Public Service Superannuation Regulations (C.R.C., c. 1358)

45. Beginning with the fiscal year ending March 31, 2002, the annual report referred to in section 46 of the Act shall include the financial statements of the pension plan provided by the Act, prepared in accordance with the federal government’s stated accounting policies for the pension plan, which are based on generally accepted accounting principles.

• 46. (1) For the purposes of paragraph 44(1)(c) of the Act, interest shall be calculated in respect of each quarter in each fiscal year as of the last day of June, September, December and March on the balance to the credit of the Superannuation Account on the last day of the preceding quarter.

• (2) The rate to be used for the purpose of calculating interest under subsection (1) in respect of any quarter is that rate which would yield an amount of interest equal to the amount of interest that the aggregate of the balances to the credit of the Superannuation Accounts maintained under the Public Service Superannuation Act, the Canadian Forces Superannuation Act and the Royal Canadian Mounted Police Superannuation Act would have yielded during that quarter if the quarterly excess were invested at,

  • (a) where the rate is to be used in respect of any quarterly excess after December 31, 1965, the average of the rates of interest that may be or have been determined by the Minister of Finance for the months in that quarter pursuant to subsection 111(2) of the Canada Pension Plan; and

  • (b) where the rate is to be used in respect of any quarterly excess before the quarter ending on March 31, 1966, the average of the rates of interest determined by the Minister of Finance for the months in that quarter as if subsection 111(2) of the Canada Pension Plan had been in force.

• (3) The Minister shall cause notice of the rate to be used for the purposes of calculating interest under subsection (1) to be published in the Canada Gazette at least once in each fiscal year.

• (4) In this section “quarterly excess” means

  • (a) the total of the amounts credited to the Superannuation Accounts maintained under the Public Service Superannuation Act, the Canadian Forces Superannuation Act and the Royal Canadian Mounted Police Superannuation Act during any quarter of a fiscal year

  minus

  • (b) the payments charged to those Accounts during that quarter

  plus

  • (c) the total of any amounts credited to those Accounts less the payments charged to those Accounts during any quarter of a fiscal year that is a multiple of 20 years prior to the quarter referred to in paragraph (a).