Annuities Agents Pension Regulations (C.R.C., c. 319)

Short Title

1 These Regulations may be cited as the Annuities Agents Pension Regulations.

Interpretation

2 In these Regulations,

a(f) Ultimate

a(f) Ultimate and a(f) and a(m) Ultimate Tables mean the tables so entitled appearing in the Mortality of Annuitants 1900-1920 published on behalf of the Institute of Actuaries and The Faculty of Actuaries in Scotland, 1924; (a(f) Ultimate eta(f) and a(m) Ultimate)

agent

agent means a person engaged as an agent of the Minister of Employment and Immigration pursuant to the Government Annuities Regulations to sell annuities under the Government Annuities Act on a full-time basis and who, at the time of becoming engaged as such, has not attained the age of 65 years; (agent)

annuity

annuity means an annuity computed in accordance with section 7; (pension)

contributor

contributor means an agent and, unless the context otherwise requires, a former agent to whom or in respect of whom an annuity or other benefit is payable or may become payable in accordance with these Regulations; (contributeur)

current service

current service means service performed on or after the effective date and includes any period during which a contributor is on an authorized leave of absence and in respect of which contributions are paid by the contributor; (service courant)

deferred annuity

deferred annuity means an annuity that becomes payable to a contributor at the time he reaches 65 years of age; (pension à jouissance différée)

disabled

disabled means incapable of pursuing regularly any substantially gainful occupation; (invalide)

earnings

earnings mean the commissions paid to an agent for the performance of his duties and determined in accordance with the scale of commissions from time to time approved by the Minister of Employment and Immigration; (gains)

effective date

effective date means October 1, 1961; (date d’entrée en vigueur)

immediate annuity

immediate annuity means an annuity that becomes payable to a contributor immediately upon his becoming entitled thereto; (pension à jouissance immédiate)

Minister

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

misconduct

misconduct means wilful disobedience of the provisions of any statute, regulation or directive governing the performance of the official duties of an agent, the breach of which involves the termination of his engagement, malversation in office, or abandonment of office; (inconduite)

past service

past service means service performed prior to the effective date; (service antérieur)

Public Service

Public Service has the same meaning as in the Public Service Superannuation Act; (Fonction publique)

recipient

recipient means a person to whom any benefit has become payable under these Regulations; (bénéficiaire)

return of contributions

return of contributions means the return of the amount paid by the contributor into the Annuities Agents Pension Account, without interest; (remise des contributions)

service

service means the performance by an agent of the duties assigned to him by or on behalf of the Minister of Employment and Immigration in accordance with the terms of his engagement, and, where military service with the Canadian Armed Forces during the Second World War constitutes a break in the service, includes that military service. (service)

Pensions

3 Subject to these Regulations, an annuity or other benefit herein specified shall be paid to or in respect of every agent who is required to contribute, or on whose behalf contributions are paid, into the Annuities Agents Pension Account in accordance with these Regulations, and who dies or ceases to be engaged, which annuity or other benefit shall, subject to these Regulations, be based upon the number of years of service to the credit of that person at the time he dies or ceases to be engaged.

Annuities Agents Pension Account

4 There shall be an account in the Consolidated Revenue Fund to be known as the Annuities Agents Pension Account.

Payments in and out of the Annuities Agents Pension Account

5 Every agent is required to contribute to the Annuities Agents Pension Account five per cent of his earnings in respect of current service, by reservation from earnings.

• 6 (1) There shall be credited to the Annuities Agents Pension Account in each fiscal year,

  • (a) on the last day of each quarter of such year, namely, on the last day of June, September, December and March, respectively, an amount representing interest which shall be calculated at the rate of one per cent on the balance to the credit of the Account on the last day of the preceding quarter;

  • (b) such amount as is determined by the Minister of Finance to be required to meet the cost of the benefits chargeable against the Account for the year in respect of current service of contributors after taking into consideration the contributions paid into the Account by contributors; and

  • (c) such amount as is estimated by the Minister of Finance to be required to meet the costs of the benefits payable during the year under these Regulations in respect of past service of contributors.

• (2) All amounts required for the payment of annuities or other benefits herein specified shall be paid out of the Annuities Agents Pension Account.

Computation of Annuities

• 7 (1) For the purposes of this section, average annual earnings means

  • (a) the average annual earnings earned by a contributor during the six-year period immediately preceding his 65th birthday or the effective date, whichever first occurs;

  • (b) in the case of a contributor who has less than six years of past service to his credit, the average annual earnings earned by the contributor during the period of past service to his credit; or

  • (c) in the case of a contributor who

    • (i) had less than six years of past service to his credit before his 65th birthday, and

    • (ii) has a total of six or more years of past service to his credit before ceasing to be engaged as an agent,

    the average annual earnings earned by the contributor during his first six years of past service.

• (2) Subject to subsection (3), the amount of any annuity to which a contributor may become entitled under these Regulations is an amount equal to the aggregate of

  • (a) the sum of

    • (i) 1 1/2 per cent of the contributor’s annual earnings not in excess of $6,000, and

    • (ii) one per cent of the contributor’s annual earnings in excess of $6,000

    for each year of current service to the credit of the contributor; and

  • (b) the sum of

    • (i) 3/4 of one per cent of the contributor’s average annual earnings not in excess of $6,000, and

    • (ii) 1/2 of one per cent of the contributor’s average annual earnings in excess of $6,000

    multiplied by the number of years of past service to the credit of the contributor.

• (3) The amount of any annuity to which a contributor, who ceased to be engaged as an agent prior to the effective date to become employed in the Government Annuities Branch of the Canada Employment and Immigration Commission, may become entitled under these Regulations, is an amount equal to the product of

  • (a) the sum of

    • (i) 3/4 of one per cent of the contributor’s average annual earnings not in excess of $6,000, and

    • (ii) 1/2 of one per cent of the contributor’s average annual earnings in excess of $6,000,

    earned during the six-year period immediately preceding the date he ceased to be engaged as an agent, multiplied by

  • (b) the number of years of past service to the credit of the contributor.

Benefits

8 A contributor who ceases to be engaged as an agent, having to his credit less than five years of service, is entitled to a return of contributions.

• 9 (1) The following provisions are applicable in respect of a contributor who, having ceased to be engaged as an agent, has to his credit five or more years of service, namely,

  • (a) if he ceases to be engaged, having reached 65 years of age, for any reason other than misconduct, he is entitled to an immediate annuity;

  • (b) if he ceases to be engaged, not having reached 65 years of age but having reached 60 years of age, for any reason other than disability or misconduct, he is entitled to

    • (i) a deferred annuity, or

    • (ii) an immediate annuity, which is the actuarial equivalent of a deferred annuity, or

    • (iii) a return of contributions

    at his option;

  • (c) if he ceases to be engaged, not having reached 65 years of age, by reason of having become disabled, he is entitled to

    • (i) an immediate annuity, or

    • (ii) a return of contributions

    at his option;

  • (d) if he ceases to be engaged, not having reached 60 years of age, for any reason other than disability or misconduct, he is entitled to

    • (i) a deferred annuity, or

    • (ii) a return of contributions

    at his option;

  • (e) if he becomes disabled, not having reached 65 years of age but having become entitled to a deferred annuity under paragraph (b) or (d), he ceases to be entitled to that deferred annuity and becomes entitled to an immediate annuity; and

  • (f) if he ceases to be engaged by reason of misconduct, he is entitled to

    • (i) a return of contributions, or

    • (ii) with the consent of the Treasury Board, the whole or any part specified by the Treasury Board of any benefit to which he would have been entitled under this section had he, at the time of his dismissal, ceased to be engaged for any reason other than misconduct, except that in no case shall the capitalized value thereof be less than the return of contributions referred to in subparagraph (i).

• (2) A contributor who ceased to be engaged as an agent prior to the effective date, to become employed in the Government Annuities Branch of the Canada Employment and Immigration Commission, is entitled to an immediate annuity when he ceases to be employed in the Public Service or when he attains the age of 65 years, whichever is the later.

• (3) For the purposes of this section, the actuarial equivalent of a deferred annuity shall be determined according to the schedule.

• (4) Where by this section a contributor is entitled to a benefit at his option, if the contributor fails to exercise that 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, if he is entitled to one, otherwise he shall be deemed to have exercised it in favour of a benefit other than a return of contributions.

Payments to Widows

• 10 (1) Upon the death of a contributor who, at the time of his death, had less than five years of service to his credit, the widow of the contributor is immediately entitled to a return of contributions.

• (2) Upon the death of a contributor who, at the time of his death, was entitled under section 9 to an immediate annuity or a deferred annuity, the widow of the contributor is immediately entitled to an annual allowance equal to one-half of the amount of the annuity to which the contributor was entitled.

• (3) Upon the death of a contributor who, at the time of his death, was entitled under section 9 to an immediate annuity, which is the actuarial equivalent of a deferred annuity, the widow of the contributor is immediately entitled to an annual allowance equal to one-half of that deferred annuity.

• (4) Upon the death of a contributor who was engaged as an agent at the time of his death, having to his credit five or more years of service, the widow of the contributor is immediately entitled to the annual allowance to which she would have been entitled under subsection (2) had the contributor, immediately prior to his death, become entitled to an annuity under paragraph 9(1)(a).