forces Pension Fund that does
not constitute a non-permitted surplus.
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| When surplus
is not
non-permitted
surplus
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(4) If, following the laying before
Parliament of an actuarial valuation report
pursuant to section 56 that relates to the state
of the Canadian Forces Pension Fund, there is,
in the opinion of the President of the Treasury
Board, a surplus that is not a non-permitted
surplus in that Fund, the contributions payable
under section 5 or paragraph 55.2(3)(a) may
be reduced in the manner, at the times and for
the period that the Treasury Board determines,
on the recommendation of the President of the
Treasury Board after consultation with the
Minister.
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| Non-permitte
d surplus
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(5) For the purposes of this section, a
non-permitted surplus exists when the amount
by which assets exceed liabilities in the
Canadian Forces Pension Fund, as determined
by the actuarial valuation report referred to in
section 56 or one requested by the President of
the Treasury Board, is greater than the lesser
of
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(a) twenty per cent of the amount of
liabilities in respect of contributors, as
determined in that report, and
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(i) twice the estimated amount, for the
calendar year following the date of that
report, of the total of
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(A) the current service contributions
that would be required of contributors,
and
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(B) the amounts that would be
determined under paragraph
55.2(3)(a), and
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(ii) the amount that would be determined
under paragraph (a) if the reference in
that paragraph to ``twenty per cent'' were
read as a reference to ``ten per cent''.
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| When
reduction in
contributions
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(6) For greater certainty, a reduction in
contributions under paragraph (2)(a) or
subsection (4) is not to be considered as
changing the contribution rate that applied
before the reduction in contributions.
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| Costs
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55.5 The costs of the administration of this
Act, as determined by the Treasury Board on
the recommendation of the Minister, with
respect to benefits payable under Parts I, II and
III in respect of pensionable service that
comes to the credit of contributors on or after
April 1, 2000 shall be paid out of the Canadian
Forces Pension Fund.
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| R.S., c. 13
(2nd Supp.),
s. 11; 1992, c.
46, s. 51
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153. Sections 56 and 57 of the Act are
replaced by the following:
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| Public
Pensions
Reporting Act
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56. In accordance with the Public Pensions
Reporting Act, a cost certificate, an actuarial
valuation report and an assets report on the
state of each of the Superannuation Account,
the Canadian Forces Superannuation
Investment Fund and the Canadian Forces
Pension Fund shall be prepared, filed with the
Minister designated under that Act and laid
before Parliament.
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| Annual report
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57. The Minister shall cause to be laid
before each House of Parliament each year a
report on the administration of this Part and
Part III during the preceding fiscal year,
including a statement showing the amounts
paid into and out of the Superannuation
Account, the Canadian Forces Pension Fund,
and the Canadian Forces Superannuation
Investment Fund during that year, by
appropriate classifications, the number of
contributors and the number of persons
receiving benefits under this Part and Part III
together with the additional information that
the Governor in Council may by regulation
require.
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154. The Act is amended by adding the
following after section 59:
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