Acts and Regulations

2016, c.106 - Provincial Court Judges’ Pension Act

Section 8
Disposition versions

Full text
Payments into and out of Fund
8(1)In this section, “surplus” means, in relation to the Fund, an amount of assets in the Fund at a given time that is greater than the total actuarial liability in the Fund at that time, established on a going concern or on a solvency basis, whichever basis provides a greater amount, as determined by the actuary appointed for the Plan by the Minister.
8(2)Subject to subsections (3) and (4), the Minister shall, at the request of the Treasury Board, pay out of the Consolidated Fund into the Fund
(a) the amount, determined by an actuarial valuation approved by the Chair of the Treasury Board, that is necessary, in addition to the contributions paid by judges, to cover current service cost in relation to benefits payable under Part 3, and
(b) any additional amounts that are required to amortize any unfunded liability in relation to benefits payable under Part 3, in equal annual instalments over a period determined by the Minister, beginning on the date of the actuarial valuation that establishes the unfunded liability.
8(3)Amounts referred to in subsection (2) shall not exceed eligible contributions as provided for in subsection 147.2(2) of the Income Tax Act (Canada).
8(4)If at any time there is a surplus in the Fund, the Minister may
(a) reduce the amount of any payments or stop making any payments that are required to be made into the Fund under subsection (2), until the time that there is no longer a surplus in the Fund, and
(b) withdraw amounts of money from the Fund, until the time that there is a surplus in the Fund that is not less than 10% of the amount of the going concern liabilities.
8(5)If the Plan is wound up and there is a surplus in the Fund at that time, the surplus shall be
(a) distributed first in paying the supplementary allowances, reduced supplementary allowances, other supplementary payments and disability benefits provided for in Part 4, and
(b) after payment under paragraph (a), retained by the Province.
8(6)If at any time the amount of money in the Fund is insufficient to make all payments required to be made under Part 3 and all benefit payments under the Provincial Court Act except payments referred to in subsection 23(4) of this Act, the Minister shall, at the request of the Treasury Board, pay out of the Consolidated Fund into the Fund an amount sufficient to enable the payments to be made.
2000, c.P-21.1, s.6; 2016, c.37, s.156; 2019, c.29, s.128
Payments into and out of Fund
8(1)In this section, “surplus” means, in relation to the Fund, an amount of assets in the Fund at a given time that is greater than the total actuarial liability in the Fund at that time, established on a going concern or on a solvency basis, whichever basis provides a greater amount, as determined by the actuary appointed for the Plan by the Minister.
8(2)Subject to subsections (3) and (4), the Minister of Finance shall, at the request of the Treasury Board, pay out of the Consolidated Fund into the Fund
(a) the amount, determined by an actuarial valuation approved by the Chair of the Treasury Board, that is necessary, in addition to the contributions paid by judges, to cover current service cost in relation to benefits payable under Part 3, and
(b) any additional amounts that are required to amortize any unfunded liability in relation to benefits payable under Part 3, in equal annual instalments over a period determined by the Minister, beginning on the date of the actuarial valuation that establishes the unfunded liability.
8(3)Amounts referred to in subsection (2) shall not exceed eligible contributions as provided for in subsection 147.2(2) of the Income Tax Act (Canada).
8(4)If at any time there is a surplus in the Fund, the Minister may
(a) reduce the amount of any payments or stop making any payments that are required to be made into the Fund under subsection (2), until the time that there is no longer a surplus in the Fund, and
(b) withdraw amounts of money from the Fund, until the time that there is a surplus in the Fund that is not less than 10% of the amount of the going concern liabilities.
8(5)If the Plan is wound up and there is a surplus in the Fund at that time, the surplus shall be
(a) distributed first in paying the supplementary allowances, reduced supplementary allowances, other supplementary payments and disability benefits provided for in Part 4, and
(b) after payment under paragraph (a), retained by the Province.
8(6)If at any time the amount of money in the Fund is insufficient to make all payments required to be made under Part 3 and all benefit payments under the Provincial Court Act except payments referred to in subsection 23(4) of this Act, the Minister of Finance shall, at the request of the Treasury Board, pay out of the Consolidated Fund into the Fund an amount sufficient to enable the payments to be made.
2000, c.P-21.1, s.6; 2016, c.37, s.156