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

• 93. (1) The interest referred to in section 90 shall be calculated for the period beginning on valuation day and ending on the last day of the month preceding the month in which payment of the transfer value is effected, at the rate established in accordance with subsections (2) and (3) converted to an effective annual rate.

• (2) The rate of interest is the rate that existed in respect of the second quarter preceding valuation day and that is set out in the table entitled “Balanced” on the line “MERCER Median” in the column entitled “3 Months” in the Summary Performance of Canadian Institutional Pooled Funds, published by Mercer Investment Consulting Inc., as amended from time to time.

• (3) If the rate of interest under subsection (2) is negative, the amount of interest for the purposes of subsection (1) is zero.

• 94. (1) For the purposes of determining the deferred annuity referred to in subsection 90(1), a contributor’s pensionable service is that which is to the credit of the contributor on the date of ceasing to be employed in the Public Service.

• (2) For the purposes of subsection 13.01(3) of the Act and notwithstanding subsection (1), the pensionable service to the credit of a contributor who has elected to pay for a period of pensionable service by means of instalments shall include only the portion of the pensionable service subject to the election that corresponds to the payments that were made or ought to have been made on or before valuation day.

95. Where a division of a contributor’s pension benefits is effected under section 8 of the Pension Benefits Division Act before the date on which payment of a transfer value is effected, the lump sum amount referred to in section 90 shall be reduced to take into account the adjustment to the contributor’s pension benefits made in accordance with section 21 of the Pension Benefits Division Regulations.

96. A retirement savings plan prescribed for the purposes of section 26 of the Pension Benefits Standards Act, 1985 is prescribed as a kind of retirement saving plan or fund for the purposes of paragraph 13.01(2)(b) of the Act.

97. An “immediate life annuity” and a “deferred life annuity” as defined in subsection 2(1) of the Pension Benefits Standards Regulations, 1985 are prescribed as a kind of immediate life annuity and a kind of deferred life annuity for the purposes of paragraph 13.01(2)(c) of the Act.

98. For the purposes of subsection 13.01(2) of the Act, where the transfer value determined in accordance with sections 90 to 95 exceeds the amount which may, in accordance with section 8517 of the Income Tax Regulations, be transferred to a retirement savings plan or fund or to a financial institution for the purchase of an immediate or deferred life annuity, the excess shall be paid to the contributor.