Annuities Agents Pension Regulations (C.R.C., c. 319)

7 (1) For the purposes of this section, average annual earnings means

• (a) the average annual earnings earned by a contributor during the six-year period immediately preceding his 65th birthday or the effective date, whichever first occurs;

• (b) in the case of a contributor who has less than six years of past service to his credit, the average annual earnings earned by the contributor during the period of past service to his credit; or

• (c) in the case of a contributor who

  • (i) had less than six years of past service to his credit before his 65th birthday, and

  • (ii) has a total of six or more years of past service to his credit before ceasing to be engaged as an agent,

  the average annual earnings earned by the contributor during his first six years of past service.

(2) Subject to subsection (3), the amount of any annuity to which a contributor may become entitled under these Regulations is an amount equal to the aggregate of

• (a) the sum of

  • (i) 1 1/2 per cent of the contributor’s annual earnings not in excess of $6,000, and

  • (ii) one per cent of the contributor’s annual earnings in excess of $6,000

  for each year of current service to the credit of the contributor; and

• (b) the sum of

  • (i) 3/4 of one per cent of the contributor’s average annual earnings not in excess of $6,000, and

  • (ii) 1/2 of one per cent of the contributor’s average annual earnings in excess of $6,000

  multiplied by the number of years of past service to the credit of the contributor.

(3) The amount of any annuity to which a contributor, who ceased to be engaged as an agent prior to the effective date to become employed in the Government Annuities Branch of the Canada Employment and Immigration Commission, may become entitled under these Regulations, is an amount equal to the product of

• (a) the sum of

  • (i) 3/4 of one per cent of the contributor’s average annual earnings not in excess of $6,000, and

  • (ii) 1/2 of one per cent of the contributor’s average annual earnings in excess of $6,000,

  earned during the six-year period immediately preceding the date he ceased to be engaged as an agent, multiplied by

• (b) the number of years of past service to the credit of the contributor.