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Bill C-78

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	Amounts
1992, c. 46, s. 50	151. (1) Paragraph 55(1)(a) of the Act is repealed.
1992, c. 46, s. 50	(2) Subsections 55(2) to (6) of the Act are replaced by the following:
Amounts to be credited on basis of actuarial valuation report	(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 .
1992, c. 46, s. 50	(3) Subsection 55(8) of the Act is replaced by the following:
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 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.
Amounts to be debited on basis of actuarial valuation report	(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.
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.
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 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.
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 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.
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 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.
Costs	(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.
	152. The Act is amended by adding the following after section 55:
	Canadian Forces Superannuation Investment Fund
Establish- ment of Canadian Forces Superannua- tion Investment Fund	55.1 (1) The Canadian Forces Superannuation Investment Fund is established.
Amounts to be deposited into Canadian Forces Superannua- tion Investment Fund	(2) The following amounts shall be deposited into the Canadian Forces 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.
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 Canadian Forces Superannuation Investment Fund.
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 Canadian Forces Superannuation Investment Fund that he or she determines, in the manner and at the times that that minister determines.
	Canadian Forces Pension Fund
Establish- ment of Canadian Forces Pension Fund	55.2 (1) The Canadian Forces Pension Fund is established.
Amounts to be deposited into Canadian Forces Pension Fund	(2) The following amounts shall be deposited into the Canadian Forces 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 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
	(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
	(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.
Determi- nation 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 Canadian Forces Pension Fund as shown in the most recent actuarial valuation report referred to in section 56 on the state of the Fund.
Transfer of amounts	(5) The amounts deposited in the Canadian Forces Pension Fund under subsection (3) 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 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.
Amounts to be paid on basis of actuarial valuation report	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.
Equal annual instalments	(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.
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	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.
When non-permitted surplus	(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,
	(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 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.
Recommen- dation 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 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
	(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 Canadian Forces 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 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.
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 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
	(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 55.2(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	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.
R.S., c. 13 (2nd Supp.), s. 11; 1992, c. 46, s. 51	153. Sections 56 and 57 of the Act are replaced by the following:
Public Pensions Reporting Act	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.
	Annual Report
Annual report	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 .
	154. The Act is amended by adding the following after section 59:

Bill C-78

Amounts

Canadian Forces Superannuation Investment Fund

Canadian Forces Pension Fund

Annual Report