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Marginal note:Objects

• 4 (1) The objects of the Board are

  • (a) to manage amounts that are transferred to it under subsections 54(2) and 55.2(5) and section 59.4 of the Canadian Forces Superannuation Act, subsections 43(2) and 44.2(5) of the Public Service Superannuation Act and subsections 28(2) and 29.2(5) of the Royal Canadian Mounted Police Superannuation Act in the best interests of the contributors and beneficiaries under those Acts; and

  • (b) to invest its assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the funding, policies and requirements of the pension plans established under the Acts referred to in paragraph (a) and the ability of those plans to meet their financial obligations.

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• Marginal note:Consultation

  (3) The Minister shall determine from which funds the costs shall be paid, but no amount shall be taken out of the Canadian Forces Pension Fund or the Canadian Forces Superannuation Investment Fund — or, if regulations are made under section 59.1 of the Canadian Forces Superannuation Act, from the fund referred to in section 59.3 of that Act — without consulting the Minister of National Defence, or from the Royal Canadian Mounted Police Pension Fund or the Royal Canadian Mounted Police Superannuation Investment Fund without consulting the Minister of Public Safety and Emergency Preparedness.

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Marginal note:Board established

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• Marginal note:Head office

  (4) The head office of the Board shall be in the National Capital Region as described in the schedule to the National Capital Act.

• Marginal note:Canada Not-for-profit Corporations Act

  (5) The Canada Not-for-profit Corporations Act does not apply to the Board.

• Marginal note:Financial Administration Act

  (6) Part X of the Financial Administration Act, except for sections 89.8 to 89.92, 113.1, 132 to 147 and 154.01, does not apply to the Board. For the purposes of those sections, any reference to section 131 of that Act shall be read as a reference to section 35 of this Act.

• Marginal note:Reports and special examination

  (7) Any report or information in respect of the Board that is provided to the Minister under sections 132 to 147 of the Financial Administration Act shall also be provided to the Minister of National Defence and the Minister of Public Safety and Emergency Preparedness. The Minister may only require a special examination under subsection 138(2) of that Act if the Minister has consulted with those Ministers.

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Marginal note:Meetings

49 The Board shall meet once a year with the members of the three advisory committees established respectively under section 49.1 of the Canadian Forces Superannuation Act, section 41 of the Public Service Superannuation Act and section 25.1 of the Royal Canadian Mounted Police Superannuation Act in order to discuss the Board’s most recent annual report.

Marginal note:Definitions

2 The definitions in this section apply in this Act.

Board

Board  means the Public Sector Pension Investment Board established by section 3. (Office)

fund

fund  means

• (a) the Canadian Forces Pension Fund or the Canadian Forces Superannuation Investment Fund within the meaning of the Canadian Forces Superannuation Act, or, if regulations are made under section 59.1 of that Act, a fund established under the regulations;

• (b) the Public Service Pension Fund or the Public Service Superannuation Investment Fund, within the meaning of the Public Service Superannuation Act; or

• (c) the Royal Canadian Mounted Police Pension Fund or the Royal Canadian Mounted Police Superannuation Investment Fund, within the meaning of the Royal Canadian Mounted Police Superannuation Act. (fonds)

Marginal note:Coming into force

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• Marginal note:Coming into force

  (2) Section 103 comes into force on October 1, 1999.

• Marginal note:Coming into force

  Footnote ^*(3) The definition contributor in subsection 53(2), sections 55 to 60, subsections 62(1) and (3), section 63, subsection 64(4), sections 67, 69, 73, 74, 78, 79, 85 and 86, subsections 91(1), (2) and (6), 92(1) and 95(1), sections 96, 107 to 110 and 114, subsection 115(1), sections 117 to 120, 125 and sections 127 to 129, subsections 130(1) and (2), sections 131, 132 and 134, subsection 142(2), section 143, subsections 146(1), 147(1) and 151(1), sections 152, 154, 155, 157, 158 and 160, subsections 161(1) and (4) and 162(1), sections 163, 164 and 168, the definition contributor in subsection 169(1), sections 171 to 174, subsection 176(3), sections 177 to 179, 182, 190 and 191, subsections 193(1) and 194(1), section 195, subsection 198(1), section 199, subsection 201(1) and sections 202, 203 and 227 come into force on a day or days to be fixed by order of the Governor in Council.

  • Return to footnote ^*[Note: The definition contributor in subsection 3(1) of the Public Service Superannuation Act, as enacted by subsection 53(2), sections 55 to 60, subsections 62(1) and (3), section 63, subsection 64(4), sections 67, 69, 73, 74, 78, 79, 85 and 86, subsections 91(1), (2) and (6) and 92(1), sections 107 to 110, subsection 115(1), section 117, subsection 118(1), section 119, subsections 120(1) and (2), sections 127 and 134, subsection 142(2), section 143, subsections 146(1), 147(1) and 162(1), sections 163 and 164, the definition contributor in subsection 3(1) of the Royal Canadian Mounted Police Superannuation Act, as enacted by subsection 169(1), section 171, subsection 172(1), section 173, subsection 174(1), sections 177, 182 and 190, subsections 193(1) and 194(1), section 195, subsection 201(1) and sections 202 and 203 in force January 1, 2000, subsection 95(1), section 96, subsection 151(1), section 152, subsection 198(1) and section 199 in force April 1, 2000, sections 114 and 227 in force October 1, 2000, section 125 and subsection 176(3) in force January 1, 2001, see SI/99-138; sections 178 and 179 in force September 1, 2003, see SI/2003-145; clauses 6(b)(ii)(M) and (N) of the Royal Canadian Mounted Police Superannuation Act, as enacted by subsection 172(4) and subsection 174(2) in force October 26, 2006, see SI/2006-116; section 154 in force March 1, 2007, see SI/2007-21; subsection 172(2), clauses 6(b)(ii)(L), (O) and (P) of the Royal Canadian Mounted Police Superannuation Act, as enacted by subsection 172(4) and section 191 in force June 18, 2009, see 2009, c. 13, s. 17.]