This regulation sets how pension and retirement benefit rules apply to certain Petro-Canada Limited employees who make an election under the related Act, with some exceptions in sections 3 and 4.
Regulations Respecting Pension Protection for Employees of Petro-Canada Limited His Excellency the Governor General in Council, on the recommendation of the Minister of State (Finance and Privatization) and the President of the Treasury Board, pursuant to section 17 of the Petro-Canada Public Participation Act*, is pleased hereby to make the annexed Regulations respecting pension protection for employees of Petro-Canada Limited. S.C. 1991, c. 10 These Regulations may be cited as the Petro-Canada Limited Pension Protection Regulations. The Public Service Superannuation Act and the Supplementary Retirement Benefits Act and the regulations made under those Acts apply to a person who makes an election under paragraph 17(1)(d) of the Petro-Canada Limited Public Participation Act except as provided in sections 3 and 4. For the purposes of section 17 of the Petro-Canada Limited Public Participation Act, subparagraphs 10(9)(b)(i) and (ii) and sections 12 and 13 of the Public Service Superannuation Act are adapted as follows: in subparagraphs 10(9)(b)(i) and (ii) of that Act, the year in which a person ceased to be employed in the Public Service is the year in which the person ceased to be employed by Petro-Canada Limited; and in sections 12 and 13 of that Act except for the purpose of subsection 12(4) of that Act, the number of years of pensionable service and any period of employment of a person includes any such service or employment with Petro-Canada Limited during the period beginning on the day that the person ceased to be employed in the Public Service and ending on the day preceding the day on which the person ceased to be employed by Petro-Canada Limited, and except for the purposes of subparagraph (i), the day on which a person ceased to be employed in the Public Service is the day on which that person ceased to be employed by Petro-Canada Limited. For the purposes of section 17 of the Petro-Canada Limited Public Participation Act, subsection 4(5) and subparagraphs 6(2)(b)(i) and (ii) of the Supplementary Retirement Benefits Act are adapted as follows: in subsection 4(5) of that Act, the retirement year or retirement month of a person is 1991 or July 1991, as the case may be; and in subparagraphs 6(2)(b)(i) and (ii) of that Act, the year in which a person ceased to contribute in respect of current service to the Supplementary Retirement Benefits Account is the year in which that person ceased to be employed by Petro-Canada Limited. These Regulations shall come into force, or be deemed to have come into force, on November 29, 1991.