Statutes of Newfoundland and Labrador 2018 Chapter 17

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSNL1990 cF-8
as amended

1. Subsection 2(1) of the Financial Administration Act is amended by adding immediately after paragraph (k) the following:

(k.1) "pension administrator" means

(i) the Public Service Pension Plan Corporation established under the Public Service Pensions Act, 1991,

(ii) the Teachers' Pension Plan Corporation established under the Teachers' Pensions Act, and

(iii) the minister responsible for the Pensions Funding Act;

2. Paragraph 22(f) of the Act is repealed and the following substituted:

(f) issues may be made to satisfy the government's payment requirements to a pension plan administered by the pension administrator; and

3. Subsection 38(1.1) of the Act is repealed and the following substituted:

(1.1) The Lieutenant-Governor in Council may issue a debenture from time to time to a pension administrator in an amount that shall not exceed an amount sufficient to satisfy the government's payment requirements to a pension plan administered by the pension administrator, at a rate of interest and upon those other terms and conditions that the Lieutenant-Governor in Council may approve, and the principal amount of and interest on all debentures issued is a charge on and shall be paid out of the Consolidated Revenue Fund.

4. Subsection 42(1.1) of the Act is repealed and the following substituted:

(1.1) The Lieutenant-Governor in Council may raise, by way of loan in the manner prescribed in subsection 38(1), the sum of money that may be required to satisfy the government's payment requirements to a pension plan administered by the pension administrator, without the further authority of the legislature.