Public Sector Pension Investment Board Act (S.C. 1999, c. 34)

Meetings

Marginal note:Meetings

49 The Board shall meet once a year with the members of the three advisory committees established respectively under section 49.1 of the Canadian Forces Superannuation Act, section 41 of the Public Service Superannuation Act and section 25.1 of the Royal Canadian Mounted Police Superannuation Act in order to discuss the Board’s most recent annual report.

Regulations

Marginal note:Regulations

50 The Governor in Council may make regulations

• (a) respecting the application to the Board and its subsidiaries of provisions of the Pension Benefits Standards Act, 1985 and regulations made under that Act;

• (b) adapting provisions of the Pension Benefits Standards Act, 1985 and regulations made under that Act in the manner that the Governor in Council considers appropriate for the purpose of applying them to the Board and its subsidiaries;

• (c) respecting the limitations to which the Board is subject when it makes investments, so long as those limitations relate to

  • (i) borrowing and the use of derivatives,

  • (ii) the establishment of a percentage of the funds that must be held available for investment in Government of Canada bonds and the procedure used to determine that percentage, or

  • (iii) the period during which the Board must, in acquiring securities other than debt obligations of Canadian corporations for investment, substantially replicate the composition of one or more widely-recognized broad market indexes of securities traded on a recognized stock exchange in Canada; and

• (d) prescribing anything that this Act provides may be prescribed or may be determined by regulation.

Marginal note:Non-application of regulations — investment management services

50.1 Regulations made under section 50 do not apply in respect of a subsidiary incorporated for the purpose of providing investment management services to the Canada Growth Fund Inc.

Offence

Marginal note:False statements

• 51 (1) Every director, officer, employee, agent, mandatary or auditor of the Board or of any of its subsidiaries who, in carrying out a duty under this Act or the by-laws, prepares, signs, approves or concurs in any statement, report or other document respecting the affairs of the Board or the subsidiary that contains any false or deceptive information is guilty of an offence.

• Marginal note:Punishment

  (2) Every person who commits an offence under subsection (1) is liable on summary conviction

  • (a) in the case of a natural person, to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 12 months, or to both; or

  • (b) in any other case, to a fine not exceeding $500,000.

Winding-up

Marginal note:Insolvency and winding-up

52 No Act relating to the insolvency or winding-up of any corporation applies to the Board and in no case shall the affairs of the Board be wound up unless Parliament so provides.

Amendments to the Public Service Superannuation Act

53 to 114 [Amendments]

Amendments to the Canadian Forces Superannuation Act

115 to 117 [Amendments]

• 118 (1) [Amendment]

• (2) [Repealed, 2003, c. 26, s. 38]

119 [Amendment]

• 120 (1) and (2) [Amendments]

• (3) [Repealed, 2003, c. 26, s. 39]

121 to 127 [Amendments]

128 to 132 [Repealed, 2003, c. 26, s. 40]

133 to 168 [Amendments]

Amendments to the Royal Canadian Mounted Police Superannuation Act

169 to 171 [Amendments]

• 172 (1) and (2) [Amendments]

• (3) [Repealed, 2009, c. 13, s. 15]

• (4) [Amendment]

173 to 206 [Amendments]

Amendments to Other Acts

207 to 227 [Amendments]

Consequential Amendment

228 [Amendment]

Transitional Provisions

Marginal note:Transitional — application of certain provisions

• 229 (1) Subsections 64(5) and (6) and 65(4), section 75, subsection 76(3), sections 82, 133, 135, 136, 139, 141, 180, 181, 183 and 185, subsection 186(3) and section 188 apply only with respect to contributors who die on or after the day on which this subsection comes into force.

• Marginal note:Transitional — application of certain provisions

  (2) Sections 208, 209, 214, 215, 218, 219, 222 and 223 apply only with respect to officers and former officers who die on or after the day on which this subsection comes into force.

• Marginal note:Transitional — application of certain provisions

  (3) Sections 225 and 226 apply only with respect to members and former members who die on or after the day on which this subsection comes into force.

Coming into Force

Marginal note:Coming into force

• 230 (1) Subsection 65(5) comes into force on June 21, 1999.

• Marginal note:Coming into force

  (2) Section 103 comes into force on October 1, 1999.

• Marginal note:Coming into force

  Footnote ^*(3) The definition contributor in subsection 53(2), sections 55 to 60, subsections 62(1) and (3), section 63, subsection 64(4), sections 67, 69, 73, 74, 78, 79, 85 and 86, subsections 91(1), (2) and (6), 92(1) and 95(1), sections 96, 107 to 110 and 114, subsection 115(1), sections 117 to 120, 125 and sections 127 to 129, subsections 130(1) and (2), sections 131, 132 and 134, subsection 142(2), section 143, subsections 146(1), 147(1) and 151(1), sections 152, 154, 155, 157, 158 and 160, subsections 161(1) and (4) and 162(1), sections 163, 164 and 168, the definition contributor in subsection 169(1), sections 171 to 174, subsection 176(3), sections 177 to 179, 182, 190 and 191, subsections 193(1) and 194(1), section 195, subsection 198(1), section 199, subsection 201(1) and sections 202, 203 and 227 come into force on a day or days to be fixed by order of the Governor in Council.

  • Return to footnote ^*[Note: The definition contributor in subsection 3(1) of the Public Service Superannuation Act, as enacted by subsection 53(2), sections 55 to 60, subsections 62(1) and (3), section 63, subsection 64(4), sections 67, 69, 73, 74, 78, 79, 85 and 86, subsections 91(1), (2) and (6) and 92(1), sections 107 to 110, subsection 115(1), section 117, subsection 118(1), section 119, subsections 120(1) and (2), sections 127 and 134, subsection 142(2), section 143, subsections 146(1), 147(1) and 162(1), sections 163 and 164, the definition contributor in subsection 3(1) of the Royal Canadian Mounted Police Superannuation Act, as enacted by subsection 169(1), section 171, subsection 172(1), section 173, subsection 174(1), sections 177, 182 and 190, subsections 193(1) and 194(1), section 195, subsection 201(1) and sections 202 and 203 in force January 1, 2000, subsection 95(1), section 96, subsection 151(1), section 152, subsection 198(1) and section 199 in force April 1, 2000, sections 114 and 227 in force October 1, 2000, section 125 and subsection 176(3) in force January 1, 2001, see SI/99-138; sections 178 and 179 in force September 1, 2003, see SI/2003-145; clauses 6(b)(ii)(M) and (N) of the Royal Canadian Mounted Police Superannuation Act, as enacted by subsection 172(4) and subsection 174(2) in force October 26, 2006, see SI/2006-116; section 154 in force March 1, 2007, see SI/2007-21; subsection 172(2), clauses 6(b)(ii)(L), (O) and (P) of the Royal Canadian Mounted Police Superannuation Act, as enacted by subsection 172(4) and section 191 in force June 18, 2009, see 2009, c. 13, s. 17.]

Marginal note:Authority to substitute actual date

231 On or after the day on which a provision of this Act, or a provision of an Act enacted by this Act, comes into force, the Governor in Council may, by order, amend that provision or any other provision that makes reference to that provision, by replacing references to the day on which that provision comes into force with references to the actual date on which that provision came into force.