R-12.1, r. 1 - Regulation under the Act respecting the Pension Plan of Management Personnel

Full text
Updated to 1 September 2012
This document has official status.
chapter R-12.1, r. 1
Regulation under the Act respecting the Pension Plan of Management Personnel
Act respecting the Pension Plan of Management Personnel
(chapter R-12.1, s. 196).
DIVISION 0.1
PERSONS EXCLUDED FROM THE PLAN
(s. 196, 1st par., subpar. 1)
T.B. 209327, s. 1.
0.1. The classes of employees, the conditions of employment and the remuneration or mode of remuneration by reason of which a person is excluded from the plan are
(1)  a person paid in fees or paid by the act;
(2)  a person hired to perform duties as a student or a coopérant;
(3)  a person hired to perform duties directly related to his or her training program in a college as student employee;
(4)  a person hired under contract as an independent worker under the terms of whose contract no deduction at source is made;
(5)  a resident physician;
(6)  a person hired to perform duties as a trainee, that is a person who, under the guidance of a college, university or professional order, is required to complete a training period or clinic to obtain his or her final degree, except a person belonging to an employment group that provides for a class of trainees; and
(7)  a postdoctoral trainee who works in a research centre within the meaning of section 22.2 of the Act.
T.B. 209327, s. 1.
DIVISION I
PERSON TEMPORARILY HOLDING NON-UNIONIZABLE EMPLOYMENT, WITH THE CORRESPONDING CLASSIFICATION
(s. 196, 1st par., subpar. 2.1)
1. For the purposes of subparagraph 8 of the first paragraph of section 3 of the Act, a person temporarily holds non-unionizable employment with the corresponding classification when holding the employment
(1)  to fill a vacant position temporarily or on an interim basis;
(2)  to lighten a heavy workload, or as a non-permanent or seasonal employee;
(3)  to perform work of a casual or cyclical nature, or to carry out a specific mandate having a fixed term;
(4)  to replace an employee contemplated by the Pension Plan for Management Personnel, during that employee’s absence; or
(5)  for a fixed term, following an elective term in a labour organization, namely a union, a federation, a central union or an association representing unionizable employees within the meaning of the Act respecting Government and Public Employees Retirement Plan (chapter R-10).
T.B. 202420, s. 1.
DIVISION I.1
CLASSES OF EMPLOYEES FOR WHOM THE BASIS OF REMUNERATION IS 200 DAYS
(s.196, 1st par., subpar. 2.2)
T.B. 208549, s. 1.
1.1. The classes of employees who hold pensionable employment for which the basis of remuneration is 200 days are
(1)  teachers employed by a school board within the meaning of the Education Act (chapter I-13.3) whose employment is to teach students under that Act;
(2)  teachers employed by a school board within the meaning of the Education Act for Cree, Inuit and Naskapi Native Persons (chapter I-14) whose employment is to teach students under that Act; and
(3)  a teacher employed by a private institution accredited for the purposes of subsidies under the Act respecting private education (chapter E-9.1) whose contract of employment ends on 30 June and whose employment is to teach students as part of the educational services dispensed at preschool, elementary school or secondary school, belonging to one of the categories referred to in paragraphs 1 to 4 of section 1 of that Act and subject, under section 25 of that Act, to the basic school regulation prescribed under the Education Act.
T.B. 208549, s. 1.
DIVISION II
BASIC SALARY AND PENSIONABLE SALARY
(s. 196, 1st par., subpars. 4 and 4.1)
2. The basic salary includes
(1)  any lump sum paid to an employee as part of the measures designed to protect the employee’s salary following reassignment, career reorientation, demotion or other similar event, to compensate for a decrease in the employee’s previous basic salary;
(2)  any lump sum paid to an employee as part of the measures designed to guarantee the employee a percentage increase in the employee’s basic salary during periodic salary reviews;
(3)  any additional remuneration paid to an employee who is a member of the Ordre des infirmières et infirmiers du Québec having already reached the maximum of the salary scale, following recognized postschool training in nursing care in accordance with the provisions of the collective labour agreement applying to the employee;
(3.1)  any additional remuneration paid to an employee whose job title requires a diploma of college studies (DEC) and is classified in the technicians group (code 2000) appearing in the document entitled Nomenclature des titres d’emploi, des libellés, des taux et des échelles de salaire du réseau de la santé et des services sociaux tabled on 15 December 2005 in the National Assembly by the Minister of Health and Social Services as Sessional Document 2575-20051215, having already reached the maximum of the salary scale, following required and recognized post-school training in accordance with the provisions of the collective labour agreement applying to the employee;
(4)  the lump sum paid to an employee, under an agreement concerning the extension of the collective labour agreements ending on 30 June 2002 or under conditions of employment arising from the agreements or established on the basis of the same parameters, that corresponds to a percentage of the basic salary of the employee.
T.B. 202420, s. 2; T.B. 204929, s. 1.
3. For the purposes of the first paragraph of section 28.1 of the Act, in the case where an application for redemption of a period of absence without pay in respect of a year or part of a year of service after 1992 but before 2008 is received at the Commission more than 6 months after the end of the period of absence, the pensionable salary of the employee corresponds to the annual basic salary to which the employee would have been entitled under the conditions of employment applicable on the last day the employee is a member of the plan for that year, according to the number of days and parts of a day to be redeemed out of the pensionable days, according to the basis of remuneration applicable.
T.B. 202420, s. 3; T.B. 207217, s. 1.
DIVISION III
REDEMPTION OF A YEAR OF SERVICE
(s. 196, 1st par., subpar. 5.1)
4. For the purposes of the second paragraph of sections 39, 146, 152.1 and 152.4 of the Act, the amount required of the employee to pay the cost of redemption is established in accordance with the tariff in Schedule I.
T.B. 202420, s. 4; T.B. 209327, s. 2; T.B. 210259, s. 1.
5. In the case where the employee is not receiving a salary on the date the Commission administrative des régimes de retraite et d’assurances receives the application for redemption referred to in the second paragraph of section 39 of the Act, the tariff applies to the annual pensionable salary that would have been paid to the employee on that date under the conditions of employment that would have applied if the employee had continued to hold, up to that date, the employment held on the last day of service credited.
If that employment no longer exists with the employer, the tariff applies to the annual pensionable salary the employee was receiving on the last day of service credited, increased by the percentage increase of the salary scale provided for in the conditions of employment applicable to class 4 public service management personnel positions between that last day and the day the application for redemption is received at the Commission.
T.B. 202420, s. 5.
6. Section 5 applies, with the necessary modifications, to establish the pensionable salary of the employee to whom any of the situations referred to in the third paragraph of section 146, the third paragraph of section 152.1 and the third paragraph of section 152.4 of the Act applies.
T.B. 202420, s. 6; T.B. 209327, s. 3; T.B. 210259, s. 2.
DIVISION III.0.1
COMPUTATION OF PENSION
(s. 196, 1st par., subpars. 6, 6.1, 6.2 and 6.3)
T.B. 208549, s. 2.
6.0.1. The days and parts of days credited under sections 111, 125 and 126 of the Act, as well as the days and parts of days of absence without pay not credited are not part of the contributory days included in the contributory period.
T.B. 208549, s. 2.
6.0.2. The contributory period of an employee who simultaneously holds, for the first time during a year, more than one employment under the plan is established, for the part of the year where more than one employment is simultaneously held, by retaining a reference employment from among the employments simultaneously held. The reference employment is the employment held by the employee on the day before the day on which more than one employment begin to be held simultaneously or, if none of those employments is held on that preceding day, the employment with the highest annual basic salary.
For each subsequent year, the reference employment retained to establish the contributory period remains the same as long as the employee continues to hold that employment.
The annual basic salary considered is the salary paid or that would have been paid to the employee according to the employment conditions applicable to the employee on the last credited day of the year.
T.B. 208549, s. 2.
6.0.3. Where, in a year, an employee ceases to hold the reference employment retained pursuant to section 6.0.2 and, before the end of that year, the employee simultaneously holds again more than one employment under the plan, that employee’s contributory period is established, for the part of the year where more than one employment is simultaneously held, by retaining as new reference employment from among the employments then held the employment held on the day before the day on which more than one employment begin to be held simultaneously or, if none of those employments is held on that preceding day, the employment with the highest annual basic salary.
Where, in a year, an employee ceases to hold the reference employment retained pursuant to section 6.0.2 and continues to simultaneously hold more than one employment under the plan, that employee’s contributory period is established, for the part of the year that begins on the first day following the day on which the employee ceases to hold the reference employment, by retaining as new reference employment from among the employments held on that first day the employment with the highest annual basic salary.
T.B. 208549, s. 2.
6.0.4. The daily factor used to compute the annualized pensionable salary of an employee who holds employment under the plan for which the basis of remuneration is 260 days is 260.9.
However, that factor is 260 if the employee is
(1)  a teacher employed by a private institution accredited for the purposes of subsidies under the Act respecting private education (chapter E-9.1) whose employment is to teach students as part of the educational services dispensed at preschool, elementary school or secondary school, belonging to one of the categories referred to in paragraphs 1 to 4 of section 1 of that Act and subject, under section 25 of that Act, to the basic school regulation prescribed under the Education Act (chapter I-13.3);
(2)  a teacher employed by a private educational institution within the meaning of the Act respecting private education or employed by a college established by the General and Vocational Colleges Act (chapter C-29) who teaches general or vocational education at the college level;
(3)  a teacher referred to in paragraph 1 or 2 of this paragraph who is, under the plan, released without pay for union activities; or
(4)  a teacher employed by the Collège Marie de France, the Collège Stanislas or The Priory School inc. and whose employment is to teach students.
T.B. 208549, s. 2.
6.0.5. The annual basic salary of an employee who holds pensionable employment for which the basis of remuneration is 200 days and who is paid according to an hourly rate is established by multiplying that rate by the maximum number of hours that may be paid in a year. That number is
(1)  800, in the case of a teacher in adult education or vocational training or a teacher hired by the lesson at the secondary level;
(2)  920, in the case of a teacher hired by the lesson at the preschool or elementary level;
(3)  1,000, in the case of a casual supply teacher.
T.B. 208549, s. 2.
DIVISION III.1
ACTUARIAL VALUE
(s. 196, 1st par., subpars. 7 and 7.1)
T.B. 203095, s. 1.
6.1. For the purposes of this Regulation, the expression “CIA Standard” refers to 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.
T.B. 203095, s. 1.
6.2. The actuarial values of the benefits referred to in sections 64, 68, 75, 76 and 117 of the Act are determined, taking into account sections 6.3 to 6.6, using the following 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%
____________________________________
(7)  Age difference between spouses at death:
— 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.
T.B. 203095, s. 1.
6.3. The actuarial value of the pension referred to in section 64 of the Act is determined using the “benefit allocation” actuarial method and corresponds to the sum of 50% of the actuarial value determined for a male and 50% of the actuarial value determined for a female.
T.B. 203095, s. 1.
6.4. The actuarial value of the deferred pension referred to in section 68 or 76 of the Act is determined using the following actuarial method and assumptions:
Actuarial method
The actuarial method is the “benefit allocation” method and 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
For that section 68, the actuarial assumptions apply taking into account the rules of Part D of Section 3 of the CIA Standard.
For that section 68 or 76, 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.
T.B. 203095, s. 1.
6.5. For the purposes of section 75 of the Act, the annual value of the initial pension paid to the employee is adjusted by multiplying it by the percentage obtained by dividing the value “A” by the value “B”, where
“A” corresponds to the actuarial value at the employee’s retirement age; and
“B” corresponds to the actuarial value at age 65.
The actuarial value is determined using the “benefit allocation” actuarial method and 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.
T.B. 203095, s. 1.
6.6. The actuarial value of the benefits referred to in section 117 of the Act is determined using the “benefit allocation” actuarial method and the actuarial assumption of retirement age is the age attained at the date of payment of that actuarial value.
T.B. 203095, s. 1.
DIVISION III.2
SPOUSE’S WAIVER
(s. 196, 1st par., subpar. 7.2)
T.B. 206219, s. 1.
6.7. The waiver or revocation notice required under the second paragraph of section 79.1 of the Act must be dated and indicate the name and address of the employee, of the person who ceased to participate in the plan or of the pensioner, as the case may be, and the name and address of the spouse.
T.B. 206219, s. 1.
DIVISION IV
LIMITS TO ADDED PENSION AMOUNTS
(s. 196, 1st par., subpar. 8)
7. For the purposes of section 107 of the Act, the sum of the amounts that employees may add to their pensions may not exceed the amount “M” that corresponds to the lesser of “M 1” and “M 2” in the following formulas:
M 1 = (F × N L × 2.0% × TM) - CR RR
M 2 = F × N × (1.1% × TM + $230)
T.B. 202420, s. 7; T.B. 208549, s. 3.
8. The amount added to an employee’s pension corresponds to the sum of the following amounts:
(1)  the amount “MO” that corresponds to the lesser of “MO 1” and “MO 2” in the following formulas:
i.  MO 1 = [N L x [(F x 2.0% x TM) - (0.7% x (the lesser of TM and MGA))]]- CR RR
ii.  MO 2 = F x N x 1.1% x TM
(2)  an amount equal to the difference between the amount “M” determined in section 7 and the amount “MO” determined in paragraph 1, if the employee is under 65 years of age when the pension becomes payable. The amount is paid until the end of the month in which the pensioner reaches 65 years of age.
T.B. 202420, s. 8.
9. For the purposes of sections 7 and 8,
CR RR is
(1)   the amount of the pension credit on the date of retirement, including the increase referred to in sections 89 and 107.1 of the Act respecting the Government and Public Employees Retirement Plan (chapter R-10) and takes into account any applicable actuarial reduction or the increase provided for in section 93 of that Act;
(2)  the amount of the paid-up annuity certificate indicated on the statement of benefits, taking into account, if applicable, an actuarial reduction of 0.5% per month computed for each month between the date of retirement and the employee’s sixty-fifth birthday;
(3)  the value of the pension credit attributed to the sums corresponding to the years and parts of a year recognized for the purposes of eligibility and transferred into a locked-in retirement account (LIRA) calculated as follows:
(balance of the LIRA on the date of designation of the employer in Schedule I of the Act respecting the Government and Public Employees Retirement Plan or Schedule II of the Act respecting the Pension Plan of Management Personnel (chapter R-12.1) × (5))

(value of a $10 annual pension credit payable monthly as of age 65 according to Table II of Schedule IV.3 to the Regulation under the Act respecting the Government and Public Employees Retirement Plan (chapter R-10, r. 2) and taking into account the employee’s age on the date of designation of the employer in the applicable Schedule).
The value of the pension credit attributed must include the rate of any increase referred to in section 89 of that Act between the date of designation of the employer in the applicable Schedule and the date of retirement, and take into account, if applicable, an actuarial reduction of 0.5% per month calculated for each month between the date of retirement and the person’s sixty-fifth birthday;
F is 1 minus the percentage of actuarial reduction applicable to the employee’s pension;
MGA is the average maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9);
N is the number of years and parts of a year referred to in paragraphs 1 to 3 of section 104 of the Act;
NL is the minimum between N and the number resulting from 35 plus the number of the employee’s years of service used to calculate the pension and served after 31 December 2010, without exceeding 38, minus the number of years of service credited to the plan;
TM is
(1)  for a pension credit pertaining to a year prior to 1992, the average pensionable salary established in accordance with subdivision 2.1 of Division I of Chapter IV of the Act on the basis of annualized pensionable salaries that do not take into account the limit provided for in the first paragraph of section 30 of the Act;
(2)  for a pension credit pertaining to a year after 1991, the average pensionable salary established in accordance with that subdivision 2.1 of the Act on the basis of annualized pensionable salaries that take into account the limit provided for in the first paragraph of section 30 of the Act.
In respect of an employee who ceases to participate in the plan before 1 January 2010, TM has the meaning assigned by this section, as it reads on the date on which the employee ceases to participate.
T.B. 202420, s. 9; T.B. 203095, s. 2; T.B. 208549, s. 4; T.B. 210259, s. 3 and 6.
10. The limits provided for in this Division must not operate to exceed the limits allowable under the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).
T.B. 202420, s. 10.
DIVISION IV.0.1
PROGRESSIVE RETIREMENT
(s. 196, 1st par., subpar. 11)
T.B. 208549, s. 5.
10.0.1. For the purposes of section 136 of the Act, the agreement between the employee and the employer becomes void by reason of any of the following circumstances:
(1)  the time worked is less than 40% of the regular time of a full-time employee holding such a position;
(2)  the employee voluntarily ceases to participate in this plan during the first year of participation in the agreement;
(3)  an employee eligible for a pension does not cease participating in this plan on the expiry of the period agreed upon.
T.B. 208549, s. 5.
10.0.2. When the agreement becomes void, the pensionable salary, the service credited and the contributions shall be determined as follows:
(1)  the pensionable salary is the salary paid to the employee and that to which he would have been entitled if the employee had accomplished service, had it not been for the employee’s eligibility for salary insurance;
(2)  the service credited to the employee corresponds to the number of days and parts of days during which the employee accomplished service and during which the employee would have accomplished service if the employee had not been eligible for salary insurance;
(3)  the contributions recognized are those calculated on the pensionable salary paid to the employee and on that to which the employee would have been entitled if the employee had accomplished service, had it not been for the employee’s eligibility for salary insurance.
To compute the pension, the annualized pensionable salary is
(1)  for each of the years prior to 2010 during which the agreement applied, the salary determined in accordance with sections 53.1 to 53.3, 53.5 and 53.20 of the Act on the basis of the pensionable salary and service credited respectively referred to in subparagraphs 1 and 2 of the first paragraph;
(2)  for each of the years after 2009 during which the agreement applied, the salary determined in accordance with sections 53.6 to 53.16, 53.19 and 53.20 of the Act on the basis of the pensionable salary referred to in subparagraph 1 of the first paragraph, if the employee holds pensionable employment for which the basis of remuneration is 260 days, or, if the employee holds pensionable employment for which the basis of remuneration is 200 days, on the basis of the basic salary and the harmonized service established for the period during which the employee accomplished service or would have accomplished service if the employee had not been eligible for salary insurance.
T.B. 208549, s. 5.
10.0.3. The agreement between the employee and the employer terminates in the case of any of the following circumstances:
(1)  the employee’s death;
(2)  the employee voluntarily ceases to participate in the plan later than one year after the date fixed for the beginning of the agreement;
(3)  the employee is laid off, dismissed or holds pensionable employment with another department, body or employer, unless in the latter case the new department, agency or employer agrees to continue the agreement;
(4)  the employee and the employer decide jointly to terminate the agreement later than one year after the date fixed for the beginning of the agreement;
(5)  the employee becomes covered by the Pension Plan of Certain Teachers or by the Pension Plan of Peace Officers in Correctional Services;
(6)  the employee is still disabled at the 105th week and if, during the disability, the employee was eligible for salary insurance under a salary insurance plan other than the plan referred to in the second paragraph of section 34 of the Act.
T.B. 208549, s. 5.
10.0.4. The provisions of sections 134 and 135 of the Act apply in respect of the pensionable salary, annualized pensionable salary, service credited and contributions until the date on which the agreement terminates pursuant to section 10.0.3.
T.B. 208549, s. 5.
DIVISION IV.1
ACTUARIAL ASSUMPTIONS AND METHOD
(s. 196, 1st par., subpar. 12)
T.B. 203095, s. 3.
10.1. The actuarial values of the benefits referred to in sections 138.1 and 138.7 of the Act are determined using the following actuarial method and assumptions:
Actuarial method
The actuarial method is the “projected benefit method” pro rated on service.
In the case of section 138.1, the pensionable salary of the pension plans involved in the transfer is the salary that is taken into account to determine the average pensionable salary used to calculate the pension.
Actuarial assumptions
(1)  Mortality rates:
The mortality rates are 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 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 employees with a spouse at retirement:
Males: 85%
Females: 60%
(7)  Age of spouse at retirement:
— the male spouse of the member is assumed to be 2 years older;
— the female spouse of the member is assumed to be 3 years younger;
(8)  Rate of increase of the MPE:
The annual increase in the maximum pensionable earnings within the meaning of the Québec Pension Plan corresponds to the annual rate of inflation plus 1%.
(9)  Rate of increase of salaries:
The annual increase in salaries corresponds to the annual increase of the MPE, increased by the annual rate of salary increase.
For the Pension Plan of Peace Officers in Correctional Services
Years of service Annual rate
of increase


0-4 years 2.5%
5-15 years 0.4%
16 years and over 0.2%
For the Pension Plan of Management Personnel
Age Annual rate
of increase


18-35 years 4.60%
36-50 years 2.00%
51 years and over 0.70%
For the Pension Plan of the members of the Sûreté du Québec
Years of service Annual rate
of increase


0 year 0%
1 year 6.35%
2 years 11.80%
3 years 12.90%
4 years 9.80%
5 years 8.70%
6 years 8.00%
7 years 4.50%
8-13 years 0.45%
14 years 2.45%
15-20 years 0.45%
21 years 2.45%
22 years or more 0.45%
(10)  Rate of increase in the Tax Act defined benefit limit:
The annual increase of Tax Act defined benefit limits corresponds to that of the maximum pensionable earnings as of each year of the indexing of that limit, in accordance with the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).
(11)  Retirement age
For the purposes of section 138.1 of the Act, the retirement age is the age on the date on which membership ceases as determined pursuant to section 8.7 of the Act respecting the Pension Plan of Peace Officers in Correctional Services (chapter R-9.2).
For the purposes of section 138.7 of the Act, retirement is determined according to the following retirement rates:
For the Pension Plan of Management Personnel:

For an employee who ­ 100% at age 55
would attain 35 years
of service before age 55


For an employee whose ­ 60% at criteria 88
age and years of service
would add up to 88
(criteria 88) at age 54
or older but before age 60

­ 100% (of the remaining 40%)
at 35 years of service
or age 65 if the employee
attains that age without
attaining 35 years of service


For an employee who ­ 60% at age 60
would attain age 60
without having more
than 28 years of service

­ 100% (of the remaining 40%)
at age 65


For an employee whose ­ 60% 6 months after
age and years of service the transfer
at the time of transfer add
up to 88 or more at age 54
or older but before age 60


­ 100% (of the remaining 40%)
at 35 years of service or
age 65 if the employee
attains that age without
attaining 35 years of service


For an employee who ­ 100% 6 months after
has at least 35 years of the transfer
service at the time
of transfer


For an employee who ­ 60% 6 months after
is 60 years of age or older the transfer
at the time of transfer

­ 100% (of the remaining 40%)
at 35 years of service
or age 65 if the employee
attains that age without
attaining 35 years of service
If the last 2 criteria apply, the assumption retained is that of the criteria of 35 years of service.
For the Pension Plan of the members of the Sûreté du Québec:
For an employee whose ­ 20% at criteria 75
age and years of service
would add up to 75
(criteria 75) at age 50
or older but before age 60


­ 100% (of the remaining 80%)
at 25 years of service or
age 60 if the employee attains
that age without attaining
25 years of service


For an employee who ­ 20% at 25 years of
would attain 25 years of service
service before age 50

­ 100% (of the remaining 80%)
at criteria 75


For an employee who ­ 100% at age 60
would attain age 60
without having more
than 15 years of service


For an employee whose ­ 20% 6 months after
age and years of service the transfer
add up to 75 or more at
the time of transfer while
the employee is less than
60 years of age and has
less than 25 years
of service

­ 100% (of the remaining 80%)
at 25 years of service or
age 60 if the employee attains
that age without attaining
25 years of service


For an employee who ­ 20% 6 months after
has 25 years of service the transfer
or more at the time of
transfer, without
criteria 75

­ 100% (of the remaining 80%)
at criteria 75


For an employee who ­ 100% 6 months after
is 60 years of age or older the transfer
at the time of transfer or
for an employee whose age
or years of service add up
to 75 or more with a
minimum of 25 years
of service
(12)  Reduction for early retirement:
The pension under the Pension Plan of Peace Officers in Correctional Services used to determine the actuarial value of the benefits of that plan is reduced by 1/3 of 1% per month computed for each month comprised between the date on which the actuarial value is determined and the first date on which a pension could have been paid to the member without reduction under than plan.
T.B. 203095, s. 3; T.B. 206317, s. 1; T.B. 208549, s. 6.
DIVISION V
CONTRIBUTIONS
(s. 196, 1st par., subpar. 18)
11. From 1 January 2012, the rate of contribution to the plan applicable to the portion of pensionable salary exceeding 35% of the maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9) is obtained by adding to the rate of contribution required to finance the benefits accrued annually and administrative expenses of 11.55%, as determined by the most recent actuarial valuation under the first paragraph of section 171 of the Act, a factor expressed in percentage to take into account part of the amortization of the surplus or deficit of the plan. The factor is 0.75% for the year 2012.
The rate of contribution applicable for the year 2012 is set at 12.30%.
T.B. 202420, s. 11; T.B. 205757, s. 1; T.B. 209600, s. 1; T.B. 210899, s. 1.
DIVISION VI
LIMIT APPLICABLE TO THE PENSIONABLE SALARY, AND RULES AND PROCEDURES FOR COMPUTING THE PENSION
(s. 196, 1st par., subpar. 22)
12. The pensionable salary, for the purpose of establishing the cost of redeeming a year prior to 1 January 1990 in which the employee was not a member of a pension plan within the meaning of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), must not exceed the amount “M” in the following formula:
A + (0.7% x B) = M
____________
2%
“A” is ⅔ of the greater of $1,725 and the limit of the determined benefits applicable under the Income Tax Act for the year in which the application for redemption is received at the Commission;
“B” is the part of the pensionable salary that does not exceed the maximum pensionable earnings within the meaning of the Act respecting the Québec Pension Plan (chapter R-9) and that is applicable for the year in which the application for redemption is received at the Commission.
The pensionable salary, for the purpose of establishing the cost of redeeming part of a year prior to 1 January 1990, must be divided by the credited service being redeemed and the amount resulting from that division must not exceed the amount “M” in the first paragraph.
T.B. 202420, s. 12; T.B. 202661, s. 1.
13. If the employee retires on the date of the employee’s sixty-fifth birthday or after that date, the part of the pension related to years or parts of a year prior to 1 January 1990 in which the employee was not a member of a pension plan within the meaning of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) and that were redeemed may not exceed the amount obtained by multiplying ⅔ of the greater of $1,725 and the limit of the determined benefits applicable for the year of retirement under the Income Tax Act by the number of years or parts of a year of service credited under the redemption.
If the employee retires before the date of the employee’s sixty-fifth birthday, the part of the pension related to those years or parts of a year may not exceed the amount obtained pursuant to the first paragraph, increased by the amount obtained by multiplying the amount calculated pursuant to section 57 of the Act by the fraction that the number of years or parts of a year of credited service being redeemed is of the number of years or parts of a year of credited service after 31 December 1965, up to a maximum of 35 years of service.
T.B. 202420, s. 13; T.B. 210259, s. 4 and 6.
DIVISION VII
PERIODS OF ABSENCE THAT MAY BE CREDITED UNDER THE PENSION PLAN OF MANAGEMENT PERSONNEL
(s. 196, 1st par., subpar. 23)
14. The periods during which an employee is absent after 31 December 1991, except the periods during which the employee is exempt from any contribution under section 34 or 35 of the Act and the periods for which the Income Tax Act R.S.C. 1985, c. 1 (5th Suppl.)) provides for the issue of an equivalence factor for past service, and that may be credited under the Pension Plan of Management Personnel must not exceed a total of 5 years of service. In cases of maternity, paternity or adoption leave, that total may be increased by not more than 3 years of service.
For the purposes of the first paragraph, a period of absence corresponds to the difference between the service credited under the Pension Plan of Management Personnel and the service that would have been credited under that plan in proportion to the salary received by the employee. For the purposes of that paragraph, maternity, paternity or adoption leave constitutes all or part of a period beginning at the time of birth or adoption of a child and ending not later than 12 months after any of those events.
T.B. 202420, s. 14.
15. An employee may have each period of absence without pay prior to 1 January 1990 credited under the plan, without exceeding 2 years of service except in the case of a period of absence related to total disability, educational leave, sabbatical leave, maternity leave, paternity leave or adoption leave.
T.B. 202420, s. 15.
16. Despite section 15, an employee may have each period of absence prior to 1 January 1990 credited under the plan, without exceeding 3 years of service, during which the employee held employment with the Government of Canada, the government of another province, a union, an association representing management personnel, a charitable organization or an educational institution if no contribution concerning that period has been accumulated in another plan.
T.B. 202420, s. 16.
DIVISION VIII
ESTABLISHMENT OF RATES OF INTEREST
(s. 196, 1st par., subpar. 23.1)
§ 1.  — Rates of interest based on the rates of return of certain funds
17. The annual rate of interest in Schedule VII to the Act is established by calculating the geometric mean of the annual rates of return for the 3-year period ending on 31 December of the year preceding the reference year, according to the formula in Schedule II.
T.B. 202420, s. 17.
18. The annual rate of return is the rate determined by the Caisse de dépôt et placement du Québec as at 31 December of each year, taking into account the classes of amounts referred to in subparagraphs 1, 2 and 4 of the first paragraph of section 177 of the Act, for the specific fund of the Pension Plan of Management Personnel, after subtracting the management expenses.
T.B. 202420, s. 18.
§ 2.  — Rates of interest based on an external index
19. The annual rate of interest in Schedule VIII to the Act is established as at 1 June of each year. It is equal to the arithmetic mean, for the 12-month period ending on 31 December of the preceding year, of the nominal rates of interest on negotiable bonds issued by the Government of Canada for a term of 3 to 5 years as compiled by Statistics Canada and published in the Bank of Canada Review under the identification No. V-122485 in the CANSIM System.
T.B. 202420, s. 19.
DIVISION IX
COMPUTATION OF INTEREST
(s. 196, 1st par., subpar. 24)
20. (Revoked).
T.B. 202420, s. 20; T.B. 207217, s. 2.
20.1. For the purposes of the second paragraph of section 206 of the Act, the interest rate applicable to the contributions referred to in subparagraph 1 of the first paragraph of that section is determined according to the formula in Schedule III.
T.B. 207217, s. 3.
21. Interest is computed at the rates in Schedules VII and VIII to the Act, according to the periods of application of those rates provided for in the sections concerned in the Act. Where the sections do not provide the date on which interest ceases to accrue, the interest is computed up to the date of the reimbursement of the contributions.
T.B. 202420, s. 21.
DIVISION X
FINAL
22. This Regulation replaces the Regulation under the Act respecting the Pension Plan of Management Personnel (T.B. 197329, 01-11-27).
T.B. 202420, s. 22.
23. This Regulation comes into force on 24 May 2005. However, section 14 has effect from 1 January 2001, sections 3 to 6 and Schedule I have effect from 1 July 2002, paragraph 5 of section 1 has effect from 1 January 2005 and Divisions VIII and IX come into force on 1 June 2005.
T.B. 202420, s. 23.
TARIFF APPLICABLE TO PAY THE COST OF REDEMPTION OF SERVICE
(1) Redemption of a period of absence without pay under sections 38 and 118 of the Act.
____________________________________________________
| |
| Period of service covered by the redemption |
____________________________|____________________________________________________|
| | | | |
| Age of the employee on | Prior to | After | After |
| the date the application | 1 July 1982 | 30 June 1982 |31 December 1999|
| for redemption is received | | and prior to | |
| | | 1 January 2000 | |
|____________________________|_________________|_________________|________________|
| | | | |
| 24 years of age or under | 14.4% | 11.8% | 12.5% |
|____________________________|_________________|_________________|________________|
| | | | |
| 25 | 14.7% | 11.9% | 12.7% |
|____________________________|_________________|_________________|________________|
| | | | |
| 26 | 15.2% | 12.3% | 13.1% |
|____________________________|_________________|_________________|________________|
| | | | |
| 27 | 15.6% | 12.5% | 13.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 28 | 15.7% | 12.6% | 13.5% |
|____________________________|_________________|_________________|________________|
| | | | |
| 29 | 16.0% | 12.8% | 13.7% |
|____________________________|_________________|_________________|________________|
| | | | |
| 30 | 16.3% | 13.0% | 13.9% |
|____________________________|_________________|_________________|________________|
| | | | |
| 31 | 16.5% | 13.1% | 14.1% |
|____________________________|_________________|_________________|________________|
| | | | |
| 32 | 16.7% | 13.2% | 14.2% |
|____________________________|_________________|_________________|________________|
| | | | |
| 33 | 16.9% | 13.3% | 14.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 34 | 16.9% | 13.3% | 14.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 35 | 16.9% | 13.3% | 14.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 36 | 17.1% | 13.5% | 14.6% |
|____________________________|_________________|_________________|________________|
| | | | |
| 37 | 17.2% | 13.6% | 14.7% |
|____________________________|_________________|_________________|________________|
| | | | |
| 38 | 17.3% | 13.6% | 14.7% |
|____________________________|_________________|_________________|________________|
| | | | |
| 39 | 17.4% | 13.7% | 14.8% |
|____________________________|_________________|_________________|________________|
| | | | |
| 40 | 17.7% | 13.9% | 15.1% |
|____________________________|_________________|_________________|________________|
| | | | |
| 41 | 17.9% | 14.1% | 15.3% |
|____________________________|_________________|_________________|________________|
| | | | |
| 42 | 18.1% | 14.3% | 15.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 43 | 18.4% | 14.5% | 15.7% |
|____________________________|_________________|_________________|________________|
| | | | |
| 44 | 18.7% | 14.7% | 15.9% |
|____________________________|_________________|_________________|________________|
| | | | |
| 45 | 18.9% | 14.9% | 16.1% |
|____________________________|_________________|_________________|________________|
| | | | |
| 46 | 19.2% | 15.2% | 16.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 47 | 19.7% | 15.5% | 16.8% |
|____________________________|_________________|_________________|________________|
| | | | |
| 48 | 20.2% | 16.0% | 17.3% |
|____________________________|_________________|_________________|________________|
| | | | |
| 49 | 20.8% | 16.4% | 17.8% |
|____________________________|_________________|_________________|________________|
| | | | |
| 50 | 21.3% | 16.9% | 18.2% |
|____________________________|_________________|_________________|________________|
| | | | |
| 51 | 22.0% | 17.4% | 18.9% |
|____________________________|_________________|_________________|________________|
| | | | |
| 52 | 22.8% | 18.1% | 19.6% |
|____________________________|_________________|_________________|________________|
| | | | |
| 53 | 23.6% | 18.7% | 20.3% |
|____________________________|_________________|_________________|________________|
| | | | |
| 54 | 24.1% | 19.2% | 20.8% |
|____________________________|_________________|_________________|________________|
| | | | |
| 55 | 24.4% | 19.5% | 21.1% |
|____________________________|_________________|_________________|________________|
| | | | |
| 56 | 24.5% | 19.7% | 21.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 57 | 24.5% | 19.8% | 21.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 58 | 24.4% | 19.8% | 21.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 59 | 24.3% | 19.8% | 21.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 60 | 24.1% | 19.7% | 21.3% |
|____________________________|_________________|_________________|________________|
| | | | |
| 61 | 23.9% | 19.6% | 21.1% |
|____________________________|_________________|_________________|________________|
| | | | |
| 62 | 23.6% | 19.5% | 21.0% |
|____________________________|_________________|_________________|________________|
| | | | |
| 63 | 23.4% | 19.4% | 20.9% |
|____________________________|_________________|_________________|________________|
| | | | |
| 64 | 23.1% | 19.3% | 20.7% |
|____________________________|_________________|_________________|________________|
| | | | |
| 65 | 22.9% | 19.2% | 20.6% |
|____________________________|_________________|_________________|________________|
| | | | |
| 66 | 22.3% | 18.9% | 20.1% |
|____________________________|_________________|_________________|________________|
| | | | |
| 67 | 21.7% | 18.5% | 19.7% |
|____________________________|_________________|_________________|________________|
| | | | |
| 68 | 21.2% | 18.1% | 19.2% |
|____________________________|_________________|_________________|________________|
| | | | |
| 69 | 20.6% | 17.7% | 18.8% |
|____________________________|_________________|_________________|________________|
| | | | |
| 70 | 20.0% | 17.3% | 18.4% |
|____________________________|_________________|_________________|________________|
| | | | |
| 71 | 19.4% | 16.9% | 17.9% |
|____________________________|_________________|_________________|________________|
Despite the foregoing, in the case of a period of absence that began after 31 December 2007, the tariff may not be less than 200% of the contributions that would have been paid by the employee during that period.
(2) Redemption of a period of service accumulated by an employee hired as casual employee under section 146 of the Act.
____________________________________________________
| |
| Period of service covered by the redemption |
____________________________|____________________________________________________|
| | | | |
| Age of the employee on | Prior to | After | After |
| the date the application | 1 July 1982 | 30 June 1982 |31 December 1999|
| for redemption is received | | and prior to | |
| | | 1 January 2000 | |
|____________________________|_________________|_________________|________________|
| | | | |
| 24 years of age or under | 6.00% | 5.90% | 6.25% |
|____________________________|_________________|_________________|________________|
| | | | |
| 25 | 6.13% | 5.95% | 6.35% |
|____________________________|_________________|_________________|________________|
| | | | |
| 26 | 6.33% | 6.15% | 6.55% |
|____________________________|_________________|_________________|________________|
| | | | |
| 27 | 6.50% | 6.25% | 6.70% |
|____________________________|_________________|_________________|________________|
| | | | |
| 28 | 6.54% | 6.30% | 6.75% |
|____________________________|_________________|_________________|________________|
| | | | |
| 29 | 6.67% | 6.40% | 6.85% |
|____________________________|_________________|_________________|________________|
| | | | |
| 30 | 6.79% | 6.50% | 6.95% |
|____________________________|_________________|_________________|________________|
| | | | |
| 31 | 6.88% | 6.55% | 7.05% |
|____________________________|_________________|_________________|________________|
| | | | |
| 32 | 6.96% | 6.60% | 7.10% |
|____________________________|_________________|_________________|________________|
| | | | |
| 33 | 7.04% | 6.65% | 7.20% |
|____________________________|_________________|_________________|________________|
| | | | |
| 34 | 7.04% | 6.65% | 7.20% |
|____________________________|_________________|_________________|________________|
| | | | |
| 35 | 7.04% | 6.65% | 7.20% |
|____________________________|_________________|_________________|________________|
| | | | |
| 36 | 7.13% | 6.75% | 7.30% |
|____________________________|_________________|_________________|________________|
| | | | |
| 37 | 7.17% | 6.80% | 7.35% |
|____________________________|_________________|_________________|________________|
| | | | |
| 38 | 7.21% | 6.80% | 7.35% |
|____________________________|_________________|_________________|________________|
| | | | |
| 39 | 7.25% | 6.85% | 7.40% |
|____________________________|_________________|_________________|________________|
| | | | |
| 40 | 7.38% | 6.95% | 7.55% |
|____________________________|_________________|_________________|________________|
| | | | |
| 41 | 7.46% | 7.05% | 7.65% |
|____________________________|_________________|_________________|________________|
| | | | |
| 42 | 7.54% | 7.15% | 7.70% |
|____________________________|_________________|_________________|________________|
| | | | |
| 43 | 7.67% | 7.25% | 7.85% |
|____________________________|_________________|_________________|________________|
| | | | |
| 44 | 7.79% | 7.35% | 7.95% |
|____________________________|_________________|_________________|________________|
| | | | |
| 45 | 7.88% | 7.45% | 8.05% |
|____________________________|_________________|_________________|________________|
| | | | |
| 46 | 8.00% | 7.60% | 8.20% |
|____________________________|_________________|_________________|________________|
| | | | |
| 47 | 8.21% | 7.75% | 8.40% |
|____________________________|_________________|_________________|________________|
| | | | |
| 48 | 8.42% | 8.00% | 8.65% |
|____________________________|_________________|_________________|________________|
| | | | |
| 49 | 8.67% | 8.20% | 8.90% |
|____________________________|_________________|_________________|________________|
| | | | |
| 50 | 8.88% | 8.45% | 9.10% |
|____________________________|_________________|_________________|________________|
| | | | |
| 51 | 9.17% | 8.70% | 9.45% |
|____________________________|_________________|_________________|________________|
| | | | |
| 52 | 9.50% | 9.05% | 9.80% |
|____________________________|_________________|_________________|________________|
| | | | |
| 53 | 9.83% | 9.35% | 10.15% |
|____________________________|_________________|_________________|________________|
| | | | |
| 54 | 10.04% | 9.60% | 10.40% |
|____________________________|_________________|_________________|________________|
| | | | |
| 55 | 10.17% | 9.75% | 10.55% |
|____________________________|_________________|_________________|________________|
| | | | |
| 56 | 10.21% | 9.85% | 10.70% |
|____________________________|_________________|_________________|________________|
| | | | |
| 57 | 10.21% | 9.90% | 10.70% |
|____________________________|_________________|_________________|________________|
| | | | |
| 58 | 10.17% | 9.90% | 10.70% |
|____________________________|_________________|_________________|________________|
| | | | |
| 59 | 10.13% | 9.90% | 10.70% |
|____________________________|_________________|_________________|________________|
| | | | |
| 60 | 10.04% | 9.85% | 10.65% |
|____________________________|_________________|_________________|________________|
| | | | |
| 61 | 9.96% | 9.80% | 10.55% |
|____________________________|_________________|_________________|________________|
| | | | |
| 62 | 9.83% | 9.75% | 10.50% |
|____________________________|_________________|_________________|________________|
| | | | |
| 63 | 9.75% | 9.70% | 10.45% |
|____________________________|_________________|_________________|________________|
| | | | |
| 64 | 9.63% | 9.65% | 10.35% |
|____________________________|_________________|_________________|________________|
| | | | |
| 65 | 9.54% | 9.60% | 10.30% |
|____________________________|_________________|_________________|________________|
| | | | |
| 66 | 9.29% | 9.45% | 10.05% |
|____________________________|_________________|_________________|________________|
| | | | |
| 67 | 9.04% | 9.25% | 9.85% |
|____________________________|_________________|_________________|________________|
| | | | |
| 68 | 8.83% | 9.05% | 9.60% |
|____________________________|_________________|_________________|________________|
| | | | |
| 69 | 8.58% | 8.85% | 9.40% |
|____________________________|_________________|_________________|________________|
| | | | |
| 70 | 8.33% | 8.65% | 9.20% |
|____________________________|_________________|_________________|________________|
| | | | |
| 71 | 8.08% | 8.45% | 8.95% |
|____________________________|_________________|_________________|________________|
(3) The tariff applicable to pay the cost of redemption of service under section 152.1 of the Act in respect of a period of service performed by an employee in a research centre varies according to the date on which the application for redemption of service is received by the Commission.
Where the application for redemption of service is received before 1 January 2013, the tariff is the tariff appearing in the table of section 2 of this Schedule. Where the application is received after 31 December 2012, the tariff is the tariff appearing in the table of section 1 of this Schedule.
(4) The tariff applicable to pay the cost of redemption of service under section 152.4 of the Act is the tariff appearing in the table in section 1 of this Schedule.
T.B. 202420, Sch. I; T.B. 209327, s. 4; T.B. 210259, s. 5; T.B. 211552, s. 1.
RATE OF INTEREST
The formula for the computation of the rate of interest for the reference year is the following:
iy = ( (1 + Ty-1 ) ( 1 + Ty-2 ) ( 1 + Ty-3 ) ) 1/3 - 1
where:
Ty-1: rate of return for the year preceding the reference year
Ty-2: rate of return for the year occurring 2 years before the reference year
Ty-3: rate of return for the year occurring 3 years before the reference year
T.B. 202420, Sch. II.
(s. 20.1)
The interest rate applicable to the contributions referred to in section 20.1 corresponds to rate I determined according to the following formula:
I =[(1+i1) nb1/365 × (1+i2) nb2/365] 1/2 -1, where
i1 represents the interest rate of Schedule VII to the Act applicable at the beginning of the employee’s period of membership until the earlier of the following dates: the date of the end of the period of application of the interest rate, the date of the end of the period of membership or 31 December of the year concerned;
nb1 represents the number of days during which the interest rate represented by the variable i1 is applicable;
i2 represents, where the employee’s period of membership ends on a date later than the date of the end of the period of application of the interest rate represented by the variable i1, the interest rate of Schedule VII to the Act applicable on the day following the end of the period of application until the earlier of the following dates: the date of the end of the period of membership or 31 December of the year concerned;
nb2 represents the number of days during which the interest rate represented by the variable i2 is applicable.
Where the period of membership ends on a date prior to the date of the end of the period of application of the interest rate represented by the variable i1, the term (1+i2) nb2/365 is equal to 1.
T.B. 207217, s. 4.
REFERENCES
T.B. 202420, 2005 G.O. 2, 1733
T.B. 202661, 2005 G.O. 2, 2683
T.B. 203095, 2005 G.O. 2, 5500
T.B. 204929, 2007 G.O. 2, 1438
T.B. 205757, 2007 G.O. 2, 3982
T.B. 206219, 2008 G.O. 2, 1163
T.B. 206317, 2008 G.O. 2, 1299
T.B. 207217, 2009 G.O. 2, 123
T.B. 208549, 2010 G.O. 2, 141
T.B. 209327, 2010 G.O. 2, 2788
T.B. 209600, 2010 G.O. 2, 4077
T.B. 210259, 2011 G.O. 2, 1357
T.B. 210899, 2012 G.O. 2, 77
T.B. 211552, 2012 G.O. 2, 2303