7

Third Session, 45th General Assembly

55 Elizabeth II, 2006

BILL 7

AN ACT TO AMEND THE PROVINCIAL COURT
JUDGES' PENSION PLAN ACT

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE LOYOLA SULLIVAN

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

EXPLANATORY NOTES

Clause 1 of the Bill would repeal and replace subsection 5(4) of the Provincial Court Judges' Pension Plan Act to limit government contributions to the Provincial Court Judges' pension plan to an amount sufficient to pay the current service cost as determined by the government's actuary.

Clauses 2 and 3 of the Bill would amend subsections 13(4) and 23(4) of the Act to clarify that survivor benefits under the Act will continue to apply to eligible children after the death of the principal beneficiary. The present wording is in error as it would have eligible children receiving this benefit only where the principal beneficiary predeceases the Provincial Court judge pensioner.

Clause 4 of the Bill would make clause 1 retroactive to April 1, 2002.

A BILL

AN ACT TO AMEND THE PROVINCIAL COURT JUDGES' PENSION PLAN ACT

Analysis


        1.   S.5 Amdt.
Contributions

        2.   S.13 Amdt.
Registered survivor benefit

        3.   S.23 Amdt.
Supplementary survivor benefit

        4.   Commencement


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

SNL2004 cP-29.1

        1. Subsection 5(4) of the Provincial Court Judges' Pension Plan Act is repealed and the following substituted:

             (4)  The government of the province shall pay out of the Consolidated Revenue Fund and pay into the fund established under the Pensions Funding Act amounts set by the Minister of Finance in a directive that, in addition to the judge's contributions under subsection (1), are

             (a)  based on the recommendations of the Plans' actuary, required to meet the cost benefits accruing under Part III; and

             (b)  permitted under the Income Tax Act (Canada).

 

        2. Subsection 13(4) of the Act is repealed and the following substituted:

             (4)  Where a pensioner or a judge referred to in subsection (1) dies

             (a)  leaving no surviving principal beneficiary; or

             (b)  leaving a surviving principal beneficiary who dies after that pensioner or judge,

the survivor benefit shall be paid to or for the benefit of his or her surviving children while they are under the age of 18 years or under the age of 25 years while they are in full- time attendance at a recognized school or post- secondary institution.

 

        3. Subsection 23(4) of the Act is repealed and the following substituted:

             (4)  Where a pensioner or a judge referred to in subsection (1) dies

             (a)  leaving no surviving principal beneficiary; or

             (b)  leaving a surviving principal beneficiary who dies after that pensioner or judge,

the survivor benefit shall be paid to or for the benefit of his or her surviving children while they are under the age of 18 years or under the age of 25 years while they are in full- time attendance at a recognized school or post-secondary institution.

Commencement

        4. Section 1 of this Act shall be considered to have come into force on April 1, 2002.