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

30.2 (1) In this section, 2000 closing balance means the aggregate of all amounts referred to in paragraphs (a) and (b) of the definition return of contributions in subsection 9(1) of the Act that have been paid by the contributor into, or transferred to the credit of the contributor to, the Superannuation Account or the Royal Canadian Mounted Police Pension Fund before January 1, 2001 and that have not been previously paid to the contributor as a return of contributions, plus interest on that aggregate amount calculated in accordance with section 30.1.

(2) For the purposes of paragraph 9(6)(b) of the Act, for any period after December 31, 2000, interest shall be calculated and balances determined in accordance with this section and interest shall be calculated in respect of every quarter up to and including the quarter preceding the quarter in which the return of contributions is paid.

(3) For the quarter ending March 31, 2001,

• (a) if a return of contributions is paid during that quarter, interest shall be calculated and the balances determined in accordance with section 30.1; and

• (b) in any other case, interest shall be calculated at the effective quarterly rate determined from an annual rate of four per cent on the 2000 closing balance.

(4) For each quarter beginning after March 31, 2001 for which interest is being calculated, interest shall be calculated at the rate determined under subsections (5) and (6) for that quarter on

• (a) the 2000 closing balance;

• (b) the interest calculated in accordance with paragraph (3)(b) on the 2000 closing balance;

• (c) the aggregate of all amounts referred to in paragraphs (a) and (b) of the definition return of contributions in subsection 9(1) of the Act that have been paid by the contributor into, or transferred to the credit of the contributor to, the Royal Canadian Mounted Police Pension Fund after December 31, 2000 but before the end of the quarter preceding the quarter for which interest is being calculated and that have not been previously paid to the contributor as a return of contributions; and

• (d) interest calculated in accordance with this subsection as of the end of the quarter preceding the quarter for which interest is being calculated.

(5) The rate of interest to be used for the purposes of subsection (4) is the effective quarterly rate determined from the annual rate of return of the Royal Canadian Mounted Police Pension Fund published in the previous fiscal year’s annual report for the Public Sector Pension Investment Board as laid before each House of Parliament under subsection 48(3) of the Public Sector Pension Investment Board Act.

(6) If the rate of return referred to in subsection (5) is negative, the rate of interest shall be zero per cent.