Pension Reform Act (S.C. 2012, c. 22)

Marginal note:2001, c. 20, s. 26(1)

• 28. (1) Clause 37(2)(a)(i)(C) of the Act is replaced by the following:

  • (C) 0.03 for the years and portions of years of pensionable service calculated by reference to those contributions made, or in respect of which an election was made, on or after January 1, 2001 and before January 1, 2016, other than those made under an election referred to in clause (A) or (B),

• Marginal note:2001, c. 20, s. 26(1)

  (2) Clause 37(2)(a)(ii)(C) of the Act is replaced by the following:

  • (C) 0.01 for the years and portions of years of pensionable service calculated by reference to those contributions made, or in respect of which an election was made, on or after January 1, 2001 and before January 1, 2016, other than those made under an election referred to in clause (A) or (B),

• (3) Subparagraph 37(2)(a)(iii) of the Act is amended by striking out “and” at the end of clause (A) and by adding the following after clause (B):

  • (C) 0.03 for the years and portions of years of pensionable service calculated by reference to contributions made — or in respect of which an election was made — during the period beginning on the later of the 71st birthday and January 1, 2013 and ending on December 31, 2015, other than those made under an election referred to in clause (A) or (B), and

• Marginal note:2001, c. 20, s. 26(1)

  (4) Subparagraph 37(2)(a)(iv) of the Act is replaced by the following:

  • (iv) if the person contributed after he or she reached 69 years of age, 0.03 for the years and portions of years of pensionable service calculated by reference to contributions made — or in respect of which an election was made — during the period beginning on the later of the 69th birthday and January 1, 2001 and ending on December 31, 2012, other than those made under an election referred to in subparagraph (iii), and

• Marginal note:2001, c. 20, s. 26(1)

  (5) Subparagraphs 37(2)(b)(i) to (iii) of the Act are replaced by the following:

  • (i) 0.05 for the years and portions of years of pensionable service calculated by reference to those contributions made, or in respect of which an election was made, on or after January 1, 1992 and before July 13, 1995,

  • (ii) 0.04 for the years and portions of years of pensionable service calculated by reference to those contributions made, or in respect of which an election was made, on or after July 13, 1995 and before January 1, 2001, otherwise than under an election referred to in subparagraph (i), and

  • (iii) 0.03 for the years and portions of years of pensionable service calculated by reference to those contributions made during the period beginning on January 1, 2001 and ending on December 31, 2012, other than those made under an election made before January 1, 2001, and

  • (iv) 0.03 for the years and portions of years of pensionable service calculated by reference to contributions made during the period beginning on January 1, 2013 and ending on December 31, 2015, other than those made under an election made before January 1, 2013.

• Marginal note:2003, c. 16, s. 8

  (6) Paragraph 37(3)(c) of the Act is replaced by the following:

  • (c) each amount, equal to 7% of the sessional indemnity payable to the person as a member of the Senate or House of Commons, as the case may be, during a calendar year, that the person — during the period beginning on January 1, 2001 and ending on December 31, 2012 — has contributed or elected to contribute under subsection 31(3), paragraph 31(4)(b) or subsection 31(5) or 33(1), other than amounts paid under subsection 33(1) in respect of sessional indemnity or as interest.

• (7) Section 37 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Years of pensionable service

    (3.1) For the purposes of paragraph (2)(b), for each of the calendar years from 2013 to 2015, a person, on ceasing to be a member, is deemed to have one year of pensionable service to his or her credit for each amount equal to the amount determined under subsection (3.2) that, during that calendar year, the person contributed or elected to contribute under paragraph 31.1(1)(c) or (2)(b) or subsection 33.1(1), other than amounts paid under subsection 33.1(1) in respect of sessional indemnity or as interest.

  • Marginal note:Amount

    (3.2) The amount for the purposes of subsection (3.1) in respect of a person for a calendar year is the sessional indemnity payable to a member of the Senate or House of Commons, as the case may be, during the calendar year multiplied by the contribution rate that is fixed for the calendar year for the purpose of paragraph 31.1(2)(a).

• Marginal note:2001, c. 20, s. 26(3)

  (8) Subparagraph 37(5)(a)(iii) of the Act is replaced by the following:

  • (iii) if the person has reached 71 years of age and contributed after reaching that age, 0.04 for the years and portions of years of pensionable service calculated by reference to those contributions made on or after the 71st birthday, other than those made under an election made before that birthday; and

• Marginal note:2001, c. 20, s. 26(3)

  (9) Subsection 37(6) of the Act is replaced by the following:

  • Marginal note:Special case — January 1, 2001 to December 31, 2015

    (6) For the purposes of calculating the additional compensation allowance payable under subsection (2) to a person who, during the period begining on January 1, 2001 and ending on December 31, 2015, elected to contribute under this Part in respect of any session or part of a session before December 31, 2015, the multipliers referred to in paragraph (2)(a) shall, in lieu of the numbers set out in that paragraph, be

    • (a) if the person has not reached 60 years of age, 0.03;

    • (b) subject to paragraphs (c) and (d), if the person has reached 60 years of age, 0.01;

    • (c) if the person contributed after he or she reached 69 years of age, 0.03 for the years and portions of years of pensionable service calculated by reference to contributions made — or in respect of which an election was made — during the period beginning on the later of the 69th birthday and January 1, 2001 and ending on December 31, 2012, other than those made under an election made before that birthday; and

    • (d) if the person contributed after he or she reached 71 years of age, 0.03 for the years and portions of years of pensionable service calculated by reference to contributions made — or in respect of which an election was made — during the period beginning on the later of the 71st birthday and January 1, 2013 and ending on December 31, 2015, other than those made under an election made before that birthday.

Marginal note:1995, c. 30, s. 11

29. The portion of subsection 37.1(1) of the Act before paragraph (a) is replaced by the following:

30. The Act is amended by adding the following after section 37.1: