2(1)In this Regulation

2(2)In section 20.01 of the Act and in this Regulation

3(1)Subject to subsection (2) and except as provided for in subsections (3) and (4), the commuted value of a benefit that a member or minister or a former member or former minister is entitled to under the Act and that is to be divided under section 20.01 of the Act shall not be less than the value determined in accordance with the Recommendations for the Computation of Transfer Values from Registered Pension Plans adopted by the Canadian Institute of Actuaries and effective on September 1, 1993.

3(2)If the Minister establishes or approves a method for determining the commuted value that is different from the method established under subsection (1), the value determined by the method established or approved by the Minister shall prevail.

3(3)The commuted value of a benefit that a member or minister would be entitled to under the Act if the member or minister ceased to be a member as of the date of marriage breakdown shall be determined using

3(4)If the benefit of a former member or former minister that is an annual pension or a minister’s pension is to be divided on marriage breakdown under section 20.01 of the Act, the commuted value of the benefit shall be the commuted value of the annual pension or minister’s pension determined using

4(1)For the purposes of this Regulation, the date of marriage of a man and a woman who are spouses shall be the date on which they were married.

4(2)If, by reason of the operation of subsection (1), more than one date would be the date of marriage of a man and a woman, the date of marriage of the man and woman shall be deemed to be the earlier or earliest of those dates.

6(1)Subject to the requirements of the Income Tax Act (Canada), the spouse of a member or minister or a former member or former minister shall direct the Minister

6(2)Subject to the requirements of the Income Tax Act (Canada), if the spouse of a member or minister or a former member or former minister fails to direct the Minister in accordance with subsection (1) within ninety days after the later of the date on which the calculation was performed or the date of the written agreement in settlement of rights arising as a consequence of marriage breakdown or the decree, order or judgment made by a competent tribunal, the spouse shall be deemed to have directed the Minister to purchase a deferred life annuity or a life annuity with the portion of the benefit to which the spouse is entitled under section 20.01 of the Act.

6(3)If the portion of the benefit to which the spouse of a member or minister or a former member or former minister is entitled under section 20.01 of the Act exceeds the limit allowed under the Income Tax Act (Canada), the excess amount shall be paid to the spouse in cash.

7(1)If the commuted value of a benefit of a member or minister or a former member or former minister is divided under section 20.01 of the Act, the spouse’s portion shall be credited with interest at a rate not lower than the rate in subsection (2) from the date of marriage breakdown to the date on which the spouse’s portion is transferred or used for a purchase under section 6.

7(2)The minimum rate for the purposes of subsection (1) is the average of the yields of five year personal fixed term chartered bank deposit rates, published in the Bank of Canada Review as CANSIM Series B14045, over the most recent period for which the rates are available, with an averaging period equal to the number of months in the period for which interest is to be credited to a maximum of twelve months.

8(1)If the commuted value of the benefit of a member or minister is divided under section 20.01 of the Act, the annual pension or minister’s pension to which the member or minister is entitled on ceasing to be a member shall be revalued so that it represents the annual pension or minister’s pension to which the member or minister would have been entitled at that time had the division not been made, less the spouse’s portion, including any escalated adjustment calculated in accordance with the escalation formula in effect under the Act on the date of marriage breakdown, between the date of marriage breakdown and the date of ceasing to be a member.

8(2)If the commuted value of the benefit of a former member or former minister is divided under section 20.01 of the Act and the former member or former minister is receiving an annual pension or minister’s pension at that time, the annual pension or minister’s pension that the former member or former minister is receiving shall be revalued so that it represents the annual pension or minister’s pension that the former member or former minister would have been receiving at that time had the division not been made, less the spouse’s portion, including any escalated adjustment calculated in accordance with the escalation formula in effect under the Act on the date of marriage breakdown, between the date of marriage breakdown and the date of revaluation.

8(3)Subsections 3(1) and (2) apply with the necessary modifications to a member’s or minister’s benefit after it has been revalued under subsections (1) and (2).

8(4)If the commuted value of a benefit of a member or minister or a former member or former minister is divided under section 20.01 of the Act, the contributions with interest made by the member or minister or the former member or former minister shall be revalued immediately by deducting from them an amount calculated in accordance with subsection (5) as of the date of marriage breakdown.

8(5)The amount to be deducted in a revaluation under subsection (4) shall be calculated using the following formula:

9(1)The portion of the benefit to which the spouse of a member or minister or a former member or former minister is entitled under section 20.01 of the Act shall be reduced by the spouse’s share, as calculated under subsection (2), of any payments of an annual pension or minister’s pension, or both, that are made between the date of marriage breakdown and the earlier of the date of a transfer under subsection 6(1) and the date of revaluation of benefits under subsections 8(1) and (2).

9(2)The spouse’s share for the purposes of subsection (1) shall be calculated using the following formula: