Pension Benefits Division Regulations

23.1 (1) Any amount to be paid in respect of a member to an eligible employer pursuant to a transfer agreement entered into under section 40.2 of the Public Service Superannuation Act, or to be paid to the member as a consequence of that payment, shall be reduced by the actuarial value of the reduction that would have been made to the member’s pension benefits under sections 20 and 21 had the member remained employed in the Public Service.

(2) The actuarial value shall be calculated in accordance with the methodology and assumptions set out in the agreement.