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• 12 (1) The Minister may enter into an agreement to vary the terms of a contract for the payment of an annuity entered into under the Act or other authority of Parliament, as follows:

  • (a) in any case where the contract for the payment of the annuity was not entered into pursuant to subsection 6(3) of the Act,

    • (i) where the person who entered into the contract applies therefor to the Minister, to vary the terms of the contract so that the annuitant shall be placed in the same position as if he were the purchaser,

    • [...]

    • (v) where the purchaser of an annuity contract applies to the Minister, before the annuity becomes payable, to vary the terms of the contract to provide for an annuity the amount of which decreases on a specified day, and under which there may be paid an annuity greater than the maximum permitted under the Government Annuities Improvement Act and the Regulations made thereunder between the due date of the first instalment of annuity and the specified day, but in no case shall the annuity agreed to be paid exceed the actuarial equivalent of a constant annuity for the maximum amount so permitted in respect of the annuitant having the same date of commencement and the same term certain, if any, as the annuity payable under the contract,

    • (vi) where the purchaser of an annuity contract applies to the Minister to vary the terms of the contract to provide that if at any time the premiums held to the credit of the contract are not sufficient to purchase an annuity of $120 a year on the life of the annuitant for 20 years certain or for the life of the annuitant, whichever period is the longer, as of the original due date of the first instalment of annuity, as determined under the Act, the purchaser with the concurrence of the annuitant may surrender the rights of the purchaser and the annuitant under the contract in consideration of a single payment being made to the purchaser, without interest, for the period up to and including March 31, 1975 but with interest at the rate of seven per cent per annum for the period commencing April 1, 1975 or the date the premium was paid, whichever is later, to the date of repayment of the refund of the premiums paid under the contract, and

    • (vii) in any other case, in such manner as the Minister deems advisable and Treasury Board approves;

  • (b) where the contract was entered into pursuant to subsection 6(3) of the Act, to provide that the purchaser may, by instrument in writing received by the Minister before the day of commencement of an annuity payable to an annuitant or registered employee, elect

    • [...]

    • (iv) to be paid an annuity the amount of which decreases on a specified day and under which there may be paid an annuity greater that the maximum permitted under the Government Annuities Improvement Act and the regulations made thereunder between the due date of the first instalment of annuity and the specified day, but in no case shall the annuity agreed to be paid exceed the actuarial equivalent of a constant annuity for the maximum so permitted in respect of the registered employee having the same date of commencement and the same term certain, if any, as the annuity payable under the contract, or

  • (c) where the contract was entered into pursuant to subsection 6(3) of the Act, and the purchaser applies therefor to the Minister, to provide

    • [...]

    • (iv) that an annuitant or registered employee shall be placed in the same position with respect to the annuity payable or to become payable to him as if he were the purchaser,

  • (d) where the contract was entered into pursuant to subsection 6(3) of the Act, in any case not provided for in this section, in such manner as the Minister deems advisable and Treasury Board approves; and

• 4 (1) The mortality tables to be used in the preparation of tables for determining the values of annuities shall be computed as follows:

  • [...]

  • (c) the modified mortality rates computed in accordance with paragraphs (a) and (b) shall be used to produce a series of generation mortality tables as set forth herein, except that the mortality rate for any age falling in a calendar year prior to 1950 shall be the mortality rate for that age according to the basic table referred to in paragraph (a), and each table shall apply to annuitants born in the calendar years as follows:

• (2) In determining the value of an annuity payable in accordance with paragraph 4(b) of the Act, the following modification in the use of the mortality tables computed in accordance with subsection (1) shall apply:

  • (a) where one annuitant is a male and the other is a female the joint annuity required in determining the value of the annuity shall be computed as though the female life belonged to the same generation as the male life, or

  • (b) where both annuitants are of the same sex, the joint annuity required in determining the value of the annuity shall be computed as though both lives belonged to the generation of the older life.

• (3) In determining the values of annuities purchased by group annuity contracts entered into pursuant to subsection 6(3) of the Act, the mortality rates for a male life shall be taken as the rates for the age one year older than the actual age.

[...]

• 17 (1) In this section “public service employer” means a Crown corporation as defined in section 76 of the Financial Administration Act (except any such corporation specified in Part I of Schedule A of the Public Service Superannuation Act), the Bank of Canada and the government of a province.

• (2) Where an employee registered under a contract entered into pursuant to subsection 6(3) of the Act becomes

  [...]

  he may, with the concurrence of the Minister and the purchaser, surrender all or part of his rights and benefits under the contract in consideration of having an amount that bears the same ratio to the total of the employee premiums and accrued interest and such employer premiums and accrued interest as may be unconditionally held for his account as the portion of the annuity rights and benefits being surrendered bears to the whole annuity transferred to his credit to the Superannuation Account or to the superannuation or pension fund or plan of the public service employer concerned.

• (3) The Minister shall not concur with a surrender mentioned in subsection (1) by a contributor under the Public Service Superannuation Act unless he is satisfied that the contributor will be entitled, upon surrendering all his rights and benefits in accordance with subsection (2) to make a valid election under the Public Service Superannuation Act to count thereunder as pensionable service his service with the purchaser.

• (4) The Minister shall not concur with a surrender mentioned in subsection (1) by a participant in a superannuation or pension fund or plan for employees of a public service employer unless he is satisfied that the participant is eligible to count and does count his service with the purchaser as pensionable service under such superannuation or pension fund or plan.

13 The Minister may enter into an agreement to substitute another contract for a contract for the payment of an annuity entered into under the Act or other authority of Parliament, as follows:

• (a) in any case where the contract for the purchase of the annuity was not entered into pursuant to subsection 6(3) of the Act,

  • (i) where two persons have entered into the contract and those two persons apply to the Minister to delete the name of one of the purchasers from the contract, to substitute another contract for the original contract in the name of one purchaser bearing the same effective date as the original contract, and

  • (ii) in any other case, in such manner as the Minister deems advisable and Treasury Board approves; and

• (b) in any case where the contract was entered into pursuant to subsection 6(3) of the Act

  • (i) where the purchaser ceases to employ registered employees, either in whole or in part, by reason of having disposed of the whole or any part of his undertaking or business and any of the registered employees become employees of the person to whom the purchaser has disposed of his undertaking or business, to provide that the person to whom the purchaser has disposed of his undertaking or business shall stand in the stead of the purchaser and all the rights of the registered employees shall continue as if the undertaking or business or any part thereof had not been disposed of, and

  • (ii) in any other case, in such manner as the Minister deems advisable and Treasury Board approves.

• 5 (1) Notwithstanding sections 3 and 4,

  • (a) where a person, prior to April 19, 1948, ceased to be employed by an employer who entered into a contract pursuant to subsection 6(3) of the Act, received from the Minister a statement of the annuity payable to him under the contract containing the following words:

    “This contract witnesseth further that in consideration of the payment of premiums in any other manner than above indicated, such annuity shall be paid at the date of maturity of this contract as such premiums will purchase according to the rates of mortality and interest in effect on the date of inclusion of the annuitant under the Group Annuity Contract, provided, however, that the total annuity payable to the Annuitant hereunder and under any other Canadian Government Annuity Contracts shall not exceed $1,200 per year”

    [...]

  • (b) where a person was included as an employee under such a contract made prior to April 19, 1948, and the contract or the agreement between the employer and his employees pursuant to which the contract was made included the following provision:

    [...]

  and such person purchased or purchases on his own life an annuity with the same day of commencement and duration as that of the annuity payable to him under the contract referred to in paragraph (a), the rate of interest and the mortality table for computing the purchase price of the annuity purchased by that person shall be the rate of interest and the mortality table authorized for use in computing the purchase price of annuities on the date of his inclusion as an employee under the contract referred to in paragraph (a).

• (2) Subsection (1) applies only if the total annuities payable to a person under the contracts referred to therein would not exceed the maximum amount authorized for payment to any person under the Act at the date of the inclusion of that person as an employee under the contract referred to in paragraph (1)(a).