Public Service Superannuation Regulations

69 (1) Subject to subsection (2), the amount of the reduction determined in accordance with section 68 is increased on January 1 of each year after the year in which the reduction is first in effect, by the amount that would be payable as a supplementary benefit under Part III of the Act if the amount of the reduction determined under section 68 were an immediate annuity that became payable under Part I of the Act on January 1 of the year in which the election was made.

(2) Where the election is made in the year in which the contributor retires, the increase in the amount of the reduction pursuant to subsection (1) is determined in respect of the first year during which the increase is in effect from the first day of the month in which the contributor most recently ceased to be employed in the Public Service.