Public Service Superannuation Act

Marginal note:Elections to reduce benefits

• 52 (1) If the basic benefit of an elective participant who, on ceasing to be employed in the public service, or on ceasing to be required to contribute to the Retirement Compensation Arrangements Account by section 8 or 9 of the Retirement Compensation Arrangements Regulations, No. 1, was entitled to an immediate annuity or an immediate annual allowance — or to an immediate benefit or an immediate allowance under Part I of those regulations — exceeds ten thousand dollars, the amount of the basic benefit shall, if the participant so elects, be reduced to ten thousand dollars.

• Marginal note:Transitional

  (2) An elective participant who has made an election under section 52 of this Act as it read from time to time before October 5, 1992 is, beginning on that day, deemed to have elected to reduce the basic benefit of the participant to five thousand dollars unless, within one year after that day, the participant elects not to be deemed to have so elected.

• Marginal note:Transitional

  (2.1) An elective participant who has made an election under section 52 of this Act as it read from time to time before the day on which this subsection comes into force is, beginning on that day, deemed to have elected to reduce his or her basic benefit to ten thousand dollars unless, within one year after that day, the participant elects not to be deemed to have so elected.

• Marginal note:Transitional

  (2.2) An elective participant who has attained the age of sixty years on April 1, 1999 may elect, within one year after the day on which this subsection comes into force, to have his or her basic benefit determined in accordance with paragraph (e) of the definition “basic benefit” in subsection 47(1).

• Marginal note:Election irrevocable

  (3) An election made under this section is irrevocable.