Marginal note:Amount of post-retirement benefit
59.1 (1) Subject to subsections (2) and (3), a post-retirement benefit payable to a contributor is a basic monthly amount determined by the formula
[(A × F/B) × C × D × E] / 12
where
- A
- is the amount determined under subsection 53(1) for the year prior to the year in which the post-retirement benefit commences to be payable;
- B
- is the Year’s Maximum Pensionable Earnings for the year prior to the year in which the post-retirement benefit commences to be payable;
- C
- is 0.00625;
- D
- is the Maximum Pensionable Earnings Average for the year in which the post-retirement benefit commences to be payable;
- E
- is the adjustment factor referred to in subsection 46(3) or (3.1), as the case may be, based on the age of the contributor on January 1 of the year in which the post-retirement benefit commences to be payable; and
- F
- is the amount determined by the formula
G / H
where
- G
- is the amount of the earnings referred to in subparagraph 53(1)(b)(i), and
- H
- is the aggregate of the earnings referred to in subparagraph 53(1)(b)(i) and those referred to in subparagraph 53(1)(b)(ii).
Marginal note:Unadjusted pensionable earnings for the year in which the retirement pension becomes payable
(2) For the purpose of the calculation under subsection (1), if the unadjusted pensionable earnings are earned in the year in which the contributory period ends under subparagraph 49(b)(iii), the amount determined for A in subsection (1) is the greater of
(a) zero, and
(b) the amount that is calculated by subtracting the Year’s Maximum Pensionable Earnings for that year — multiplied by the number of months in the year before the retirement pension becomes payable and divided by 12 — from the amount determined under subsection 53(1).
Marginal note:Adjustment factor for contributors who are 70 years of age or older
(3) For the purpose of the calculation under subsection (1), if the contributor is seventy years of age or older, the amount determined for E in subsection (1) is the adjustment factor for a contributor who is seventy years of age.
- 2009, c. 31, s. 36
- Date modified: