Acts and Regulations

P-21.1 - Provincial Court Judges’ Pension Act

Section 6
Disposition versions

Full text
Payments into and out of Fund
6(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.
6(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 III, and
(b) such additional amounts as are required to amortize any unfunded liability in relation to benefits payable under Part III, in equal annual installments over a period determined by the Minister, beginning on the date of the actuarial valuation that establishes the unfunded liability.
6(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).
6(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 such time as there is no longer a surplus in the Fund, and
(b) withdraw amounts of money from the Fund, until such time as there is a surplus in the Fund that is not less than ten per cent of the amount of the going concern liabilities.
6(5)If the Plan should be 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 IV, and
(b) after payment under paragraph (a), retained by the Province.
6(6)If at any time the amount of money in the Fund is insufficient to make all payments required to be made under Part III, and all benefit payments under the Provincial Court Act except payments referred to in subsection 21(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.
2016, c.37, s.156
Payments into and out of Fund
6(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.
6(2)Subject to subsections (3) and (4), the Minister shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Fund
(a) the amount, determined by an actuarial valuation approved by the Chairman of the Board of Management, that is necessary, in addition to the contributions paid by judges, to cover current service cost in relation to benefits payable under Part III, and
(b) such additional amounts as are required to amortize any unfunded liability in relation to benefits payable under Part III, in equal annual installments over a period determined by the Minister, beginning on the date of the actuarial valuation that establishes the unfunded liability.
6(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).
6(4)If at any time there is a surplus in the Fund, the Minister, at the request of the Board of Management, 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 such time as there is no longer a surplus in the Fund, and
(b) withdraw amounts of money from the Fund, until such time as there is a surplus in the Fund that is not less than ten per cent of the amount of the going concern liabilities.
6(5)If the Plan should be 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 IV, and
(b) after payment under paragraph (a), retained by the Province.
6(6)If at any time the amount of money in the Fund is insufficient to make all payments required to be made under Part III, and all benefit payments under the Provincial Court Act except payments referred to in subsection 21(4) of this Act, the Minister shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Fund an amount sufficient to enable the payments to be made.
Payments into and out of Fund
6(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.
6(2)Subject to subsections (3) and (4), the Minister shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Fund
(a) the amount, determined by an actuarial valuation approved by the Chairman of the Board of Management, that is necessary, in addition to the contributions paid by judges, to cover current service cost in relation to benefits payable under Part III, and
(b) such additional amounts as are required to amortize any unfunded liability in relation to benefits payable under Part III, in equal annual installments over a period determined by the Minister, beginning on the date of the actuarial valuation that establishes the unfunded liability.
6(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).
6(4)If at any time there is a surplus in the Fund, the Minister, at the request of the Board of Management, 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 such time as there is no longer a surplus in the Fund, and
(b) withdraw amounts of money from the Fund, until such time as there is a surplus in the Fund that is not less than ten per cent of the amount of the going concern liabilities.
6(5)If the Plan should be 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 IV, and
(b) after payment under paragraph (a), retained by the Province.
6(6)If at any time the amount of money in the Fund is insufficient to make all payments required to be made under Part III, and all benefit payments under the Provincial Court Act except payments referred to in subsection 21(4) of this Act, the Minister shall, at the request of the Board of Management, pay out of the Consolidated Fund into the Fund an amount sufficient to enable the payments to be made.