Acts and Regulations

M-7.1 - Members’ Pension Act

Section 14.3
Disposition versions

Full text
Annual adjustment of deferred pension - person who ceases to be a member on or after April 1, 2008
14.3(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)
14.3(2)This section applies to a deferred pension in respect of a person who ceases to be a member on or after April 1, 2008.
14.3(3)If the payment of an annual pension is deferred under subsection 10(1), the amount of the pension shall be adjusted in accordance with subsection (5) until the time of payment of the pension.
14.3(4)If the payment of a minister’s pension is deferred under subsection 11(2), the amount of the pension shall be adjusted in accordance with subsection (5) until the time of payment of the pension.
14.3(5)The amount of a pension referred to in subsection (3) or (4) 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 years or 1.05, whichever is the lesser.
14.3(6)Despite subsection (5), the first adjustment under subsection (5) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (5) 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 or minister, as the case may be, in the year preceding the year in which the first adjustment is made.
2011, c.35, s.9
Annual adjustment of deferred pension - person who ceases to be a member on or after April 1, 2008
14.3(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)
14.3(2)This section applies to a deferred pension in respect of a person who ceases to be a member on or after April 1, 2008.
14.3(3)If the payment of an annual pension is deferred under subsection 10(1), the amount of the pension shall be adjusted in accordance with subsection (5) until the time of payment of the pension.
14.3(4)If the payment of a minister’s pension is deferred under subsection 11(2), the amount of the pension shall be adjusted in accordance with subsection (5) until the time of payment of the pension.
14.3(5)The amount of a pension referred to in subsection (3) or (4) 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 years or 1.05, whichever is the lesser.
14.3(6)Despite subsection (5), the first adjustment under subsection (5) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (5) 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 or minister, as the case may be, in the year preceding the year in which the first adjustment is made.
2011, c.35, s.9