Canadian Forces Superannuation Act (R.S.C., 1985, c. C-17)

Canadian Forces Superannuation Investment Fund

Marginal note:Establishment of Canadian Forces Superannuation Investment Fund

• 55.1 (1) The Canadian Forces Superannuation Investment Fund is established.

• Marginal note:Amounts to be deposited into Canadian Forces Superannuation Investment Fund

  (2) The following amounts shall be deposited into the Canadian Forces 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 Canadian Forces 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 Canadian Forces Superannuation Investment Fund that he or she determines, in the manner and at the times that that minister determines.

Canadian Forces Pension Fund

Marginal note:Establishment of Canadian Forces Pension Fund

• 55.2 (1) The Canadian Forces Pension Fund is established.

• Marginal note:Amounts to be deposited into Canadian Forces Pension Fund

  (2) The following amounts shall be deposited into the Canadian Forces Pension Fund:

  • (a) the amounts determined by the President of the Treasury Board 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 President of the Treasury Board

  (3) There shall be deposited into the Canadian Forces 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 it is made

  • (a) an amount that is determined by the President of the Treasury Board, after consultation with the Minister and 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 Canadian Forces Pension Fund; and

  • (b) an amount that is determined by the President of the Treasury Board, after consultation with the Minister, in relation to the total amount paid into the Canadian Forces 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 President of the Treasury Board may take into account any surplus in the Canadian Forces Pension Fund as shown in the most recent actuarial valuation report referred to in section 56 on the state of the Fund.

• Marginal note:Transfer of amounts

  (5) The amounts deposited in the Canadian Forces 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 Canadian Forces 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.

Marginal note:Amounts to be paid on basis of actuarial valuation report

• 55.3 (1) Following the laying before Parliament of any actuarial valuation report pursuant to section 56 that relates to the state of the Canadian Forces Pension Fund, there shall be paid into the Fund, at the time and in the manner set out in subsection (2), the amount that in the opinion of the President of the Treasury Board will, at the end of the fifteenth fiscal year following the tabling of that report or at the end of the shorter period that the President of the Treasury Board may determine, together with the amount that the President of the Treasury Board estimates will be to the credit of the Fund at that time, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that comes to the credit of contributors on or after April 1, 2000.

• Marginal note:Equal annual instalments

  (2) Subject to subsection (3), the amount required to be paid into the Canadian Forces Pension Fund under subsection (1) shall be divided into equal annual instalments and the instalments shall be paid to the Canadian Forces Pension Fund over a period of fifteen years, or the shorter period that the President of the Treasury Board may determine, with the first such instalment to be paid in the fiscal year in which the actuarial valuation report is laid before Parliament.

• Marginal note:Adjustments

  (3) When a subsequent actuarial valuation report is laid before Parliament before the end of the period applicable under subsection (2), the instalments remaining to be paid in that period may be adjusted to reflect the amount that is estimated by the President of the Treasury Board, at the time that subsequent report is laid before Parliament, to be the amount that will, together with the amount that the President of the Treasury Board estimates will be to the credit of the Fund at the end of that period, meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that comes to the credit of contributors on or after April 1, 2000.

Marginal note:No more deposits if non-permitted surplus

• 55.4 (1) If, following the laying before Parliament of any actuarial valuation report pursuant to section 56 that relates to the state of the Canadian Forces Pension Fund, there is, in the President of the Treasury Board’s opinion, a non-permitted surplus in that Fund, no further amounts shall be deposited into the Fund under paragraph 55.2(3)(a) until the time that there is, in the President of the Treasury Board’s opinion, no longer a non-permitted surplus in the Fund.

• Marginal note:When non-permitted surplus

  (2) If, following the laying before Parliament of any actuarial valuation report pursuant to section 56 that relates to the state of the Canadian Forces Pension Fund, there is, in the President of the Treasury Board’s opinion, a non-permitted surplus in that Fund,

  • (a) the contributions payable under section 5 may be reduced in the manner, at the times and for the period that the Treasury Board determines, on the recommendation of the President of the Treasury Board after consultation with the Minister; or

  • (b) there may be paid out of the Canadian Forces Pension Fund, and into the Consolidated Revenue Fund, the amount, at the time and in the manner, that the Treasury Board determines on the recommendation of the President of the Treasury Board after consultation with the Minister.

• Marginal note:Recommendation of President of the Treasury Board

  (3) The President of the Treasury Board shall only make the recommendation referred to in paragraph (2)(b) after estimating, based on the report, that the amount that will be to the credit of the Canadian Forces Pension Fund at the end of the fifteenth fiscal year of that report or at the end of the shorter period that the President of the Treasury Board may determine, will not be less than the total of

  • (a) the amount that will be required in order to meet the cost of the benefits payable under this Part and Part III in respect of pensionable service that comes to the credit of contributors on or after April 1, 2000, and

  • (b) the amount of any surplus in the Canadian Forces Pension Fund that does not constitute a non-permitted surplus.

• Marginal note:When surplus is not non-permitted surplus

  (4) If, following the laying before Parliament of an actuarial valuation report pursuant to section 56 that relates to the state of the Canadian Forces Pension Fund, there is, in the opinion of the President of the Treasury Board, a surplus that is not a non-permitted surplus in that Fund, the contributions payable under section 5 or paragraph 55.2(3)(a) may be reduced in the manner, at the times and for the period that the Treasury Board determines, on the recommendation of the President of the Treasury Board after consultation with the Minister.

• Marginal note:Non-permitted surplus

  (5) For the purposes of this section, a non-permitted surplus exists when the amount by which assets exceed liabilities in the Canadian Forces Pension Fund, as determined by the actuarial valuation report referred to in section 56 or one requested by the President of the Treasury Board, is greater than 25 per cent of the amount of liabilities in respect of contributors, as determined in that report.

• Marginal note:When reduction in contributions

  (6) For greater certainty, a reduction in contributions under paragraph (2)(a) or subsection (4) is not to be considered as changing the contribution rate that applied before the reduction in contributions.

Marginal note:Costs

55.5 The costs of the administration of this Act, as determined by the Treasury Board on the recommendation of the Minister, with respect to benefits payable under Parts I, II and III in respect of pensionable service that comes to the credit of contributors on or after April 1, 2000 shall be paid out of the Canadian Forces Pension Fund.

Actuarial Report

Marginal note:Public Pensions Reporting Act

56 In accordance with the Public Pensions Reporting Act, a cost certificate, an actuarial valuation report and an assets report on the state of each of the Superannuation Account, the Canadian Forces Superannuation Investment Fund and the Canadian Forces Pension Fund shall be prepared, filed with the Minister designated under that Act and laid before Parliament.

Annual Report

Marginal note:Annual report

57 The Minister shall cause to be laid before each House of Parliament each year a report on the administration of this Part and Part III during the preceding fiscal year, including a statement showing the amounts paid into and out of the Superannuation Account, the Canadian Forces Pension Fund, and the Canadian Forces Superannuation Investment Fund during that year, by appropriate classifications, the number of contributors and the number of persons receiving benefits under this Part and Part III together with the additional information that the Governor in Council may by regulation require.

Offence and Punishment

Marginal note:Offence

58 Any person who knowingly makes any statement or gives any information that is false in any material particular for the purpose of obtaining, either for himself or for any other person, any payment under this Act is guilty of an indictable offence and liable to a fine not exceeding one thousand dollars or to imprisonment for a term not exceeding one year or to both.

Transitional

Marginal note:Continuation of pensions

• 59 (1) A person to whom any pension has become payable under Part V of the former Act shall, for the purposes of this Act, be deemed to have become entitled to that pension under this Act.

• Marginal note:Persons deemed to be contributors

  (2) For the purposes of this Act, a person to whom, as a contributor under Part V of the former Act, any pension has become payable under the former Act shall, on his death on or after July 8, 1959, be deemed to have been a contributor under this Act who, at the time of his death, was entitled under this Act to an annuity.

PART I.1Reserve Force Pension Plan

Marginal note:Regulations

59.1 The Governor in Council may make regulations respecting the establishment, funding and administration of pension plans for members of the reserve force prescribed in those regulations to provide for the payment of benefits to or in respect of those members, including regulations respecting the crediting of service in the reserve force as pensionable service for the purposes of Part I and the transfer of amounts in respect of such service from the funds established under the regulations to the Canadian Forces Pension Fund and vice versa.

Marginal note:Contributions by members

59.2 A member of the reserve force who is subject to a plan established in accordance with this Part is required to contribute, by reservation from pay or otherwise, in accordance with the regulations.