“Consumer Price Index” means the Consumer Price Index for Canada published under the authority of the Statistics Act (Canada);(indice des prix à la consommation)
“pension index” means
(indice de pension)
(a)
for the year 1972, the average of the Consumer Price Index for the twelve month period ending June 30, 1971, and
(b)
for each year following 1972, the average of the Consumer Price Index for the twelve month period ending June 30 in the year preceding that year unless the average is less than 1.01 times the pension index for the preceding year, in which case the pension index for the year is the pension index for the preceding year.
Adjustment of pension payable before 1 January 1946
8(2)Where a pension is paid under this Act to a person who was receiving the pension before January 1, 1946, the amount of that pension expressed in annual terms shall, subject to subsection (4), be adjusted by multiplying the amount of the pension that would have been payable if no adjustment had been made under this subsection by the ratio that the Consumer Price Index for the year 1971 bears to the Consumer Price Index for the year 1945.
Adjustment of pension payable before 1 January 1971
8(3)Where a pension is paid under this Act to a person who was receiving the pension after and not before January 1, 1946, but before January 1, 1971, the amount of that pension expressed in annual terms shall, subject to subsection (4), be adjusted by multiplying the amount of the pension that would have been payable if no adjustment had been made under this subsection by the ratio that the Consumer Price Index for the year 1971 bears to the Consumer Price Index for the year in which the pension was first received.
Adjustment dates of pension
8(4)Any increase in the amount of a pension adjusted under subsection (2) or (3) shall be effective on the following dates:
(a)
fifty per cent of the increase effective April 1, 1972;
(b)
the remaining fifty per cent of the increase effective April 1, 1973;
and for the purpose of subsection (6), the amount of a pension paid under this Act to which this subsection applies is the amount of the pension calculated in accordance with the increase provided in paragraphs (a) and (b).
Adjustment of pension paid in 1971
8(5)Where a pension is paid under this Act to a person who first received the pension in the year 1971, the amount of that pension expressed in annual terms shall, as of April 1, 1972, be increased by one per cent.
Annual adjustment of pension
8(6)The amount of any pension paid under this Act, after being adjusted in accordance with subsection (2), (3) or (5), shall be adjusted as of the first day of each year, beginning January 1, 1975, 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.
Annual adjustment of pension
8(6.1)Notwithstanding subsection (6), the first adjustment under that subsection shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (6) 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.
Annual adjustment of pension
8(6.2)Notwithstanding subsections (6) and (6.1), where a contributor ceases to be employed in the Public Service or dies on or after May 1, 1995, the amount of any annual allowance or pension paid under this Act shall be adjusted as of the first day of each year, beginning January 1, 1996, by multiplying the amount of the annual allowance or 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 1.05, whichever is the lesser.
Annual adjustment of pension
8(6.3)Notwithstanding subsection (6.2), the first adjustment under that subsection shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (6.2) 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.
Annual adjustment of pension
8(6.4)Subsections (6.2) and (6.3) do not apply to
(a)
a contributor who reached the age of sixty years and was still employed in the Public Service before May 1, 1995, and
(b)
a contributor who was approved, before May 1, 1995, for an annual allowance under section 10.4 or for an early retirement program.
8(7)Repealed: 1977, c.43, s.3 1972, c.57, s.5; 1973, c.68, s.1; 1975, c.49, s.5; 1977, c.43, s.3; 1982, c.3, s.61; 1983, c.71, s.5; 1996, c.67, s.3