Canadian Forces Superannuation Act (R.S.C., 1985, c. C-17)

50.1 [Repealed, 2003, c. 26, s. 23]

51. [Repealed, 2003, c. 26, s. 24]

Marginal note:Members of Parliament and Senators

52. Notwithstanding anything in this Part, the Governor in Council may by regulation

• (a) provide that the service of a former member of the House of Commons or a former Senator in respect of which he or she made contributions under the Members of Parliament Retiring Allowances Act may, to the extent and subject to the conditions that may be prescribed by the regulations, be counted by that former member or former Senator as pensionable service for the purposes of this Part; and

• (b) provide for the transfer to the Superannuation Account or the Canadian Forces Pension Fund of amounts in the Retiring Allowances Account, within the meaning of that Act, in respect of him or her.

53. [Repealed, 2003, c. 26, s. 25]

Marginal note:Payments out of Superannuation Account

• 54. (1) All amounts required for the payment of benefits for which this Part, including any pension referred to in subsection 59(1), and Part III make provision shall be paid out of the Superannuation Account if the benefits are payable in respect of pensionable service to the credit of a contributor before April 1, 2000.

• Marginal note:Transfer of amounts

  (2) The amounts deposited in the Canadian Forces Superannuation Investment Fund under subsection 55.1(2) shall be transferred to the Public Sector Pension Investment Board within the meaning of the Public Sector Pension Investment Board Act to be dealt with in accordance with that Act.

• Marginal note:Payment of benefits

  (3) If there are insufficient amounts in the Superannuation Account to pay all the benefits referred to in subsection (1), the amounts required for the payment of those benefits shall be charged to the Canadian Forces Superannuation Investment Fund and paid out of the assets of the Public Sector Pension Investment Board.

Marginal note:Amounts to be credited in each fiscal year

• 55. (1) There shall be credited to the Superannuation Account in each fiscal year

  • (a) [Repealed, 1999, c. 34, s. 151]

  • (b) an amount representing interest on the balance from time to time to the credit of the Account, calculated in such manner and at such rates and credited at such times as the regulations provide, but the rate for any quarter in a fiscal year shall be at least equal to the rate that would be determined for that quarter using the method set out in section 36 of the Canadian Forces Superannuation Regulations, as that section read on March 31, 1991.

• (2) to (5) [Repealed, 1999, c. 34, s. 151]

• Marginal note:Amounts to be credited on basis of actuarial valuation report

  (6) Following the laying before Parliament of any actuarial valuation report pursuant to section 56 that relates to the state of the Superannuation Account and the Canadian Forces Superannuation Investment Fund, there shall be credited to the Account, at the time and in the manner set out in subsection (7), the amount that in the opinion of the President of the Treasury Board will, at the end of the fifteenth fiscal year following the tabling of that report or at the end of the shorter period that the President of the Treasury Board may determine, together with the amount that the President of the Treasury Board estimates will be to the credit of the Account and the Canadian Forces Superannuation Investment Fund at that time, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.

• Marginal note:Equal annual instalments

  (7) Subject to subsection (8), the amount required to be credited to the Superannuation Account under subsection (6) shall be divided into equal annual instalments and the instalments shall be credited to the Account over a period of fifteen years, or such shorter period as the President of the Treasury Board may determine, with the first such instalment to be credited in the fiscal year in which the actuarial valuation report is laid before Parliament.

• Marginal note:Adjustments

  (8) When a subsequent actuarial valuation report is laid before Parliament before the end of the period applicable under subsection (7), the instalments remaining to be credited in that period may be adjusted to reflect the amount that is estimated by the President of the Treasury Board, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the President of the Treasury Board estimates will be to the credit of the Superannuation Account and the Canadian Forces Superannuation Investment Fund at the end of that period, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.

• Marginal note:Amounts to be debited on basis of actuarial valuation report

  (9) Following the laying before Parliament of any actuarial valuation report pursuant to section 56 that relates to the state of the Superannuation Account and the Canadian Forces Superannuation Investment Fund, there may be debited from the Account, at the time and in the manner set out in subsection (11), an amount that in the opinion of the President of the Treasury Board exceeds the amount that the President of the Treasury Board estimates, based on the report, will be required to be to the credit of the Account and the Canadian Forces Superannuation Investment Fund at the end of the fifteenth fiscal year following the tabling of that report or at the end of the shorter period that the President of the Treasury Board may determine, in order to meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.

• Marginal note:If total exceeds maximum

  (10) If the total of the amounts in the Account and in the Fund referred to in subsection (9) exceeds, following the laying of the report referred to in that subsection, the maximum amount referred to in subsection (13), there shall be debited from the Account, at the time and in the manner set out in subsection (11), the amount of the excess.

• Marginal note:Annual instalments

  (11) Subject to subsection (12), the amount that may be debited under subsection (9) and the amount that must be debited under subsection (10) shall be debited in annual instalments over a period of fifteen years, or the shorter period that the President of the Treasury Board may determine, with the first such instalment to be debited in the fiscal year in which the actuarial valuation report is laid before Parliament.

• Marginal note:Adjustments

  (12) When a subsequent actuarial valuation report is laid before Parliament before the end of the period applicable under subsection (11), the instalments remaining to be debited in that period may be adjusted to reflect the amount that is estimated by the President of the Treasury Board, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the President of the Treasury Board estimates will be to the credit of the Superannuation Account and the Canadian Forces Superannuation Investment Fund at the end of that period, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.

• Marginal note:Maximum amount to credit of Account and Fund

  (13) At the end of the period, the total of the amounts that are to the credit of the Superannuation Account and the Canadian Forces Superannuation Investment Fund must not exceed one hundred and ten percent of the amount that the President of the Treasury Board estimates is required to meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that is to the credit of contributors before April 1, 2000.

• Marginal note:Costs

  (14) The costs of the administration of this Act, as determined by the Treasury Board on the recommendation of the Minister, with respect to benefits payable under this Act in respect of pensionable service that is to the credit of contributors before April 1, 2000 shall be paid out of the Superannuation Account.