Public Service Superannuation Regulations

103 (1) For the purposes of paragraph 7(1)(k) of the Act, the amount to be paid for a period of service referred to in clause 6(1)(b)(iii)(M) or (N) of the Act is the actuarial present value of the pension benefits that have accrued under the Act in respect of the period of service, that value being determined on valuation day on a going-concern basis and in accordance with the methods and assumptions used in the preparation of the actuarial valuation report that was most recently laid before Parliament in accordance with section 45 of the Act before valuation day or, if that report was laid before Parliament in the month in which valuation day occurs or in the preceding month, of the report that was laid before Parliament immediately before that report.

(2) The amount to be paid shall bear interest, compounded annually, beginning on the first day of the month after the day on which the election is made and ending on the last day of the month that precedes the day on which the payment is received, at a rate equal to the projected rate of return of the Public Service Pension Fund that was used in the preparation of the actuarial valuation report that was most recently laid before Parliament in accordance with section 45 of the Act before the day on which the payment is received or, if that report was laid before Parliament in the month in which that day falls or in the preceding month, of the report that was laid before Parliament immediately before that report.