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Statutes of Newfoundland 1992


CHAPTER 45

CHAPTER 45

AN ACT TO AMEND THE PUBLIC SERVICE
PENSIONS ACT, 1991

(Assented to December 23, 1992)

Analysis

1. S.2(c) Amdt.
Definitions

2. S.6(2)(a) R&S
Deductions paid to fund

3. S.18(2) R&S
Calculation of pension

4. S.18.1 Added
Exempted pensionable service

5. S.26 Amdt.
Payments out of fund

6. Commencement

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


1991 c12 as amended

1. Paragraph 2(c) of the Public Service Pensions Act, 1991 is amended by adding immediately after the words "a person employed" the words "on a full time basis".

2. Paragraph 6(2)(a) of the Act is repealed and the following substituted:

(a) an amount equal to the contributions of its employees under this Act unless otherwise directed by this Act or the regulations, less benefits payable under subsection 26(3);

3. Subsection 18(2) of the Act is repealed and the following substituted:

(2) A pension awarded under subsection (1) shall not exceed the lesser of

(a) 70% of the employee's average annual salary as calculated under subsection (1); or

(b) the maximum allowable benefit payable as determined under the Income Tax Act (Canada).

4. The Act is further amended by adding immediately after section 18 the following:

Exempted pensionable service

18.1 A pension benefit calculated under subsection 18(1) in relation to pensionable service accrued prior to September 1, 1991 is not subject to the maximum allowable benefit payable as referred to in paragraph 18(2)(b).

5. (1) Section 26 of the Act is renumbered as subsection 26(1).

(2) Section 26 is further amended by adding immediately after subsection (1) the following:

(2) A pension payable from the pension fund shall not exceed the benefit payable under paragraph 18(2)(b).

(3) A portion of a pension calculated under subsection 18(1) which exceeds a benefit payable from the pension fund shall be paid out of the Consolidated Revenue Fund.

Commencement

6. This Act shall be considered to have come into force on September 1, 1991.

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