Marginal note:Manner of payment
82. The indexing benefit shall be paid at the same time, in the same manner and in respect of the same period as the annuity, annual allowance and bridge benefit.
Marginal note:Participants who become contributors
83. (1) When a former participant is required to contribute to the Canadian Forces Pension Fund and has pensionable earnings to their credit at that time, there shall be charged to the Fund and credited to the Canadian Forces Pension Fund an amount equal to the transfer value that would have been determined under section 56, excluding interest, if the former participant had had the right to opt for the payment of a transfer value and had done so.
Marginal note:Rights and obligations extinguished
(2) The former participant’s rights and obligations, and those of any person to whom a benefit might have become payable in respect of that former participant, under these Regulations shall be extinguished on the day before the day on which the former participant is required to contribute to the Canadian Forces Pension Fund.
ESTABLISHMENT AND ADMINISTRATION OF THE RESERVE FORCE PENSION FUND
Marginal note:Fund established
84. The Reserve Force Pension Fund is established.
Marginal note:Amounts to be deposited
85. There shall be deposited into the Fund
(a) the amounts that participants are required to contribute under the Act and the amounts that they are required to pay, under these Regulations, in respect of elections made to count past earnings or transfer value earnings as pensionable earnings; and
(b) the income from the investment of any contributions and from amounts deposited into the Fund plus profits minus losses on the sale of the investments.
Marginal note:When amounts to be deposited
86. (1) The time within which the amounts referred to in paragraph 59.3(a) of the Act are to be deposited into the Fund is no later than 30 days after the end of the month in which the contributions to which they relate are deposited.
(2) Despite subsection (1),
(a) except for the period before the laying before Parliament of the first actuarial valuation report referred to in subsection 59.6(1) of the Act, a deposit may only be made, in respect of the benefits that have accrued in relation to the pensionable earnings referred to in paragraph 10(1)(a), during the period beginning with the laying before Parliament of an actuarial valuation report that does not show a non-permitted surplus and ending with laying of any actuarial report that shows a non-permitted surplus; and
(b) the time within which the arrears resulting from paragraph (a) are to be deposited into the Fund is no later than 30 days after the laying of the most recent actuarial report that no longer shows a non-permitted surplus.
Marginal note:Non-permitted surplus
(3) A non-permitted surplus exists when the amount by which assets exceed liabilities in the Fund, as determined by the actuarial valuation report, is greater than the lesser of
(a) 20% of the amount of liabilities in respect of participants and pensioners as determined in that report, and
(b) the greater of
(i) twice the estimated amount, for the calendar year following the date of that report, of the total of
(A) the contributions that will be required of participants in respect of their earnings during that year, and
(B) the part of the amounts to be deposited under section 85 that is in respect of the benefits that have accrued in relation to the pensionable earnings referred to in paragraph 10(1)(a), and
(ii) 10% of the amount of liabilities in respect of participants and pensioners as determined in that report.
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