Retirement Compensation Arrangements Regulations, No. 1

58 (1) A participant who makes an election under clause 6(b)(ii)(L), (O) or (P) of the Royal Canadian Mounted Police Superannuation Act shall pay to the Retirement Compensation Arrangements Account an amount equal to the difference between the amount to be paid that would be determined in accordance with section 9.09 of the Royal Canadian Mounted Police Superannuation Regulations if subparagraph 10(1)(b)(iii) of that Act and section 20.2 of those Regulations were taken into account and the amount to be paid that would be determined if those two provisions were not taken into account.

(2) The participant shall pay the amount in the manner set out in subsection 8(5) of the Royal Canadian Mounted Police Superannuation Act. However, if the participant opts to pay in a lump sum, the participant shall ensure that the amount to be paid is received by the Commissioner within 30 days after the day on which the Commissioner sends notice to the participant of the amount to be paid.

(3) The fact that a participant has opted to pay by instalments for a period of service referred to in subparagraph 6(b)(ii) of the Royal Canadian Mounted Police Superannuation Act and ceases to be a member of the Force before having paid all of the instalments constitutes a circumstance referred to in section 15 of the Act under which the contributor is required to contribute by reservation from any benefit referred to in that section. The unpaid amount shall be reserved in accordance with section 9.05 of the Royal Canadian Mounted Police Superannuation Regulations.

(4) Any amount that may be recovered under subsection 24(1) of the Act shall bear simple interest at 4% per year and shall be recovered in accordance with section 9.08 of the Royal Canadian Mounted Police Superannuation Regulations.