Members of Parliament Retiring Allowances Act (R.S.C., 1985, c. M-5)

Marginal note:Allowance on ceasing to be member on or after January 1, 2016 — 65 years of age or older

• 17.1 (1) Subject to sections 58 and 59, if a person ceases to be a member after December 31, 2015, having contributed or elected to contribute under this Part or Part I or III of the former Act as a member for at least six years and the person has reached 65 years of age when he or she ceases to be a member, there shall be paid to that person during his or her lifetime a retirement allowance in an amount calculated under subsection (2).

• Marginal note:Amount

  (2) The amount of the retirement allowance is equal to the portion of the person’s average annual pensionable earnings that does not exceed his or her earnings limit for the calendar year in which he or she ceased to be a member multiplied by the number of years and portions of years of the person’s pensionable service calculated in accordance with subsections (3) and (4) multiplied by 0.02, minus an amount equal to the percentage fixed by the Chief Actuary of

  • (a) the person’s average maximum pensionable earnings,

  multiplied by

  • (b) the number of years and portions of years of the person’s pensionable service calculated in accordance with subsections (3) and (4) multiplied by 0.02.

• Marginal note:Pensionable service

  (3) Subject to subsection (4), the person’s pensionable service for the purposes of subsection (2) is

  • (a) the years and portions of years spent as a member after December 31, 2015 during which he or she was required to contribute under this Part, other than any period in respect of which a withdrawal allowance has been paid to the person; and

  • (b) the years and portions of years in respect of which he or she elected on or after January 1, 2016 to bring to his or her credit as time spent as a member.

• Marginal note:Service after contributions under subsection 12(2.1) not to be included

  (4) The person’s service as a member during which he or she was required to contribute under subsection 12(2.1), if any, is not to be included in the calculation under subsection (3) of the person’s pensionable service.

• Marginal note:Retirement pension to be taken into account

  (5) In fixing the percentage for the purposes of subsection (2), the Chief Actuary shall take into account the retirement pension payable to a person under the Canada Pension Plan or under a similar provincial pension plan.

Marginal note:Allowance on ceasing to be member on or after January 1, 2016 — under 65 years of age

• 17.2 (1) Subject to sections 58 and 59, if a person ceases to be a member after December 31, 2015, having contributed or elected to contribute under this Part or Part I or III of the former Act as a member for at least six years and the person is under 65 years of age when he or she ceases to be a member, and the person has elected to receive an allowance under section 37.3, there shall be paid to that person, subject to subsection (3), during his or her lifetime, a retirement allowance in an amount calculated under subsection (2).

• Marginal note:Amount of retirement allowance

  (2) For the purposes of subsection (1), the amount of the retirement allowance is equal to the amount of the retirement allowance determined under section 17.1 as though that section applied to the person, minus the product obtained by multiplying that amount by the reduction factor.

• Marginal note:When retirement allowance becomes payable

  (3) The retirement allowance payable under subsection (1) becomes payable on the later of

  • (a) the day the person reaches the age of 60, and

  • (b) the day the person begins to receive his or her allowance under section 37.3.