Canada Post Corporation Withdrawal Regulations (SOR/2000-375)

Regulations are current to 2013-05-26

Canada Post Corporation Withdrawal Regulations

SOR/2000-375

PUBLIC SERVICE SUPERANNUATION ACT

FINANCIAL ADMINISTRATION ACT

Registration 2000-10-02

Canada Post Corporation Withdrawal Regulations

T.B. 828475 2000-09-28

The Treasury Board, on the recommendation of the President of the Treasury Board, pursuant to paragraph 42.1(1)(v.7)Footnote a and subsection 46.3(6)Footnote b of the Public Service Superannuation Act and paragraph 7(2)(a) of the Financial Administration Act, hereby makes the annexed Canada Post Corporation Withdrawal Regulations.

INTERPRETATION

1. The definitions in this section apply in these Regulations.

“Act”

“Act” means the Public Service Superannuation Act. (Loi)

“Canada Post Pension Plan”

“Canada Post Pension Plan” means the pension plan established by the Corporation under paragraph 46.3(1)(a) of the Act. (régime de retraite de la Société canadienne des postes)

“pensionable service”

“pensionable service” means pensionable service within the meaning of the Act. (service ouvrant droit à pension)

APPLICATION

2. These Regulations apply in respect of the pensionable service of persons who, by virtue of the coming into force of section 227 of the Public Sector Pension Investment Board Act cease to be employed in the Public Service for the purposes of the Act on October 1, 2000 and

  • (a) are employed by the Corporation and are contributors on September 30, 2000, and

  • (b) remain employed by the Corporation for at least one day following September 30, 2000.

VALUATION

  • 3. (1) Subject to subsections (2) and (3), the actuarial present value of the benefits accrued in respect of the pensionable service to the credit of the persons referred to in section 2 is calculated as of September 30, 2000 using the actuarial methods and assumptions contained in the Actuarial Report as at March 31, 1996, on the Pension Plan for the Public Service of Canada, tabled in Parliament on March 18, 1998 by the Minister.

  • (2) The actuarial assumptions contained in the Actuarial Report referred to in subsection (1) are varied as follows:

    • (a) the rate of interest for the period beginning on October 1, 2000 and ending on September 30, 2015 is 3.9% per annum plus the rates of increase in the consumer price index for that period as set out in the Actuarial Report;

    • (b) the rate of interest for the period after September 30, 2015 is 6.5% per annum;

    • (c) the rate of increase in salaries and the yearly maximum pensionable earnings is 3.9% per annum for the period beginning on October 1, 2000 and ending on September 30, 2001 and 4% per annum after that;

    • (d) retirement rates are the rates set out in Schedule 1;

    • (e) rates of termination are the rates set out in Schedule 2; and

    • (f) transfer values on termination of employment are to be calculated using the interest rates specified in paragraphs (a) and (b).

  • (3) The amount calculated in accordance with subsection (1) shall be net of the present value of any instalment payments in respect of pensionable service where such payments would have been due and payable into the Superannuation Account or the Public Service Pension Fund after September 30, 2000 by persons referred to in section 2 had those persons remained in the Public Service for the purposes of the Act.

  • (4) For the purposes of subsection (3), any instalment payment that is attributable to a period of leave of absence without pay is calculated as if it were due and payable on October 1, 2000.

  • (5) For the purposes of subsection (3), the present value is calculated using an interest rate of 6.9% per annum.