27(1)The Superannuation Account in the Consolidated Fund established by subsection 11(5) of the Superannuation Act is hereby continued.

27(2)All contributions made to the Superannuation Account pursuant to this Act shall be paid into a pension trust fund.

27(3)The New Brunswick Investment Management Corporation shall be the trustee of the pension trust fund and the pension trust fund shall be held in trust by the New Brunswick Investment Management Corporation.

27(4)All pension payments and refunds shall be a charge upon and payable out of the pension trust fund.

27(4.1)Expenses prescribed by regulation that relate to the administration of this Act and to the management and investment of money in the pension trust fund are a charge upon and payable out of the pension trust fund.

27(5)All interest arising from the pension trust fund shall be paid into and form part of the pension trust fund.

27(6)In the case of employees who receive salaries out of the Consolidated Fund, the Minister of Finance shall, at the request of the Board of Management, pay out of the Consolidated Fund into the pension trust fund 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 the employees, to cover current service cost.

27(6.1)In the case of employees of a Public Service Corporation as defined in section 18 and in the case of employees who have elected to continue as a contributor under section 22, the treasurer or the person whose duty it is to pay the employees shall pay into the pension trust fund 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 the employees, to cover current service cost.

27(6.2)In each fiscal year, until such time as the benefits under this Act are fully funded, as determined by an actuarial valuation approved by the Chairman of the Board of Management, the Minister of Finance shall, at the request of the Board of Management, pay out of the Consolidated Fund into the pension trust fund an additional amount which in the fiscal year 1991-1992 shall be twenty-three million dollars and which in each subsequent fiscal year shall be the amount paid under this subsection in the previous fiscal year increased or decreased by the percentage that is equal to the aggregate of two per cent and the percentage that the average of the Consumer Price Index for the twelve-month period ending June 30 in the previous fiscal year increased or decreased over the average of the Consumer Price Index for the previous twelve-month period.

27(6.3)In subsection (6.2) “Consumer Price Index” means the Consumer Price Index for Canada published under the authority of the Statistics Act (Canada).

27(6.4)In each fiscal year, until such time as the benefits under this Act are fully funded, as determined by an actuarial valuation approved by the Chairman of the Board of Management, each Public Service Corporation as defined in section 18 and in the case of those employees who have elected to continue as a contributor under section 22, the treasurer or person whose duty it is to pay the employees, shall pay into the pension trust fund an additional amount determined in accordance with the regulations.

27(6.5)The Lieutenant-Governor in Council may make regulations respecting the amounts to be paid into the pension trust fund under subsection (6.4).

27(8)If at any time the pension trust fund is insufficient to make all payments required by this Act to be made, the Minister of Finance shall, at the request of the Board of Management, pay out of the Consolidated Fund into the pension trust fund an amount sufficient to enable such payments to be made.