Public Service Superannuation Regulations

93 (1) The interest referred to in section 90 shall be calculated for the period beginning on valuation day and ending on the last day of the month preceding the month in which payment of the transfer value is effected, at the rate established in accordance with subsections (2) and (3) converted to an effective annual rate.

(2) The rate of interest is the rate that existed in respect of the second quarter preceding valuation day and that is set out in the table entitled “Balanced” on the line “MERCER Median” in the column entitled “3 Months” in the Summary Performance of Canadian Institutional Pooled Funds, published by Mercer Investment Consulting Inc., as amended from time to time.

(3) If the rate of interest under subsection (2) is negative, the amount of interest for the purposes of subsection (1) is zero.