Royal Canadian Mounted Police Pension Fund

Establishment of Royal Canadian Mounted Police Pension Fund

29.2 (1) The Royal Canadian Mounted Police Pension Fund is established.

Amounts to be deposited into Royal Canadian Mounted Police Pension Fund

(2) The following amounts shall be deposited into the Royal Canadian Mounted Police Pension Fund:

    (a) the amounts determined by the President of the Treasury Board under subsection (3);

    (b) all other amounts required by this Act to be paid into the Fund; and

    (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.

Amounts to be determined by the President of the Treasury Board

(3) There shall be deposited into the Royal Canadian Mounted Police 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 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 Royal Canadian Mounted Police Pension Fund; and

    (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 Royal Canadian Mounted Police Pension Fund during the preceding month by way of contributions in respect of past service.

Determination of the amounts

(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 Royal Canadian Mounted Police Pension Fund as shown in the most recent actuarial valuation report referred to in section 30 on the state of the Fund.

Transfer of amounts

(5) The amounts deposited in the Royal Canadian Mounted Police 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.

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 Royal Canadian Mounted Police 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.

Amounts to be paid on basis of actuarial valuation report

29.3 (1) Following the laying before Parliament of any actuarial valuation report pursuant to section 30 that relates to the state of the Royal Canadian Mounted Police 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.

Equal annual instalments

(2) Subject to subsection (3), the amount required to be paid into the Royal Canadian Mounted Police Pension Fund under subsection (1) shall be divided into equal annual instalments and the instalments shall be paid to the Royal Canadian Mounted Police 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.

Adjustments

(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.

No more deposits if non-permitted surplus

29.4 (1) If, following the laying before Parliament of any actuarial valuation report pursuant to section 30 that relates to the state of the Royal Canadian Mounted Police 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 29.2(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.

When non-permitted surplus

(2) If, following the laying before Parliament of any actuarial valuation report pursuant to section 30 that relates to the state of the Royal Canadian Mounted Police Pension Fund, there is, in the President of the Treasury Board's opinion, a non-permitted surplus in that Fund,

    (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

    (b) there may be paid out of the Royal Canadian Mounted Police 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.

Recommendat ion of President of the Treasury Board

(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 Royal Canadian Mounted Police 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

    (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

    (b) the amount of any surplus in the Royal Canadian Mounted Police Pension Fund that does not constitute a non-permitted surplus.

When surplus is not non-permitted surplus

(4) If, following the laying before Parliament of an actuarial valuation report pursuant to section 30 that relates to the state of the Royal Canadian Mounted Police 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 29.2(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.

Non-permitte d surplus

(5) For the purposes of this section, a non-permitted surplus exists when the amount by which assets exceed liabilities in the Royal Canadian Mounted Police Pension Fund, as determined by the actuarial valuation report referred to in section 30 or one requested by the President of the Treasury Board, is greater than the lesser of

    (a) twenty per cent of the amount of liabilities in respect of contributors, as determined in that report, and

    (b) the greater of

      (i) twice the estimated amount, for the calendar year following the date of that report, of the total of

        (A) the current service contributions that would be required of contributors, and

        (B) the amounts that would be determined under paragraph 29.2(3)(a), and

      (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''.

When reduction in contributions

(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.

Costs

29.5 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 this Act in respect of pensionable service that comes to the credit of contributors on or after April 1, 2000 shall be paid out of the Royal Canadian Mounted Police Pension Fund.

R.S., c. 13 (2nd Supp.), s. 13; 1992, c. 46, s. 79

200. Sections 30 and 31 of the Act are replaced by the following:

Public Pensions Reporting Act

30. 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 Royal Canadian Mounted Police Superannuation Investment Fund and the Royal Canadian Mounted Police Pension Fund shall be prepared, filed with the Minister designated under that Act and laid before Parliament.

Annual Report

Annual report

31. 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 Royal Canadian Mounted Police Pension Fund and the Royal Canadian Mounted Police 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.

1992, c. 46, s. 80

201. (1) The definition ``contributor'' in section 35 of the Act is repealed.

(2) Paragraph (f) of the definition ``recipient'' in section 35 of the Act is replaced by the following:

      (f) a person who is in receipt of the pension by reason of being a survivor or a child.

1992, c. 46, s. 80

202. Section 36 of the Act is repealed.

1992, c. 46, s. 80

203. Subsection 37(1) of the Act is replaced by the following:

Contributions for elective service

37. (1) A person who elects, pursuant to section 6 or 24, to count as pensionable service any period of elective service specified in those sections, or any portion of that service, that is after March 31, 1970 but before January 1, 2000 is required to contribute to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund in respect of it, in addition to any other amount required under this Act, an amount calculated in the manner and in respect of the pay described in those sections

    (a) in the case of any period of elective service or portion of such a period that is after March 31, 1970 and before January 1, 1977, at the rate of one-half of one per cent of the person's pay; and

    (b) in the case of any period of elective service or portion of such a period that is after December 31, 1976 and before January 1, 2000 at the rate of one per cent of the person's pay.

1992, c. 46, s. 80

204. Paragraph 39(3)(b) of the Act is replaced by the following:

    (b) the retirement year or retirement month of a person who is in receipt of a pension by reason of being a survivor or a child, is the retirement year or retirement month, as the case may be, of the person in respect of whom or in respect of whose service the pension is payable.

1992, c. 46, s. 80

205. Subsection 40(2) of the Act is repealed.

1992, c. 46, s. 80

206. (1) The portion of subsection 41(1) of the Act before paragraph (a) is replaced by the following:

Regulations

41. (1) The Governor in Council may, for the purpose of enabling the pension plan provided by this Act to conform with any provision of section 147.1 of the Income Tax Act and Part LXXXV of the Income Tax Regulations, make regulations

(2) Section 41 of the Act is amended by adding the following after subsection (5):

Powers of Treasury Board

(6) The Treasury Board may, in addition to the powers conferred on it by paragraph 7(2)(d) of the Financial Administration Act, exercise the powers of the Governor in Council under this section.

AMENDMENTS TO OTHER ACTS

R.S.C. 1970, c. D-3; 1974-75-76, c. 81; 1976-77, c. 28; 1980-81-82-8 3, c. 100; 1989, c. 6; 1992, c. 46; 1995, c. 18

Defence Services Pension Continuation Act

207. (1) Subsection 2(1) of the Defence Services Pension Continuation Act is amended by adding the following in alphabetical order:

``child''
« enfant »

``child'' means a child or stepchild of - or an individual adopted either legally or in fact by - an officer who at the time of the officer's death was dependent on the officer for support;

``survivor''
« survivant »

``survivor'', in relation to an officer, means

      (a) a person who was married to the officer at the time of the officer's death, or

      (b) a person referred to in subsection 32(1).

(2) Subsection 2(2) of the Act is repealed.

208. Subsections 10(3) and (4) of the Act are replaced by the following:

Gratuity in case of death before pension

(3) When an officer dies before a period at which a pension might be granted him, the Governor in Council may grant to his survivor, or, if he leaves no survivor, to his children under eighteen years of age at the date of his death a gratuity equal to the amount of the deductions made under subsection 9(1) from the officer's pay during his service.

If no survivor or child

(4) When an officer dies leaving no survivor or child to whom a gratuity under subsection (3) or a pension or compassionate allowance under this Act would be payable, but who leaves a father, mother, brother, sister or child who, at the date of the officer's death was wholly or partially dependent on him for support, the Governor in Council may grant to the person or persons so dependent a gratuity not exceeding in the aggregate the amount of the deductions made under subsection 9(1) from the officer's pay during his service.

1974-75-76, c. 81, s. 50

209. Section 25 of the Act and the heading before it are replaced by the following: