Returned Contributions Interest Regulations (C.R.C., c. 345)

Short Title

1 These Regulations may be cited as the Returned Contributions Interest Regulations.

Interpretation

2 In these Regulations, "contribution" means an amount paid by or on behalf of a contributor to the Superannuation Account pursuant to subsection 6(1) of the Public Service Superannuation Act and that

• (a) has been on deposit in the Superannuation Account for at least two years from the date of its receipt; and

• (b) cannot be applied for the purpose for which it was originally paid into the Account because the election pursuant to which it was made is void.

Payment of Interest

• 3 (1) Subject to subsection (2) and section 4, interest is payable on a contribution calculated in respect of each quarter in each fiscal year as of the last day of June, September, December and March at the rate of one per cent of the amount of the contribution on deposit.

• (2) Interest is payable, pursuant to subsection (1), from the first day of the first quarter commencing after the contribution was paid into the Superannuation Account until the last day of the quarter immediately preceding the day the contribution is paid out of that Account.

4 No interest is payable on a contribution pursuant to section 3, where an amount in respect of the contribution was paid to the contributor before April 1, 1967, unless application is made therefor to the President of the Treasury Board.