Bill C-400
If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.
|
|
2nd Session, 36th Parliament, 48 Elizabeth II, 1999
|
|
|
|
The House of Commons of Canada
|
|
|
|
BILL C-400 |
|
|
|
An Act to provide defined contribution
pensions for the Public Service, the
Canadian Forces and the Royal Canadian
Mounted Police, to be managed and
invested by a private sector manager, and
to amend the Income Tax Act and certain
other Acts in consequence thereof
|
|
|
|
|
|
| Short title
|
1. This Act may be cited as the Federal
Public Service Pension Act.
|
|
| Definitions
|
2. The definitions in this section apply in
this Act.
|
|
| ``contribu- ting employee'' « contribu- teur »
|
``contributing employee'' means an
individual who contributes to a pension
account pursuant to section 4.
|
|
| ``federal
public
service'' « administra- tion publique fédérale »
|
``federal public service'' means individuals
serving in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ``former Act'' « loi antérieure »
|
``former Act'' means, with respect to one of
the three branches of the federal public
service mentioned in the definition of that
phrase, the Act that applied to the
superannuation of employees of the branch
immediately before the coming into force
of this Act.
|
|
| ``fund
manager'' « gestionnai- re de fonds »
|
``fund manager'' means a financial manager
in the private sector who has been approved
by the regulations to manage pension
accounts of contributing employees under
this Act.
|
|
| ``Minister'' « ministre »
|
``Minister'' means such member of the
Queen's Privy Council for Canada as may
be designated by order of the Governor in
Council as the Minister for the purposes of
this Act.
|
|
| ``pensiona- ble service'' « emploi ouvrant droit à pension »
|
``pensionable service'' means employment in
the federal public service after December
31, 1998 that is not exempted or excluded
from the application of this Act by the
regulations.
|
|
| Application
|
3. This Act applies to employment in the
federal public service after December 31,
2000.
|
|
| Contributions
by employee
|
4. (1) Every person employed in
pensionable service in the federal public
service on or after January 1, 2001 shall
contribute, by deduction from salary or
otherwise as provided by the regulations, the
percentage of salary provided by section 5.
|
|
| Pension
account
|
(2) Every amount contributed by a
contributing employee shall be paid into and
held in a pension account established for that
contributing employee.
|
|
| Contribution
from public
funds
|
(3) Any amount appropriated by an Act of
Parliament for the purpose of contributing to
pensions under this Act shall be apportioned to
the pension accounts of the employees to
which this Act applies, in such proportions as
is directed by the appropriating Act.
|
|
| Amount of
employee's
contribution
|
5. An employee required or entitled to
contribute by subsection 4(1)
|
|
|
|
|
|
|
|
|
|
| Lump sum
and annuity
|
6. (1) At any time after reaching the age of
fifty-five years, or upon becoming
permanently disabled, the contributing
employee may, by election in the prescribed
form, elect to receive as a lump sum the
percentage of the value of the account
specified in the regulations, in cash or in the
securities in which it is held, and to receive an
annuity from the balance of the account in one
of the forms of annuity prescribed by the
regulations.
|
|
| Family rights
|
(2) The rights of the spouse and children of
a contributing employee respecting the
pension account are as provided by the
regulations.
|
|
| Fund
management
|
7. (1) The funds in a pension account
mentioned in section 4 shall be managed and
invested by a fund manager designated in the
prescribed manner by the Designating
Committee established pursuant to subsection
(2).
|
|
| Designating
Committee
|
(2) There is hereby established a committee
to be known as the Designating Committee
consisting of those members appointed by the
Minister from persons nominated to represent
the parts of the federal public service in
accordance with the regulations.
|
|
| Account held
in trust
|
(3) The fund manager shall hold in trust
every pension account assigned to the
manager's management and report on the
pension accounts to the Designating
Committee and to every contributing
employee in the manner and at the times
specified by the regulations.
|
|
| Collective
management
|
(4) The fund manager shall manage the
investment of the assets of the pension
accounts collectively, and not individually,
and in such a manner that the investment
performance of each account over a specific
period of time is the same.
|
|
| Investment
|
8. (1) The funds in a pension account may
be invested only in the manner and in the
securities prescribed in the regulations.
|
|
| Matters
prescribed
|
(2) Regulations under subsection (1) may,
without limiting the generality of subsection
(1), prescribe
|
|
|
|
|
|
|
|
|
|
| Existing
benefits
|
9. Benefits that have become payable under
the Public Service Superannuation Act, the
Canadian Forces Superannuation Act or the
Royal Canadian Mounted Police
Superannuation Act prior to January 1, 2001
are not affected by this Act.
|
|
| Future
benefits under
former Acts
|
10. Benefits that become payable on or after
January 1, 2001 under the Public Service
Superannuation Act, the Canadian Forces
Superannuation Act or the Royal Canadian
Mounted Police Superannuation Act in
respect of pensionable service on or before
December 31, 2000 shall be paid in the
amounts and at the times provided for in the
regulations.
|
|
| Employee
leaving
service
|
11. An employee who leaves the federal
public service is entitled to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in the manner determined by the regulations.
|
|
| Regulations
|
12. The Governor in Council may make
regulations
|
|
|
|
|
|
|
|
|
|
| R.S., cc. 1, 2
(5th Supp.);
1994, cc. 7, 8,
13, 21, 28, 29,
38, 41; 1995,
cc. 1, 3, 11,
18, 21, 38, 46;
1996, cc. 11,
21, 23; 1997,
cc. 10, 12, 25,
26; 1998, cc.
19, 21, 34;
1999, cc. 10,
17, 22, 26, 31
|
INCOME TAX ACT |
|
|
|
13. The Income Tax Act is amended by
adding the following after paragraph
8(1)(m.2):
|
|
|
|
|
|
|
|
CONSEQUENTIAL AMENDMENTS |
|
| R.S., c. P-36;
R.S., cc. 22,
46 (1st
Supp.), cc. 13,
15, 19, 32
(2nd Supp.),
cc. 9, 18, 20,
28 (3rd
Supp.); cc. 1,
7, 28, 41, 47,
54 (4th
Supp.); 1989,
cc. 3, 6; 1990,
cc. 3, 13;
1991, cc. 6,
10, 16, 38;
1992, cc. 1,
37, 46; 1993,
cc. 1, 28, 31,
34; 1994, cc.
13, 26; 1995,
cc. 18, 29;
1996, cc. 10,
11, 16, 18;
1997, cc. 6, 9;
1998, cc. 9,
15, 31, 35;
1999, cc. 17,
26
|
14. The Public Service Superannuation
Act is amended by adding the following
after section 4:
|
|
|
|
4.1 This Act does not apply to pensionable
employment after December 31, 2000.
|
|
| R.S., c. C-17;
R.S., c. 31 (1st
Supp.), c. 13
(2nd Supp.);
1989, c. 6;
1992, c. 46;
1998, c. 35;
1999, c. 26
|
15. The Canadian Forces Superannuation
Act is amended by adding the following
after section 3:
|
|
|
|
3.1 This Act does not apply to pensionable
service after December 31, 2000.
|
|
| R.S., c. R-11;
R.S., c. 13;
1989, c. 6;
1992, c. 46;
1998, c. 11;
1999, c. 26
|
16. The Royal Canadian Mounted Police
Superannuation Act is amended by adding
the following after section 3:
|
|
|
|
3.1 This Act does not apply to pensionable
service after December 31, 2000.
|
|
|
|
COMING INTO FORCE |
|
| Coming into
force
|
17. This Act comes into force on
January 1, 2001.
|
|