Acts and Regulations

M-7.1 - Members’ Pension Act

Section 14.11
Disposition versions

Full text
Annual adjustment of pension - person who ceases to be a member on or after April 1, 2008
14.11(1)The following definitions apply in this section.
“Consumer Price Index” means Consumer Price Index as defined in subsection 14.1(1).(indice des prix à la consommation)
“pension index” means pension index as defined in subsection 14.1(1).(indice de pension)
14.11(2)This section applies to a pension paid in respect of a person who ceases to be a member on or after April 1, 2008.
14.11(3)If a pension is paid under this Act, the amount of the pension shall be adjusted as of the first day of each year, beginning on January 1, 2009, by multiplying the amount of the pension that would have been payable for that year if no adjustment had been made under this subsection with respect to that following year, by the ratio that the pension index for that year bears to the pension index for the preceding year or 1.05, whichever is the lesser.
14.11(4)Despite subsection (3), the first adjustment under subsection (3) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (3) by a fraction the denominator of which is 12 and the numerator of which is equal to the number of months following the month in which the person ceased to be a member in the year preceding the year in which the first adjustment is made.
2011, c.35, s.7
Annual adjustment of pension - person who ceases to be a member on or after April 1, 2008
14.11(1)The following definitions apply in this section.
“Consumer Price Index” means Consumer Price Index as defined in subsection 14.1(1).(indice des prix à la consommation)
“pension index” means pension index as defined in subsection 14.1(1).(indice de pension)
14.11(2)This section applies to a pension paid in respect of a person who ceases to be a member on or after April 1, 2008.
14.11(3)If a pension is paid under this Act, the amount of the pension shall be adjusted as of the first day of each year, beginning on January 1, 2009, by multiplying the amount of the pension that would have been payable for that year if no adjustment had been made under this subsection with respect to that following year, by the ratio that the pension index for that year bears to the pension index for the preceding year or 1.05, whichever is the lesser.
14.11(4)Despite subsection (3), the first adjustment under subsection (3) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (3) by a fraction the denominator of which is 12 and the numerator of which is equal to the number of months following the month in which the person ceased to be a member in the year preceding the year in which the first adjustment is made.
2011, c.35, s.7