Former Members of Parliament Counting of Service Regulations

Marginal note:Time limit for payment

• 9 (1) The contributor must, within 30 days after the day on which the notice of default is sent,

  • (a) pay the arrears, together with interest, in a lump sum; or

  • (b) opt to pay the arrears in monthly instalments over a period that corresponds to the period beginning on the day on which the contributor first defaults on the payment and ending on the day on which the notice is sent.

• Marginal note:Interest — arrears paid in lump sum

  (2) Arrears that are paid in a lump sum bear interest, compounded annually, beginning on the day of the payment default and ending on the day on which the notice of default is sent, 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 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 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.

• Marginal note:Interest — arrears paid in monthly instalments

  (3) Arrears that are paid in monthly instalments bear interest, compounded annually, beginning on the day of the payment default and ending on the day on which the payment is received by the Commissioner of the Royal Canadian Mounted Police, 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 actuarial valuation report that was most recently laid before Parliament, in accordance with section 30 of the Act, before the day on which the contributor exercises one of the options set out in subsection (1) 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.

• Marginal note:When instalments are payable

  (4) The instalments are payable on the later of

  • (a) the first day of the month after the end of the period that was chosen under paragraph 6(1)(a); and

  • (b) the first day of the month after the day on which the contributor exercises the option.