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Bill C-78

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(8) Subsection 42(8) of the Act is replaced by the following:

Members of Parliament and Senators

(8) 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 Public Service Pension Fund of amounts in the Retiring Allowances Account, within the meaning of that Act, in respect of him or her.

1992, c. 46, s. 22

92. (1) Paragraph 42.1(1)(a) of the Act is replaced by the following:

    (a) fixing an annual rate of salary for the purposes of paragraph 5(6)(b) or prescribing the manner of determining the annual rate of salary;

1992, c. 46, s. 22

(2) Paragraph 42.1(1)(r) of the Act is replaced by the following:

    (r) fixing the percentage of a person's salary required to be contributed to the Superannuation Account or the Public Service Pension Fund under subsection 24.4(1) or prescribing the manner of determining that percentage;

1992, c. 46, s. 22

(3) Paragraph 42.1(1)(t) of the Act is replaced by the following:

    (t) requiring the Minister to credit additional amounts to the Superannuation Account or to pay additional amounts into the Public Service Pension Fund in respect of the operational service that is pensionable service to the credit of a person referred to in section 24.2 and prescribing the manner and circumstances in which those amounts are to be credited or paid;

1996, c. 18, s. 35

(4) Paragraph 42.1(1)(v.3) of the Act is replaced by the following:

    (v.3) respecting the manner in which and the determination of the balances on which interest is to be calculated under subsection 10(9) and respecting the rates of interest for the purposes of paragraph 10(9)(c);

1996, c. 18, s. 35

(5) Paragraph 42.1(1)(v.5) of the Act is replaced by the following:

    (v.5) respecting the terms and conditions, including the requirement of a person or body referred to in subsection 40.1(1) to pay into the Superannuation Account or the Public Service Pension Fund the amount that is determined in accordance with the regulations for any or all cases, subject to which, and the maximum period during which, the person or body is to form part of the Public Service pursuant to a direction of the Treasury Board made under subsection 40.1(2);

1996, c. 18, s. 35

(6) Paragraph 42.1(1)(v.7) of the Act is replaced by the following:

    (v.7) respecting the manner in which and extent to which any provision of this Act or any regulations made under this Act apply to any employee of an entity or portion of an entity and adapting any of those provisions for the purposes of that application when an order is made under subsection 42(4) or a regulation is made under paragraph (v.1) in respect of that entity, including the manner of determining any amount that may be paid out of the Superannuation Account or the Public Service Pension Fund in respect of those employees and the terms and conditions under which the amount is to be paid;

    (v.8) respecting the additional information that is required to be included in annual reports referred to in section 46; and

93. Section 43 of the Act is replaced by the following:

Payments out of Superannuatio n Account

43. (1) All amounts required for the payment of benefits for which this Part 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 Public Service Superannuation Investment Fund under subsection 44.1(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 Public Service Superannuation Investment Fund and paid out of the assets of the Public Sector Pension Investment Board.

94. The heading before section 44 of the Act is replaced by the following:

Amounts

1992, c. 46, s. 23

95. (1) Paragraph 44(1)(a) of the Act is repealed.

1992, c. 46, s. 23

(2) Subsections 44(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 45 that relates to the state of the Superannuation Account and the Public Service 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 Minister 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 Minister may determine, together with the amount that the Minister estimates will be to the credit of the Account and the Public Service 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. 23

(3) Subsection 44(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 Minister, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the Minister estimates will be to the credit of the Superannuation Account and the Public Service 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 45 that relates to the state of the Superannuation Account and the Public Service 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 Minister exceeds the amount that the Minister estimates, based on the report, will be required to be to the credit of the Account and the Public Service Superannuation Investment Fund at the end of the fifteenth fiscal year following the tabling of that report or at the end of a shorter period that the Minister 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 Minister 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 Minister, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the Minister estimates will be to the credit of the Superannuation Account and the Public Service 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 Public Service Superannuation Investment Fund must not exceed one hundred and ten percent of the amount that the Minister 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, 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.

96. The Act is amended by adding the following after section 44:

Public Service Superannuation Investment Fund

Establishment of Public Service Superannuatio n Investment Fund

44.1 (1) The Public Service Superannuation Investment Fund is established.

Amounts to be deposited into the Public Service Superannuatio n Investment Fund

(2) The following amounts shall be deposited into the Public Service 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 Public Service 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 Public Service Superannuation Investment Fund that he or she determines, in the manner and at the times that that minister determines.

Public Service Pension Fund

Establishment of Public Service Pension Fund

44.2 (1) The Public Service Pension Fund is established.

Amounts to be deposited into the Public Service Pension Fund

(2) The following amounts shall be deposited into the Public Service Pension Fund:

    (a) the amounts determined by the Minister 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 Minister

(3) There shall be deposited into the Public Service 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 Minister, 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 Public Service Pension Fund; and

    (b) an amount that is determined by the Minister in relation to the total amount paid into the Public Service 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 Minister may take into account any surplus in the Public Service Pension Fund as shown in the most recent actuarial valuation report referred to in section 45 on the state of the Fund.

Transfer of amounts

(5) The amounts deposited in the Public Service 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 Public Service 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

44.3 (1) Following the laying before Parliament of any actuarial valuation report pursuant to section 45 that relates to the state of the Public Service Pension Fund, there shall be paid into that Fund, at the time and in the manner set out in subsection (2), the amount that in the opinion of the Minister will, at the end of the fifteenth fiscal year following the tabling of that report or at the end of a shorter period that the Minister may determine, together with the amount that the Minister estimates will be to the credit of the Public Service Pension 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 Public Service Pension Fund under subsection (1) shall be divided into equal annual instalments and the instalments shall be paid to the Public Service Pension Fund over a period of fifteen years, or a shorter period that the Minister 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 Minister, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the Minister estimates will be to the credit of the Public Service Pension 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

44.4 (1) If, following the laying before Parliament of an actuarial valuation report pursuant to section 45 that relates to the state of the Public Service Pension Fund there is, in the Minister's opinion, a non-permitted surplus in that Fund, no further amounts shall be deposited into the Fund under paragraph 44.2(3)(a) until the time that there is, in the Minister's opinion, no longer a non-permitted surplus in the Fund.

When non-permitted surplus

(2) If, following the laying before Parliament of an actuarial valuation report pursuant to section 45 that relates to the state of the Public Service Pension Fund, there is, in the Minister'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 Minister's recommendation; or

    (b) there may be paid out of the Public Service 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 Minister.

Minister's recommendati on

(3) The Minister 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 Public Service Pension Fund at the end of the fifteenth fiscal year following the tabling of that report or at the end of a shorter period that the Minister 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 Public Service 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 45 that relates to the state of the Public Service Pension Fund, there is, in the Minister's opinion, a surplus that is not a non-permitted surplus in that Fund, the contributions payable under section 5 or paragraph 44.2(3)(a) may be reduced in the manner, at the times and for the period that the Treasury Board determines, on the Minister's recommendation.

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 Public Service Pension Fund, as determined by the actuarial valuation report referred to in section 45 or one requested by the Minister, is greater than the lesser of

    (a) twenty percent 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 44.2(3)(a) and subsection 37(2) less any amount that would be determined under that subsection in respect of past service, and

      (ii) the amount that would be determined under paragraph (a) if the reference in that paragraph to ``twenty percent'' were read as a reference to ``ten percent''.

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

44.5 The costs of the administration of this Act, as determined by the Treasury Board, 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 Public Service Pension Fund.

R.S., c. 13 (2nd Supp.), s. 12; 1992, c. 46, s. 24

97. Sections 45 and 46 of the Act are replaced by the following:

Public Pensions Reporting Act

45. 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 Public Service Superannuation Investment Fund and the Public Service Pension Fund shall be prepared, filed with the Minister designated under that Act and laid before Parliament.