Retirement Compensation Arrangements Regulations, No. 1

38.3 The following conditions apply if a person elects under clause 6(1)(b)(iii)(M) of the Public Service Superannuation Act to pay for “transfer value service” within the meaning of subsection 83(1) of the Public Service Superannuation Regulations:

• (a) if the person received a lump sum amount under section 38.1 or 41.2 or opted to receive a lump sum amount under paragraph 38.1(1)(a), as that provision read immediately before the coming into force of this section, he or she shall pay to the Retirement Compensation Arrangements Account, within 90 days after the day on which the election referred to in section 100 of those Regulations is received by the Minister, the aggregate of

  • (i) the amount determined by multiplying the total amount paid under sections 38.1 and 41.2 by the fraction, the numerator of which is the portion of the transfer value service that he or she elects to pay for under section 100 of those Regulations, and the denominator of which is the transfer value service, and

  • (ii) the amount representing interest on the amount determined under subparagraph (i) calculated in the same manner as provided in paragraph 101(1)(b) of those Regulations; or

• (b) if the person opted to receive or was deemed to have opted to receive a deferred annuity under paragraph 38.1(1)(b) or subsection 38.2(2), as those provisions read immediately before the coming into force of this section, the participant shall surrender his or her entitlement to the deferred annuity on the day of the election referred to in section 100 of those Regulations.