Public Service Superannuation Regulations

100 (1) Subject to the provisions of the Income Tax Act and the Income Tax Regulations, a contributor while employed in the Public Service may elect, once only, under clause 6(1)(b)(iii)(M) of the Act, to pay for a period of transfer value service for which he or she had not previously had an opportunity to elect.

(2) An election to pay for transfer value service shall be in writing, in the form prescribed by the Minister and dated and signed by the person making the election.

(3) An election shall be sent to the Minister, or to a person designated by the Minister, no later than one year after the later of the date of the written notice sent informing the contributor that he or she has become a contributor under Part I of the Act or the day on which this section comes into force.

(4) An election is deemed to be made on the day on which it is received by the Minister, or the person designated by the Minister.

(5) Subject to subsection (6), a contributor who elects to pay for only a portion of transfer value service may only be credited with the period that is most recent in point of time.

(6) If a contributor elects to pay for only a portion of transfer value service that comprises periods of full-time service and part-time service, the portion elected shall consist of full-time service and part-time service in the same proportions as those used in the determination of the transfer value, based on those periods of service that are most recent in point of time.

(7) An election may not be revoked, except in the circumstances set out in paragraph 18(1)(a), or amended.

(8) Paragraph 8(5)(a) of the Act applies to an election made under subsection (1).