Bill C-78
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(8) Subsection 42(8) of the Act is replaced
by the following:
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Members of
Parliament
and Senators
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(8) Notwithstanding anything in this Part,
the Governor in Council may by regulation
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1992, c. 46,
s. 22
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92. (1) Paragraph 42.1(1)(a) of the Act is
replaced by the following:
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1992, c. 46,
s. 22
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(2) Paragraph 42.1(1)(r) of the Act is
replaced by the following:
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1992, c. 46,
s. 22
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(3) Paragraph 42.1(1)(t) of the Act is
replaced by the following:
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1996, c. 18,
s. 35
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(4) Paragraph 42.1(1)(v.3) of the Act is
replaced by the following:
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1996, c. 18,
s. 35
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(5) Paragraph 42.1(1)(v.5) of the Act is
replaced by the following:
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1996, c. 18,
s. 35
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(6) Paragraph 42.1(1)(v.7) of the Act is
replaced by the following:
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93. Section 43 of the Act is replaced by the
following:
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Payments out
of
Superannuatio
n Account
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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.
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Transfer of
amounts
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(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.
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Payment of
benefits
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(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.
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94. The heading before section 44 of the
Act is replaced by the following:
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Amounts |
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1992, c. 46,
s. 23
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95. (1) Paragraph 44(1)(a) of the Act is
repealed.
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1992, c. 46,
s. 23
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(2) Subsections 44(2) to (6) of the Act are
replaced by the following:
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Amounts to
be credited on
basis of
actuarial
valuation
report
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(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.
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1992, c. 46,
s. 23
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(3) Subsection 44(8) of the Act is replaced
by the following:
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Adjustments
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(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.
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Amounts to
be debited on
basis of
actuarial
valuation
report
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(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.
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If total
exceeds
maximum
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(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.
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Annual
instalments
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(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.
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Adjustments
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(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.
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Maximum
amount to
credit of
Account and
Fund
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(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.
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Costs
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(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.
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96. The Act is amended by adding the
following after section 44:
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Public Service Superannuation Investment Fund |
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Establishment
of Public
Service
Superannuatio
n Investment
Fund
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44.1 (1) The Public Service Superannuation
Investment Fund is established.
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Amounts to
be deposited
into the Public
Service
Superannuatio
n Investment
Fund
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(2) The following amounts shall be
deposited into the Public Service
Superannuation Investment Fund:
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Costs
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(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.
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Transfer of
amounts
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(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.
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Public Service Pension Fund |
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Establishment
of Public
Service
Pension Fund
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44.2 (1) The Public Service Pension Fund is
established.
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Amounts to
be deposited
into the Public
Service
Pension Fund
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(2) The following amounts shall be
deposited into the Public Service Pension
Fund:
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Amounts to
be determined
by the
Minister
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(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
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Determination
of the
amounts
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(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.
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Transfer of
amounts
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(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.
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Payment of
benefits
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(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.
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Amounts to
be paid on
basis of
actuarial
valuation
report
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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.
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Equal annual
instalments
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(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.
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Adjustments
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(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.
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No more
deposits if
non-permitted
surplus
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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.
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When
non-permitted
surplus
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(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,
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Minister's
recommendati
on
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(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
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When surplus
is not
non-permitted
surplus
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(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.
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Non-permitte
d surplus
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(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
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When
reduction in
contributions
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(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.
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Costs
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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.
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R.S., c. 13
(2nd Supp.),
s. 12; 1992, c.
46, s. 24
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97. Sections 45 and 46 of the Act are
replaced by the following:
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Public
Pensions
Reporting Act
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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.
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