177. The rate of contribution applicable to the Government and Public Employees Retirement Plan each year is determined according to the rules, terms and conditions prescribed by regulation. The rate is based on the result of the actuarial valuation referred to in the first paragraph of section 174 and is adjusted from 1 January following the receipt by the Minister of the report of the independent actuary and, for the two subsequent years, from 1 January of each year. The regulation may also prescribe a factor based on the actuarial valuation and adjusted in the same manner. The factor is to be used for the contribution formula described in section 29 so that the contributions withheld during the year by employers or insurers with respect to a pensionable salary which does not exceed the maximum pensionable earnings of the year will be comparable to the contributions that would have been withheld if the contribution formula described in that section, as it read on 31 December 2010, had been maintained.
The rates of contribution to the Teachers Pension Plan and to the Civil Service Superannuation Plan are no longer revised. The rate of the Teachers Pension Plan is, from 1 January 1993, maintained at the rate in force for the year 1992, and that of the Civil Service Superannuation Plan is, from 1 January 1990, maintained at the rate in force for the year 1989.
1983, c. 24, s. 1; 1989, c. 76, s. 4; 1992, c. 39, s. 37; 1996, c. 53, s. 40; 2001, c. 31, s. 342; 2011, c. 24, s. 14.