Public Service Superannuation Regulations

90 The transfer value to which a contributor is entitled is equal to the greater of

• (a) the actuarial present value on valuation day of the accrued pension benefits that would be payable to or in respect of the contributor had the contributor become entitled to a deferred annuity under section 13 or 13.001 of the Act on ceasing to be employed in the public service, and

• (b) the amount of a return of contributions that would be payable on valuation day if the contributor were eligible to receive a return of contributions.