Marginal note:Date share of annuity benefits is to be accorded

18. As soon as the annuity administrator has received all of the necessary documents and information, he or she must set the earliest practicable date for according the share of the annuity benefits to the spouse, former spouse or former common-law partner.

Marginal note:Valuation day

• 19. (1) For the purposes of sections 20 to 23, 25, 27 and 28, valuation day is the day on which the share of the annuity benefits to be accorded to the spouse, former spouse or former common-law partner is determined and it corresponds, in the following cases, to the earlier of the expected date for according the share and the 90th day after the approval of the division of annuity benefits by the Minister:

  • a) the judge’s spouse, former spouse or former common-law partner does not make the election under subsection 52.14(4) of the Act; or

  • b) the judge’s spouse, former spouse or former common-law partner makes that election and the time described in that subsection falls no later than the 90th day after the approval by the Minister.

• Marginal note:Valuation day — election under subsection 52.14(4) of the Act

  (2) If the judge’s spouse, former spouse or former common-law partner makes the election under subsection 52.14(4) of the Act and the time described in that subsection falls after the 90th day after the approval of the division of annuity benefits by the Minister, valuation day corresponds to the earlier of the expected date for according the share and the 30th day after the time described in that subsection.

Marginal note:Interest

20. The share of the annuity benefits to be accorded to the spouse, former spouse or former common-law partner bears interest from the 31st day after valuation day until the day before the day on which it is accorded at the rate prescribed under the Income Tax Act for amounts payable by the Minister of National Revenue as refunds of overpayments of tax under that Act.

Marginal note:Rules to be followed

21. The following rules apply to the valuation of the share of the annuity benefits to be accorded to the spouse, former spouse or former common-law partner:

• (a) the actuarial valuation report is the actuarial report on the pension plan for federally appointed judges most recently laid before Parliament under section 9 of the Public Pensions Reporting Act before valuation day or, if that report was laid before Parliament in the month in which valuation day falls or in the preceding month, the preceding report that was laid before Parliament;

• (b) prior divisions of annuity benefits are not taken into account;

• (c) the date on which payment of the annuity is expected to begin and the dates on which the judge might cease to hold office are determined in accordance with the actuarial assumptions that were used in the preparation of the actuarial valuation report;

• (d) the judge’s expected date of retirement is determined as of valuation day on the basis of the retirement rates that were used in the preparation of the actuarial valuation report, and this rule also applies for the purposes of subsection 52.14(2) of the Act; and

• (e) the salary annexed to the office held by the judge on the last day of the period subject to division is the salary that is actually annexed to the office held by the judge on that day or, if applicable, the salary referred to in subsection 43(1) or (2) of the Act, and it includes any annual adjustment or revision that is to apply on or before that day under an Act that comes into force no later than valuation day.