Public Service Superannuation Act (R.S.C., 1985, c. P-36)

Marginal note:Establishment of Public Service Superannuation Investment Fund

• 44.1 (1) The Public Service Superannuation Investment Fund is established.

• Marginal note:Amounts to be deposited into the Public Service Superannuation Investment Fund

  (2) The following amounts shall be deposited into the Public Service Superannuation Investment Fund:

  • (a) the amounts in the Superannuation Account transferred on or after April 1, 2000 that the Minister of Finance determines, in the manner and at the times that that minister determines; and

  • (b) the income from the investment of the amounts referred to in paragraph (a) plus profits less losses on the sale of the investments.

• Marginal note:Costs

  (3) If there are insufficient amounts in the Superannuation Account to pay the costs of the administration of this Act with respect to benefits payable under this Act in respect of pensionable service that is to the credit of contributors before April 1, 2000, those costs shall be paid out of the Public Service Superannuation Investment Fund.

• Marginal note:Transfer of amounts

  (4) The Minister of Finance may, after consultation with the Public Sector Pension Investment Board within the meaning of the Public Sector Pension Investment Board Act, transfer to the Superannuation Account amounts in the Public Service Superannuation Investment Fund that he or she determines, in the manner and at the times that that minister determines.

Marginal note:Establishment of Public Service Pension Fund

• 44.2 (1) The Public Service Pension Fund is established.

• Marginal note:Amounts to be deposited into the Public Service Pension Fund

  (2) The following amounts shall be deposited into the Public Service Pension Fund:

  • (a) the amounts determined by the Minister under subsection (3);

  • (b) all other amounts required by this Act to be paid into the Fund; and

  • (c) the income from the investment of the amounts referred to in paragraphs (a) and (b) plus profits less losses on the sale of the investments.

• Marginal note:Amounts to be determined by the Minister

  (3) There shall be deposited into the Public Service Pension Fund, in each fiscal year, in respect of every month, no later than thirty days after the end of the month in respect of which the deposit is made

  • (a) an amount that is determined by the Minister, based on actuarial advice, to be required to provide for the cost of the benefits that have accrued in respect of that month in relation to current service and that will become payable out of the Public Service Pension Fund; and

  • (b) an amount that is determined by the Minister in relation to the total amount paid into the Public Service Pension Fund during the preceding month by way of contributions in respect of past service.

• Marginal note:Determination of the amounts

  (4) In determining amounts for the purposes of paragraph (3)(a), the Minister may take into account any surplus in the Public Service Pension Fund as shown in the most recent actuarial valuation report referred to in section 45 on the state of the Fund.

• Marginal note:Transfer of amounts

  (5) The amounts deposited in the Public Service Pension Fund shall be transferred to the Public Sector Pension Investment Board within the meaning of the Public Sector Pension Investment Board Act to be dealt with in accordance with that Act.

• Marginal note:Payment of benefits

  (6) All amounts required for the payment of benefits for which this Part and Part III make provision shall be charged to the Public Service Pension Fund and paid out of the assets of the Public Sector Pension Investment Board if the benefits are payable in respect of pensionable service that comes to the credit of a contributor on or after April 1, 2000.