Public Service Superannuation Regulations

58 (1) For the purposes of section 24.2 of the Act, a person referred to in that section is entitled, on ceasing to be employed in the Public Service, at the person’s option and in lieu of any benefit to which that person is entitled under subsection 13(1) of the Act in respect of operational service,

• (a) if the person is 50 years of age or older at the time the person ceases to be employed in operational service and has 25 or more years of operational service that is pensionable service to the person’s credit, to an immediate annuity in respect of that service; or

• (b) if the person is 45 years of age or older at the time the person ceases to be employed in operational service and has 20 or more years of operational service that is pensionable service to the person’s credit, to an annual allowance in respect of that service, payable immediately, equal to the amount of the deferred annuity to which the person is entitled under subsection 13(1) of the Act in respect of that service, less an amount equal to the product obtained by multiplying five per cent of the amount of that deferred annuity by the greater of

  • (i) 50 minus the age, in years, of the person at the time of the option, calculated to the nearest one tenth of a year, and

  • (ii) 25 minus the number of years of operational service that is pensionable service to the person’s credit, calculated to the nearest one tenth of a year.

(2) A person referred to in paragraph (1)(a) who does not exercise an option under subsection (1) or under subsection 13(1) of the Act within one year after ceasing to be employed in the Public Service shall be deemed to have opted under subsection (1) to receive an immediate annuity.