Public Service Superannuation Act

Marginal note:No more deposits if non-permitted surplus

• 44.4 (1) If, following the laying before Parliament of an actuarial valuation report pursuant to section 45 that relates to the state of the Public Service Pension Fund there is, in the Minister’s opinion, a non-permitted surplus in that Fund, no further amounts shall be deposited into the Fund under paragraph 44.2(3)(a) until the time that there is, in the Minister’s opinion, no longer a non-permitted surplus in the Fund.

• Marginal note:When non-permitted surplus

  (2) If, following the laying before Parliament of an actuarial valuation report pursuant to section 45 that relates to the state of the Public Service Pension Fund, there is, in the Minister’s opinion, a non-permitted surplus in that Fund,

  • (a) the contributions payable under section 5 may be reduced in the manner, at the times and for the period that the Treasury Board determines, on the Minister’s recommendation; or

  • (b) there may be paid out of the Public Service Pension Fund, and into the Consolidated Revenue Fund, the amount, at the time and in the manner, that the Treasury Board determines on the recommendation of the Minister.

• Marginal note:Minister’s recommendation

  (3) The Minister shall only make the recommendation referred to in paragraph (2)(b) after estimating, based on the report, that the amount that will be to the credit of the Public Service Pension Fund at the end of the fifteenth fiscal year following the tabling of that report or at the end of a shorter period that the Minister may determine, will not be less than the total of

  • (a) the amount that will be required in order to meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that comes to the credit of contributors on or after April 1, 2000, and

  • (b) the amount of any surplus in the Public Service Pension Fund that does not constitute a non-permitted surplus.

• Marginal note:When surplus is not non-permitted surplus

  (4) If, following the laying before Parliament of an actuarial valuation report pursuant to section 45 that relates to the state of the Public Service Pension Fund, there is, in the Minister’s opinion, a surplus that is not a non-permitted surplus in that Fund, the contributions payable under section 5 or paragraph 44.2(3)(a) may be reduced in the manner, at the times and for the period that the Treasury Board determines, on the Minister’s recommendation.

• Marginal note:Non-permitted surplus

  (5) For the purposes of this section, a non-permitted surplus exists when the amount by which assets exceed liabilities in the Public Service Pension Fund, as determined by the actuarial valuation report referred to in section 45 or one requested by the Minister, is greater than the lesser of

  • (a) twenty percent of the amount of liabilities in respect of contributors, as determined in that report, and

  • (b) the greater of

    • (i) twice the estimated amount, for the calendar year following the date of that report, of the total of

      • (A) the current service contributions that would be required of contributors, and

      • (B) the amounts that would be determined under paragraph 44.2(3)(a) and subsection 37(2) less any amount that would be determined under that subsection in respect of past service, and

    • (ii) the amount that would be determined under paragraph (a) if the reference in that paragraph to “twenty percent” were read as a reference to “ten percent”.

• Marginal note:When reduction in contributions

  (6) For greater certainty, a reduction in contributions under paragraph (2)(a) or subsection (4) is not to be considered as changing the contribution rate that applied before the reduction in contributions.