Acts and Regulations

M-8 - Members Superannuation Act

Section 10.5
Disposition versions

Full text
Adjustment of pension first paid to beneficiary after December 31, 1996
10.5(1)Where a pension is paid under this Act to a person who first received the pension after December 31, 1996, the amount of that pension shall be adjusted as of the first day of each year, beginning on January 1, 2001, 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 1.06, whichever is the lesser.
10.5(2)Notwithstanding subsection (1), the first adjustment under subsection (1) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (1) 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 cessation of employment or death took place in the year preceding the year in which the first adjustment is made.
10.5(3)Notwithstanding subsection (1), any increase in the amount of pension payable under this Act by virtue of any adjustment made under subsection (1) relating to any period before January 1, 2001, shall be implemented
(a) so as to be effective January 1, 2001, and
(b) without any retroactive payment being made in respect of any period before January 1, 2001.
10.5(4)Repealed: 2013, c.44, s.27
2001, c.5, s.2; 2013, c.44, s.27
Adjustment of pension first paid to beneficiary after December 31, 1996
10.5(1)Where a pension is paid under this Act to a person who first received the pension after December 31, 1996, the amount of that pension shall be adjusted as of the first day of each year, beginning on January 1, 2001, 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 1.06, whichever is the lesser.
10.5(2)Notwithstanding subsection (1), the first adjustment under subsection (1) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (1) 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 cessation of employment or death took place in the year preceding the year in which the first adjustment is made.
10.5(3)Notwithstanding subsection (1), any increase in the amount of pension payable under this Act by virtue of any adjustment made under subsection (1) relating to any period before January 1, 2001, shall be implemented
(a) so as to be effective January 1, 2001, and
(b) without any retroactive payment being made in respect of any period before January 1, 2001.
10.5(4)In this section, “pension index” has the same meaning as it has in section 8 of the Public Service Superannuation Act.
2001, c.5, s.2
Adjustment of pension first paid to beneficiary after December 31, 1996
10.5(1)Where a pension is paid under this Act to a person who first received the pension after December 31, 1996, the amount of that pension shall be adjusted as of the first day of each year, beginning on January 1, 2001, 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 1.06, whichever is the lesser.
10.5(2)Notwithstanding subsection (1), the first adjustment under subsection (1) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (1) 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 cessation of employment or death took place in the year preceding the year in which the first adjustment is made.
10.5(3)Notwithstanding subsection (1), any increase in the amount of pension payable under this Act by virtue of any adjustment made under subsection (1) relating to any period before January 1, 2001, shall be implemented
(a) so as to be effective January 1, 2001, and
(b) without any retroactive payment being made in respect of any period before January 1, 2001.
10.5(4)In this section, “pension index” has the same meaning as it has in section 8 of the Public Service Superannuation Act.
2001, c.5, s.2