Members of Parliament Retiring Allowances Act

Marginal note:Amounts credited to Account

• 5 (1) The following amounts are required, pursuant to paragraph 4(1)(c), to be credited to the Retiring Allowances Account in each fiscal year:

  • (a) in respect of every month, an amount equal to the total amount estimated by the Minister to be required to provide for the costs of all allowances, supplementary benefits and other benefits that have accrued in respect of that month and that will become chargeable against the Retiring Allowances Account; and

  • (b) an amount representing interest on the balance from time to time to the credit of the Retiring Allowances Account, calculated and credited in accordance with subsection (2).

• Marginal note:Determination of amount

  (2) The amount referred to in paragraph (1)(b) is to be credited to the Retiring Allowances Account in respect of each quarter in each fiscal year on the last day of the quarter and is to be determined by multiplying an amount equal to the balance to the credit of the Account on the last day of the preceding quarter by the rate referred to in subsection (3).

• Marginal note:Rate

  (3) The rate for the purpose of subsection (2) is the effective quarterly rate derived from the valuation interest rate for the fiscal year that is set out in the most recent valuation report for this Act that is laid before the Senate and the House of Commons under section 9 of the Public Pensions Reporting Act.