Retirement Compensation Arrangements Regulations, No. 1

38.3 (1) Subject to subsections (2) and (3), a person who elects to pay for a period of service under clause 6(1)(b)(iii)(M) or (N) of the Public Service Superannuation Act shall pay to the Retirement Compensation Arrangements Account a lump sum amount that is equal to the aggregate of

• (a) the amount by which the amount determined in accordance with subsection 103(1) of the Public Service Superannuation Regulations exceeds the amount that would be determined in accordance with that subsection if subparagraph 11(1)(b)(iii) of that Act and section 30.6 of those Regulations were not taken into account; and

• (b) an amount representing interest on the amount determined under paragraph (a) calculated in the manner and at the rates referred to in subsection 103(2) of those Regulations.

(2) If an adjustment is made under subsection 102(2) or (3) or 104(3) of the Public Service Superannuation Regulations to the period of pensionable service that is counted by the person under the election, the ratio that was used under that subsection of those Regulations to determine the period to be counted shall be applied to reduce the amount that is determined under subsection (1).

(3) A person who had opted to receive or was deemed to have opted to receive a deferred annuity under paragraph 38.1(1)(b) or subsection 38.2(2), as those provisions read immediately before December 13, 2002, is not required to make a payment under subsection (1), and ceases to be entitled to that annuity.