Reserve Force Pension Plan Regulations

Marginal note:Amount to be paid

• 15 (1) A participant who makes an election to count past earnings as pensionable earnings shall pay the full amount to count all of those past earnings that can be counted as pensionable earnings or a lesser amount for which the participant opts at the time of making the election.

• Marginal note:Determination of full amount

  (2) The full amount shall be the total of all amounts — plus interest at seven per cent compounded annually and calculated from the middle of the calendar year until the day of the election — determined for each calendar year by the following formula applied to those past earnings that can be counted as pensionable earnings that relate to any period in that year:

  A × B

  where

  A

  is the contribution rate set out in paragraph 6(1)(a) on the date of the election or, if the participant has remained a participant since March 1, 2007, 4.3 per cent; and

  B

  is the amount that would be calculated as the updated pensionable earnings under subsection 37(2), for the calendar year if

  • (a) the participant’s past earnings that can be counted as pensionable earnings for that calendar year were their pensionable earnings for that calendar year, and

  • (b) the year in which the election is made or, if the participant has remained a participant since March 1, 2007, 2007, was the year that the participant ceases to be a participant.

• Marginal note:Restriction

  (3) The participant cannot modify the amount for which the participant has opted.