Special Retirement Arrangements Act (S.C. 1992, c. 46, Sch. I)

Short Title

Marginal note:Short title

1 This Act may be cited as the Special Retirement Arrangements Act.

Interpretation

Marginal note:Definitions

2 In this Act,

benefit

benefit includes a refund of contributions and any interest payable on those contributions; (prestations)

Minister

Minister means the President of the Treasury Board; (ministre)

pension benefit

  pension benefit means a periodic payment to which a member or former member of a special pension plan, or the beneficiary, estate or succession of that member or former member, is or may become entitled under that pension plan; (prestation de retraite)

pension benefit credit

pension benefit credit means the aggregate value at a particular time of the pension benefit and any other benefits that have accrued under a special pension plan to a member or former member of that pension plan, as calculated in the prescribed manner; (droits à pension)

prescribed

prescribed means prescribed by regulation; (Version anglaise seulement)

retirement compensation arrangement

retirement compensation arrangement, unless the context otherwise requires, means a plan or an arrangement that is established by or under the authority of an order made under paragraph 10(a) or subsection 11(1); (régime compensatoire)

retirement compensation benefit credit

retirement compensation benefit credit means the aggregate value at a particular time of the benefits that have accrued to a person under a retirement compensation arrangement, as calculated in the prescribed manner; (droits à pension compensatoires)

special pension plan

special pension plan means a pension plan established by or under the authority of an order made under paragraph 3(1)(b). (régime spécial de pension)

Special Pension Plans

Establishment of Plans

Marginal note:Plans may be established

• 3 (1) The Governor in Council may, on the recommendation of the Minister, by order,

  • (a) exempt, subject to the regulations, any person or class of persons from the application of the Diplomatic Service (Special) Superannuation Act or the Lieutenant Governors Superannuation Act;

  • (b) establish or authorize the establishment of a pension plan to provide pension benefits and other benefits to or in respect of any person or class of persons so exempted from the application of that Act; and

  • (c) designate any person as a member of a special pension plan or designate any class of persons as members of that pension plan.

• Marginal note:Compliance with Income Tax Act, etc.

  (2) A special pension plan shall

  • (a) comply with the provisions of the Income Tax Act and the regulations made under that Act respecting registered pension plans; and

  • (b) provide for the payment of supplementary benefits in relation to any pension benefit that is payable under that pension plan, calculated at the same rates and in the same manner as is provided under the Supplementary Retirement Benefits Act in respect of supplementary retirement benefits payable under that Act.

Marginal note:Amendments

• 4 (1) The Governor in Council may, on the recommendation of the Minister, by order, amend or authorize the amendment of any special pension plan.

• Marginal note:Retroactivity of amendments

  (2) An amendment to a special pension plan may, if the order by which the amendment is made or is authorized to be made so provides, be retroactive and be deemed to come into force on a day prior to the day on which the order is made, which prior day shall not be before the day on which that pension plan is established.

• Marginal note:Void amendments

  (3) An amendment to a special pension plan is void if the amendment would reduce or have the effect of reducing

  • (a) a pension benefit accrued under that pension plan before the day on which the amendment is made; or

  • (b) the pension benefit credit accrued under that pension plan in respect of that pension benefit.

Contributions

Marginal note:Persons required to contribute

5 Every member of a special pension plan that is designated by the regulations is required to contribute to the Registered Pension Plans Account, by reservation from that member’s salary or otherwise, in the manner and under the circumstances prescribed in respect of that pension plan, at the rate or rates established by the regulations in respect of that pension plan.

Registered Pension Plans Account

Marginal note:Establishment of Account

6 There shall be established in the accounts of Canada an account to be known as the Registered Pension Plans Account.

Marginal note:Amounts to be credited to Account

7 There shall be credited to the Registered Pension Plans Account in each fiscal year

• (a) in respect of every month, an amount equal to the amount estimated by the Minister to be required to provide for the cost of the benefits that have accrued in respect of that month and that will become chargeable against the Account; and

• (b) an amount representing interest on the balance from time to time to the credit of the Account, calculated at the same rates and credited in the same manner and at the same time as interest is calculated and credited in respect of the Superannuation Account continued under subsection 4(2) of the Public Service Superannuation Act.

Marginal note:Valuation and assets reports

• 8 (1) A valuation report and an assets report on the state of the Registered Pension Plans Account shall be prepared, filed with the Minister and laid before Parliament in accordance with the Public Pensions Reporting Act as if the special pension plans established under this Act were pension plans established under an Act referred to in subsection 3(1) of that Act.

• Marginal note:Review dates

  (2) For the purposes of subsection (1), the review date as of which an actuarial review of the Registered Pension Plans Account must be conducted for the purposes of the first valuation report is December 31 in the year that is four years after the day on which this subsection comes into force and, thereafter, the review dates must not be more than three years apart.

• Marginal note:Amounts to be credited on basis of valuation report

  (3) Following the laying before Parliament of any valuation report under subsection (1), there shall be credited to the Registered Pension Plans Account, at the time and in the manner determined by the Minister, such amounts as in the opinion of the Minister will, at the end of the prescribed period, together with the amount estimated by the Minister to be to the credit of the Account at that time, meet the cost of the benefits chargeable against the Account.

Marginal note:Payment out of Consolidated Revenue Fund

9 Benefits and other amounts payable under a special pension plan shall be paid out of the Consolidated Revenue Fund and charged to the Registered Pension Plans Account.

Retirement Compensation Arrangements

Establishment of Arrangements

Marginal note:Arrangements may be established

10 The Governor in Council may, on the recommendation of the Minister, by order,

• (a) establish or authorize the establishment of a plan or an arrangement for the payment of benefits, of a kind referred to in the definition “retirement compensation arrangement” in subsection 248(1) of the Income Tax Act, to or in respect of any person

  • (i) who is required to contribute to the Superannuation Account referred to in section 4 of the Public Service Superannuation Act or to the Public Service Pension Fund as defined in subsection 3(1) of that Act,

  • (ii) who is required to contribute to the Canadian Forces Superannuation Account referred to in section 4 of the Canadian Forces Superannuation Act, to the Canadian Forces Pension Fund as defined in subsection 2(1) of that Act or to a fund established under regulations made under section 59.1 of that Act,

  • (iii) who is required to contribute to the Royal Canadian Mounted Police Superannuation Account referred to in section 4 of the Royal Canadian Mounted Police Superannuation Act or to the Royal Canadian Mounted Police Pension Fund as defined in subsection 3(1) of that Act,

  • (iv) to whom the Diplomatic Service (Special) Superannuation Act or the Lieutenant Governors Superannuation Act applies,

  • (v) who is a member of a special pension plan,

  • (vi) who, but for the provisions of the Income Tax Act and the regulations made under that Act respecting the registration of pension plans, would be able to accrue benefits under a special pension plan or a pension plan provided by an Act referred to in subparagraph (i), (ii), (iii) or (iv), or

  • (vii) who is prevented by an Act of Parliament from becoming or remaining a member of a pension plan provided by an Act referred to in subparagraph (i), (ii), (iii) or (iv); and

• (b) designate any person referred to in paragraph (a) or any class of such persons as being subject to a plan or an arrangement that is established by or under the authority of an order made under that paragraph.

Marginal note:Arrangements shall be established

• 11 (1) The Governor in Council shall, on the recommendation of the Minister, by order, as soon as is practicable after the day on which this subsection comes into force, establish or authorize the establishment of a plan or an arrangement for the payment of benefits, of a kind referred to in the definition “retirement compensation arrangement” in subsection 248(1) of the Income Tax Act, to or in respect of any person

  • (a) who, on or after that day, is required to contribute to the Superannuation Account referred to in section 4 of the Public Service Superannuation Act or to the Public Service Pension Fund as defined in subsection 3(1) of that Act and whose annual rate of salary is greater than the annual rate of salary that is fixed by any regulations made under paragraph 42.1(1)(a) of that Act or is greater than the annual rate that may be determined in the manner prescribed by those regulations;

  • (b) who, on or after that day, is required to contribute to the Canadian Forces Superannuation Account referred to in section 4 of the Canadian Forces Superannuation Act, to the Canadian Forces Pension Fund as defined in subsection 2(1) of that Act or to a fund established under regulations made under section 59.1 of that Act and whose annual rate of pay is greater than the annual rate of pay that is fixed by the regulations made under paragraph 50(1)(g) of that Act or is greater than the annual rate that may be determined in the manner prescribed by those regulations;

  • (c) who, on or after that day, is required to contribute to the Royal Canadian Mounted Police Superannuation Account referred to in section 4 of the Royal Canadian Mounted Police Superannuation Act or to the Royal Canadian Mounted Police Pension Fund as defined in subsection 3(1) of that Act and whose annual rate of pay is greater than the annual rate of pay that is fixed by the regulations made under paragraph 26.1(1)(a) of that Act or is greater than the annual rate that may be determined in the manner prescribed by those regulations;

  • (d) who is or has been a deputy head, has to the person’s credit under the Public Service Superannuation Act not less than ten years of pensionable service and elects, in accordance with the regulations, before the person ceases to be employed in the public service, to become subject to such a plan or arrangement; or

  • (e) 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 the Public Service Superannuation Act, as it read at that time, to be employed in the Public Service.

• Marginal note:Designation

  (2) The Governor in Council shall, when establishing or authorizing the establishment of a plan or an arrangement under subsection (1), designate the persons who shall be subject to that plan or arrangement and may designate those persons either individually or by class of persons.

• Marginal note:Idem

  (3) A plan or an arrangement that is established by or under the authority of an order made under subsection (1) shall provide for the payment of benefits to or in respect of a person described in that subsection that are equivalent in value to the value of the benefits that the person would have been able to accrue but for

  • (a) subsection 5(6) of the Public Service Superannuation Act;

  • (b) subsection 5(5) of the Canadian Forces Superannuation Act;

  • (c) subsection 5(5) of the Royal Canadian Mounted Police Superannuation Act; or

  • (d) 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.

• Marginal note:Definition of “deputy head”

  (4) In this section, deputy head means the deputy head of a department, a person having by law the status of a deputy head and the chairperson, president or other chief executive officer of a portion of the public service, as defined in section 3 of the Public Service Superannuation Act, other than a department.

Marginal note:Supplementary benefits

12 A retirement compensation arrangement shall provide for the payment of supplementary benefits in relation to any periodic payments to which a person is entitled under that arrangement, calculated at the same rates and in the same manner as is provided under the Supplementary Retirement Benefits Act in respect of supplementary retirement benefits payable under that Act.

Marginal note:Amendments

• 13 (1) The Governor in Council may, on the recommendation of the Minister, by order, amend or authorize the amendment of any retirement compensation arrangement.

• Marginal note:Retroactivity of amendments

  (2) An amendment to a retirement compensation arrangement may, if the order by which the amendment is made or is authorized to be made so provides, be retroactive and be deemed to come into force on a day prior to the day on which the order is made, which prior day shall not be before the day on which that arrangement is established.

• Marginal note:Void amendments

  (3) An amendment to a retirement compensation arrangement is void if the amendment would reduce or have the effect of reducing

  • (a) a benefit accrued under that arrangement before the day on which the amendment is made; or

  • (b) the retirement compensation benefit credit accrued under that arrangement in respect of that benefit.