Public Service Superannuation Regulations (C.R.C., c. 1358)

82 (1) For the purposes of subsection 10(9) of the Act, for any period on or after January 1, 1997, interest shall be calculated and balances determined in accordance with this section and shall be calculated in respect of every quarter up to and including the quarter preceding the quarter in which the return of contributions is paid.

(2) In this section, 1996 closing balance means the aggregate of all amounts referred to in paragraphs (a), (b) and (c) of the definition return of contributions in subsection 10(1) of the Act, as it read on December 31, 1996, that have been paid by the contributor or transferred to the credit of the contributor before January 1, 1997, plus the interest thereon calculated in accordance with section 81.

(3) In this section, March 31, 2002 closing balance means the aggregate of

• (a) the 1996 closing balance and the interest on it calculated in accordance with subsection (4), and

• (b) the aggregate of all amounts referred to in paragraphs (a), (b) and (c) of the definition return of contributions in subsection 10(1) of the Act that have been paid by the contributor or transferred to the credit of the contributor on or after January 1, 1997 up to and including March 31, 2002 and the interest thereon calculated in accordance with subsection (4).

(4) For the purposes of paragraphs 10(9)(b) and (c) of the Act in respect of each quarter that begins on or after January 1, 1997 and ends before April 1, 2002, interest shall be calculated at the rate determined under subsection 46(2) on the aggregate of

• (a) the 1996 closing balance,

• (b) the aggregate of all amounts referred to in paragraphs (a), (b) and (c) of the definition return of contributions in subsection 10(1) of the Act that have been paid by the contributor or transferred to the credit of the contributor on or after January 1, 1997 and before the end of the preceding quarter, and

• (c) interest calculated in accordance with this subsection as of the end of the quarter preceding the quarter for which the interest is being calculated.

(5) For the purposes of paragraph 10(9)(c) of the Act, in respect of each quarter that begins on or after April 1, 2002, interest shall be calculated at the rate determined under subsection (6) on the aggregate of

• (a) the March 31, 2002 closing balance,

• (b) the aggregate of all amounts referred to in paragraphs (a), (b) and (c) of the definition return of contributions in subsection 10(1) of the Act that have been paid by the contributor or transferred to the credit of the contributor on or after April 1, 2002 and before the end of the preceding quarter, and

• (c) the interest calculated in accordance with this subsection as of the end of the quarter preceding the quarter for which interest is being calculated.

(6) The rate of interest to be used for the purpose of subsection (5) is the effective quarterly rate determined from the annual rate of return of the Public Service Pension Fund published in the previous fiscal year’s annual report for the Public Sector Pension Investment Board as laid before each House of Parliament under subsection 48(3) of the Public Sector Pension Investment Board Act.

(7) If the annual rate of return referred to in subsection (6) is negative, the rate of interest shall be zero per cent.