Acts and Regulations

82-210 - Pension Fund

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Document at 19 September 2019
NEW BRUNSWICK
REGULATION 82-210
under the
Workers’ Compensation Act
(O.C. 82-893)
Filed November 4, 1982
Under section 81 of the Workers’ Compensation Act, the Lieutenant-Governor in Council makes the following Regulation:
1This Regulation may be cited as the Pension Fund Regulation - Workers’ Compensation Act.
2In this Regulation “Act” means the Workers’ Compensation Act.
3(1)The Pension Fund established for the payment of pensions in accordance with sections 38.22, 38.54 and 38.7 of the Act shall form part of the Accident Fund but shall be maintained separately and managed as follows:
(a) separate accounts for each claimant shall be established;
(b) the amount to which each claimant is entitled shall be calculated monthly, charged to industry and credited to the claimant’s account;
(c) each claimant’s account of credited amounts shall be balanced monthly with the Pension Fund account;
(d) a pension fund investment portfolio shall be maintained in accordance with the provisions of Division C of Part 4 of the Trustees Act;
(e) the Pension Fund and each claimant’s account shall be credited quarterly with the return, whether positive or negative, at the average yield rate of the investment portfolio during that quarter;
(f) where a claimant who has an account which has been established under paragraph (a) dies before reaching the age of sixty-five with no surviving dependents, his account shall be closed and the total amount shall remain in the Pension Fund.
3(2)Upon reaching the age of sixty-five, each claimant who has an account established under subsection (1) shall be given the option of selecting and receiving the benefits under one of the following Pension Plans to be funded by the accumulated capital and the return, whether positive or negative, on the accumulated capital in the claimant’s account:
(a) five year annuity with monthly payments provided that if the claimant dies within the five year period, the monthly payments shall
(i) continue to be paid for the remainder of the period to the claimant’s surviving dependents, or
(ii) if there are no dependents, remain in the Pension Fund;
(b) ten year annuity with monthly payments provided that if the claimant dies within the ten year period, the monthly payments shall
(i) continue to be paid for the remainder of the period to the claimant’s surviving dependents, or
(ii) if there are no dependents, remain in the Pension Fund; or
(c) life annuity with monthly payments.
3(3)In this section
“amount” means(montant)
(a) in the case of a worker, the amount equal to five per cent of the compensation paid to a worker which is set aside in accordance with section 38.22 of the Act,
(b) in the case of a dependent spouse referred to in subsection 38.54(1) of the Act, the amount equal to five per cent of the benefits paid to the dependent spouse which is set aside in accordance section 38.54 of the Act,
(c) in the case of a dependent spouse referred to in subsection 38.54(2) of the Act, the amount equal to eight per cent of the benefits paid to the dependent spouse which is set aside in accordance with section 38.54 of the Act, and
(d) in the case of a dependent spouse referred to in section 38.7 of the Act, the amount equal to eight per cent of the benefits paid to the dependent spouse which is set aside in accordance with section 38.7 of the Act;
“claimant” means a worker or a dependent spouse who is entitled to have an amount set aside in accordance with section 38.22, 38.54 or 38.7 of the Act, as the case may be.(réclamant)
98-30; 2015, c.22, s.11; 2016, c.48, s.20
N.B. This Regulation is consolidated to December 16, 2016.