Public Service Superannuation Regulations

101 (1) The amount required to pay for an election for transfer value service is the aggregate of

• (a) the amount determined by multiplying the amount paid as a transfer value under subsection 13.01(2) of the Act and under section 98, by the fraction the numerator of which is the portion of the transfer value service elected under section 100 and the denominator of which is the transfer value service;

• (b) the amount representing the interest calculated in accordance with the rates set out in subsection (2) and (3) compounded quarterly, on the amount determined under paragraph (a), for the period beginning on the day on which payment of the transfer value was effected and ending on the last day of the month preceding the month in which the election to pay for the transfer value service is made.

(2) The rate of interest in respect of each quarter is the rate that existed in respect of the second quarter preceding the quarter for which interest is being calculated and set out in the table entitled “Balanced” on the line “MERCER Median” in the column entitled “3 Months” in Summary Performance of Canadian Institutional Pooled Funds, published by Mercer Investment Consulting Inc., as amended from time to time.

(3) If the amount of interest calculated under paragraph (1)(b) is negative, the amount of interest for the purposes of that paragraph is zero.