Atomic Energy of Canada Limited Pension Regulations

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/C.R.C.,_c._1356/FullText.html

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Atomic Energy of Canada Limited Pension Regulations

C.R.C., c. 1356PUBLIC SERVICE SUPERANNUATION ACT
Regulations Respecting the Counting of Service and the Payment of Pensions of Certain Employees and Former Employees of Atomic Energy of Canada LimitedShort Title

1 These Regulations may be cited as the Atomic Energy of Canada Limited Pension Regulations.

Interpretation

2 In these Regulations,

Act
Act means the Public Service Superannuation Act; (Loi)
Company
Company means Atomic Energy of Canada Limited; (Compagnie)
employee

employee means a person who, whether or not he has ceased to be employed in the Public Service,

(a) was a member of the former pension plan on May 29, 1975, and
(b) became a contributor under the Act on May 30, 1975; (employé)

former pension plan
former pension plan means the Pension Plan for Prevailing Rate Employees of Atomic Energy of Canada Limited underwritten through policies numbered 5952-G and 13003-G issued by the Sun Life Assurance Company of Canada; (ancien régime de pension)
pensioner

pensioner means a person who

(a) ceased to be employed with the Company prior to May 30, 1975 and

(i) is receiving or becomes eligible to receive annuity benefits under sections 9, 12 or 14 of the former pension plan, or
(ii) is not receiving annuity benefits under the former pension plan but is receiving on October 1, 1975 ex gratia supplementary pension payments being made by the Company, or

(b) is receiving or becomes eligible to receive annuity benefits under sections 15, 16 or 17 of the former pension plan in respect of service prior to May 30, 1975 or becomes eligible to receive annuity benefits in respect of a person who ceased to be employed with the Company prior to May 30, 1975; (retraité)

period of service to his credit
period of service to his credit means any period of service of an employee that he may count for the purposes of the former pension plan; (service à son crédit)
reciprocal pension transfer agreement
reciprocal pension transfer agreement means the reciprocal pension transfer agreement entered into by the Minister and the Company on November 12, 1971. (accord de transfert de pension réciproque)

Pension Payments out of Superannuation Account

3 (1) There shall be paid out of the Superannuation Account to every pensioner who

(a) ceased to be employed with the Company prior to April 1, 1970, or
(b) is receiving or becomes eligible to receive annuity benefits in respect of a person described in paragraph (a)

and who completes and forwards to the Company two copies of the appointment set out in the schedule an amount equal to the sum of

(c) any pension payable to or in respect of that pensioner under the former pension plan, and
(d) any ex gratia supplementary pension payments being made by the Company to or in respect of that pensioner in the month of August, 1975

commencing with the first day of the second month following the Company’s receipt of that appointment.

(2) Any pension payable under the former pension plan to or in respect of a pensioner other than a pensioner described in subsection (1) shall be paid out of the Superannuation Account on or after October 1, 1975.
(3) Every pension benefit payable pursuant to subsections (1) and (2) shall be paid subject to the terms and conditions on which that pension benefit would have been paid pursuant to the former pension plan.

4 The Company shall, on receipt of notice from the Minister, pay into the Consolidated Revenue Fund to the credit of the Superannuation Account an amount equal to

(a) the amount of the capitalized value, as determined by the Minister, of any pension benefits payable from the Superannuation Account pursuant to paragraph 3(1)(d) and subsection 3(2); and
(b) an amount as determined by the Minister to be the amount that would have been credited to the Superannuation Account as interest on an amount equal to the amount described in paragraph (a) during the period commencing with the date of the notice from the Minister and ending on the day on which the Company makes payment of the amount payable under this section.

Counting of Pensionable Services

5 (1) Where

(a) the Minister receives a request in writing from an employee within six months after October 1, 1975 to count the period of service to his credit as pensionable service for the purposes of the Act, or
(b) an employee has, prior to October 1, 1975 completed the document set out in Appendix “A” to the reciprocal pension transfer agreement

there shall be credited to that employee as pensionable service under the Act from the day the Minister receives the request or the employee completes the document that portion of the period of service to his credit, as determined by the Minister, that an amount equal to the amount required by the Company pursuant to subsection (2) will purchase when applied to the period of service to his credit that is most recent in point of time.

(2) The Company shall, in respect of each employee described in subsection (1), pay into the Consolidated Revenue Fund to the credit of the Superannuation Account within one year of October 1, 1975 the lesser of

(a) an amount equal to twice the amount the employee would have been required to pay under the Act in respect of a corresponding period of service in the Public Service if

(i) the employee had been a contributor under the Act during the period of service to his credit, and
(ii) the salary payable to the employee in respect of the period of service to his credit had been equal to the salary actually paid to him or that he is deemed to have received during that period for the purposes of the former pension plan,

together with interest at a rate equal to the rate, as determined by the Minister, that was payable under the Act during the period of service to the credit of the employee, calculated from the middle of each fiscal year in that period of service and ending on September 30, 1975; and

(b) an amount equal to twice the amount that was or would, in the opinion of the Company, have been required to be paid by the employee to purchase the period of service to his credit together with any interest credited on that amount up to October 1, 1975.

(3) The Company shall pay into the Consolidated Revenue Fund to the credit of the Superannuation Account an amount, as determined by the Minister to be the amount that would have been credited to the Superannuation Account as interest on an amount equal to the amount described in subsection (2) during the period commencing on October 1, 1975 and ending on the day on which the Company makes payment of the amount payable under this section.

Counting of Additional Service

6 (1) An employee in respect of whom an amount is paid into the Consolidated Revenue Fund pursuant to section 5 may count the remainder, if any, of the period of service to his credit that may not be counted as pensionable service under that section if he elects to pay for such service an amount calculated by the Minister as follows:

(a) where the employee so elects within six months of the time he is advised of the extent of the remainder of the period of service to his credit, an amount equal to one-half the amount calculated in the manner described in section 5; and
(b) where the employee so elects after the period referred to in paragraph (a), an amount calculated as if paragraph 6(1)(j) of the Act applied to him.

SCHEDULE(s. 3)

TO: 
SUN LIFE ASSURANCE COMPANY OF CANADA HEAD OFFICE, MONTREAL, CANADA.

RE: 
ATOMIC ENERGY OF CANADA LIMITED PENSION PLAN.

In connection with Policy No issued by your Company, I hereby request that each annuity payment as it falls due, commencing with the payment due on or after the first day of the second month following Atomic Energy of Canada’s receipt of this form be paid to the Receiver General for Canada (to be deposited in the Superannuation Account) and agree that such payment will constitute on your part a sufficient discharge of your obligations to me with respect to annuity payments under Policy No .
Dated at
this day
of 19
Signature
Address
S.I.N.
Witness
Address