Sydney Pilots’ Pension Regulations (SOR/67-56)

1 These Regulations may be cited as the Sydney Pilots’ Pension Regulations.

2 In these Regulations,

Act

Act means the Public Service Superannuation Act; (Loi)

Authority

Authority means the Pilotage Authority for the Pilotage District of Sydney, Nova Scotia; (Autorité)

By-law

By-law means the Sydney Pilotage District General By-law; (Règlement)

fiscal year

fiscal year means the period from the first day of April in one year to the thirty-first day of March in the next year; (année financière)

Minister

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

Pension Fund

Pension Fund means the Sydney Pilots’ Pension Fund; (Caisse de pension)

pilot

pilot means a pilot licensed by the Authority; and (pilote)

Superannuation Account

Superannuation Account means the Account referred to in the Act as the Superannuation Account. (Compte de pension de retraite)

• 3 (1) On or before March 31st, 1967, the Authority shall pay to the Minister of Finance all moneys in the Pension Fund, together with accrued interest thereon, and shall transfer to the Minister of Finance all securities forming part of the Pension Fund, together with accrued interest thereon.

• (2) The Minister of Finance shall pay into the Superannuation Account all moneys paid to him pursuant to subsection (1) and shall liquidate all securities transferred to him pursuant to subsection (1) and pay the moneys realized from such liquidation into the Superannuation Account on or before March 31st, 1968.

• 4 (1) There shall be paid out of the Superannuation Account on or after the first day of the month following the month in which the payment and transfer described in subsection (1) of section 3 has been made,

  • (a) any pension being paid out of the Pension Fund on that date, and

  • (b) any pension or amount that would have been required to be paid out of the Pension Fund on or after that date pursuant to Part II of the By-law as it read on October 1st, 1966,

  to or in respect of any person who ceased to be employed as a pilot prior to October 1st, 1966.

• (2) Every pension or amount payable pursuant to subsection (1) shall be paid subject to the terms and conditions on which that pension or amount would have been paid pursuant to Part II of the By-law as it read on October 1st, 1966.

• 5 (1) Each pilot who became employed in the Public Service on October 1st, 1966 shall be deemed to have become a contributor under the Act and required to contribute to the Superannuation Account as of that date.

• (2) Each pilot described in subsection (1) shall be deemed to have to his credit as pensionable service under the Act as of October 1st, 1966 the whole or that portion of the active service to his credit under the By-law that his accumulated contributions will purchase when applied to that part of his service under the By-law that is most recent in point of time, calculated by the Minister in accordance with twice the rate or rates of contributions applying from time to time under the Act in respect of a corresponding period of service in the Public Service, as if

  • (a) the pilot were a contributor under the Act during that period of service;

  • (b) the salary payable to the pilot in respect of that service were equal to the moneys that were actually paid to him for service as a pilot during that period; and

  • (c) interest had been paid on those contributions at a rate equal to the rate at which, in the opinion of the Minister, interest in respect of contributions under the Act was payable under the Act during that period of service, calculated from the middle of each fiscal year in that period of service to October 1st, 1966.

• (3) For the purposes of this section, accumulated contributions with respect to a pilot described in subsection (1) means an amount equal to the contributions to the credit of that pilot in the Pension Fund plus interest at the rate of three per cent per annum compounded annually and calculated from the middle of each fiscal year during the period of active service of that pilot until October 1st, 1966.