Public Service Superannuation Regulations

92 (1) In determining the actuarial present value of the accrued pension benefits referred to in subsection 90(1), the following actuarial assumptions are to be used:

• (a) the mortality rates for former contributors and survivors, including mortality projection factors, shall be those used in the preparation of the most recent actuarial valuation report relating to the pension plan established under the Act;

• (b) the interest rates shall be the interest rates for fully indexed pensions — adjusted by the interest rates for unindexed pensions to take into account Part III of the Act — determined in accordance with the section “Pension Commuted Values” of the Standards of Practice — Practice-Specific Standards for Pension Plans, published by the Canadian Institute of Actuaries, as amended from time to time;

• (c) the probability that a contributor will be survived by children shall be based on the rates regarding the assumed number, average age and eligibility status of children at the death of a contributor used in the preparation of the most recent actuarial valuation report relating to the pension plan established under the Act;

• (d) the probability that a contributor will become entitled to a benefit by reason of disability shall be based on the disability incidence rates used in the preparation of the most recent actuarial valuation report relating to the pension plan established under the Act, taking into account the probability set out in that report that, where termination of employment was on account of disability, there would be immediate eligibility for Canada Pension Plan or Quebec Pension Plan disability benefits; and

• (e) the probability that a contributor will have a survivor shall be based on the rates regarding the average age and eligibility status of survivors on the date of the death of a contributor used in the preparation of the most recent actuarial valuation report.

• (f) [Repealed, SOR/2016-203, s. 37]

(2) The actuarial valuation report referred to in paragraphs (1)(a) and (c) to (e) is the actuarial valuation report 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, the report that was laid before Parliament immediately before that report.