Royal Canadian Mounted Police Superannuation Regulations (C.R.C., c. 1393)

Regulations are current to 2017-09-27 and last amended on 2016-01-01. Previous Versions

Prescribed Ages

  •  (1) For the purposes of subparagraph 11(9)(b)(ii) of the Act, the prescribed age is 50 years.

  • (2) For the purposes of paragraph 11(9)(a) and subparagraph 11(9)(b)(iii) of the Act, the prescribed age is 55 years.

  • SOR/2003-232, s. 2.

Transfer Value

[SOR/2012-124, s. 20]

Eligibility

  •  (1) Subject to subsection (3), a contributor described in subsection 12.1(1) of the Act who holds a rank in the Force is entitled to exercise an option for a transfer value determined in accordance with sections 61 to 65 if the annuity to which the contributor is entitled becomes payable after the day of exercising the option.

  • (2) Subject to subsection (3), a contributor described in subsection 12.1(1) of the Act who does not hold a rank in the Force is entitled to exercise an option for a transfer value determined in accordance with sections 61 to 65 if the annuity to which the contributor is entitled becomes payable after the day of exercising the option and if

    • (a) in the case of a contributor who ceases to be a member of the Force on or after the day on which this section comes into force, the contributor is less than the age referred to in subsection 54(1) on the day on which the contributor ceases to be a member of the Force;

    • (b) in the case of a contributor who ceased to be a member of the Force on or after September 14, 1999 but before the day on which this section comes into force, the contributor was less than 50 years of age on the day on which the contributor ceased to be a member of the Force; and

    • (c) in the case of a contributor who ceased to be a member of the Force before September 14, 1999, the contributor was less than 50 years of age on September 14, 1999.

  • (3) A contributor described in subsection 12.1(1) of the Act who becomes entitled to a deferred annuity under subsection 12(2) of the Act is entitled to exercise an option for a transfer value determined in accordance with sections 61 to 65 if the contributor is less than 50 years of age on the day on which the contributor becomes entitled to the deferred annuity.

  • SOR/2003-232, s. 2;
  • SOR/2012-124, s. 31;
  • SOR/2013-125, s. 54(E).

Time Limits

 Subject to section 58, a contributor who ceases to be a member of the Force on or after the day on which this section comes into force and who wishes to exercise an option for a transfer value must do so within one year after the day on which the contributor ceases to be a member of the Force.

  • SOR/2003-232, s. 2;
  • SOR/2012-124, s. 31.
  •  (1) Subject to subsection (2) and section 58, a contributor who ceased to be a member of the Force before the day on which this section comes into force and who wishes to exercise an option for a transfer value must do so on or before the later of

    • (a) one year after the day on which this section comes into force, and

    • (b) the day that is six months after the day on which the Minister sends a written notice to the contributor stating that the contributor is entitled to exercise an option for a transfer value.

  • (2) A contributor described in subsection (1) may exercise an option for a transfer value after the day provided for in that subsection, but within the period prescribed by subsection (4), if the contributor establishes that the notice referred to in paragraph (1)(b) was not received.

  • (3) If a contributor establishes that the notice referred to in paragraph (1)(b) was not received, the Minister shall immediately send a written notice to the contributor stating that the contributor is entitled to exercise an option for a transfer value.

  • (4) An option may be exercised within three months after the day on which the notice referred to in subsection (3) is sent, but in no case may an option be exercised after the contributor has commenced to receive an annuity or an annual allowance under the Act in respect of the contributor’s pensionable service.

  • SOR/2003-232, s. 2;
  • SOR/2012-124, ss. 31, 32(E).

 A contributor described in subsection 55(3) who wishes to exercise an option for a transfer value must do so on or before the later of

  • (a) one year after the day on which this section comes into force, and

  • (b) the day that is one year after the day on which the contributor becomes entitled to a deferred annuity under subsection 12(2) of the Act.

  • SOR/2003-232, s. 2;
  • SOR/2012-124, s. 31.

Form and Manner of Exercise of Option

  •  (1) An option for a transfer value must be

    • (a) exercised in writing;

    • (b) dated and signed by the contributor; and

    • (c) sent to the Minister, or to a person designated by the Minister, within the applicable period referred to in sections 56 to 58.

  • (2) An option for a transfer value is deemed to be exercised on the day on which it is sent in accordance with paragraph (1)(c).

  • SOR/2003-232, s. 2;
  • SOR/2012-124, ss. 31, 32(E).

Void Option

[SOR/2012-124, s. 21]
  •  (1) [Repealed, SOR/2012-124, s. 22]

  • (2) If a contributor who has exercised an option for a transfer value is re-appointed to or re-enlists in the Force and is required to make contributions under section 5 of the Act before valuation day, the exercise of the option for the transfer value is void.

  • SOR/2003-232, s. 2;
  • SOR/2012-124, ss. 22, 31.

Determination of Transfer Value

[SOR/2012-124, s. 31]
  •  (1) Subject to subsection (2), the transfer value to which a contributor is entitled is a lump sum amount equal to the actuarial present value on valuation day of the accrued pension benefits that would be payable to or in respect of the contributor under the Act.

  • (2) In the case of a lump sum amount referred to in subsection (1) that is less than the amount of a return of contributions that would be payable on valuation day if the contributor were eligible to receive a return of contributions, the transfer value to which the contributor is entitled is a lump sum amount equal to the amount of that return of contributions.

  • SOR/2003-232, s. 2;
  • SOR/2012-124, s. 31.

 The determination of the actuarial present value of the accrued pension benefits referred to in subsection 61(1) is subject to the following rules:

  • (a) supplementary benefits are to be increased to take into account the period beginning on the later of January 1 of the year in which valuation day occurs and the day on which the contributor ceased to be a member of the Force and ending on valuation day; and

  • (b) the possibility that the contributor could receive an annual allowance is to be excluded.

  • SOR/2003-232, s. 2.
  •  (1) In a determination of the actuarial present value of the accrued pension benefits referred to in subsection 61(1), the following actuarial assumptions are to be used:

    • (a) the mortality rates for contributors and survivors, including mortality projection factors, shall be those used in the preparation of the most recent actuarial valuation report relating to the pension plan established under the Act;

    • (b) the interest rates are the interest rates for fully indexed pensions — adjusted by the interest rates for unindexed pensions to take into account Part III of the Act — determined in accordance with the section entitled “Pension Commuted Values” of the Standards of Practice — Practice-Specific Standards for Pension Plans, published by the Canadian Institute of Actuaries, as amended from time to time;

    • (c) the probability that a contributor will have a survivor shall be based on the rates regarding the average age and eligibility status of survivors at the death of a contributor used in the preparation of the most recent actuarial valuation report relating to the pension plan established under the Act;

    • (d) the probability that a contributor will be survived by children shall be based on the rates regarding the assumed number, average age and eligibility status of children at the death of a contributor used in the preparation of the most recent actuarial valuation report relating to the pension plan established under the Act; and

    • (e) the probability that a contributor will become entitled to a benefit by reason of disability shall be based on the disability incidence rates used in the preparation of the most recent actuarial valuation report relating to the pension plan established under the Act, taking into account the probability set out in that report, in the case of a compulsory retirement from the Force due to disability, that there would be immediate eligibility for Canada Pension Plan or Quebec Pension Plan disability benefits.

  • (2) The actuarial valuation report referred to in paragraphs (1)(a) and (c) to (e) is the actuarial valuation report most recently laid before Parliament in accordance with section 30 of the Act before valuation day or, if that report was laid before Parliament in the month in which valuation day occurs or in the preceding month, the report that was laid before Parliament immediately previous to that report.

  • SOR/2003-232, s. 2;
  • SOR/2012-124, s. 23.
 
Date modified: