Royal Canadian Mounted Police Superannuation Act

Marginal note:Definitions

• 9 (1) In this Part,

  annuity

  annuity means an annuity computed in accordance with section 10; (annuité)

  cash termination allowance

  cash termination allowance means an amount equal to one month’s pay for each year of pensionable service to the credit of the contributor, computed on the basis of the rate of pay authorized to be paid to him or her at the time he or she ceases to be a member of the Force, minus an amount equal to the amount by which

  • (a) the total amount the contributor would have been required to contribute to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund up to the time he or she ceases to be a member of the Force, other than interest or charges for payments by instalments, in respect of service after 1965, if he or she had contributed on the basis of the rate set forth in subsection 5(1) as it read on December 31, 1965,

  exceeds

  • (b) the total amount the contributor was required to contribute to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund up to the time he or she ceases to be a member of the Force, other than interest or charges for payments by instalments, in respect of service after 1965; (allocation de cessation en espèces)

  deferred annuity

  deferred annuity means an annuity that becomes payable to the contributor at the time he reaches sixty years of age; (annuité différée)

  immediate annuity

  immediate annuity means an annuity that becomes payable to the contributor immediately on his becoming entitled thereto; (annuité immédiate)

  recipient

  recipient means a person to whom any amount is or is about to become payable under this Part; (prestataire)

  return of contributions

  return of contributions means a return of

  • (a) the amount paid by the contributor into the Superannuation Account or the Royal Canadian Mounted Police Pension Fund but not including any amount so paid pursuant to subsection 39(7) of the Public Service Superannuation Act, and

  • (b) any amount paid by him or her into any other account or fund, together with interest, if any, that has been transferred to the Superannuation Account or the Royal Canadian Mounted Police Pension Fund,

  to the extent that the amount remains to his or her credit in the Superannuation Account or the Royal Canadian Mounted Police Pension Fund, together with interest, if any, calculated pursuant to subsection (6). (remboursement de contributions)

  transfer value

  transfer value means a lump sum amount, representing the value of the contributor’s pension benefits, as determined in accordance with the regulations. (valeur de transfert)

• Marginal note:Duration of payment, etc., to contributor

  (2) Where an annuity or annual allowance becomes payable under this Part to a contributor, it shall, subject to the regulations, be paid in equal monthly instalments in arrears and shall continue, subject to this Part, during the lifetime of the contributor and thereafter until the end of the month during which he dies, and any amount in arrears thereof that remains unpaid at any time after his death shall be paid as provided in section 15, in respect of a return of contributions.

• Marginal note:Duration of payment, etc., to survivor or child

  (3) When an annual allowance becomes payable under this Part to a survivor or child, it shall, subject to the regulations, be paid in equal monthly instalments in arrears and shall continue, subject to this Part, until the end of the month during which the recipient dies or otherwise ceases to be entitled to receive an annual allowance, and any amount in arrears that remains unpaid at any time after the death of the recipient shall be paid to the estate or succession of the recipient or, if less than one thousand dollars, as the Minister may direct.

• Marginal note:Options

  (4) Where, under section 11, a contributor is entitled to a return of contributions or, at his option, to any other benefit specified therein,

  • (a) if he fails to exercise the option within one year from the time he became so entitled, he shall be deemed to have exercised it in favour of a deferred annuity; and

  • (b) if, without having exercised the option, he becomes a contributor under the Public Service Superannuation Act or the Canadian Forces Superannuation Act, he shall be deemed to have exercised the option, immediately before becoming a contributor under that Act, in favour of a deferred annuity.

• Marginal note:Revocation of option

  (5) Where, under section 11, a contributor is entitled to a benefit therein specified at his option, the option may be revoked and a new option exercised by the contributor, under such circumstances and on such terms and conditions as the Governor in Council by regulation prescribes.

• Marginal note:Interest on return of contributions

  (6) For the purposes of the definition return of contributions in subsection (1), interest shall be calculated in the manner that the regulations provide and on the balances that are determined in accordance with the regulations,

  • (a) at the rate of four per cent, compounded annually, for any period before January 1, 2001; and

  • (b) at the rates established in the regulations made under paragraph 26.1(1)(c.3) compounded quarterly, for any period beginning on or after January 1, 2001.

• Marginal note:Benefits not assignable, etc.

  (7) Subject to Part II of the Garnishment, Attachment and Pension Diversion Act and to the Pension Benefits Division Act,

  • (a) a benefit under this Part or Part III is not capable of being assigned, charged, anticipated or given as security and any transaction that purports to assign, charge, anticipate or give as security any such benefit is void;

  • (b) a benefit to which a contributor, survivor or child is entitled under this Part or Part III is not capable of being surrendered or commuted during the lifetime of that person except under section 12.1 or subsection 18(2) and any other transaction that purports to so surrender or commute any such benefit is null and void; and

  • (c) a benefit under this Part or Part III is exempt from attachment, seizure and execution, either at law or in equity.