Atlantic Pilotage Authority Pension Regulations (C.R.C., c. 1355)

5 (1) Each employee shall be deemed to have to his credit as pensionable service under the Act as of February 1, 1973 the whole or that portion of his service during which he contributed under the Halifax By-law or the Saint John By-law, as the case may be, that his accumulated contributions will purchase when applied to that part of his service under the said By-laws that is most recent in point of time, calculated by the Minister in accordance with twice the rate or rates of contributions applying from time to time under the Act in respect of a corresponding period of service in the Public Service, as if

• (a) the employee were a contributor under the Act during that period of service;

• (b) the salary payable to the employee in respect of that service were equal to the moneys that were actually paid to him for service as an employee during that period; and

• (c) interest had been paid on those contributions at a rate equal to the rate of which, in the opinion of the Minister, interest in respect of contributions under the Act was payable under the Act during that period of service calculated from the middle of each fiscal year in that period of service to February 1, 1973.

(2) For the purposes of subsection (1), accumulated contributions with respect to an employee means an amount equal to the contributions to the credit of that employee in either the Halifax Pilots’ Pension Fund or the Saint John Pilots’ Pension Fund, plus interest at the rate of three per cent per annum compounded annually and calculated from the middle of each fiscal year during the period of active service of that employee until February 1, 1973.

(3) Where the accumulated contributions of an employee calculated in accordance with subsection (2) exceed the amount thereof required to purchase the whole of that employee’s service as described in subsection (1), an amount equal to the excess contributions shall be paid to that employee.