SPECIAL PENSION PLANS
Establishment of Plans
Marginal note:Plans may be established
3. (1) The Governor in Council may, on the recommendation of the Minister, by order,
(b) establish or authorize the establishment of a pension plan to provide pension benefits and other benefits to or in respect of any person or class of persons so exempted from the application of that Act; and
(c) designate any person as a member of a special pension plan or designate any class of persons as members of that pension plan.
Marginal note:Compliance with Income Tax Act, etc.
(2) A special pension plan shall
(a) comply with the provisions of the Income Tax Act and the regulations made under that Act respecting registered pension plans; and
(b) provide for the payment of supplementary benefits in relation to any pension benefit that is payable under that pension plan, calculated at the same rates and in the same manner as is provided under the Supplementary Retirement Benefits Act in respect of supplementary retirement benefits payable under that Act.
4. (1) The Governor in Council may, on the recommendation of the Minister, by order, amend or authorize the amendment of any special pension plan.
Marginal note:Retroactivity of amendments
(2) An amendment to a special pension plan may, if the order by which the amendment is made or is authorized to be made so provides, be retroactive and be deemed to come into force on a day prior to the day on which the order is made, which prior day shall not be before the day on which that pension plan is established.
Marginal note:Void amendments
(3) An amendment to a special pension plan is void if the amendment would reduce or have the effect of reducing
(a) a pension benefit accrued under that pension plan before the day on which the amendment is made; or
(b) the pension benefit credit accrued under that pension plan in respect of that pension benefit.
Marginal note:Persons required to contribute
5. Every member of a special pension plan that is designated by the regulations is required to contribute to the Registered Pension Plans Account, by reservation from that member’s salary or otherwise, in the manner and under the circumstances prescribed in respect of that pension plan, at the rate or rates established by the regulations in respect of that pension plan.
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