Bill C-78

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Mandate	(1.1) The mandate of the committee is to
	(a) review matters respecting the administration, design and funding of the benefits provided under this Act and make recommendations to the Minister about those matters; and
	(b) review any other pension-related matters that the Minister may refer to it.
Membership	(2) The membership of the Committee shall consist of
	(a) one person appointed from among contributors in receipt of an annuity under this Act who are nominated for appointment by an association that, in the opinion of the Minister, represents such contributors;
	(b) three persons appointed from among persons required to contribute to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund who are nominated for appointment by a body that, in the opinion of the Minister, represents such persons;
	(c) two persons appointed from among persons required to contribute to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund ; and
	(d) two other persons appointed by the Minister .
Term	(3) A member of the Committee shall be appointed to hold office for a term not exceeding three years and is eligible for reappointment for one or more additional terms.
Recommen- dation of candidates	(3.1) The advisory committee shall recommend to the Minister candidates for appointment to the nominating committee established under section 10 of the Public Sector Pension Investment Board Act.
1992, c. 46, s. 76(2)	193. (1) Paragraph 26(c) of the Act is replaced by the following:
	(c) prescribing, notwithstanding section 5 , the manner in which and the circumstances under which persons who are required to contribute to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund in accordance with those sections but who are or have been, either before or after April 1, 1960, absent from the Force on leave of absence without pay shall contribute to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund in respect of that absence, prescribing the pay that shall be deemed to have been paid to those persons during that absence and respecting the contributions to be made by those persons to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund in respect of that pay;
	(2) Paragraph 26(r) of the Act is replaced by the following:
	(r) providing for the payment out of the Superannuation Account or the Royal Canadian Mounted Police Pension Fund , on the death of a contributor and on application to the Minister by or on behalf of a person to whom any annual allowance becomes payable under this Part, of the whole or any part of the portion of any estate, legacy, succession or inheritance duties or taxes that are payable by the person that is determined in accordance with the regulations to be attributable to that allowance, and prescribing the amounts by which and the manner in which any such allowance and any amount payable under section 22 in any such case shall be reduced;
1992, c. 46, s. 77	194. (1) Paragraph 26.1(1)(a) of the Act is replaced by the following:
	(a) fixing an annual rate of pay for the purposes of subsection 5(9) or prescribing the manner of determining the annual rate of pay;
	(2) Subsection 26.1(1) of the Act is amended by adding the following after paragraph (c):
	(c.1) prescribing the number of hours per week and the number of days per year for the purposes of subsection 5(10), clauses 6(b)(ii)(F.1), (M) and (N) and paragraph 7(1)(i);
	(c.2) respecting the manner of determining the amount of the commuted value of an annuity, the terms and conditions under which a contributor may become entitled to direct a transfer of such a commuted value, and respecting any other matters that the Governor in Council considers necessary for the purposes of carrying out section 12.1;
	(c.3) respecting the manner in which and the determination of the balances on which interest is to be calculated under subsection 9(6) and respecting the rates of interest for the purposes of paragraph 9(6)(b);
	(3) Subsection 26.1(1) of the Act is amended by striking out the word ``and'' at the end of paragraph (h) and by adding the following after paragraph (h):
	(h.1) respecting the additional information that is required to be included in annual reports referred to in section 31;
	(h.2) prescribing periods of service in the Force and periods of pensionable service for the purposes of sections 11, 13 and 14, these periods being in no case shorter than two years or longer than, in the case of paragraphs 11(7)(a) and 11(8)(a) and sections 13 and 14, five years, in the case of paragraphs 11(1)(a), 11(2)(a), 11(3)(a) and 11(5)(a), subparagraph 11(9)(b)(iii) and subsection 11(11), ten years, in the case of paragraphs 11(3)(c) and 11(5)(c), twenty years, in the case of paragraph 11(5)(d) and subparagraph 11(9)(b)(ii), twenty-five years, in the case of paragraph 11(9)(a) and clause 11(9)(b)(iii)(B), thirty years, and in the case of subsection 11(12), thirty-five years;
	(h.3) prescribing classes of pension plans or retirement savings plans for the purposes of subsection 24.1(1) and respecting the extent to which, and the terms and conditions subject to which, service may be counted as pensionable service pursuant to subsection 24.1(9);
	(h.4) respecting the manner in which and extent to which any provision of this Act or any regulations made under this Act apply to a member of the Force who is engaged to work at least the number of hours per week or the number of days per year prescribed in regulations made under paragraph (c.1) and adapting any of those provisions for the purposes of that application;
	(h.5) respecting the terms and conditions under which and the time and manner in which an election may be made in respect of a period of service specified in clauses 6(b)(ii)(F.1) and (L) to (P), the manner of determining in accordance with paragraph 7(1)(i) the amounts that are to be paid in respect of that election, the periods of service that may be counted for the purposes of that election, and the manner in which and extent to which section 8 and any regulations referred to in section 8 apply in respect of that election and to any contributor who makes that election and adapting any of those provisions for the purposes of that application;
	(h.6) prescribing ages for the purposes of subsection 11(9), these ages being no greater than, in the case of paragraph 11(9)(a) and subparagraph 11(9)(b)(iii), fifty-five years of age and in the case of subparagraph 11(9)(b)(ii), fifty years of age; and
	195. Section 27 of the Act is replaced by the following:
Regulations respecting leave of absence	27. (1) For the purposes of this Part, a person who has contributed to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund in accordance with any regulation made under paragraph 26(c) in respect of any period during which he or she was absent from the Force on leave of absence without pay shall be deemed to have contributed to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund ,
	(a) if that period or a portion of it was before 1966, in the manner and at the rates set forth in subsection 5(1) as it read on December 31, 1965, in respect of that period or portion,
	(b) if that period or a portion of it was after 1965 and before April 1, 1969, in the manner and at the rates set forth in subsection 5(1) as it read immediately before April 1, 1969 in respect of that period or portion,
	(c) if that period or a portion of it was after March 31, 1969 and before January 1, 2000 , in the manner and at the rates set forth in subsection 5(1), as it reads on December 31, 1999 , in respect of that period or portion,
	(d) if that period or a portion of it was after December 31, 1999 but before January 1, 2004, in the manner and at the rates set out in subsection 5(1), in respect of that period or portion, and
	(e) if that period or a portion of it was after December 31, 2003, in the manner and at the rates determined under subsection 5(2), in respect of that period or portion ,
	and to have received, during that period, pay and allowances at a rate equal to the rate of pay and allowances that would have been authorized to be paid to him or her if he or she had not been so absent on leave of absence without pay.
Members of Parliament and Senators	(2) Notwithstanding anything in this Part, the Governor in Council may by regulation
	(a) provide that the service of a former member of the House of Commons or a former Senator in respect of which he or she made contributions under the Members of Parliament Retiring Allowances Act may, to the extent and subject to the conditions that may be prescribed by the regulations, be counted by that former member or former Senator as pensionable service for the purposes of this Part; and
	(b) provide for the transfer to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund of amounts in the Retiring Allowances Account, within the meaning of that Act , in respect of him or her .
	196. Section 28 of the Act is replaced by the following:
Payments out of Superannua- tion Account	28. (1) All amounts required for the payment of benefits for which this Part, including the benefits referred to in subsection 26(3) of the Royal Canadian Mounted Police Superannuation Act, chapter 34 of the Statutes of Canada, 1959, and Part III make provision shall be paid out of the Superannuation Account if the benefits are payable in respect of pensionable service to the credit of a contributor before April 1, 2000.
Transfer of amounts	(2) The amounts deposited in the Royal Canadian Mounted Police Superannuation Investment Fund under subsection 29.1(2) 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	(3) If there are insufficient amounts in the Superannuation Account to pay all the benefits referred to in subsection (1), the amounts required for the payment of those benefits shall be charged to the Royal Canadian Mounted Police Superannuation Investment Fund and paid out of the assets of the Public Sector Pension Investment Board.
	197. The heading before section 29 of the Act is replaced by the following:
	Amounts
1992, c. 46, s. 78	198. (1) Paragraph 29(1)(a) of the Act is repealed.
1992, c. 46, s. 78	(2) Subsections 29(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 30 that relates to the state of the Superannuation Account and the Royal Canadian Mounted Police 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 Royal Canadian Mounted Police 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. 78	(3) Subsection 29(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 Royal Canadian Mounted Police 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 30 that relates to the state of the Superannuation Account and the Royal Canadian Mounted Police 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 Royal Canadian Mounted Police 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 a 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 Royal Canadian Mounted Police 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 Royal Canadian Mounted Police Superannuation Investment Fund must not exceed one hundred and ten per cent 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.
	199. The Act is amended by adding the following after section 29:
	Royal Canadian Mounted Police Superannuation Investment Fund
Establish- ment of Royal Canadian Mounted Police Superannua- tion Investment Fund	29.1 (1) The Royal Canadian Mounted Police Superannuation Investment Fund is established.
Amounts to be deposited into Royal Canadian Mounted Police Superannua- tion Investment Fund	(2) The following amounts shall be deposited into the Royal Canadian Mounted Police 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 Royal Canadian Mounted Police 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 Royal Canadian Mounted Police Superannuation Investment Fund that he or she determines, in the manner and at the times that that minister determines.

Bill C-78

Amounts

Royal Canadian Mounted Police Superannuation Investment Fund