Public Service Superannuation Act (R.S.C., 1985, c. P-36)

Marginal note:Regulations

• 42.1 (1) The Governor in Council may make regulations

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

  • (b) prescribing, for the purposes of section 5.1 or 5.2 or paragraph 8(2)(b.1), a number of hours a week less than twelve;

  • (c) prescribing, for the purposes of section 5.1 or 5.2 or paragraph 8(2)(b.1), the manner of calculating the average of the number of hours a week a person is engaged to work, including the period over which the average is to be calculated;

  • (d) specifying the circumstances in which an election may be made under section 5.2 or subsection 5.4(1) or 5.5(1), the period within which such an election may be made, the manner of making the election and the circumstances under which and the terms and conditions on which such an election may be revoked and a new election made or deemed to be made;

  • (e) prescribing the time at which and the manner in which an election may be made under subsection 5.3(1);

  • (f) prescribing, for the purposes of subsection 5.3(4), the portion of the period of leave of absence that is to be counted as pensionable service under clause 6(1)(a)(ii)(A);

  • (g) determining the amount to be paid by a person who makes an election under subsection 5.4(1) or 5.5(1) and prescribing the time at which and manner in which it shall be paid;

  • (h) notwithstanding any regulations made under paragraph 42(1)(d), determining the amount to be paid under paragraph 7(1)(k);

  • (i) determining the amount to be paid by a contributor under subsection 7(1.1);

  • (j) respecting the election that may be made under section 13.1, including regulations respecting

    • (i) the time, manner and circumstances in which an election may be made, revoked or deemed to have been revoked,

    • (ii) the reduction to be made in the amount of an annuity or annual allowance when an election is made,

    • (iii) the amount of the immediate annual allowance to be paid under subsection 13.1(2), and

    • (iv) any other matter that the Governor in Council considers necessary for carrying out the purposes and provisions of section 13.1;

  • (k) and (l) [Repealed, 2000, c. 12, s. 277]

  • (m) designating, for the purposes of the definition operational service in section 24.1, the kind of service and the institution or other premises in which that kind of service is carried out, and specifying the periods of time spent away from operational service that are to be included within the meaning of that definition;

  • (n) prescribing the terms and conditions subject to which a person who ceases to be employed in operational service as defined in section 24.1, but continues to be employed by the Correctional Service of Canada, may irrevocably elect to be deemed to be employed in operational service while that person continues to be employed by the Correctional Service of Canada;

  • (o) respecting the determination of the effective date on which a person shall be deemed to have become or to have ceased to be employed in operational service, as defined in section 24.1;

  • (p) prescribing, for the purposes of sections 24.2 and 24.3 and any regulations made under this subsection, the terms and conditions subject to which any service before, on or after the coming into force of those sections may be counted as operational service, as defined in section 24.1, that is pensionable service;

  • (q) prescribing the circumstances in which and the terms and conditions subject to which a person referred to in section 24.2 is entitled, at the person’s option, to an immediate annuity or annual allowance in respect of operational service that is pensionable service, prescribing the manner of calculating or adjusting that immediate annuity or annual allowance, and prescribing the circumstances in which the person shall be deemed to have exercised the option in favour of either an immediate annuity or annual allowance;

  • (r) [Repealed, 2012, c. 31, s. 499]

  • (s) prescribing classes of persons for the purposes of subsection 24.4(2);

  • (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;

  • (u) respecting the manner in which and extent to which any provision of this Act or any regulations made under this Act apply to any contributor referred to in section 40.1, to any part-time employee or to any person who, immediately before the coming into force of section 11 of An Act to amend certain Acts in relation to pensions and to enact the Special Retirement Arrangements Act and the Pension Benefits Division Act, introduced in the third session of the thirty-fourth Parliament, was deemed by section 14 of this Act, as it read at that time, to be employed in the public service, and adapting any of those provisions for the purposes of that application;

  • (v) respecting the rates at which interest is to be credited to the Superannuation Account under paragraph 44(1)(c), the manner in which it shall be calculated and the times at which it shall be credited to the Account;

  • (v.1) prescribing portions of departments or portions of the executive government of Canada that are to be excluded from the meaning of the expression public service as defined in subsection 3(1);

  • (v.2) 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 clause 6(1)(b)(iii)(M) or (N), the manner of determining in accordance with paragraph 7(1)(k) 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;

  • (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);

  • (v.4) respecting the manner of determining the amount of a transfer value within the meaning of section 10, the terms and conditions under which a contributor may become entitled to a transfer value and any other matters that the Governor in Council considers necessary for the purposes of carrying out section 13.01;

  • (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);

  • (v.6) prescribing classes of pension plans or retirement savings plans for the purposes of subsection 40.2(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 40.2(9);

  • (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

  • (w) generally as the Governor in Council may consider necessary for carrying out and giving effect to any provision of this Act referred to in this subsection.

• Marginal note:Retroactive application of regulations

  (2) Regulations made under paragraph (1)(a), (f), (g), (h), (i), (m), (q), (s), (u) or (v) may, if they so provide, be retroactive and have effect with respect to any period before they are made.

Payments out of the Account

Marginal note:Payments out of Superannuation 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.

• Marginal note: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.

• Marginal note: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.

Amounts

Marginal note:Amounts to be credited in each year

• 44 (1) There shall be credited to the Superannuation Account in each fiscal year

  • (a) [Repealed, 1999, c. 34, s. 95]

  • (b) in respect of every month, such amount in relation to the total amount paid into the Account during the preceding month by way of contributions in respect of past service as is determined by the Minister; and

  • (c) an amount representing interest on the balance from time to time to the credit of the Account, calculated in such manner and at such rates and credited at such times as the regulations provide, but the rate for any quarter in a fiscal year shall be at least equal to the rate that would be determined for that quarter using the method set out in section 46 of the Public Service Superannuation Regulations, as that section read on March 31, 1991.

• (2) to (5) [Repealed, 1999, c. 34, s. 95]

• Marginal note: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.

• Marginal note:Equal annual instalments

  (7) Subject to subsection (8), the amount required to be credited to the Superannuation Account under subsection (6) shall be divided into equal annual instalments and the instalments shall be credited to the Account over a period of fifteen years, or such shorter period as the Minister may determine, with the first such instalment to be credited in the fiscal year in which the actuarial valuation report is laid before Parliament.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

Public Service Superannuation Investment Fund

Marginal note:Establishment of Public Service Superannuation Investment Fund

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

• Marginal note:Amounts to be deposited into the Public Service Superannuation 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.

• Marginal note: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.

• Marginal note: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

Marginal note:Establishment of Public Service Pension Fund

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

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.

• Marginal note: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.