Supplementary Retirement Benefits Act (R.S.C., 1985, c. S-24)

Recoveries

Marginal note:Recovery of overpayments

7 Where any amount has been paid in error under this Act on account of any supplementary retirement benefit, the Minister may retain by way of deduction in prescribed manner from any subsequent payments of that supplementary retirement benefit or of the pension by reference to which that benefit is calculated an amount equal to the amount paid in error, without prejudice to any other recourse available to Her Majesty with respect to the recovery thereof.

Financial Provisions

Marginal note:Account established

• 8 (1) There is hereby established in the accounts of Canada an account to be known as the Supplementary Retirement Benefits Account.

• Marginal note:Amounts payable out of C.R.F.

  (2) All benefits and other amounts required to be paid pursuant to this Act shall be paid out of the Consolidated Revenue Fund and, except in the case of

  • (a) any benefit calculated by reference to a pension payable for any month after December, 1973 to or in respect of a person or in respect of the service of a person whose retirement year, determined as provided in subsection 4(5), is before 1970,

  • (b) the amount by which any benefit calculated by reference to a pension payable for any month after December, 1973 to or in respect of a person or in respect of the service of a person whose retirement year, determined as provided in subsection 4(5), is after 1969 exceeds the aggregate of all amounts credited to the Supplementary Retirement Benefits Account in respect of that person, including such portion of any interest credited to that Account as may reasonably be regarded as having been credited thereto in respect of that person, and

  • (c) any benefit calculated by reference to an annuity payable under the Governor General’s Act or the Judges Act,

  shall be charged to the Supplementary Retirement Benefits Account.

Marginal note:Interest to be credited to Account

9 There shall be credited to the Supplementary Retirement Benefits Account in each fiscal year an amount representing interest on the balance from time to time to the credit of that Account calculated at such rate as may be fixed by the Treasury Board.

General

Marginal note:Regulations

10 The Minister may make regulations prescribing

• (a) for the purposes of the definition Pension Index, the manner of calculating the average of the Consumer Price Index for any period;

• (b) for the purposes of paragraph 4(2)(b), the manner of calculating the Benefit Index and the manner of calculating any ratio referred to in that paragraph; and

• (c) the manner in which amounts referred to in section 7 may be deducted from any supplementary retirement benefit or pension.

Marginal note:Where basis of Consumer Price Index changed

11 Where at any time the Consumer Price Index for Canada, as published by Statistics Canada under the authority of the Statistics Act, is adjusted to reflect a new time basis or a new content basis with a resulting percentage adjustment being made in the figures for that Index, a corresponding adjustment shall be made in the Pension Index with respect to any period that is used for the purpose of calculating the amount of any benefit that may be paid under this Act.

Marginal note:Annual report

12 The Minister shall lay before Parliament each year a report on the administration of this Act during the preceding fiscal year, including a statement showing the amounts paid into and out of the Supplementary Retirement Benefits Account during that year, together with such additional information as the Governor in Council requires.