PART 3Establishment and Administration of the Reserve Force Pension Fund (continued)
Marginal note:When amounts to be deposited
86 (1) The time within which the amounts referred to in paragraph 59.3(a) of the Act are to be deposited into the Fund is no later than 30 days after the end of the month in which the contributions to which they relate are deposited.
(2) Despite subsection (1),
(a) except for the period before the laying before Parliament of the first actuarial valuation report referred to in subsection 59.6(1) of the Act, a deposit may only be made, in respect of the benefits that have accrued in relation to the pensionable earnings referred to in paragraph 10(1)(a), during the period beginning with the laying before Parliament of an actuarial valuation report that does not show a non-permitted surplus and ending with laying of any actuarial report that shows a non-permitted surplus; and
(b) the time within which the arrears resulting from paragraph (a) are to be deposited into the Fund is no later than 30 days after the laying of the most recent actuarial report that no longer shows a non-permitted surplus.
Marginal note:Non-permitted surplus
(3) A non-permitted surplus exists when the amount by which assets exceed liabilities in the Fund, as determined by the actuarial valuation report, is greater than the lesser of
(a) 20% of the amount of liabilities in respect of participants and pensioners as determined in that report, and
(b) the greater of
(i) twice the estimated amount, for the calendar year following the date of that report, of the total of
(A) the contributions that will be required of participants in respect of their earnings during that year, and
(B) the part of the amounts to be deposited under section 85 that is in respect of the benefits that have accrued in relation to the pensionable earnings referred to in paragraph 10(1)(a), and
(ii) 10% of the amount of liabilities in respect of participants and pensioners as determined in that report.
Marginal note:Deposit of estimated amounts based on actuarial report
87 (1) If, following the laying before Parliament of any actuarial valuation report under subsection 59.6(1) of the Act, an amount not previously subject to an estimate under paragraph 59.3(a) of the Act is estimated under that paragraph to be required to meet the cost of benefits payable under these Regulations, the time within which this amount is deposited to the Fund is 15 years after the laying of the report.
Marginal note:Equal annual instalments
(2) That amount shall be deposited in equal annual instalments, with the first instalment to be paid in the fiscal year in which the report is laid before Parliament.
(3) If, after the laying of a subsequent report, the amount that is estimated is less than the amount that was estimated following the immediately preceding report, the amount of each remaining instalment shall be reduced accordingly.
Marginal note:Transfer of amounts
88 The amounts deposited to the Fund shall be transferred to the Public Sector Pension Investment Board within the meaning of the Public Sector Pension Investment Board Act to be dealt with in accordance with that Act.
Marginal note:Payment of benefits
89 All amounts required for the payment of benefits payable under these Regulations and all necessary and reasonable costs for the administration of the Reserve Force Pension Plan shall be charged to the Fund and paid out of the assets of the Public Sector Pension Investment Board.
Marginal note:Review date
90 The review date referred to in subsection 59.6(2) of the Act is March 31, 2008.
Marginal note:Annual report
91 The annual report referred to in section 59.7 of the Act shall include:
(a) a statement showing the amounts paid into and out of the Fund during the fiscal year, by appropriate classifications, and the number of participants and the number of persons receiving benefits; and
(b) beginning with the fiscal year ending March 31, 2008, the financial statements of the Reserve Force Pension Plan for the fiscal year.
Marginal note:Form and transmission of documents
Marginal note:When made
(2) The election, option or waiver is made, and the direction is given, on the date that it bears, except that an option for an annual allowance or the payment of a transfer value made before or on the day on which the participant ceases to be a participant is made on the day after that day.
Marginal note:Date of sending
(3) The date of the sending of the election, option, waiver or direction is the day on which it is delivered or, if it is sent by mail, the day on which it is mailed and the postmark is evidence of that day.
(4) The election, option or waiver is irrevocable.
- SOR/2016-64, s. 75
Coming into Force
Marginal note:Coming into force
93 These Regulations come into force on March 1, 2007.
- Date modified: