Retirement Compensation Arrangements Regulations, No. 1

15 (1) Subject to section 15.1, a participant who ceases to be required to contribute to the Retirement Compensation Arrangements Account under this Part may opt to receive a benefit of the type that the participant would otherwise be entitled to receive under section 13 of the Public Service Superannuation Act, based on the participant’s age on ceasing to be required to contribute under this Part and on the aggregate of the pensionable service to the credit of the participant under that Act and the period of service in respect of which the participant was required to contribute under this Part.

(2) Payment of a benefit under subsection (1) is subject to the same conditions as are set out in section 10 of the Public Service Superannuation Act in respect of annuity or annual allowance payable under that Act.

(3) Subject to subsection 17(1), the amount of any benefit to which a participant is entitled is an amount equal to

• (a) the amount that would be payable to the participant under Part I of the Public Service Superannuation Act, as if

  • (i) the period of pensionable service to the credit of the participant is the total of the period in respect of which the participant was required to contribute under this Part and the period of pensionable service to the credit of the participant under that Act, not exceeding thirty five years,

  • (ii) for the purpose of determining the average annual salary in subsection 11(1) of that Act, the salary of the participant while the participant was required to contribute under this Part is that referred to in subsection 8(3) or 9(1), and

  • (iii) the computation referred to in paragraph 11(1)(b) of that Act is made without reference to the annual rate of salary fixed or determined by the regulations referred to in subparagraph 11(1)(b)(iii) of that Act,

less

• (b) the aggregate of the following amounts, namely,

  • (i) any annuity or annual allowance payable to the participant under the Public Service Superannuation Act in respect of the period of pensionable service to the credit of the participant,

  • (ii) any benefit payable under Part II to the participant in respect of the period of pensionable service to the credit of the participant under that Act, and

  • (iii) any supplementary benefits payable with respect to amounts referred to in subparagraphs (i) and (ii) accrued between the date the participant ceased to be employed in the Public Service and the date the participant ceased to be required to contribute under this Part.

(4) Where a participant is entitled to an annuity or annual allowance under the Public Service Superannuation Act and opts to receive a benefit in the form of an annuity or annual allowance under this Part, the benefit becomes payable on the same day as the participant’s annuity or annual allowance becomes payable under that Act.