Bill C-395
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SUMMARY |
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The purpose of this enactment is to allow police officers and
firefighters who retire at fifty years of age or more after at least five years
of service, for the years between the ages of fifty-five and sixty, to elect
to be deemed self-employed for earnings up to the total of the last year's
earnings in the force, or, if actually self-employed, to add a sum up to
that total to their actual self-employment earnings.
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The existing maximum levels of contribution will still apply, and the
police or firefighters continuing contributions will make the full
contributions of a self-employed person.
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It also entitles police officers and firefighters who retire at fifty to an
unreduced pension at age sixty or a pension reduced by the 0.5 per cent
per month formula if commenced at an age between fifty-five and sixty.
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The Governor in Council has the power to prescribe the forces of
police or firefighters in which this amendment would apply because of
early retirement applying to their service.
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