Canadian Arsenals Pension Regulations

Regulations Respecting the Transfer of Pensions of Employees of Canadian Arsenals Limited His Excellency the Governor General in Council, pursuant to the Public Service Superannuation Act and Vote 520 of the Appropriation Act No. 5, 1961, is pleased hereby to make the annexed Regulations respecting the Transfer of the Pensions of Employees of Canadian Arsenals Limited, effective January 1, 1962. These Regulations may be cited as the Canadian Arsenals Pension Regulations. In these Regulations, Act means the Public Service Superannuation Act; (Loi) Corporation means Canadian Arsenals Limited; and (Société) Pension Fund means the Canadian Arsenals Limited Pension Fund to which the Corporation makes contributions in respect of its employees. (caisse de pension) An employee of the Corporation who is a contributor to the Pension Fund on December 15th, 1961 shall not become a contributor under the Act if the Minister of Finance receives notification in writing from him on or before March 1st, 1962, of his election not to become a contributor. An employee of the Corporation who elected pursuant to section 3 not to become a contributor under the Act may, notwithstanding that section, become a contributor under the Act on July 1st, 1970, if the President of the Treasury Board receives notification in writing from him on or before June 30th, 1970, of his election to become a contributor. Where an employee of the Corporation to whom subsection (1) applies does not elect to become a contributor pursuant to that subsection, he shall be paid any amount to his credit in the Retirement Fund. The Minister of Finance shall complete the liquidation of all stocks, bonds, debentures and other securities formerly in the Pension Fund and pay the moneys realized from such liquidation into the Superannuation Account on or before March 31st, 1968. There shall be paid out of the Superannuation Account on or after January 1st, 1962 any pension being paid out of the Pension Fund on that date; and any pension required by the Rules of the Pension Fund to be paid out of the Pension Fund on or after that date. On and after the date of the final payment by the Corporation to the Superannuation Account of the moneys described in section 4, there shall be paid out of the Superannuation Account any allowance that may be granted or return of contributions that may be made pursuant to the Rules of the Pension Fund prior to that date in respect of any service of an employee of the Corporation prior to January 1st, 1962; and any amount for which the Pension Fund was or would have been liable under the Rules of the Pension Fund. The Corporation shall pay to the Retirement Fund on or before March 31st, 1962, all amounts in the Canadian Arsenals Limited Staff Savings Fund to the credit of those employees who become contributors to the Retirement Fund on January 1st, 1962; and elect on or before March 31st, 1962, to have such amounts transferred to the Retirement Fund. There shall be paid out of the Superannuation Account to the widow of a person who ceased to be employed in the Corporation prior to January 1st, 1962, if that person was in receipt of a pension payable out of the Pension Fund, at the time of his death, a pension equal to one-half of the pension that was payable; and if that person was a person to whom a deferred pension would have been payable out of the Pension Fund, a pension equal to one-half of that deferred pension. The pension payable to a widow pursuant to subsection (1) shall be suspended in the event of her remarriage but shall be resumed in the event of the death of her husband by that marriage. Any amount required by the Rules of the Pension Fund to be paid by a contributor in respect of any period of past service for which he has elected to pay, shall be paid by him into the Superannuation Account. Where an employee of the Corporation became a contributor under the Act on January 1st, 1962, any period of service to his credit under the Rules of the Pension Fund shall be deemed to be or to have been pensionable service for all purposes of the Act. Notwithstanding section 7 of the Public Service Superannuation Regulations, where an employee of the Corporation became a contributor under the Act on January 1st, 1962, is entitled to elect under paragraph (b) of subsection (1) of section 5 of the Act for any period of elective service that was not counted as service for the purposes of the Pension Fund, and elects to count such elective service within the time prescribed by the Act, the payment made by the Corporation pursuant to section 4 shall be deemed to include any amount that would otherwise be required to be paid by the Corporation in respect of such elective service.