120.3. When, for a year subsequent to 2007, unadjusted pensionable earnings relate to months subsequent to the end of a contributor’s contributory period, within the meaning of subparagraph a or b of the first paragraph of section 101, subject to section 120.4, the contributor is entitled to an additional pension from 1 January of the following year. This additional pension is deemed to be a retirement pension. However, section 157.1 does not apply to the payment of the additional pension.
The initial monthly amount of the additional pension is equal to 1/12 of 0.5% of the amount of the contributor’s total unadjusted pensionable earnings for the year concerned, minus the basic exemption. However, for the year during which the contributor’s contributory period ends under subparagraph a or b of the first paragraph of section 101, the unadjusted pensionable earnings to be used are those deemed to be related to the months of the year that are subsequent to the end of the contributor’s contributory period and the basic exemption is multiplied by the proportion that the number of those months bears to 12.
2008, c. 21, s. 46; 2011, c. 36, s. 13.