3. Subject to these Regulations, an annuity or other benefit herein specified shall be paid to or in respect of every agent who is required to contribute, or on whose behalf contributions are paid, into the Annuities Agents Pension Account in accordance with these Regulations, and who dies or ceases to be engaged, which annuity or other benefit shall, subject to these Regulations, be based upon the number of years of service to the credit of that person at the time he dies or ceases to be engaged.

4. There shall be an account in the Consolidated Revenue Fund to be known as the Annuities Agents Pension Account.

5. Every agent is required to contribute to the Annuities Agents Pension Account five per cent of his earnings in respect of current service, by reservation from earnings.

• 6. (1) There shall be credited to the Annuities Agents Pension Account in each fiscal year,

  • (a) on the last day of each quarter of such year, namely, on the last day of June, September, December and March, respectively, an amount representing interest which shall be calculated at the rate of one per cent on the balance to the credit of the Account on the last day of the preceding quarter;

  • (b) such amount as is determined by the Minister of Finance to be required to meet the cost of the benefits chargeable against the Account for the year in respect of current service of contributors after taking into consideration the contributions paid into the Account by contributors; and

  • (c) such amount as is estimated by the Minister of Finance to be required to meet the costs of the benefits payable during the year under these Regulations in respect of past service of contributors.

• (2) All amounts required for the payment of annuities or other benefits herein specified shall be paid out of the Annuities Agents Pension Account.

• 7. (1) For the purposes of this section, “average annual earnings” means

  • (a) the average annual earnings earned by a contributor during the six-year period immediately preceding his 65th birthday or the effective date, whichever first occurs;

  • (b) in the case of a contributor who has less than six years of past service to his credit, the average annual earnings earned by the contributor during the period of past service to his credit; or

  • (c) in the case of a contributor who

    • (i) had less than six years of past service to his credit before his 65th birthday, and

    • (ii) has a total of six or more years of past service to his credit before ceasing to be engaged as an agent,

    the average annual earnings earned by the contributor during his first six years of past service.

• (2) Subject to subsection (3), the amount of any annuity to which a contributor may become entitled under these Regulations is an amount equal to the aggregate of

  • (a) the sum of

    • (i) 1 1/2 per cent of the contributor’s annual earnings not in excess of $6,000, and

    • (ii) one per cent of the contributor’s annual earnings in excess of $6,000

    for each year of current service to the credit of the contributor; and

  • (b) the sum of

    • (i) 3/4 of one per cent of the contributor’s average annual earnings not in excess of $6,000, and

    • (ii) 1/2 of one per cent of the contributor’s average annual earnings in excess of $6,000

    multiplied by the number of years of past service to the credit of the contributor.

• (3) The amount of any annuity to which a contributor, who ceased to be engaged as an agent prior to the effective date to become employed in the Government Annuities Branch of the Canada Employment and Immigration Commission, may become entitled under these Regulations, is an amount equal to the product of

  • (a) the sum of

    • (i) 3/4 of one per cent of the contributor’s average annual earnings not in excess of $6,000, and

    • (ii) 1/2 of one per cent of the contributor’s average annual earnings in excess of $6,000,

    earned during the six-year period immediately preceding the date he ceased to be engaged as an agent, multiplied by

  • (b) the number of years of past service to the credit of the contributor.