Acts and Regulations

M-7.1 - Members’ Pension Act

Full text
Payment to Members’ Pension Account out of the Consolidated Fund
8(1)At the end of each fiscal year there shall be credited to the Members’ Pension Account out of the Consolidated Fund an amount equal to the total of all the contributions made by members and ministers under section 5 during that fiscal year, together with interest.
8(1.1)An amount referred to in subsection (1) shall not exceed eligible contributions as provided for in subsection 147.2(2) of the Income Tax Act (Canada).
8(2)Notwithstanding subsection (1), if at any time there is an actuarial surplus in the Members’ Pension Account exceeding the amount permitted under the Income Tax Act (Canada), no additional amount shall be credited to the Members’ Pension Account under subsection (1).
8(3)If at any time the Members’ Pension Account is insufficient to make all payments required to be made under this Act, the Minister shall, at the request of the Treasury Board, pay out of the Consolidated Fund into the Members’ Pension Account an amount sufficient to enable such payments to be made.
2000, c.7, s.5; 2016, c.37, s.103
Payment to Members’ Pension Account out of the Consolidated Fund
8(1)At the end of each fiscal year there shall be credited to the Members’ Pension Account out of the Consolidated Fund an amount equal to the total of all the contributions made by members and ministers under section 5 during that fiscal year, together with interest.
8(1.1)An amount referred to in subsection (1) shall not exceed eligible contributions as provided for in subsection 147.2(2) of the Income Tax Act (Canada).
8(2)Notwithstanding subsection (1), if at any time there is an actuarial surplus in the Members’ Pension Account exceeding the amount permitted under the Income Tax Act (Canada), no additional amount shall be credited to the Members’ Pension Account under subsection (1).
8(3)If at any time the Members’ Pension Account is insufficient to make all payments required to be made under this Act, the Minister shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Members’ Pension Account an amount sufficient to enable such payments to be made.
2000, c.7, s.5
Payment to Members’ Pension Account out of the Consolidated Fund
8(1)At the end of each fiscal year there shall be credited to the Members’ Pension Account out of the Consolidated Fund an amount equal to the total of all the contributions made by members and ministers under section 5 during that fiscal year, together with interest.
8(1.1)An amount referred to in subsection (1) shall not exceed eligible contributions as provided for in subsection 147.2(2) of the Income Tax Act (Canada).
8(2)Notwithstanding subsection (1), if at any time there is an actuarial surplus in the Members’ Pension Account exceeding the amount permitted under the Income Tax Act (Canada), no additional amount shall be credited to the Members’ Pension Account under subsection (1).
8(3)If at any time the Members’ Pension Account is insufficient to make all payments required to be made under this Act, the Minister shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Members’ Pension Account an amount sufficient to enable such payments to be made.
2000, c.7, s.5