Public Service Superannuation Regulations

33 (1) For the purposes of subsection 10(4) of the Act, the capitalized value of an annuity or annual allowance and the supplementary benefits payable in respect thereof under Part III of the Act shall be the actuarial present value of such benefits determined as of the date the request is made based on the following actuarial assumptions:

• (a) the rate of mortality for any contributor is the average of the rates of mortality for contributors who receive benefits in relation to a disability and contributors who receive benefits not in relation to a disability, of the same age group as the contributor, as set out in the actuarial valuation report laid before Parliament in accordance with section 45 of the Act, taking into account the mortality projection factors set out in that report, which average is weighted in accordance with the benefits paid to contributors in relation to a disability and to contributors other than in relation to a disability;

• (b) the mortality rates in respect of surviving spouses are those set out for spouses in the actuarial valuation report laid before Parliament in accordance with section 45 of the Act, taking into account the mortality projection factors set out in that report; and

• (c) the interest rates shall be the interest rates for fully indexed pensions — adjusted by the interest rates for unindexed pensions to take into account Part III of the Act — determined in accordance with the section “Pension Commuted Values” of the Standards of Practice — Practice-Specific Standards for Pension Plans, published by the Canadian Institute of Actuaries, as amended from time to time.

(2) The actuarial valuation report referred to in subsection (1) is the actuarial valuation report most recently laid before Parliament or, where that report was laid before Parliament in the month in which the request is made, or in the preceding month, the report that was laid before Parliament immediately previous to that report.