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Special Retirement Arrangements Act (S.C. 1992, c. 46, Sch. I)

Act current to 2021-01-10 and last amended on 2013-01-01. Previous Versions

Retirement Compensation Arrangements (continued)

Establishment of Arrangements (continued)

Marginal note:Arrangements shall be established

  •  (1) The Governor in Council shall, on the recommendation of the Minister, by order, as soon as is practicable after the day on which this subsection comes into force, establish or authorize the establishment of a plan or an arrangement for the payment of benefits, of a kind referred to in the definition “retirement compensation arrangement” in subsection 248(1) of the Income Tax Act, to or in respect of any person

    • (a) who, on or after that day, is required to contribute to the Superannuation Account referred to in section 4 of the Public Service Superannuation Act or to the Public Service Pension Fund as defined in subsection 3(1) of that Act and whose annual rate of salary is greater than the annual rate of salary that is fixed by any regulations made under paragraph 42.1(1)(a) of that Act or is greater than the annual rate that may be determined in the manner prescribed by those regulations;

    • (b) who, on or after that day, is required to contribute to the Canadian Forces Superannuation Account referred to in section 4 of the Canadian Forces Superannuation Act, to the Canadian Forces Pension Fund as defined in subsection 2(1) of that Act or to a fund established under regulations made under section 59.1 of that Act and whose annual rate of pay is greater than the annual rate of pay that is fixed by the regulations made under paragraph 50(1)(g) of that Act or is greater than the annual rate that may be determined in the manner prescribed by those regulations;

    • (c) who, on or after that day, is required to contribute to the Royal Canadian Mounted Police Superannuation Account referred to in section 4 of the Royal Canadian Mounted Police Superannuation Act or to the Royal Canadian Mounted Police Pension Fund as defined in subsection 3(1) of that Act and whose annual rate of pay is greater than the annual rate of pay that is fixed by the regulations made under paragraph 26.1(1)(a) of that Act or is greater than the annual rate that may be determined in the manner prescribed by those regulations;

    • (d) who is or has been a deputy head, has to the person’s credit under the Public Service Superannuation Act not less than ten years of pensionable service and elects, in accordance with the regulations, before the person ceases to be employed in the public service, to become subject to such a plan or arrangement; or

    • (e) who, immediately before the coming into force of section 11 of An Act to amend certain Acts in relation to pensions and to enact the Special Retirement Arrangements Act and the Pension Benefits Division Act, introduced in the third session of the thirty-fourth Parliament, was deemed by section 14 of the Public Service Superannuation Act, as it read at that time, to be employed in the Public Service.

  • Marginal note:Designation

    (2) The Governor in Council shall, when establishing or authorizing the establishment of a plan or an arrangement under subsection (1), designate the persons who shall be subject to that plan or arrangement and may designate those persons either individually or by class of persons.

  • Marginal note:Idem

    (3) A plan or an arrangement that is established by or under the authority of an order made under subsection (1) shall provide for the payment of benefits to or in respect of a person described in that subsection that are equivalent in value to the value of the benefits that the person would have been able to accrue but for

  • Marginal note:Definition of “deputy head”

    (4) In this section, deputy head means the deputy head of a department, a person having by law the status of a deputy head and the chairperson, president or other chief executive officer of a portion of the public service, as defined in section 3 of the Public Service Superannuation Act, other than a department.

  • 1992, c. 46, Sch. I, s. 11
  • 2002, c. 17, s. 29
  • 2003, c. 22, s. 225(E), c. 26, s. 66
  • 2012, c. 31, ss. 473, 503, 513

Marginal note:Supplementary benefits

 A retirement compensation arrangement shall provide for the payment of supplementary benefits in relation to any periodic payments to which a person is entitled under that arrangement, calculated at the same rates and in the same manner as is provided under the Supplementary Retirement Benefits Act in respect of supplementary retirement benefits payable under that Act.

Marginal note:Amendments

  •  (1) The Governor in Council may, on the recommendation of the Minister, by order, amend or authorize the amendment of any retirement compensation arrangement.

  • Marginal note:Retroactivity of amendments

    (2) An amendment to a retirement compensation arrangement may, if the order by which the amendment is made or is authorized to be made so provides, be retroactive and be deemed to come into force on a day prior to the day on which the order is made, which prior day shall not be before the day on which that arrangement is established.

  • Marginal note:Void amendments

    (3) An amendment to a retirement compensation arrangement is void if the amendment would reduce or have the effect of reducing

    • (a) a benefit accrued under that arrangement before the day on which the amendment is made; or

    • (b) the retirement compensation benefit credit accrued under that arrangement in respect of that benefit.

Marginal note:Advisory committees

  •  (1) The Governor in Council may establish advisory committees to advise and assist the Minister on matters arising in connection with the operation of any retirement compensation arrangement or with any proposal to establish a retirement compensation arrangement.

  • Marginal note:Membership

    (2) An advisory committee shall consist of eight persons appointed by the Governor in Council on the recommendation of the Minister, four of whom shall be selected from among persons who are subject to a retirement compensation arrangement or may become subject to a retirement compensation arrangement that is proposed to be established, as appropriate.

  • Marginal note:Term

    (3) A member of an advisory committee shall be appointed to hold office for a term not exceeding three years.

Contributions

Marginal note:Persons required to contribute

 Every person who is subject to a retirement compensation arrangement that is designated by the regulations is required to contribute to the Retirement Compensation Arrangements Account, by reservation from the person’s salary, from any benefit that is or becomes payable to, or in respect of, that person or otherwise, in the manner and under the circumstances prescribed in respect of that arrangement, at the rate or rates established by the regulations in respect of that arrangement.

  • 1992, c. 46, Sch. I, s. 15
  • 2011, c. 24, s. 183

Marginal note:Public Service corporations

  •  (1) A Public Service corporation that is designated by the regulations shall pay into the Retirement Compensation Arrangements Account, at such time or times as the Minister may determine, in respect of any benefits accrued or accruing by any employee of the Public Service corporation under a retirement compensation arrangement, an amount determined in accordance with the regulations.

  • Marginal note:Definitions

    (2) In this section, “employee” and “Public Service corporation” have the same meaning as in subsection 37(2) of the Public Service Superannuation Act.

Retirement Compensation Arrangements Account

Marginal note:Establishment of Account

 There shall be established in the accounts of Canada an account to be known as the Retirement Compensation Arrangements Account.

Marginal note:Amounts to be credited to Account

  •  (1) There shall be credited to the Retirement Compensation Arrangements Account in each fiscal year

    • (a) in respect of every month, an amount equal to the amount estimated by the Minister to be required to provide for the cost of the benefits that have accrued in respect of that month and that will become chargeable against that Account; and

    • (b) an amount representing interest on the balance from time to time to the credit of that Account, calculated at the same rates and credited in the same manner and at the same time as interest is calculated and credited in respect of the Superannuation Account.

  • Marginal note:Idem

    (2) There shall be credited to the Retirement Compensation Arrangements Account in each calendar year an amount equal to the amount, if any, determined at the end of the year, that is refundable in respect of that Account under subsection 207.7(2) of the Income Tax Act.

 
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