Former Members of Parliament Counting of Service Regulations

Marginal note:Failure to exercise option

10 A contributor who does not exercise one of the options set out in subsection 9(1) within the time limit must pay the arrears, together with interest calculated in accordance with subsection 9(2), in monthly instalments that are

• (a) calculated using the mortality rates used in the preparation of the actuarial valuation report that was most recently laid before Parliament, in accordance with section 30 of the Act, before the day on which the notice of default is sent 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, and that bear interest, compounded annually, at a rate equal to the projected rate of return of the Royal Canadian Mounted Police Pension Fund that was used in the preparation of the report; and

• (b) payable on the first day of each month after the day on which the notice is sent, until the earlier of

  • (i) the end of the remainder of the period that was chosen under paragraph 6(1)(a), and

  • (ii) the contributor’s death.