Acts and Regulations

P-26 - Public Service Superannuation Act

Section 10.41
Disposition versions

Full text
Provision respecting five or more years of pensionable service
10.41(1)Notwithstanding paragraph 10(1)(c) and section 10.4, a contributor who has to his or her credit five or more years of pensionable service and who, not having reached the age of sixty years, ceases to be employed in the Public Service on or after May 1, 1995, for any reason other than death, is entitled to
(a) a return of contributions with interest, or
(b) in the case of a contributor fifty-five or more years of age, an annual allowance payable immediately, which allowance shall be determined by reducing the immediate pension that would have been payable if the contributor had been entitled to the immediate pension calculated in accordance with subsection 7(3) when the contributor actually ceased to be employed, by three-twelfths per cent for each calendar month from the calendar month following the calendar month in which the contributor actually ceased to be employed to and including the calendar month before the calendar month in which the contributor would reach the age of sixty years,
at the contributor’s option, except that if the contributor fails to advise the Minister of his or her election within one year after ceasing to be employed, the contributor is deemed to have chosen a return of contributions with interest.
10.41(2)This section does not apply to a contributor who was approved, before May 1, 1995, for an annual allowance under section 10.4 or for an early retirement program.
1996, c.67, s.5