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Statutes of Newfoundland 1996


CHAPTER 17

CHAPTER 17

AN ACT TO AMEND THE PORTABILITY OF
PENSIONS ACT NO. 2

(Assented to December 19, 1996)

Analysis

1. S.3.1 Added
Re-transfer of service

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


RSN1990 cP-17 as amended

1. The Portability of Pensions Act is amended by adding immediately after section 3 the following:

Re-transfer of service

3.1 (1) A person who elected under section 3 to transfer pensionable service from a pension plan, other than the plan established under the Members of the House of Assembly Pensions Act, to the pension plan established under that Act, who is not eligible to receive a retiring allowance under that plan, may elect to transfer that pensionable service back to the pension plan from which it was transferred notwithstanding that the person is not an employee to whom this Act applies.

(2) Sections 4 and 6 do not apply to an election under subsection (1).

(3) Where a person who elected to transfer pensionable service to the pension plan established under the Members of the House of Assembly Pensions Act prior to October 1, 1996 elects to transfer that pensionable service back under subsection (1), the amount transferred to that plan shall be returned, together with interest, to the pension plan from which it was transferred, and a deficiency that was paid by the minister shall be paid to the Consolidated Revenue Fund, together with interest.

(4) Where a person who elected to transfer pensionable service to the pension plan established under the Members of the House of Assembly Pensions Act after September 30, 1996 elects to transfer that pensionable service back under subsection (1), the amount transferred shall be returned, together with interest, to the pension plan from which it was transferred, and a deficiency that was paid by the person shall be returned to the person, together with interest.

(5) The rate of interest referred to in subsections (3) and (4) shall be the rate of interest applicable to refunds of the pension plan established under the Members of the House of Assembly Pensions Act.

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