Prorated Annuities — Early Retirement
Marginal note:Fifty-five years of age and ten years in office
43.1 (1) The Governor in Council shall grant to a judge who has attained the age of fifty-five years, who has continued in judicial office for at least ten years and who elects early retirement, at the option of the judge, an immediate annuity or a deferred annuity, calculated in accordance with this section.
Marginal note:Calculation of amount of deferred annuity
(2) The amount of the deferred annuity shall be two thirds of the amount of the salary annexed to the judge’s office at the time of the election multiplied by a fraction of which
(a) the numerator is the number of years, to the nearest one tenth of a year, during which the judge has continued in judicial office, and
(b) the denominator is the number of years, to the nearest one tenth of a year, during which the judge would have been required to continue in judicial office in order to be eligible to be granted an annuity under paragraph 42(1)(a) or (d).
Marginal note:Immediate annuity
(3) If a judge exercises the option to receive an immediate annuity, the amount of that annuity is equal to the amount of the deferred annuity, reduced by the product obtained by multiplying
(a) five per cent of the amount of the deferred annuity
(b) the difference between sixty and his or her age in years, to the nearest one-tenth of a year, at the time he or she exercises the option.
Marginal note:Second exercise of option
(4) A judge whose option was to receive a deferred annuity may, between the date of that option and the date on which the deferred annuity would be payable, opt for an immediate annuity. The Governor in Council shall, in that case, grant an immediate annuity to the judge from the date of the second option.
Marginal note:Survivor’s annuity
(5) On the death of a judge who has been granted an immediate annuity or a deferred annuity under subsection (1) or (4), the annuity granted to a survivor under subsection 44(2) shall be determined as if the judge were in receipt of a deferred annuity.
(6) The definitions in this subsection apply in this section.
« pension différée »
“deferred annuity” means an annuity that becomes payable to a judge at the time that he or she reaches sixty years of age and that continues to be paid during the life of the judge.
« pension immédiate »
“immediate annuity” means an annuity that becomes payable to a judge at the time that he or she exercises an option to receive the annuity and that continues to be paid during the life of the judge.
- 2001, c. 7, s. 21;
- 2006, c. 11, s. 12.
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