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Budget Implementation Act, 2006 (S.C. 2006, c. 4)

Assented to 2006-06-22

PART 11

AMENDMENTS RELATING TO PENSIONS

Marginal note:R.S., c. C-17

Canadian Forces Superannuation act

203. Subsection 15(2) of the Canadian Forces Superannuation Act is replaced by the following:

  • Marginal note:Deduction from annuity

    (2) Notwithstanding subsection (1), unless the Minister is satisfied that a contributor

    • (a) has not reached the age of sixty-five years, and

    • (b) has not become entitled to a disability pension payable under paragraph 44(1)(b) of the Canada Pension Plan or a provision of a provincial pension plan similar to the Canada Pension Plan,

    there shall be deducted from the amount of any annuity to which that contributor is entitled under this Act an amount equal to the percentage, as set out in subsection (2.1), of

    • (c) the average annual pay received by the contributor during the period of pensionable service described in subsection (1) applicable to him or her, not exceeding his or her Average Maximum Pensionable Earnings,

    multiplied by

    • (d) the number of years of pensionable service after 1965 or after he or she has attained the age of eighteen years, whichever is the later, to the credit of the contributor, not exceeding thirty-five, divided by fifty.

  • Marginal note:Percentages

    (2.1) For the purposes of subsection (2), the percentage that applies in respect of a contributor is

    • (a) 35%, if the contributor was born before 1943;

    • (b) 34.25%, if the contributor was born in 1943;

    • (c) 33.5%, if the contributor was born in 1944;

    • (d) 32.75% if the contributor was born in 1945;

    • (e) 32%, if the contributor was born in 1946; and

    • (f) 31.25%, if the contributor was born after 1946.

Marginal note:R.S., c. P-36

Public Service Superannuation Act

Marginal note:1992. c. 46, s. 1(2)

204. Subsection 3(4) of the Public Service Superannuation Act is replaced by the following:

  • Marginal note:When specified age deemed to be reached

    (4) For the purposes of paragraph 8(2)(e), a person is deemed to have reached the age of eighteen years at the beginning of the month following the month in which the person actually reached that age and, for the purposes of paragraph 11(2)(a), a person is deemed to have reached the age of sixty-five years at the beginning of the month following the month in which the person actually reached that age.

205. Subsection 11(2) of the Act is replaced by the following:

  • Marginal note:Deduction from annuity

    (2) Notwithstanding subsection (1), unless the Minister is satisfied that a contributor

    • (a) has not reached the age of sixty-five years, and

    • (b) has not become entitled to a disability pension payable under paragraph 44(1)(b) of the Canada Pension Plan or a provision of a provincial pension plan similar to the Canada Pension Plan,

    there shall be deducted from the amount of any annuity to which that contributor is entitled under this Part an amount equal to the percentage, as set out in subsection (2.1), of

    • (c) the average annual salary received by the contributor during the period of pensionable service described in subsection (1) applicable to him or her, not exceeding his or her Average Maximum Pensionable Earnings,

    multiplied by

    • (d) the number of years of pensionable service after 1965 to the credit of the contributor, not exceeding thirty-five, divided by fifty.

  • Marginal note:Percentages

    (2.1) For the purposes of subsection (2), the percentage that applies in respect of a contributor is

    • (a) 35%, if the contributor was born before 1943;

    • (b) 34.25%, if the contributor was born in 1943;

    • (c) 33.5%, if the contributor was born in 1944;

    • (d) 32.75% if the contributor was born in 1945;

    • (e) 32%, if the contributor was born in 1946; and

    • (f) 31.25%, if the contributor was born after 1946.