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Statutes of Newfoundland 1995


CHAPTER 24

CHAPTER 24

AN ACT TO AMEND THE GOVERNMENT MONEY PURCHASE PENSION PLAN ACT, THE PUBLIC SERVICE PENSIONS ACT, 1991, THE TEACHERS' PENSIONS ACT, THE UNIFORMED SERVICES PENSIONS ACT, 1991, THE MEMORIAL
UNIVERSITY PENSIONS ACT, CHAPTER 18 OF THE STATUTES OF NEWFOUNDLAND, 1993 AND THE PENSION CONTRIBUTIONS REDUCTION ACT

(Assented to December 21, 1995)

Analysis

GOVERNMENT MONEY PURCHASE PENSION PLAN ACT

1. S.4 Amdt.
Deduction amounts
S.6 Amdt.
Additional contributions PUBLIC SERVICE
PENSIONS ACT, 1991

2. S.6 Amdt.
Deductions paid to fund S.18(7) Amdt.
Calculation of pension TEACHERS' PENSIONS ACT

3. S.8 Amdt.
Government contributions S.22 Amdt.
Calculation of pension

UNIFORMED SERVICES PENSIONS ACT, 1991

4. S.7 Amdt.
Employer's contributions S.19 Amdt.
Calculation of pension
S.32 Amdt.
Benefits
MEMORIAL UNIVERSITY PENSIONS ACT

5. S.5.1 R&S
Pension entitlement
S.12(5) Added
Contributions to fund
S.31 R&S
Regulations
SN1993 c18

6. S.7 R&S
When Act applies

PENSION CONTRIBUTIONS REDUCTION ACT

7. S.5 R&S
When Act applies

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

GOVERNMENT MONEY PURCHASE PENSION PLAN ACT


RSN1990 cG-6 as amended

1. (1) Subsections 4(4) and (5) of the Government Money Purchase Pension Plan Act, as enacted by section 2 of the Pension Contributions Reduction Act, are renumbered as subsections 4(4.1) and (6) respectively.

(2) Subsection (1) of this section is considered to have come into force on April 1, 1994.

(3) Section 6 of the Act is amended by adding immediately after the words "an employee" the words and figures "or a former employee affected by subsection 4(4), (4.1), (5) or (6)".

(4) Subsection (3) of this section is considered to have come into force on April 1, 1993.

PUBLIC SERVICE PENSIONS ACT, 1991

SN1991 c12 as amended

2. (1) Subsection 6(7) of the Public Service Pensions Act, 1991, as enacted by section 2 of the Statutes of Newfoundland, 1993, chapter 18, is repealed.

(2) Subsections 6(5) and (6) of the Act, as enacted by section 3 of the Pension Contributions Reduction Act, are renumbered as subsections 6(5.1) and (6.1) respectively.

(3) Subsection (2) of this section is considered to have come into force on April 1, 1994.

(4) Subsection 6(7) of the Act, as enacted by section 3 of the Pension Contributions Reduction Act is repealed and the following substituted:

(7) Where the contribution of the government of the province or another employer to whom this Act applies is reduced under this Act, an employee or a former employee may elect to contribute an amount, in addition to the amount which he or she is or was required to contribute under section 5, to be calculated in accordance with the terms and conditions which the Lieutenant-Governor in Council may prescribe by regulation, which would place the employee or former employee in the position he or she would have been in respecting an award of pension if the government of the province, or another employer to whom this Act applies, had not reduced its contribution.

(5) Subsection (4) of this section is considered to have come into force on April 1, 1993.

(6) Subsection 18(7) of the Act as enacted by section 2 of the Statutes of Newfoundland, 1993, chapter 18, is repealed.

(7) Subsection (6) of this section is considered to have come into force on April 1, 1993.

(8) Subsection 18(7) of the Act, as enacted by section 3 of the Pension Contributions Reduction Act, is repealed and the following substituted:

(7) Notwithstanding subsection (1), where the contribution to the pension plan of the government of the province or another employer to whom this Act applies is reduced under this Act and an employee or a former employee affected by the reduction does not make a compensating contribution under this Act, the formula set out in subsection (1) respecting the calculation of an award of pension shall be adjusted to reduce the employee's or former employee's award of pension proportionately.

(9) Subsection (8) of this section is considered to have come into force on April 1, 1993.

TEACHERS' PENSIONS ACT

SN1991 c17 as amended

3. (1) Section 8 of the Teachers' Pensions Act is amended by adding immediately after subsection (3) the following:

(3.1) Notwithstanding subsection (1), the government of the province may reduce the contribution under subsection (1), either for all teachers or for a group of teachers, by an amount that the Lieutenant-Governor in Council may prescribe by regulation, but the amount of the reduction shall not exceed 1.05% of the salaries of teachers to whom the reduction applies.

(2) Subsection (1) of this section is considered to have come into force on April 1, 1995 and applies to the period April 1, 1995 to March 31, 1996 only.

(3) Subsection 8(4) of the Act, as enacted by section 3 of the Statutes of Newfoundland, 1993, chapter 18, is repealed and the following substituted:

(4) Where the contribution of the government of the province is reduced under this Act, a teacher or a former teacher may elect to contribute an amount, in addition to the amount which he or she is or was required to contribute under section 6, to be calculated in accordance with the terms and conditions which the Lieutenant-Governor in Council may prescribe by regulation, which would place the teacher or former teacher in the position he or she would have been in respecting an award of pension if the government of the province had not reduced its contribution.

(4) Subsection (3) of this section is considered to have come into force on April 1, 1993.

(5) Subsection 22(7) of the Act, as enacted by section 3 of the Statutes of Newfoundland, 1993, chapter 18, is repealed and the following substituted:

(7) Notwithstanding subsection (1), where the contribution to the pension plan of the government of the province is reduced under this Act and a teacher or former teacher affected by the reduction does not make a compensating contribution under this Act, the formula set out in subsection (1) respecting the calculation of an award of pension shall be adjusted to reduce the teacher's or former teacher's award of pension proportionately.

(6) Subsection (5) of the this section is considered to have come into force on April 1, 1993.

UNIFORMED SERVICES PENSIONS ACT, 1991

SN1991 c19 as amended

4. (1) Section 7 of the Uniformed Services Pensions Act, 1991 is amended by adding immediately after subsection (3) the following:

(3.1) Notwithstanding paragraph (1)(a), the government of the province may reduce the contribution under subsection (1), either for all employees or for a group of employees, by an amount that the Lieutenant-Governor in Council may prescribe, but the amount of the reduction shall not exceed 1.05% of the salaries of employees of the government of the province to whom the reduction applies.

(2) Subsection (1) of this section is considered to have come into force on April 1, 1994 and applies to the period April 1, 1994 to March 31, 1996 only.

(3) Subsection 7(4) of the Act, as enacted by section 4 of the Statutes of Newfoundland, 1993, chapter 18, is repealed and the following substituted:

(4) Where the contribution of the government of the province is reduced under this Act, an employee or a former employee may elect to contribute an amount, in addition to the amount which he or she is or was required to contribute under section 6, to be calculated in accordance with the terms and conditions which the Lieutenant-Governor in Council may prescribe by regulation, which would place the employee or former employee in the position he or she would have been in respecting an award of pension if the government of the province had not reduced its contribution.

(4) Subsection (3) of this section is considered to have come into force on April 1, 1993.

(5) Subsection 19(8) of the Act, as enacted by section 4 of the Statutes of Newfoundland, 1993, chapter 18, is repealed and the following substituted:

(8) Notwithstanding subsections (1) and (3), where the contribution to the pension plan of the government of the province is reduced under this Act and an employee or a former employee affected by the reduction does not make a compensating contribution under this Act, the formula set out in subsections (1) and (3) respecting the calculation of an award of pension shall be adjusted to reduce the employee's or former employee's award of pension proportionately.

(6) Subsection 32(2) of the Act, as enacted by section 4 of the Statutes of Newfoundland, 1993, chapter 18, is repealed and the following substituted:

(2) Notwithstanding subsection (1), where the contribution to the pension plan of the government of the province is reduced under this Act and an employee or a former employee affected by the reduction does not make a compensating contribution under this Act, the formula set out in subsections 19(1) and (3) respecting the calculation of an award of pension shall be adjusted to reduce the employee's or former employee's award of pension proportionately.

(7) Subsections (5) and (6) of this section are considered to have come into force on April 1, 1993.

MEMORIAL UNIVERSITY PENSIONS ACT

RSN1990 cM-8 as amended

5. (1) Section 5.1 of the Memorial University Pensions Act, as enacted by section 5 of the Statutes of Newfoundland, 1993, chapter 18, is repealed and the following substituted:

Pension entitlement

5.1 (1) Notwithstanding the other provisions of this Act respecting the calculation of an award of pension, where the board reduces its contribution to the fund and an employee or a former employee affected by the reduction does not make a compensating contribution under subsection (2), the formulas contained in this Act respecting the calculation of an award of pension shall be adjusted to reduce the employee's or former employee's award of pension proportionately.

(2) Where the board reduces its contribution, an employee or a former employee may elect to contribute an amount, in addition to the amount that he or she is or was required to contribute under section 5, to be calculated in accordance with the terms and conditions which the Lieutenant-Governor in Council may prescribe by regulation, that would place the employee or former employee in the position he or she would have been in respecting an award of pension if the board had not reduced its contribution, but the amount of an employee's or a former employee's contribution under this subsection shall not result in a purchase of service in excess of the reduction of service under subsection (1) which the employee or former employee would have been subject to if he or she had not made a contribution under this subsection.

(2) Section 12 of the Act is amended by adding immediately after subsection (4) the following:

(5) Notwithstanding subsection (4) or subsection 18(2), the contribution set out in subsection (1) may continue to be deducted after the completion of 35 years, but only to the extent of putting an employee or a former employee in the same position he or she would have been in with respect to his or her pension entitlement had the board not reduced its contribution under section 5.

(3) Section 31 of the Act is repealed and the following substituted:

Regulations re pensionable service

31. The Lieutenant-Governor in Council may make regulations prescribing conditions under which an employee, a person about to become an employee or a former employee may purchase service which shall be counted as pensionable service.

(4) Subsections (1), (2) and (3) of this section are considered to have come into force on April 1, 1993.

1993 c18

SN1993 c18

6. (1) Section 7 of the Statutes of Newfoundland, 1993, chapter 18, is repealed and the following substituted:

When Act applies

7. This Act is considered to have come into force on April 1, 1993 and, except for subsections 2(3), 3(3), 4(4), 5(3) and section 6, applies to the period April 1, 1993 to April 31, 1994 only.

(2) This section is considered to have come into force on April 1, 1993.

PENSION CONTRIBUTIONS REDUCTION ACT

SN1994 cP-4.1

7. (1) Section 5 of the Pension Contributions Reduction Act is repealed and the following substituted:

When Act applies

5. This Act is considered to have come into force on April 1, 1994 and, except for subsection 3(3) and section 4, applies to the period April 1, 1994 to March 31, 1996 only.

(2) This section is considered to have come into force on April 1, 1994.

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