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R-10, r. 4 - Regulation respecting the application of Title IV.2 of the Act respecting the Government and Public Employees Retirement Plan
Schedule
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SCHEDULE III
(ss. 0.1, 5, 6, 11 and 15.1)
ACTUARIAL METHOD AND ASSUMPTIONS
For the purposes of this Schedule, “CIA Standard” means section 3500 of the Standards of Practice of the Canadian Institute of Actuaries concerning pension commuted values in force on 1 February 2022.
Actuarial method
The actuarial method is the “benefit allocation” method.
For the purposes of section 11, the actuarial value corresponds to the sum of 25% of the actuarial value determined for a male and 75% of the actuarial value determined for a female.
For the purposes of section 15.1, the actuarial value corresponds to the sum of 40% of the actuarial value determined for a male and 60% of the actuarial value determined for a female.
Actuarial assumptions
(1) Mortality rates:
The mortality rates are those taken from the mortality table promulgated by the Actuarial Standards Board of the Canadian Institute of Actuaries, whose date of coming into force is 1 October 2015.
(2) Interest rates:
The interest rates are those determined in accordance with the CIA Standard. The result must be rounded to the nearest multiple of 0.10%.
(3) Indexing rate:
(a) for a fully-indexed benefit according to the rate of increase in the pension index, the indexing rate is computed in the manner described in the CIA Standard;
(b) for a benefit indexed according to the excess of the rate of increase in the pension index (PI) over 3% or to half of the rate of increase in the pension index, the indexing rate corresponds respectively to the excess of the indexing rate computed in the manner provided in subparagraph a over 3% or to half the indexing rate computed in the manner provided in that subparagraph.
In order to take into account the inflation rate variations, the following additions are made to the results of effective indexing formulas for actuarial value computation purposes.
| Inflation level | Addition to the result of the PI-3% formula | Adjusted indexing rate | Addition to the result of the 50% PI, min. PI-3% formula | Adjusted indexing rate |
| 0 | 0.00 | 0.00 | 0.20 | 0.20 |
| 0.5 | 0.00 | 0.00 | 0.10 | 0.35 |
| 1.0 | 0.00 | 0.00 | 0.05 | 0.55 |
| 1.5 | 0.05 | 0.05 | 0.00 | 0.75 |
| 2.0 | 0.10 | 0.10 | 0.00 | 1.00 |
| 2.5 | 0.20 | 0.20 | 0.00 | 1.25 |
| 3.0 | 0.40 | 0.40 | 0.00 | 1.50 |
| 3.5 | 0.20 | 0.70 | 0.00 | 1.75 |
| 4.0 | 0.10 | 1.10 | 0.00 | 2.00 |
| 4.5 | 0.05 | 1.55 | 0.00 | 2.25 |
The result must be rounded to the nearest multiple of 0.10%.
(4) Turnover rate: Nil
(5) Disability rate: Nil
(6) Proportion of persons with a spouse at death for the Government and Public Employees Retirement Plan, the Pension Plan of Peace Officers in Correctional Services or the Pension plan for federal employees transferred to employment with the Gouvernement du Québec:
| Age | Male | Female |
| 18-59 years old | 65% | 60% |
| 60-64 years old | 65% | 55% |
| 65-69 years old | 60% | 50% |
| 70-74 years old | 60% | 40% |
| 75-79 years old | 60% | 30% |
| 80-84 years old | 60% | 20% |
| 85-89 years old | 50% | 10% |
| 90-109 years old | 40% | 5% |
| 110 years old and older | 0% | 0% |
Proportion of persons with a spouse at death for the Pension Plan of Certain Teachers or the Teachers Pension Plan:
| Age | Male | Female |
| 18-59 years old | 70% | 60% |
| 60-64 years old | 70% | 55% |
| 65-69 years old | 70% | 50% |
| 70-74 years old | 70% | 40% |
| 75-79 years old | 70% | 30% |
| 80-84 years old | 70% | 20% |
| 85-89 years old | 60% | 10% |
| 90-109 years old | 50% | 5% |
| 110 years old and older | 0% | 0% |
Proportion of persons with a spouse at death for the Civil Service Superannuation Plan:
| Age | Male | Female |
| 18-59 years old | 65% | 60% |
| 60-64 years old | 65% | 55% |
| 65-69 years old | 65% | 50% |
| 70-74 years old | 65% | 40% |
| 75-79 years old | 65% | 30% |
| 80-84 years old | 65% | 20% |
| 85-89 years old | 55% | 10% |
| 90-109 years old | 40% | 5% |
| 110 years old and older | 0% | 0% |
Proportion of persons with a spouse at death for the Pension Plan of Management Personnel:
| Age | Male | Female |
| 18-59 years old | 80% | 60% |
| 60-64 years old | 80% | 55% |
| 65-69 years old | 75% | 50% |
| 70-74 years old | 75% | 40% |
| 75-79 years old | 70% | 30% |
| 80-84 years old | 65% | 20% |
| 85-89 years old | 55% | 10% |
| 90-109 years old | 40% | 5% |
| 110 years old and older | 0% | 0% |
(7) Age difference between spouses at death for the Government and Public Employees Retirement Plan, the Pension Plan of Management Personnel or the Pension plan for federal employees transferred to employment with the Gouvernement du Québec:
— the male spouse of the member is assumed to be 1 year older;
— the female spouse of the member is assumed to be 4 years younger.
Age difference between spouses at death for the Pension Plan of Certain Teachers, the Teachers Pension Plan or the Civil Service Superannuation Plan:
— the male spouse of the member is assumed to be 1 year younger;
— the female spouse of the member is assumed to be 6 years younger.
Age difference between spouses at death for the Pension Plan of Peace Officers in Correctional Services:
— the male spouse of the member is assumed to be 1 year older;
— the female spouse of the member is assumed to be 5 years younger.
For the purposes of sections 5 and 6, the actuarial assumptions apply taking into account the rules of paragraph 3530.06 of subsection 3530 of the CIA Standard.
For the purposes of sections 0.1, 11 and 15.1, the economic assumptions are established based on the rates and returns of bond indexes, as described in the CIA Standard, applicable to the fourth calendar month preceding the month in which the valuation took place, rather than those applicable to the preceding month.
For the purposes of sections 5 and 6, the economic assumptions are established based on the rates and returns of bond indexes, as described in the CIA Standard, applicable to the second calendar month preceding the month in which the valuation took place, rather than those applicable to the preceding month.
SCHEDULE III
(ss. 0.1, 5, 6, 11 and 15.1)
ACTUARIAL METHOD AND ASSUMPTIONS
For the purposes of this Schedule, “CIA Standard” means the Standard of Practice for Determining Pension Commuted Values confirmed by the board of directors of the Canadian Institute of Actuaries on 15 June 2004.
Actuarial method
The actuarial method is the “benefit allocation” method.
For the purposes of section 11, the actuarial value corresponds to the sum of 30% of the actuarial value determined for a male and 70% of the actuarial value determined for a female.
For the purposes of section 15.1, the actuarial value corresponds to the sum of 50% of the actuarial value determined for a male and 50% of the actuarial value determined for a female.
Actuarial assumptions
(1) Mortality rates:
The mortality rates are those determined in accordance with the CIA Standard.
(2) Interest rates:
For fully-indexed and non-indexed benefits:
The interest rates are those determined in accordance with the CIA Standard.
For partially-indexed benefits:
The interest rates are those determined according to the following formula:
((1 + interest rate for a non-indexed benefit) / (1 + indexing rate for a partially-indexed benefit)) - 1
The result must be rounded to the nearest multiple of 0.25%.
(3) Indexing rate:
(a) for a fully-indexed benefit according to the rate of increase in the pension index, the indexing rate is computed in the manner described in the CIA Standard;
(b) for a benefit indexed according to the excess of the rate of increase in the pension index (PI) over 3% or to half of the rate of increase in the pension index, the indexing rate corresponds respectively to the excess of the indexing rate computed in the manner provided in subparagraph a over 3% or to half the indexing rate computed in the manner provided in that subparagraph.
In order to take into account the inflation rate variations, the following additions are made to the results of effective indexing formulas for actuarial value computation purposes.
Inflation Addition to Adjusted Addition to Adjusted
level the result of indexing the result of indexing
the PI-3% rate the 50% PI, rate
formula min. PI-3%
formula
0.5 0.1 0.1 0.05 0.3
1.0 0.1 0.1 0.10 0.6
1.5 0.3 0.3 0.15 0.9
2.0 0.5 0.5 0.20 1.2
2.5 0.7 0.7 0.15 1.4
3.0 1.0 1.0 0.20 1.7
3.5 0.8 1.3 0.25 2.0
4.0 0.6 1.6 0.30 2.3
4.5 0.5 2.0 0.45 2.7
5.0 0.4 2.4 0.50 3.0
(4) Turnover rate: Nil
(5) Disability rate: Nil
(6) Proportion of married persons at death:
________________________________________
Age Male Female
________________________________________
18 - 64 years old 85% 65%
________________________________________
65 - 79 years old 80% 30%
________________________________________
80 - 109 years old 60% 10%
________________________________________
110 years old 0% 0%
_________________________________________
Age Male Female
________________________________________
18 - 64 years old 85% 65%
________________________________________
65 - 79 years old 80% 30%
________________________________________
80 - 109 years old 60% 10%
________________________________________
110 years old 0% 0%
_________________________________________
(7) Age difference between spouses at death:
— the male spouse of the member is assumed to be one year older;
— the female spouse of the member is assumed to be 4 years younger.
For the purposes of sections 5 and 6, the actuarial assumptions apply taking into account the rules of Part D of Section 3 of the CIA Standard.
For the purposes of sections 0.1, 11 and 15.1, the interest rate applicable from the CANSIM series published by Statistics Canada in the Bank of Canada Review is the reported rate for the fourth month preceding the month in which the valuation date falls and not that of the second month.
SCHEDULE III
(ss. 0.1, 5, 6, 11 and 15.1)
ACTUARIAL METHOD AND ASSUMPTIONS
For the purposes of this Schedule, “CIA Standard” means the Standard of Practice for Determining Pension Commuted Values confirmed by the board of directors of the Canadian Institute of Actuaries on 15 June 2004.
Actuarial method
The actuarial method is the “benefit allocation” method.
For the purposes of section 11, the actuarial value corresponds to the sum of 30% of the actuarial value determined for a male and 70% of the actuarial value determined for a female.
For the purposes of section 15.1, the actuarial value corresponds to the sum of 50% of the actuarial value determined for a male and 50% of the actuarial value determined for a female.
Actuarial assumptions
(1) Mortality rates:
The mortality rates are those determined in accordance with the CIA Standard.
(2) Interest rates:
For fully-indexed and non-indexed benefits:
The interest rates are those determined in accordance with the CIA Standard.
For partially-indexed benefits:
The interest rates are those determined according to the following formula:
((1 + interest rate for a non-indexed benefit) / (1 + indexing rate for a partially-indexed benefit)) - 1
The result must be rounded to the nearest multiple of 0.25%.
(3) Indexing rate:
(a) for a fully-indexed benefit according to the rate of increase in the pension index, the indexing rate is computed in the manner described in the CIA Standard;
(b) for a benefit indexed according to the excess of the rate of increase in the pension index (PI) over 3% or to half of the rate of increase in the pension index, the indexing rate corresponds respectively to the excess of the indexing rate computed in the manner provided in subparagraph a over 3% or to half the indexing rate computed in the manner provided in that subparagraph.
In order to take into account the inflation rate variations, the following additions are made to the results of effective indexing formulas for actuarial value computation purposes.
Inflation Addition to Adjusted Addition to Adjusted
level the result of indexing the result of indexing
the PI-3% rate the 50% PI, rate
formula min. PI-3%
formula
0.5 0.1 0.1 0.05 0.3
1.0 0.1 0.1 0.10 0.6
1.5 0.3 0.3 0.15 0.9
2.0 0.5 0.5 0.20 1.2
2.5 0.7 0.7 0.15 1.4
3.0 1.0 1.0 0.20 1.7
3.5 0.8 1.3 0.25 2.0
4.0 0.6 1.6 0.30 2.3
4.5 0.5 2.0 0.45 2.7
5.0 0.4 2.4 0.50 3.0
(4) Turnover rate: Nil
(5) Disability rate: Nil
(6) Proportion of married persons at death:
________________________________________
Age Male Female
________________________________________
18 - 64 years old 85% 65%
________________________________________
65 - 79 years old 80% 30%
________________________________________
80 - 109 years old 60% 10%
________________________________________
110 years old 0% 0%
_________________________________________
Age Male Female
________________________________________
18 - 64 years old 85% 65%
________________________________________
65 - 79 years old 80% 30%
________________________________________
80 - 109 years old 60% 10%
________________________________________
110 years old 0% 0%
_________________________________________
(7) Age difference between spouses at death:
— the male spouse of the member is assumed to be one year older;
— the female spouse of the member is assumed to be 4 years younger.
For the purposes of sections 5 and 6, the actuarial assumptions apply taking into account the rules of Part D of Section 3 of the CIA Standard.
For the purposes of sections 11 and 15.1, the interest rate applicable from the CANSIM series published by Statistics Canada in the Bank of Canada Review is the reported rate for the fourth month preceding the month in which the valuation date falls and not that of the second month.
