Division of Judges’ Annuity Benefits Regulations

Marginal note:Value of annuity attributed to period subject to division

23 For the purposes of paragraph 52.14(1)(a) of the Act, the value of the annuity attributed to the period subject to division is equal to the actuarial present value of the annuity on valuation day, determined in accordance with the following rules and taking into account the death benefit provided for in subsection 51(3) of the Act:

• (a) in respect of the period during which the judge holds office, the rates of disability, retirement and mortality, including mortality projection factors, are those that were used in the preparation of the actuarial valuation report;

• (b) in respect of the period beginning on the day after the day on which the judge ceases to hold office, the rates of mortality are those set out in an appendix to the actuarial valuation report;

• (c) the interest rates are the interest rates for fully indexed pensions, determined in accordance with the section entitled “Pension Commuted Values” of the Standard of Practice — Practice-Specific Standards for Pension Plans, published by the Canadian Institute of Actuaries, as amended from time to time;

• (d) any benefits that are or may become payable to the judge’s spouse, common-law partner or children on the judge’s death are excluded;

• (e) if the judge died after the end of the period subject to division but before valuation day, he or she is deemed to have been alive on valuation day;

• (f) if the judge ceased to hold office before valuation day, the determination must take into account only the annuity benefits payable to him or her beginning on that day and, if the judge still holds office on valuation day, only those payable to him or her beginning on the dates on which he or she might cease to hold office; and

• (g) if the judge ceased to hold office by reason of the infirmity referred to in paragraph 42(1.1)(b) of the Act, the determination must take into account only the annuity benefits payable to him or her beginning on the later of valuation day and the day that would have been his or her expected date of retirement had the infirmity not occurred.