Pension Benefits Division Regulations

15 (1) In determining the actuarial value of a member's accrued pension benefits, the following actuarial assumptions are to be used:

• (a) if the member is employed on valuation day

  • (i) the termination and retirement rates for current contributors, used in the preparation of the last actuarial valuation report for the member's pension plan laid before Parliament, modified to reflect any special conditions that apply to the tenure of office or service or to special benefits in respect of an occupational group of the members of the pension plan, and

  • (ii) the mortality rates for current and former contributors, including mortality projection factors, used in the preparation of the report referred to in subparagraph (i), or the mortality rates, including mortality projection factors, referred to in the Standard of Practice for Determining Pension Commuted Values (the “Standard”), published by the Canadian Institute of Actuaries, effective February 1, 2005, whichever will produce the greater actuarial value of a member's accrued pension benefits;

• (b) if the member ceased to be employed before valuation day, the mortality rates for former contributors, other than disabled contributors, including mortality projection factors, used in the preparation of the report referred to in subparagraph (a)(i), or the mortality rates, including mortality projection factors, referred to in the Standard, whichever will produce the greater actuarial value of a member's accrued pension benefits;

• (c) a zero probability of a member becoming entitled to a pension by reason of disability; and

• (d) the interest rates determined in accordance with the Standard, namely,

  • (i) in respect of periods during which the member is a recipient, the interest rates for fully indexed pensions, adjusted to reflect an annual basis of payment, and

  • (ii) in respect of periods during which the member is not a recipient, the interest rates for unindexed pensions.

(2) The last actuarial valuation report for the pension plans referred to in subparagraphs (a)(iii) and (v) of the definition pension plan in section 2 of the Act shall be the last actuarial valuation report in respect of the pension plans referred to in subparagraphs (a)(ii) and (iv), respectively, of that definition.

(3) The last actuarial valuation report for the pension plans referred to in subparagraphs (a)(vi), (vii) and (viii) of the definition pension plan in section 2 of the Act shall be the last actuarial valuation report in respect of the pension plan laid before Parliament under the Public Service Superannuation Act.

(4) For the purposes of this section, the last actuarial valuation report is the most recent actuarial valuation report laid before Parliament in accordance with section 9 of the Public Pensions Reporting Act or, if the actuarial valuation report has been tabled in the month in which valuation day occurs or in the preceding month, the immediately previously tabled report.