95. To be entitled to a pension credit, the employee must pay a sum determined in accordance with the tariff established by regulation. The tariff may vary with the employee’s age on the date the application is received at the Commission and the year of service covered by the pension credit.
The employee may pay such sums by cash payment, by instalments over the period and at the times determined by the Commission or by using all or part of his accumulated sick leave. In this last case, his employer shall pay the whole or part of the sum according to the terms and conditions determined by the Commission. If the sum is paid by instalments, it bears interest, compounded annually, at the rate determined in Schedule VII and in force on the date on which the application is received, computed from the date on which the redemption proposal made by the Commission expires.
1973, c. 12, s. 83; 1983, c. 24, s. 1; 2004, c. 39, s. 122; 2007, c. 43, s. 75.