This is an official version. |
Copyright © 2016: Queens Printer, Important Information
|
|
SNL1991 CHAPTER 17 TEACHERS' PENSIONS ACT Amended: 1991 c43 s19; 1992 c39 s18; 1993 c18 s3; 1993 c23; 1994 c31; CHAPTER 17 AN ACT TO REVISE AND AMEND THE LAW (Assented to May 31, 1991)
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: Short title 1. This Act may be cited as the Teachers' Pensions Act . Interpretation 2. (1) In this Act (a) "actuarially reduced pension" means a pension that has been reduced by an amount determined by an actuary that reflects the fact that the pension is being paid from a date that is earlier than the date the teacher, based on his or her service, would be eligible for an unreduced pension; (b) "board" means the board of directors of the corporation; (c) "Canada Pension Plan" means the Canada Pension Plan , Chapter C-8 of the Revised Statutes of Canada, 1985; (d) "child" includes a natural child, a stepchild or an adopted child; (e) "cohabiting partner " means (i) in relation to a teacher, pensioner or deferred pensioner who has a spouse, means a person who is not the spouse who has cohabited continuously with the teacher, pensioner or deferred pensioner in a conjugal relationship for not less than 3 years, (ii) in relation to a teacher, pensioner or deferred pensioner who does not have a spouse, means a person who has cohabited continuously with the teacher, pensioner or deferred pensioner, in a conjugal relationship for not less than one year, and is cohabiting or has cohabited with the teacher, pensioner or deferred pensioner within the preceding year; (f) "commuted value" means commuted value as defined in the Pension Benefits Act, 1997 ;
(g)
"consumer price index" with respect to a year, means the average for each month of that year of the Consumer Price Index for (h) "corporation" means the Teachers' Pension Plan Corporation established under section 39.1; (i) "deferred pensioner" means a person who, under section 9.1, has elected or is considered to have elected to receive a deferred pension; (j) "former Act" means The Education (Teachers' Pensions) Act ; (k) "fund" means the Teachers' Pension Plan Fund established under section 5.1; (l) "funding policy" means the funding policy attached as Appendix A to the joint sponsorship agreement; (m) "government" means the government of the province; (n) "joint sponsorship agreement" means the agreement relating to the joint sponsorship of the pension plan between government, on the one part, and the Newfoundland and Labrador Teachers' Association on the other part, dated March 15, 2016 and includes the appendices to the agreement; (o) "life income fund" means the life income fund as defined in the Pension Benefits Act Regulations ; (p) "locked in retirement fund" means locked in retirement account as defined in the Pension Benefits Act Regulations ; (q) "minister" means the minister appointed under the Executive Council Act to administer this Act; (r) "normal retirement age" means the end of the month in which a teacher reaches the age of 60 years, but not later than the end of the teaching year in which the teacher reaches the age of 60 years; (s) "pension" means an annual pension payable to a former teacher in accordance with the pension plan; (t) "pension plan" means the Teachers' Pension Plan referred to in this Act; (u) "pensionable service" means service credited under the pension plan for the purpose of determining whether a teacher has qualified for a pension and the amount of the pension; (v) "pensioner" means a person in receipt of a pension under this Act; (w) "prescribed" means, except as otherwise indicated, prescribed by the corporation; (x) "principal beneficiary" means the spouse of a teacher, pensioner or deferred pensioner, or where the teacher, pensioner or deferred pensioner has a cohabiting partner, his or her cohabiting partner; (y) "salary" means the normal remuneration paid to a teacher for the normal working period or other remuneration that may be prescribed; (z) "sponsor body" means the body appointed in accordance with section 4 of the joint sponsorship agreement; (aa) "spouse" means a person who (i) is married to the teacher, pensioner or deferred pensioner, (ii) is married to the teacher, pensioner or deferred pensioner by a marriage that is voidable and has not been voided by a judgment of nullity, or (iii) has gone through a form of a marriage with the teacher, pensioner or deferred pensioner, in good faith, that is void and is cohabiting or has cohabited with the teacher, pensioner or deferred pensioner within the preceding year;
(bb)
"supplementary account" means the Teachers' Supplementary Plan Account established under subsection 5(2); (cc) "survivor benefit" means a benefit payable to the principal beneficiary of a deceased teacher, pensioner or deferred pensioner; (dd) "teacher" means a person holding a valid and subsisting certificate or grade or licence not lower than the emergency supply licence issued under the Teacher Training Act, who is, subject to theSchools Act, 1997 appointed or employed by a board of directors or a school board to give instruction or to administer or supervise instructional services in a college or a school and includes (i) a director, an associate director or an assistant director, except the assistant director of finance and administration appointed under section 79 of the Schools Act, 1997 , and (ii) every person who is considered a teacher under section 3; (ee) "teaching service" means the total period during which a person who holds a valid certificate or grade or a licence is employed as a teacher in the province; (ff) "teaching year" means the 12 calendar months beginning on July 1; (gg) "terminating teacher" means a teacher who terminates his or her employment or whose employment is terminated for reasons other than disability and who is not retired or entitled to receive a pension under subsection 20(1) or (3); (hh) "year of pensionable service" means 190 days of teaching service unless otherwise prescribed; and (ii) "YMPE" means the year's maximum pensionable earnings as defined under the Canada Pension Plan. (2) Words and expressions used in paragraph (1)(dd) and section 3 and defined by theSchools Act, 1997 have the meaning assigned to them by that Act. Application 3. (1) This Act applies to every teacher who (a) teaches (i) in a school or a college and is paid from public funds allocated under the Schools Act, 1997 , or is approved by the minister responsible for education for the purpose of this Act, or (ii) in a school operated by the department under section 50 of the Schools Act, 1997 ; (b) has similar qualifications approved by the minister responsible for education and is employed in a special school or in an institution in the province approved by the minister responsible for education for the purpose of this Act and receives his or her total remuneration directly from public funds voted by the Legislature; (c) has similar qualifications approved by the Teachers' Certification Committee established under the Teacher Training Act and is employed full time in the province to teach (i) in a school, (ii) in a private school, (iii) in an institution for children with disabilities, or (iv) a regular course for children with disabilities in a school, where that school, institution or course has been approved under the Schools Act, 1997 , and for the purpose of this section, approved by the minister;
(d)
is an administrative officer of the (i) a teacher to whom this Act or the former Act applied, or (ii) a public servant to whom the Public Service Pensions Act, 1991 applied, and is considered to be, during his or her term of office as the administrative officer, a teacher for the purpose of the pension plan; or (e) is a full time salaried president of the Canadian Teachers' Federation and who was before his or her appointment (i) a teacher to whom this Act or the former Act applied, or (ii) a public servant to whom the Public Service Pensions Act, 1991 applied, and is considered to be, during his or her term of office as the president, a teacher for the purpose of the pension plan. (2) Where a person is eligible to receive a pension under this Act that person shall, before receiving that pension, pay the pension contributions that are required by this Act for the period during which that person is considered to have done pensionable service, and if the required contributions are not paid, the period shall not be counted as pensionable service for the purpose of this Act. 1991 c17 s3; 1996 cS-12.1 s119; 1997 cS-12.2 s127; 1999 c22 s27; 2006 c39 s1 Excluded teachers 4. Notwithstanding section 3, this Act does not apply to a teacher who (a) is obliged to make contributions to a pension plan other than that provided by this Act; or (b) is excluded from this Act by a directive of the corporation. 1991 c17 s4; 1997c13 s72; 2016 c27 s5 Pension plan 5. (1) The pension plan provided for, by and under the former Act is continued, subject to this Act, as the pension plan. (2) The Teachers Supplementary Plan Account is established in the Consolidated Revenue Fund. 1991 c17 s5; 1997 c13 s72; 2006 c52 s10 Fund established 5.1 (1) There is established a fund to be known as the Teachers' Pension Plan Fund. (2) The fund shall be held in trust by the corporation and may be invested on the terms and conditions that the corporation considers advisable in the securities and investments that conform to the investment requirements of the regulations made under section 37 of the Pensions Benefits Act, 1997 .
(3)
The assets relating to the pension plan contained in the (4) In addition to subsection (3), there shall be deposited into the fund (a) contributions made by teachers and government under this Act; (b) the income of the fund; and (c) any other income arising from the operation of the pension plan. (5) Where government does not make a contribution or deposit to the pension plan in the manner required by this Act, a penalty shall be assessed and levied upon the amount of that contribution or deposit in a manner directed by the corporation. (6) There shall be paid out of the fund (a) pensions, refunds and payments as they fall due under the pension plan; (b) the operating costs of the fund; and (c) other expenditures arising from the operation of the pension plan. (7) The assets of the fund may be pooled with the assets of other pension plans, including government pension plans, for investment purposes as directed by the corporation. Contributions by teachers 6. (1) All teachers to whom the pension plan applies shall make the contributions set out in this section and in or under the other provisions of this Act. (2) There shall be deducted from the salary of every teacher to whom the pension plan applies 11.35% of that salary. (2.1) Notwithstanding subsection (2), the sponsor body may prescribe different amounts to be deducted from the salary of every teacher to whom the pension plan applies. (3) Where the amount of contributions made under subsection (2) or (2.1) exceeds the amount of the annual deductible contributions to a registered plan permitted under the Income Tax Act (Canada), the amount of the excess, as determined at the end of the calendar year in which the contributions are made, shall be paid from the fund to the supplementary account no later than the last day of February in the immediately following calendar year. (4) Where, as a result of an administrative error or oversight, contributions have been deducted from the salary of a teacher in excess of the amounts set out in subsection (2) those contributions shall be returned to the teacher together with interest at the prescribed rate. 1991 c17 s6; 1998 c26 s2; 2002 c19 s2; 2006 c52 s11; 2015 c16 s2; 2016 c27 s7 Deductions paid to fund 7. All deductions made under this Act shall be deposited each month to the credit of the fund. Government contributions 8. (1) The government of the province shall pay out of the Consolidated Revenue Fund and pay into the fund (a) an amount equal to the contributions of teachers under this Act unless otherwise directed by this Act or a directive of the sponsor body; and (b) an additional amount that may be prescribed by the sponsor body. (1.1) Where the amount of government contributions under subsection (1) exceeds the amount of the annual deductible contributions to a registered plan permitted under the Income Tax Act (Canada), the amount of the excess, as determined at the end of the calendar year in which the contributions are made, shall be paid from the fund to the supplementary account no later than the last day of February of the immediately following calendar year. (2) Where, as a result of an administrative error or oversight government contributions are made in excess of those required under section 6, those contributions shall be refunded to the government with interest at the prescribed rate. (3) 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, but the amount of the reduction shall not exceed 4.5% of the salaries of teachers to whom the reduction applies. [Effective April 1, 1993 - March 31, 1994]
(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. [Effective
(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 may be prescribed, 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. 1991 c17 s8; 1993 c18 s3; 1995 c24 s3; 1997 c13 s72; 1998 c26 s3; 2006 c52 s12; 2016 c27 s9 Government payments 8.1 (1) No earlier than April 1, 2016 and no later than August 31, 2016, where the government has entered into a joint sponsorship agreement that provides the framework for a corporation to be established to administer the pension plan and act as trustee of the fund to be established for the pension plan, the government shall deliver a fully enforceable promissory note to that corporation, when established, with the terms set out in this section. (2) The promissory note shall amortize $1,862,000,000, valued at September 1, 2015, over 30 years in equal annual payments of $135,272,273 beginning on August 31, 2016. (3) Payments made under subsection (2) shall be fixed and made regardless of the funded status of the pension plan in the future. (4) The present value of the residual payments described in subsection (2), discounted at 6%, shall be considered to be an asset of the plan. (5) The asset referred to in subsection (4) is a non-investment asset which is non-marketable and non-transferrable except as otherwise provided in this Act and which shall be used solely for the purpose of determining the funded ratio of the pension plan. Termination and plan wind-up 8.2 (1) Where the fund is to be terminated and wound up in accordance with the joint sponsorship agreement, the assets of the fund shall be used to meet the accrued benefit entitlements of teachers, pensioners, deferred pensioners and any other persons entitled to a benefit under the pension plan before any other distribution may be made. (2) Where the assets of the fund are insufficient to secure the benefit entitlements referred to in subsection (1), the assets of the fund shall be allocated to teachers, pensioners, deferred pensioners and any other persons entitled to a benefit under the pension plan on a pro-rated basis, based on the actuarial present value of the accrued benefits of those persons as of the date of the wind-up, and distributed in the manner determined by the corporation. (3) The government or a teacher is not required to pay any additional amount to the pension plan in respect of a shortfall in the fund upon the wind-up of the pension plan.
(4)
Nothing in subsection (3) affects in any way government's obligation to continue to make payments under subsection 8.1(2) in the manner contemplated in that subsection. Repayment of contributions 9. (1) A terminating teacher with less than 5 years of pensionable service may elect to receive a refund of his or her contributions, with interest at a rate prescribed. (1.1) Where a teacher with less than 5 years of pensionable service dies, the contributions made by the teacher, with interest at a rate prescribed, shall be paid to the teacher's personal representative. (2) [Rep. by 1998 c26 s5] (3) Where money is payable to the personal representative of a teacher under this section or another provision of this Act, the corporation may, without probate or proof of title, pay or distribute a reasonable amount, whether that amount is the whole or part only of that sum, to or among 1 or more of the persons appearing to the corporation to be the persons beneficially entitled to the estate of the deceased teacher. (4) In determining the persons to whom or the proportions in which the amount shall be paid or distributed under this section, the corporation may take into consideration the expenses incurred by those persons for or on account of the burial expenses of the deceased teacher. (5) A payment made in accordance with this section shall have the same effect in law as if it were made to the personal representative of the deceased teacher. 1991 c17 s9; 1998 c26 s5; 2001 c22 s34; 2005 c38 s2; 2016 c27 s12 Election upon termination 9.1 (1) A terminating teacher with at least 5 years of pensionable service may elect, within 180 days after termination,
(a)
a transfer of the commuted value of the pension entitlement of the teacher, in accordance with paragraph 40(1)(a) of the Pension Benefits Act, 1997; (b) a deferred pension in accordance with section 21; or (c) a return of the contributions made by the teacher, with interest at a rate prescribed, for periods of pensionable service credited
(i)
before (ii) before January 1, 1997, where the teacher has less than 10 years of pensionable service and is less than 45 years of age, and a transfer of the commuted value of his or her pension entitlement, based on the remaining periods of pensionable service, under paragraph (a). (2) In default of an election under subsection (1) a teacher is considered to have elected to receive a deferred pension. (3) A teacher who elects or is considered to have elected under section (2) to receive a deferred pension may only revoke that election to transfer his or her contributions to a pension plan included in the Schedule to the Portability of Pensions Act . (4) A transfer under paragraph (1)(a) which is not to another pension plan or deferred life annuity shall, regardless of when the pensionable service was credited, be to a retirement arrangement approved for this purpose by the Superintendent of Pensions. (5) A transfer under paragraph (1)(a) shall not be less than the contributions made by the teacher, with interest at a rate prescribed.
(6)
Where a transfer under paragraph (1)(a) would be greater than the maximum amount permitted under the Income Tax Act
( (7) Where the annual pension payable is less than 4% of the YMPE for the calendar year in which the employment is terminated, a teacher or former teacher is entitled to receive a lump sum payment instead of the deferred pension under section 21. (8) Where the commuted value of a deferred pension benefit is less than 10% of the YMPE for the calendar year in which the employment is terminated, a teacher or former teacher is entitled to receive a lump sum instead of the deferred pension under section 21. (9) [Rep. by 2015 c16 s4] Purchase of prior teaching service 10. (1) Where a former teacher ceased to be employed and received a refund of contributions and later becomes a teacher, that teacher may be credited with the prior pensionable service that he or she may elect to purchase on paying contributions to be calculated in accordance with the terms and conditions that may be prescribed. (2) Where a former teacher who ceased to be employed and has not received a refund of contributions later becomes a teacher, that teacher shall be credited with all pensionable service that accrued immediately before the teacher's termination. (3) Where a teacher
(a)
continued in employment after reaching normal retirement age before
(b)
continues to be employed as a teacher on and after (c) did not receive a pension upon reaching normal retirement age, he or she may be credited with the pensionable service in respect of the period of service beyond normal retirement age that he or she may elect to purchase in accordance with prescribed terms and conditions. Purchase of prior substitute teaching service 11. (1) Where a teacher was formerly covered by the pension plan established under The Government Money Purchase Pension Plan Act , the corporation shall accept the transfer of funds from that pension plan and establish the amount of related pensionable service in accordance with those terms and conditions that may be prescribed. (2) Where a teacher has substitute teaching service before or after the commencement ofThe Government Money Purchase Pension Plan Act which cannot be transferred under subsection (1), he or she may elect to purchase all or part of that service under terms and conditions that may be prescribed. (3) For the purpose of subsection (2), periods of substitute teaching service may include substitute teaching service formerly recognized by the pension plan referred to in subsection (1) for which the teacher earlier had elected a refund of contributions. Purchase of service with related plans 12. (1) Where a teacher was formerly covered under a pension plan established under (a) The Public Service (Pensions) Act ; (b) The Civil Service Act ; (c) The Members of the House of Assembly (Retiring Allowances) Act ;
(d)
The (e) The Uniformed Services Pensions Act ; or (f) an Act replaced by an Act referred to in paragraphs (a) to (e) for which contributions were paid under that pension plan and subsequently refunded, the teacher shall be credited with the pensionable service recognized by those pension plans that he or she may elect to purchase upon paying contributions that may be prescribed. (2) Where a teacher was covered under a pension plan listed in subsection (1) and (a) the contributions were payable and not paid in respect of service under that plan; or (b) the teacher was employed on a full-time basis but was not eligible for membership in the pension plan or was precluded from membership due to administrative error, the teacher may elect to purchase that service under the respective plans by paying the prescribed contributions. (3) Where a teacher who was employed on a full time basis (a) is an employee of an employer to which the Public Service Pensions Act, 1991 applies; and (b) the service was performed before that Act was made applicable to the employer, the teacher may elect to purchase all or a part of that service and pay those contributions that may be prescribed, provided that he or she was not covered by a pension plan of the employer during that period. Strike and lockout
12.1
(1) A teacher who has a period of absence due to a lawful strike or lockout may have that period of absence credited as pensionable service.
(2)
Where a teacher has had a period of absence due to a lawful strike or lockout that occurred before (3) Where a teacher has a period of absence due to a lawful strike or lockout after September 1, 2008, and wishes to purchase pensionable service for that period of absence, that teacher must elect to purchase that service not later than 3 months after the first of the month immediately after the collective agreement relating to that strike has been ratified. (4) The cost of the purchase of pensionable service under this section shall be twice the contributions that the teacher would have made had that teacher not had the period of absence together with interest at a rate prescribed by the corporation from the date on which the period of absence ceases until the date of the payment of the cost by that teacher. (5) A payment made by a teacher under subsection (4) shall be a lump sum payment. 2002 c19 s3; 2009 c44 s1; 2016 c27 s14 Purchase of leave without pay 13. (1) A teacher who is on an authorized leave of absence without pay may have the period of that leave of absence credited as pensionable service provided that he or she makes the contributions required under section 6. (2) The contributions made under subsection (1) and the calculation of a pension under sections 22 and 22.1 shall be based on the salary that the teacher was earning immediately before the commencement of his or her authorized leave of absence without pay provided that the teacher elects (a) within 180 days after returning from that authorized leave; or (b) before termination of the employment to purchase the period of absence, whichever is less. (3) All matching contributions required under subsection (2) shall be paid by the government of the province. (4) Notwithstanding subsections (2), (6) and (7) an authorized leave of absence without pay may be purchased after the expiration period at a cost that may be determined by the corporation and no matching contributions shall be paid by the government of the province. (5) The cost referred to in subsection (4) shall be the greater of the actuarial cost and the employee contributions required under section 6. (6) Upon the commencement of this section, a teacher with periods of authorized leave of absence without pay who did not purchase that service before the commencement of this section shall have 180 days from the commencement of this section to purchase those periods of leave of absence without pay as pensionable service in accordance with subsections (1) and (2). (7) The contributions referred to in subsection (6) shall be matched by the government of the province. (8) A teacher is not eligible to be credited with pensionable service under this section if the teacher is eligible to be credited with that pensionable service under another section of this Act. 1998 c26 s7; 2015 c16 s5; 2016 c27 s15 Rep. by 1998 c26 s8 13.1 [Rep. by 1998 c26 s7] Rep. by 1998 c26 s8 14. [Rep. by 1998 c26 s8] Payment of contributions for prior service 15. All contributions that are required to be paid under sections 10, 11, 12 and 13 may be paid in equal instalments over the shorter of (a) the period of pensionable service being purchased; or (b) the period from the date of election to a date immediately preceding the date on which the teacher retires, together with the prescribed interest. 1991 c17 s15; 1994 c31 s3; 1998 c26 s9 Period of prior substitute teaching service 15.1 For the purchase of prior substitute teaching service under section 11, where the teacher did not contribute to the Substitute Teachers Pension Plan, the time period for payment for that service by instalment shall not exceed a period which is the shorter of (a ) twice the period of pensionable service; or (b) the period from the date of election to purchase the service to a date immediately preceding the date on which the teacher retires. Reciprocity 16. (1) A person who, before becoming a teacher, was in the employment of the Government of Canada, the government of another province, an agency of the Government of Canada or a province, or of a company, corporation, institution or a legal entity authorized to carry on business in Canada, which has a pension plan and the teacher was formerly a member of that plan may be credited with pensionable service under this Act, with the whole or part of his or her years of pensionable service credited to him or her under that former plan under an agreement made under subsection (2) which provides for crediting that pensionable service on a reciprocal basis. (2) The corporation may enter into a reciprocal agreement with a government, company, corporation, institution or legal entity referred to in subsection (1) to give effect to the purposes set out in that subsection and to provide for payments to be made into and out of the fund under that agreement. (3) [Rep. by 1998 c26 s11] 1991 c17 s16; 1998 c26 s11; 2016 c27 s16 Transfer 16.1 (1) A person who, before becoming a teacher, made contributions to a pension plan that is registered as a pension plan under the Income Tax Act (Canada), other than a pension plan (a) to which the Portability of Pensions Act applies; or (b) that is the subject of a reciprocal agreement under section 16 may, upon becoming a teacher, elect to have that pensionable service transferred directly from the exporting pension plan to the pension plan in accordance with this section. (2) Subsection (1) shall apply only where the teacher has terminated his or her membership in the exporting pension plan and has not received a termination benefit from the exporting pension plan. (3) An election made under subsection (1) is irrevocable.
(4)
The pensionable service to be credited under the pension plan shall be determined with reference to the actuarial cost of the pensionable service at the date of the election under subsection (1) as calculated by the pension plans actuary. (5) Upon an election under subsection (1), the exporting pension plan shall transfer to the pension plan a lump-sum amount that is the lesser of (a) the actuarial cost of the pensionable service at the date of election; and (b) the value of the termination benefit to which the teacher is entitled. (6) Where the lump-sum amount transferred under subsection (5) is insufficient to finance the actuarial cost of the full period of pensionable service that has been transferred under subsection (1), the teacher may elect (a) to pay the amount required to make up the deficiency; or (b) to be credited with the proportionate period of pensionable service that can be financed by the lump-sum amount. (7) The amount of a deficiency shall be paid in the prescribed manner. (8) For the purpose of this section "actuarial cost" means the cost of the service to be credited as determined at the date of the election and calculated with reference to the assumptions from the most recent actuarial valuation for funding purposes. Right to a pension 17. (1) Every teacher shall, subject to this Act, receive a pension as a matter of right. (2) Upon retirement, a teacher shall be awarded a pension calculated and paid in accordance with this Act provided that he or she has been credited with at least 5 years of pensionable service. Retirement 18. A teacher shall be retired under the pension plan (a) when he or she makes an election under section 20 or terminates employment upon reaching normal retirement age; or
(b)
where he or she continues in employment after reaching normal retirement age, when he or she terminates employment or reaches the age at which a pension benefit is required to begin under the Income Tax Act
( Disability retirement 19. (1) Every teacher shall be retired under the pension plan where he or she is suffering from a physical or mental impairment that prevents the teacher from performing the duties of the employment in which he or she was engaged before the commencement of the impairment provided that the impairment is medically certified to the satisfaction of the corporation as likely to be permanent. (2) The corporation may, by notice in writing, require a pensioner who has retired under subsection (1) or who is receiving a pension under subsection 21(3.1) and who has not attained normal retirement age to be available for a medical examination that may be prescribed. (3) Where a pensioner referred to in subsection (2) (a) fails to be present for a medical examination in accordance with that subsection, his or her pension shall be discontinued during the period in which he or she fails to comply with the request contained in the notice; or (b) who, upon the medical examination referred to in that subsection, is found to be in good health, his or her pension shall be discontinued immediately. Early retirement 20. (1) A teacher who has reached early retirement age and has done not less than 25 years of pensionable service may elect to retire and receive a pension calculated and paid in accordance with sections 22 and 22.1 and other provisions of this Act. (1.1) A teacher who has reached early retirement age and has been credited with not less than 5 years of pensionable service may elect to retire and receive an actuarially reduced pension. (2) For the purpose of this section "early retirement age" means the end of the month in which a teacher reaches the age of 55 years. (3) Regardless of age, a teacher may retire early where that teacher has accrued not less than (a) 30 years of worked service; or (b) 29 years of worked service and 30 years of pensionable service. (4) For the purpose of paragraph (3)(b), a teacher under the age of 55 shall have pension benefits as calculated under sections 22 and 22.1 reduced in accordance with the following table:
(5) The reduction of pension benefits referred to in subsection (4) shall cease when the teacher reaches the age of 55. (6) For the purpose of this section, "worked service" means pensionable service except a teachers university training years for which the teacher has been credited under the plan. 1991 c17 s20; 1998 c26 s13; 2015 c16 s6; 2016 c27 s18 Deferred pension 21. (1) Effective September 1, 2016, a teacher who terminated employment, or whose employment was terminated for a reason other than disability, and who has been credited with not less than 5 years but less than 24.5 years of pensionable service may elect to receive a deferred pension calculated in accordance with section 22 and 22.1 and paid from age 62 or, if he or she so qualifies, paid in accordance with section 20 and the other provisions of this Act. (2) A teacher who has made an election under subsection (1) and subsequently becomes a teacher is considered to have revoked his or her election. (3) Where a teacher elects to receive a pension under subsection (1) and there is an increase in the amount of pension, that increase shall apply to that deferred pension as if the teacher were a pensioner on the 1st of the month immediately following termination. (3.1) A teacher who terminated his or her employment and elected to receive a deferred pension under subsection (1) and who, after his or her termination of employment, becomes incapacitated to the extent that the incapacity would, if he or she were employed as a teacher, cause retirement under section 19, shall receive a pension on that incapacity being medically certified to the corporation as likely to be permanent. (4) Notwithstanding the locking-in provisions under The Pension Benefits Act or contributions held under that Act, a teacher may elect to have those contributions transferred to (a) a pension plan included in the Schedule to The Portability of Pensions Act ; (b) a pension plan of another jurisdiction with which the corporation has entered into a reciprocal agreement; or (c) other locked-in pension plans or retirement arrangements that may be prescribed, provided that the teacher meets the terms and conditions required under these arrangements. (5) Subject to the locking-in provisions of The Pension Benefits Act , a teacher who elects to receive a pension under subsection (1) may negate his or her election and elect a return of his or her contributions together with interest at a prescribed rate. 1991 c17 s21; 1993 c23 s3; 2015 c16 s7; 2016 c27 s19 Calculation of pension for service before September 1, 2015 22. (1) For service credited before September 1, 2015, pensionable salary shall be the greater of the average of the teachers' highest 5 years salary calculated at August 31, 2015 and the average of the teachers' highest 8 years salary calculated at the date of termination or retirement. (2) A pension awarded to a teacher is the sum of (a) 1.4% of the lesser of (i) the teacher's pensionable salary, and (ii) the average of the YMPE in the 3 years immediately before retirement; plus (b) 2% of the excess of the teacher's pensionable salary over the average of the YMPE in the 3 years immediately before retirement, multiplied by the number of years and 1/10 years of pensionable service credited after March 31, 1967 and before September 1, 2015. (3) A bridge benefit shall be paid to a teacher who retires before attaining the age of 65 and that bridge benefit shall be, subject to limitations imposed under the Income Tax Act (Canada), equal to 0.6% of the lesser of the teacher's pensionable salary and the average of the YMPE in the 3 years immediately before retirement multiplied by the number of years and 1/10 years of pensionable service credited after March 31, 1967 and before September 1, 2015. (4) A bridge benefit paid under subsection (3) shall cease on the last day of the month in which the teacher who receives that benefit attains the age of 65 years. (5) Notwithstanding subsection (2), where the period of pensionable service credited includes service credited or eligible to be credited for a period before January 1, 1991 and purchased on or after January 1, 1991 and before September 1, 2015, the pension in respect of that pensionable service shall be the sum of (a) 1.62% of the lesser of (i) the teacher's pensionable salary, and (ii) the average of the YMPE in the 3 years immediately before retirement; plus (b) 2.22% of the excess of the teacher's pensionable salary over the average of the YMPE in the 3 years immediately before retirement multiplied by the number of years and 1/10 of pensionable service credited after March 31, 1967 in respect of the pensionable service credited for the period before January 1, 1991 and purchased on or after January 1, 1991 and before September 1, 2015. (6) Notwithstanding subsection (2), a teacher's accumulated percentage of pensionable service earned before the commencement of this section is protected by this Act except that the amount that is 0.6% of the lesser of the teacher's pensionable salary and the average of the YMPE in the 3 years before retirement multiplied by the number of years and 1/10 years of pensionable service credited after March 31, 1967 shall, subject to the limitations imposed under the Income Tax Act (Canada), be treated as a bridge benefit that ceases upon attaining 65 years of age.
(7)
Notwithstanding subsection (2), 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 (2) respecting the calculation of an award of pension shall be adjusted to reduce the teacher's or former teacher's award of pension proportionately. Calculation of pension for service after August 31, 2015 22.1 (1) For service credited after August 31, 2015, pensionable salary shall be the average of the teachers' highest 8 years' salary. (2) A pension awarded to a teacher is the sum of (a) 1.4% of the lesser of (i) the teacher's pensionable salary, and (ii) the average of the YMPE in the 3 years immediately before retirement; plus (b) 2% of the excess of the teacher's pensionable salary over the average of the YMPE in the 3 years immediately before retirement, multiplied by the number of years and 1/10 years of pensionable service credited after August 31, 2015. (3) A bridge benefit shall be paid to a teacher who retires before attaining the age of 65 and that bridge benefit shall be, subject to limitations imposed under the Income Tax Act (Canada), equal to 0.6% of the lesser of the average of the teacher's pensionable salary and the average of the YMPE in the 3 years immediately before retirement multiplied by the number of years and 1/10 years of pensionable service credited after August 31, 2015. (4) A bridge benefit paid under subsection (3) shall cease on the last day of the month in which the teacher who receives that benefit attains the age of 65 years. (5) Notwithstanding subsection (2), where the period of pensionable service credited includes service eligible to be credited for a period before January 1, 1991 and purchased after August 31, 2015, the pension in respect of that pensionable service shall be the sum of (a) 1.62% of the lesser of (i) the teacher's pensionable salary, and (ii) the average of the YMPE in the 3 years immediately before retirement; plus (b) 2.22% of the excess of the teacher's pensionable salary over the average of the YMPE in the 3 years immediately before retirement multiplied by the number of years and 1/10 of pensionable service credited after August 31, 2015 in respect of the pensionable service eligible to be credited for the period before January 1, 1991 and purchased after August 31, 2015. Pension amount 22.2 (1) Where a teacher has service credited before September 1, 2015 and after August 31, 2015, the teacher's pension shall be the sum of the amounts calculated under section 22 and 22.1. (2) Notwithstanding subsections 22(3), 22(6) and 22.1(3), the amount equal to the bridge benefit calculated under those subsections shall continue after a teacher has attained the age of 65 years only in respect of years and 1/10 years of pensionable service credited after March 31, 1967 that exceed 35 years or while a teacher was a member of a religious order. Retirement during school year 22.3 (1) Commencing on September 1, 1998, teachers may elect to retire during the school year only if they have completely accumulated the required number of years of pensionable service necessary for eligibility for a pension. (2) At the end of a school year, teachers who require 5/10 or less of a year of pensionable service in order to qualify for a pension, may elect to retire but that benefit shall be determined by the number of years and tenths of years of pensionable service accumulated to the date of retirement. (3) For the purposes of subsections 22(2) and (5) and 22.1(2), 1/10 part of a year of pensionable service shall be credited as prescribed. (4) For the purposes of subsections 22(2) and (5) and 22.1(2), not more than 10 1/10 parts of a year of pensionable service may be credited in a teaching year, and where fewer than 10 1/10 parts of a year of pensionable service are credited in a teaching year, that fraction may be added to fractions credited in other teaching years for the purpose of computing pensionable service. Suspension of pension 23. (1) A teacher shall not receive a pension under the pension plan while he or she is employed as a teacher. (2) For the purpose of this section, a pension does not include a survivor benefit. Re-employment 24. (1) A pensioner who has retired under the pension plan upon termination of employment but has not reached the age at which a pension benefit is required to begin under the Income Tax Act (Canada) may be re-employed in a pensionable position as a teacher. (2) [Rep. by 2016 c27 s20] (3) Where a pensioner accepts an offer of re-employment under this section, his or her pension shall be cancelled, and subject to the making of contributions as required under this Act, the period of subsequent employment shall, in calculating a pension upon subsequent retirement, be added to the years of pensionable service accumulated before his or her earlier retirement, and the pension shall be calculated in accordance with sections 22 and 22.1 and the other provisions of this Act as if the award of the former pension had not occurred. (4) Notwithstanding subsection (1), a pensioner, with the approval of the minister, may be re-employed for a period which will not exceed 65 days in the aggregate in a teaching year during which he or she shall not be considered a teacher for the purpose of this Act. 1991 c17 s24; 2007 c7 s8; 2015 c16 s9; 2016 c27 s20 Rep. by 2007 c7 s9 25. [Rep. by 2007 c7 s9] Survivor benefits 26. (1) A surviving principal beneficiary of (a) a pensioner; (b) a deferred pensioner; or (c) a teacher with at least 5 years of pensionable service is entitled, upon the death of the pensioner, deferred pensioner or teacher to a survivor benefit equal to 60% of the pension entitlement of the pensioner, deferred pensioner or teacher. (2) Where the pension entitlement of the pensioner, deferred pensioner or teacher on his or her death includes the bridge benefit determined under subsections 22(3) and 22.1(3), the bridge benefit shall continue until the last day of the month in which the deceased pensioner, deferred pensioner or teacher would have reached 65 years and the survivor benefit shall be adjusted accordingly. (3) The survivor benefit shall be paid to the surviving principal beneficiary for life and shall commence on the first day of the month following the month in which the pensioner or teacher dies. (4) Where a surviving principal beneficiary dies while in receipt of a survivor benefit, the survivor benefit shall be paid to or for the benefit of any surviving children of the teacher, pensioner or deferred pensioner, while they are under the age of 18 years, or under the age of 24 years while they are in full-time attendance at a recognized school or post-secondary institution. (5) Where a pensioner referred to in paragraph (1)(a) dies leaving no surviving principal beneficiary, 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 24 years while they are in full-time attendance at a recognized school or post-secondary institution. (6) Subsection (2) is considered to have come into force on September 1, 1998. Indexing 26.1 (1) A teachers' indexing account shall be established as a separate account within the pension fund to provide for the increase in the amount of pension or survivor benefits referred to in sections 26.2 and 26.3. (2) The following amounts shall be allocated to the teachers' indexing account: (a) .85% of the salary of every teacher to whom the pension plan applies from the money deducted under subsection 6(2); and (b) an amount equivalent to the amount under paragraph (a) from the contributions of the government of the province under subsection 8(1). (3) Section 26.2 only applies to a pension or survivor benefit where the teacher to whom that pension or benefit relates retired after August 31, 1998. (4) The amount of increase determined under subsection 26.2(2) and 26.3(2) shall be paid only to the extent that funds are available in the teachers' indexing account and in the event that the funds in the teachers' indexing account are insufficient to pay the full amount of the actuarial cost of the increase under subsections 26.2(2) and 26.3(2), the amount of the increase shall be reduced in accordance with subsection (5). (5) A reduction in the increase payable under subsections 26.2(2) and 26.3(2) shall be determined by the ratio of the funds in the teachers' indexing account to the total actuarial cost of the increase under subsections 26.2(2) and 26.3(2). (6) For the purposes of subsections (4) and (5), the total actuarial cost of the increase under subsections 26.2 (2) and 26.3(2) shall be determined by the plan's actuary on September 1 of the year in which the adjustments are made. (7) For the purposes of this section, the teachers' indexing account shall participate in the fund as if it were a plan defined under paragraph 2(c) of the Pensions Funding Act. (8) Notwithstanding subsection (4), section 9 of the Pensions Funding Act does not apply to the teachers' indexing account required under subsection (1). Indexing - persons in receipt on coming into force of section 26.2 (1) Persons in receipt of a pension or a survivor benefit at the date of the coming into force of this section shall have their pensions indexed in accordance with this section. (2) On September 1 in a year the amount of a pension or survivor benefit being paid to a person who has reached the age of 65 shall be adjusted by multiplying (a) the annual amount of the pension or survivor benefit; by (b) 60% of the ratio that the Consumer Price Index for the previous calendar year bears to the Consumer Price Index for the calendar year immediately before the previous calendar year, but the amount of any increase shall not exceed 1.2% of the annual pension or survivor benefit. (3) The amount of a pension or survivor benefit being paid to a person shall not decrease by reason only of an adjustment under subsection (2). Indexing - persons in receipt after the coming into force of section 26.3 (1) Employees who retire after the coming into force of this section shall have their pensions and survivor benefits indexed in accordance with this section. (2) On September 1 in a year the portion of a pension or survivor benefit being paid to a person who has reached age 65 relating to years and months of service credited before the coming into force of this section shall be adjusted by multiplying (a) the annual amount of the portion of pension or survivor benefit relating to years and months of service credited before the coming into force of this section; by (b) 60% of the ratio that the Consumer Price Index for the previous calendar year bears to the Consumer Price Index for the calendar year immediately before the previous calendar year, but the amount of any increase shall not exceed 1.2% of the annual pension or survivor benefit relating to the years and months of service credited before the coming into force of this section. (3) The amount of a pension or survivor benefit being paid to a person shall not decrease by reason only of an adjustment under subsection (2). Designated beneficiary 27. (1) A teacher, pensioner or deferred pensioner who does not have a principal beneficiary or a child entitled to a survivor benefit may designate a beneficiary who is a dependent and who shall be considered to be a principal beneficiary for the purposes of section 26. (2) The designation of a beneficiary shall be made to the corporation by way of a written instrument duly signed and witnessed. (3) The teacher, pensioner or deferred pensioner may revoke his or her election at any time and substitute another designated beneficiary in the same manner as required in subsection (2). (4) Where there is a subsequent principal beneficiary or child of a teacher, pensioner or deferred pensioner, the election shall be revoked effective from the death of the teacher, pensioner or deferred pensioner. (5) For the purpose of this section a dependent of a teacher at the time of the teachers death means a parent, grandparent, brother, sister, child or grandchild of the teacher who, at that time, is both dependent on the teacher for support and is (a) under 18 years of age and will not attain the age of 18 years in the calendar year of the death of the teacher; (b) under the age of 24 years and is in full time attendance at an educational institution; or (c) dependent on the teacher by reason of mental or physical infirmity. 1991 c17 s27; 1998 c26 s17; 2001 c22 s35; 2004 c47 s34; 2016 c27 s22 Death of employee 27.1 (1) Where a teacher with at least 5 years of pensionable service dies before receiving a pension and a survivor benefit is payable under section 26, a surviving principal beneficiary may elect (a) to receive the survivor benefit in accordance with section 26; or (b) to receive in a lump sum (i) the commuted value of the survivor benefit, or (ii) the commuted value of the teachers pension entitlement, whichever is the greater. (2) Where a teacher with at least 5 years of pensionable service or a deferred pensioner dies before receiving a pension and there is no principal beneficiary entitled to a survivor benefit under section 26, the commuted value of the pension entitlement of the teacher or the deferred pensioner, calculated as of the date of death, shall be transferred to the teacher's or deferred pensioner's estate and subsections 9(3), (4) and (5) apply to the transfer. Estate provision 28. Where the total pension or survivor benefit paid under this Act at the date the pensioner dies or the last survivor benefit has been paid does not exceed the deceased teacher's contributions together with the prescribed interest calculated to the date of retirement, the excess amount shall be paid in accordance with section 9. Transitional
28.1
(1) A child who is receiving a survivor benefit when this section comes into force who is a child of a deceased teacher or deferred pensioner who died without a principal beneficiary after (a) continue to receive the survivor benefit while he or she is under the age of 18 years, or under the age of 24 years while in full-time attendance at a recognized school or post-secondary institution; or (b) be paid the commuted value of his or her entitlement determined at the date of the death of the deceased teacher or deferred pensioner, less any payments already received by the child at the date of election. (2) Where the total survivor benefit paid under subsection (1) is less than the deceased teacher's or deferred pensioner's commuted value at the date of death, the difference in the commuted value and the total survivor benefit paid shall be paid to the estate of the deceased teacher or deferred pensioner. (3) Notwithstanding the entitlements referred to in subsection (1), where the deceased teacher or deferred pensioner had more than one child, the children shall elect jointly and there shall be only one election for payment of the entitlement. (4) Unless an election is made under subsection (1), a survivor benefit shall be continued as if continuation under paragraph (1)(a) had been elected. When pensions payable 29. (1) Pensions and other related money payable under the pension plan shall be paid as the corporation directs. (2) Pension payments and other related money payable under the pension plan shall cease at the end of the month in which the death of the pensioner, survivor or designated beneficiary occurs. (3) Pension payments shall be equal and periodic. 1991 c17 s29; 1998 c26 s19; 2016 c27 s23 Pension payments 30. (1) A pension payable under this Act shall be paid according to the following: (a) a pension calculated under sections 22 and 22.1, not exceeding the maximum annual allowable registered pension permitted under the Income Tax Act (Canada), shall be paid from the fund; and
(b)
a portion of the pension calculated under sections 22 and 22.1 that exceeds the maximum annual allowable registered pension permitted under the Income Tax Act
( (2) Benefits payable under sections 26, 27, 27.1 and 28 and a return of contributions, commuted value or other lump sum payment in respect of an entitlement under this Act shall be paid from the fund and the supplementary account on the same basis and in the same proportions as a pension payment under subsection (1). (3) Where there are insufficient funds in the supplementary account to meet the obligations referred to in this section, there shall be paid from the Consolidated Revenue Fund to the supplementary account sufficient money necessary to cover the deficit. 2006 c52 s14; 2015 c16 s11; 2016 c27 s24 Subsections apply notwithstanding 30.1 Subsections 6(3), 8(1.1) and 30(1) and (2) apply notwithstanding another provision of this Act or another Act. Attachment
31.
A pension payable under the plan shall not be assigned, charged, attached, anticipated or given as security and is exempt from execution, seizure or attachment, and a transaction purporting to assign, charge, attach, anticipate or give as security that pension is void, except where this section is overridden by another Act, subject to the provisions of the Pensions Benefits Act, 1997
. Attachment 32. A pension awarded under this Act shall not be liable to or be taken under attachment or execution. Error or misrepresentation 33. The corporation may adjust or cancel a pension which has been awarded or paid as a result of error or misrepresentation and where an overpayment of pension has been made the corporation may reduce, suspend or withdraw future payments of the pension until the amount has been recovered. Rectification 34. Where a pension has been underpaid or unusual delays in payments have occurred, the corporation may make payments in rectification in those cases together with interest that may be prescribed. Rep. by 2016 c27 s28 35. [Rep. by 2016 c27 s28] Marriage breakdown 36. Where (a) a court has made an order for the division of matrimonial property under the Family Law Act or a similar order has been made by a court outside the province; or (b) an employee has entered into a separation agreement within the meaning of the Family Law Act to divide matrimonial property, a right under this Act shall be divided in accordance with the court order or separation agreement and Part VI of the Pension Benefits Act, 1997 applies, with the necessary changes. Rep. by 1996 cR-10.1 s71 37. [Rep. by 1996 cR-10.1 s71] Appeal 38. (1) A teacher or other person who is aggrieved by a decision of the corporation in a matter related to, connected with or arising out of his or her entitlement to or the award to the teacher of a pension or other money under this Act may appeal from the decision to a judge of the Trial Division. (2) Where a teacher or other person proposes to appeal under subsection (1), he or she shall, within 60 days after he or she has received the decision of the corporation, serve on the corporation a written notice of his or her intention to appeal to a judge of the Trial Division. (3) The notice of appeal served under subsection (2) shall be signed by the teacher or by his or her solicitor or agent and in the notice, the grounds of the appeal shall be set out, and the teacher or other person shall file a copy of the notice with the Trial Division. 1991 c17 s38; 2013 c16 s25; 2016 c27 s29 Procedure 39. (1) A teacher or other person shall, within 14 days after service of the notice of appeal under subsection 38(2), apply to the judge for the appointment of a day for the hearing of the appeal, and shall, not less than 14 days before the hearing, serve upon the corporation a written notice of the day appointed for the hearing. (2) The judge shall hear the appeal and the evidence adduced before him or her by the teacher or other person and by the corporation in a summary manner and shall decide the matter of the appeal. (3) The corporation shall cause to be produced before the judge on the hearing of the appeal all papers and documents in the corporation's possession affecting the matter of the appeal. (4) The costs of the appeal are in the discretion of the judge who may make an order respecting them in favour of or against the corporation and may fix the amount of the costs. (5) An appeal may be taken from an order or decision of the judge to the Court of Appeal upon a point of law raised on the hearing of the appeal, and the rules governing appeals to that court from an order or decision of a judge of the Trial Division apply to appeals under this subsection. Corporation established 39.1 (1) There is established a corporation without share capital to be known as the Teachers' Pension Plan Corporation.
(2)
The head office of the corporation shall be at (3) The corporation is not an agent of the Crown. (4) The provisions of this section and sections 39.2 to section 39.7 constitute the articles of the corporation. (5) A director or a person employed by the corporation does not become, by reason of that office or employment only, an officer or employee of the Crown. Application of Acts 39.2 (1) The Corporations Act , except section 27, paragraphs 31(a), (d) and (e), sections 32, 167, 172, 190, 191, 198, 199, 200, 201, 204, 277, 278, 378, and subsection 422(1), does not apply to the corporation. (2) The Lieutenant-Governor in Council, on the recommendation of the sponsor body, may make regulations directing that additional provisions of the Corporations Act apply to the corporation, provided that those regulations do not conflict with this Act. (3) Where there is a conflict between a provision referred to in subsection (1) and this Act, this Act prevails. Objects of corporation
39.3 The objects of the corporation are (a) to act as trustee of the fund; and (b) to act as administrator of the pension plan, and to exercise those other powers and perform those other duties as may be expressly conferred upon the corporation under the joint sponsorship agreement. Board
39.4 (1) For the exercise and discharge of the powers and duties of the corporation, there shall be a board of directors comprised of not less than 6 and not more than 16 persons. (2) A director of the corporation, in exercising his or her powers and discharging his or her duties, shall (a) act honestly and in good faith with a view to the best interests of the pension plan and for the benefit of all teachers, pensioners and deferred pensioners; and (b) exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. (3) The board, by resolution, may make, amend or repeal by-laws that regulate the business or affairs of the corporation. (4) By-laws made by the board shall not conflict with the joint sponsorship agreement. Corporation and board bound
39.5 The corporation and the board are bound by and shall act in accordance with the joint sponsorship agreement as provided for in that agreement. Funded status of plan
39.6 Actuarial surpluses and deficits relating to the pension plan shall be shared in accordance with the funding policy as follows: (a) 50% shall be shared with and borne by government; and (b) 50% shall be shared with and borne by the members of the pension plan. No liability
39.7 The corporation is not liable for loss or damage suffered by another person because of anything done or omitted to be done under or in the exercise or supposed exercise of the powers conferred by this Act, where those powers have been exercised in accordance with subsection 39.4(2). Binding effect
39.8 (1) The sponsor body's decisions, rules, policies and procedures made or established in accordance with the joint sponsorship agreement, the pension plan or the fund shall be binding on the corporation, government, teachers, pensioners and deferred pensioners and their respective beneficiaries, dependents, estates, heirs, executors, administrators, successors and assigns. (2) The corporation's decisions, rules, policies and procedures shall be binding on the sponsor body, government, teachers, pensioners and deferred pensioners and their respective beneficiaries, dependents, estates, heirs, executors, administrators, successors and assigns. Conflict 40. (1) Where this Act conflicts with the Schools Act, 1997 or another Act of the province, this Act shall prevail. (2) Unless otherwise specified, the Pensions Benefits Act, 1997 does not apply to this Act. 1991 c17 s40; 1996 cS-12.1 s119; 1997 cS-12.2 s127; 1998 c26 s21; 2016 c27 s32 Plan protected 41. This Act shall apply to all benefits accrued under the former Act. Directives 42. (1) The corporation or the sponsor body, as applicable, may issue directives for the purpose of this Act. (2) Where, before the coming into force of this section, the minister issued a directive to give effect to the purpose of this Act, that directive shall continue in force for one year after the coming into force of this subsection as if it had been made by the corporation or sponsor body, as appropriate, unless it has been superseded by a directive of the corporation or the sponsor body under the authority of subsection (1). (3) A directive which has not been superseded under subsection (2) shall expire at the end of the period referred to in that subsection. Income Tax Act (
43.
For the purpose of the Income Tax Act
(
(a)
the pension adjustment factor as defined under the Income Tax Act
( (i) the money purchase limit for the year, or (ii) 18% of the members compensation from the employer for the year; (b) contributions under sections 6 and 8 shall be made under the recommendation of an actuary; and (c) the corporation is the administrator of the pension plan. Acts amended 44. (1) Paragraph 3(b) of The Pensions Funding Act is repealed and the following substituted: (b) theTeachers' Pensions Act and The Education Act, 1927 ; (2) Where in an Act or regulation there is a reference to The Education (Teachers' Pensions) Act or a part or section of that Act, the reference shall be considered to be a reference to the equivalent part or section contained in this Act. Teachers with greater than 30 years
45.
(1) Notwithstanding section 6 and subsection 47(2), where a teacher on (2) Notwithstanding subsection (1), a teacher referred to in subsection (1) may elect before attaining normal retirement age to contribute further to the pension plan and receive additional years of pensionable service in accordance with this Act. (3) [Rep. by 1998 c26 s24]
(4)
A teacher who fails to make an election under subsection (3) may elect to contribute after Rep. by 1998 c26 s25 46. [Rep. by 1998 c26 s25] Rep. by 1998 c26 s26 47. [Rep. by 1998 c26 s26] RSN 1970 c.102 Rep. 48. The Education (Teachers' Pensions) Act is repealed. Commencement
49.
This Act is considered to have come into force on ©Queen's Printer |