Public Service Superannuation Regulations

90 (1) Subject to subsection (2), the transfer value to which a contributor is entitled is a lump sum amount equal to the actuarial present value on valuation day of the accrued pension benefits that would be payable to or in respect of the contributor under the Act had the contributor become entitled to a deferred annuity under section 13 of the Act on ceasing to be employed in the Public Service, together with interest calculated in accordance with section 93.

(2) Where the lump sum amount referred to in subsection (1) is less than the amount of a return of contributions that would be payable on valuation day if the contributor were eligible to receive a return of contributions, the transfer value to which the contributor is entitled is a lump sum amount equal to the amount of that return of contributions, together with interest calculated in accordance with section 93.