Public Service Superannuation Regulations

58 (1) The years of service referred to in subsection (2) shall only include service that is pensionable service to the person’s credit.

(2) The benefit to which a person who exercises the option under section 24.2 of the Act is entitled, in respect of service referred to in each of the following paragraphs, is the following:

• (a) if the person has at least 25 years of actual operational service, an immediate annuity;

• (b) if the person has at least 20, but less than 25, years of actual operational service, an annual allowance equal to an amount determined by the formula

  A - (A × 5% × B)

  where

  A

  is the amount of the deferred annuity to which the person would be entitled in respect of that service under subsection 13(1) of the Act, and

  B

  is 25 minus the number of years of actual operational service, rounded to the nearest 1/10 of a year;

• (c) if the person is at least 50 years of age when the person ceases to be employed in operational service and has at least 25 years of actual and deemed operational service, an immediate annuity;

• (d) if the person is at least 50 years of age when the person ceases to be employed in operational service and has at least 20, but less than 25, years of actual and deemed operational service, an annual allowance equal to an amount determined by the formula

  A - (A × 5% × B)

  where

  A

  is the amount of the deferred annuity to which the person would be entitled in respect of that service under subsection 13(1) of the Act, and

  B

  is 25 minus the number of years of actual and deemed operational service, rounded to the nearest 1/10 of a year;

• (e) if the person is at least 45, but less than 50, years of age when the person ceases to be employed in operational service and has at least 20 years of such service including at least 10, but less than 20, years of actual operational service, in addition to some deemed operational service, an annual allowance equal to an amount determined by the formula

  A - (A × 5% × B)

  where

  A

  is the amount of the deferred annuity to which the person would be entitled in respect of that service under subsection 13(1) of the Act, and

  B

  is the greater of

  • (i) 50 minus their age in years, rounded to the nearest 1/10 of a year, at the time the person exercises the option, and

  • (ii) 25 minus the total number of years of actual and deemed operational service, rounded to the nearest 1/10 of a year;

• (f) if the person is at least 45, but less than 50, years of age when the person ceases to be employed in operational service and has at least 20, but less than 25, years of actual operational service, in addition to some deemed operational service, an annual allowance equal to an amount equal to the greater of

  • (i) the sum of

    • (A) the amount of annual allowance determined in accordance with the formula set out in paragraph (b), and

    • (B) the amount of annual allowance determined by the formula

      A - (A × 5% × B)

      where

      A

      is the amount of the deferred annuity to which the person would be entitled in respect of the deemed operational service under subsection 13(1) of the Act, and

      B

      is the greater of

      • (I) 50 minus their age in years, rounded to the nearest 1/10 of a year, at the time the person exercises the option, and

      • (II) 25 minus the total number of years of actual and deemed operational service, rounded to the nearest 1/10 of a year, and

  • (ii) the amount of the annual allowance determined in accordance with the formula set out in paragraph (e); or

• (g) if the person is at least 45, but less than 50, years of age when the person ceases to be employed in operational service, is entitled to an immediate annuity under paragraph (a) and has some deemed operational service, an annual allowance equal to an amount determined by the formula

  A - (A × 5% × B)

  where

  A

  is the amount of the deferred annuity to which the person would be entitled in respect of that service under subsection 13(1) of the Act, and

  B

  is 50 minus their age in years, rounded to the nearest 1/10 of a year, at the time the person exercises the option.

(3) A person who would be entitled to an immediate annuity under paragraph (2)(a) or (c) and who does not exercise the option referred to in subparagraph 13(1)(c)(ii) or section 13.01 or 24.2 of the Act within one year after ceasing to be employed in the public service is deemed to have exercised the option under the latter section.