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• 5 (1) Each employee shall be deemed to have to his credit as pensionable service under the Act as of February 1, 1973 the whole or that portion of his service during which he contributed under the Halifax By-law or the Saint John By-law, as the case may be, that his accumulated contributions will purchase when applied to that part of his service under the said By-laws that is most recent in point of time, calculated by the Minister in accordance with twice the rate or rates of contributions applying from time to time under the Act in respect of a corresponding period of service in the Public Service, as if

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  • (b) the salary payable to the employee in respect of that service were equal to the moneys that were actually paid to him for service as an employee during that period; and

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• (3) Where the accumulated contributions of an employee calculated in accordance with subsection (2) exceed the amount thereof required to purchase the whole of that employee’s service as described in subsection (1), an amount equal to the excess contributions shall be paid to that employee.

6 An employee in respect of whom an amount is paid into the Superannuation Account pursuant to section 3 may count the remainder, if any, of his service during which he contributed under the Halifax By-law or the Saint John By-law, as the case may be, that may not be counted as pensionable service under subsection 5(1) if he elects to pay for such service an amount calculated by the Minister as follows:

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• (b) where the employee so elects after the period described in paragraph (a), an amount calculated as if clause 5(1)(b)(iii)(K) of the Act applied to him.

2 In these Regulations,

Halifax By-law

Halifax By-law means the Halifax Pilotage District General By-lawas confirmed by P.C. 1961-70; (Règlement de Halifax)

Saint John By-law

Saint John By-law means the Saint John Pilotage District General By-lawas confirmed by P.C. 1961-1739; (Règlement de Saint-Jean)

Superannuation Account

Superannuation Account means the Account referred to in the Act as the Superannuation Account. (Compte de pension de retraite)

• 4 (1) There shall be paid out of the Superannuation Account on or after the first day of the month following the month in which the payment and transfer described in subsection 3(1) has been made,

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  • (b) any pension benefit that would have been required to be paid out of either of those Funds on or after that date pursuant to sections 26, 27 and 28 of the Halifax By-law or Part II of the Saint John By-law as they read on February 1, 1973,

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• (2) Every pension benefit payable pursuant to subsection (1) shall be paid subject to the terms and conditions on which that pension benefit would have been paid pursuant to section 26, 27 and 28 of the Halifax By-law or Part II of the Saint John By-law as they read on February 1, 1973.

1 These Regulations may be cited as the Atlantic Pilotage Authority Pension Regulations.