Members of Parliament Retiring Allowances Act

Marginal note:Amounts credited to Account

• 5 (1) The following amounts are required, pursuant to paragraph 4(1)(c), to be credited to the Retiring Allowances Account in each fiscal year:

  • (a) in respect of every month, an amount equal to the total amount estimated by the Minister to be required to provide for the costs of all allowances, supplementary benefits and other benefits that have accrued in respect of that month and that will become chargeable against the Retiring Allowances Account; and

  • (b) an amount representing interest on the balance from time to time to the credit of the Retiring Allowances Account, calculated in accordance with the regulations.

• Marginal note:Calculation of interest

  (2) For the purpose of calculating the amount representing interest referred to in paragraph (1)(b), the amounts credited to the Retiring Allowances Account pursuant to paragraph 6(a) shall be deemed to have been so credited to that Account on December 31, 1991.