Special Retirement Arrangements Act (S.C. 1992, c. 46, Sch. I)

Act current to 2014-10-27 and last amended on 2013-01-01. Previous Versions

Registered Pension Plans Account

Marginal note:Establishment of Account

 There shall be established in the accounts of Canada an account to be known as the Registered Pension Plans Account.

Marginal note:Amounts to be credited to Account

 There shall be credited to the Registered Pension Plans Account in each fiscal year

  • (a) in respect of every month, an amount equal to the amount estimated by the Minister to be required to provide for the cost of the benefits that have accrued in respect of that month and that will become chargeable against the Account; and

  • (b) an amount representing interest on the balance from time to time to the credit of the Account, calculated at the same rates and credited in the same manner and at the same time as interest is calculated and credited in respect of the Superannuation Account continued under subsection 4(2) of the Public Service Superannuation Act.

Marginal note:Valuation and assets reports
  •  (1) A valuation report and an assets report on the state of the Registered Pension Plans Account shall be prepared, filed with the Minister and laid before Parliament in accordance with the Public Pensions Reporting Act as if the special pension plans established under this Act were pension plans established under an Act referred to in subsection 3(1) of that Act.

  • Marginal note:Review dates

    (2) For the purposes of subsection (1), the review date as of which an actuarial review of the Registered Pension Plans Account must be conducted for the purposes of the first valuation report is December 31 in the year that is four years after the day on which this subsection comes into force and, thereafter, the review dates must not be more than three years apart.

  • Marginal note:Amounts to be credited on basis of valuation report

    (3) Following the laying before Parliament of any valuation report under subsection (1), there shall be credited to the Registered Pension Plans Account, at the time and in the manner determined by the Minister, such amounts as in the opinion of the Minister will, at the end of the prescribed period, together with the amount estimated by the Minister to be to the credit of the Account at that time, meet the cost of the benefits chargeable against the Account.

Marginal note:Payment out of Consolidated Revenue Fund

 Benefits and other amounts payable under a special pension plan shall be paid out of the Consolidated Revenue Fund and charged to the Registered Pension Plans Account.

RETIREMENT COMPENSATION ARRANGEMENTS

Establishment of Arrangements

Marginal note:Arrangements may be established

 The Governor in Council may, on the recommendation of the Minister, by order,

  • (a) establish or authorize the establishment of a plan or an arrangement for the payment of benefits, of a kind referred to in the definition “retirement compensation arrangement” in subsection 248(1) of the Income Tax Act, to or in respect of any person

    • (i) who is required to contribute to the Superannuation Account referred to in section 4 of the Public Service Superannuation Act or to the Public Service Pension Fund as defined in subsection 3(1) of that Act,

    • (ii) who is required to contribute to the Canadian Forces Superannuation Account referred to in section 4 of the Canadian Forces Superannuation Act, to the Canadian Forces Pension Fund as defined in subsection 2(1) of that Act or to a fund established under regulations made under section 59.1 of that Act,

    • (iii) who is required to contribute to the Royal Canadian Mounted Police Superannuation Account referred to in section 4 of the Royal Canadian Mounted Police Superannuation Act or to the Royal Canadian Mounted Police Pension Fund as defined in subsection 3(1) of that Act,

    • (iv) to whom the Diplomatic Service (Special) Superannuation Act or the Lieutenant Governors Superannuation Act applies,

    • (v) who is a member of a special pension plan,

    • (vi) who, but for the provisions of the Income Tax Act and the regulations made under that Act respecting the registration of pension plans, would be able to accrue benefits under a special pension plan or a pension plan provided by an Act referred to in subparagraph (i), (ii), (iii) or (iv), or

    • (vii) who is prevented by an Act of Parliament from becoming or remaining a member of a pension plan provided by an Act referred to in subparagraph (i), (ii), (iii) or (iv); and

  • (b) designate any person referred to in paragraph (a) or any class of such persons as being subject to a plan or an arrangement that is established by or under the authority of an order made under that paragraph.

  • 1992, c. 46, Sch. I, s. 10;
  • 2002, c. 17, s. 28;
  • 2003, c. 26, s. 65.