Bill C-306

SUMMARY

The purpose of this enactment is to allow police officers and firefighters who retire at fifty years of age or more after at least five years of service, to elect, for the years between the ages of fifty-five and sixty, to be deemed self-employed for earnings not exceeding the total of the last year’s earnings in the force, or, if actually self-employed, to add a sum not exceeding that total to their actual self-employed earnings.

The existing maximum levels of contribution will still apply, and the police officers or firefighters continuing contributions will make the full contributions of a self-employed person.

The enactment also entitles police officers and firefighters who retire at fifty to an unreduced pension at age sixty or a pension reduced by the 0.5 per cent per month formula if commenced at an age between fifty-five and sixty.

The Governor in Council has the power to prescribe the forces of police or firefighters to which this amendment would apply because of early retirement applying in their service.