Public Service Superannuation Act

Marginal note:Account in Consolidated Revenue Fund

• 56 (1) There shall be an account in the accounts of Canada to be known as the Public Service Death Benefit Account to which shall be credited the following:

  • (a) the amount of all contributions paid under section 53 by participants;

  • (b) the payments made by a Crown corporation or public board as required by the regulations;

  • (c) an amount equal to the amount estimated by the Minister to be sufficient to cover the cost of the benefits that will become chargeable against the Account but not less than the aggregate of

    • (i) one twelfth of the benefit paid in respect of each participant who, at the time of death, was employed in the public service, for which benefit contributions under this Part were payable by the participant at that time,

    • (ii) one twelfth of the benefit paid in respect of each elective participant who, on ceasing to be employed in the public service, was entitled under Part I to an immediate annuity or an annual allowance payable immediately, for which benefit contributions under this Part were payable by the participant at the time of death, and

    • (iii) the amount of the single premium determined under Schedule II in respect of each participant in the case of whom the basic benefit in the amount of ten thousand dollars referred to in paragraph (b) of the definition basic benefit in subsection 47(1), or the basic benefit in the amount of five hundred dollars referred to in paragraph (c) of that definition — or the basic benefit in the amount of five thousand dollars referred to in paragraph (d) of that definition — applies without contribution under this Part by the participant for it; and

  • (d) an amount representing interest on the balance from time to time to the credit of the Account, calculated in such manner and at such rates and credited at such times as the regulations provide.

  • (e) and (f) [Repealed, 1992, c. 46, s. 27]

• Marginal note:How benefits charged

  (2) Benefits shall be paid out of the Consolidated Revenue Fund and charged against the Public Service Death Benefit Account.