Atlantic Pilotage Authority Pension Regulations

Regulations Respecting the Transfer of Pensions of Certain Pilots of the Atlantic Pilotage Authority These Regulations may be cited as the Atlantic Pilotage Authority Pension Regulations. In these Regulations, Act means the Public Service Superannuation Act; (Loi) Authority means the Atlantic Pilotage Authority; (Administration) employee means a pilot employed by the Authority who became a contributor under the Act on February 1, 1973; and was a contributor to Halifax Pilots’ Pension Fund on December 31, 1966, or to the Saint John Pilots’ Pension Fund on January, 31, 1973; (employé) Halifax By-law means the Halifax Pilotage District General By-law as confirmed by P.C. 1961-70; (Règlement de Halifax) Minister means the President of the Treasury Board; (ministre) Saint John By-law means the Saint John Pilotage District General By-law as confirmed by P.C. 1961-1739; (Règlement de Saint-Jean) Superannuation Account means the Account referred to in the Act as the Superannuation Account. (Compte de pension de retraite) On or before September 30, 1973, the Authority shall pay to the Minister of Finance all moneys in the Halifax Pilots’ Pension Fund and the Saint John Pilots’ Pension Fund, together with the interest credited thereto, and shall transfer to the Minister of Finance all securities forming part of either of those funds, together with accrued interest thereon. The Minister of Finance shall pay into the Superannuation Account all moneys paid to him pursuant to subsection (1) and shall liquidate all securities transferred to him pursuant to subsection (1) and pay the moneys realized from such liquidation into the Superannuation Account on or before September 30, 1973. There shall be paid out of the Superannuation Account on or after the first day of the month following the month in which the payment and transfer described in subsection 3(1) has been made, any pension benefit being paid out of the Halifax Pilots’ Pension Fund or the Saint John Pilots’ Pension Fund on that date, and any pension benefit that would have been required to be paid out of either of those Funds on or after that date pursuant to sections 26, 27 and 28 of the Halifax By-law or Part II of the Saint John By-law as they read on February 1, 1973, to or in respect of any pilot who contributed under either of those By-laws and who retired or was retired pursuant to one of them prior to February 1, 1973. Every pension benefit payable pursuant to subsection (1) shall be paid subject to the terms and conditions on which that pension benefit would have been paid pursuant to section 26, 27 and 28 of the Halifax By-law or Part II of the Saint John By-law as they read on February 1, 1973. Each employee shall be deemed to have to his credit as pensionable service under the Act as of February 1, 1973 the whole or that portion of his service during which he contributed under the Halifax By-law or the Saint John By-law, as the case may be, that his accumulated contributions will purchase when applied to that part of his service under the said By-laws that is most recent in point of time, calculated by the Minister in accordance with twice the rate or rates of contributions applying from time to time under the Act in respect of a corresponding period of service in the Public Service, as if the employee were a contributor under the Act during that period of service; the salary payable to the employee in respect of that service were equal to the moneys that were actually paid to him for service as an employee during that period; and interest had been paid on those contributions at a rate equal to the rate of which, in the opinion of the Minister, interest in respect of contributions under the Act was payable under the Act during that period of service calculated from the middle of each fiscal year in that period of service to February 1, 1973. For the purposes of subsection (1), accumulated contributions with respect to an employee means an amount equal to the contributions to the credit of that employee in either the Halifax Pilots’ Pension Fund or the Saint John Pilots’ Pension Fund, plus interest at the rate of three per cent per annum compounded annually and calculated from the middle of each fiscal year during the period of active service of that employee until February 1, 1973. Where the accumulated contributions of an employee calculated in accordance with subsection (2) exceed the amount thereof required to purchase the whole of that employee’s service as described in subsection (1), an amount equal to the excess contributions shall be paid to that employee. An employee in respect of whom an amount is paid into the Superannuation Account pursuant to section 3 may count the remainder, if any, of his service during which he contributed under the Halifax By-law or the Saint John By-law, as the case may be, that may not be counted as pensionable service under subsection 5(1) if he elects to pay for such service an amount calculated by the Minister as follows: where the employee so elects within six months of the time he is advised of the extent of the remainder of the period of service to his credit, an amount equal to the amount calculated in the manner described in subsection 5(1); and where the employee so elects after the period described in paragraph (a), an amount calculated as if clause 5(1)(b)(iii)(K) of the Act applied to him.