“Consumer Price Index” means the Consumer Price Index for Canada published under the authority of the Statistics Act, chapter 15 of the Statutes of Canada, 1970-71;(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 that 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 1953
10(2)Where a pension is paid under this Act to a person who was receiving the pension before January 1, 1953, 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 1952.
Adjustment dates of pension payable before 1 January 1971
10(3)Where a pension is paid under this Act to a person who was receiving the pension after and not before January 1, 1953, 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.
Effective date of adjustment
10(4)An 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, and
(b)
the remaining fifty per cent of the increase effective April 1, 1973,
and for the purposes 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
10(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
10(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.
10(6.01)Notwithstanding subsection (6) but subject to subsection (6.02), the amount of any pension paid under this Act with respect to a contributor who ceases to be employed as a teacher on or after April 30, 1995, shall be adjusted as of the first day of each year, beginning January 1, 1996, 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 1.0475, whichever is the lesser.
10(6.02)Notwithstanding subsection (6.01), the amount of any pension paid under this Act with respect to a contributor who ceases to be employed as a teacher on or before June 30, 1995 and who would have been entitled to retire with an immediate pension pursuant to the provisions of this Act as they read immediately before the commencement of this subsection, shall be adjusted as of the first day of each year, beginning January 1, 1996, in accordance with subsection (6).
Annual adjustment of pension
10(6.1)Notwithstanding subsections (6), (6.01) and (6.02), the first adjustment under subsection (6), (6.01) or (6.02) shall be the amount determined by multiplying the increase, if any, that would otherwise be payable under subsection (6), (6.01) or (6.02), as the case may be, 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.
1972, c.67, s.7; 1973, c.78, s.2; 1975, c.61, s.5; 1977, c.53, s.2; 1983, c.90, s.5; 1995, c.52, s.2; 1999, c.44, s.7