151. Every sum owing to a beneficiary, except contributions deducted in excess for years subsequent to the year 1986, under any retirement plan administered by the Commission bears interest, in the case of contributions deducted in excess in the course of a year, from 1 July of the following year and, in all other cases, from the sixty-first day after any of the following dates:
(1) the date on which the sum becomes payable if, at the time of his application, the sum is not exigible;
(2) the date of receipt of his application if, at the time of his application, the sum is exigible;
(3) 31 December of the year in which the person attains 69 years of age or the date on which he retires after that date if he continues to hold pensionable employment under his plan after 31 December of that year.
The interest is computed at the rate in force on the date of payment. However, in the case of the Government and Public Employees Retirement Plan, the Pension Plan of Management Personnel, the retirement plan of members of the Sûreté du Québec and the Pension Plan of Peace Officers in Correctional Services, the interest is computed, for the reimbursement of contributions and, as the case may be, of the sums paid for the redemption or transfer of service, according to the rates fixed in Schedule VI and applicable during the period commencing after the sixtieth day or, for the reimbursement of contributions deducted in excess in a year, during the period commencing after 30 June of the following year. In the case of the Teachers Pension Plan and the Civil Service Superannuation Plan, the interest is computed, for the reimbursement of contributions deducted in excess for the years prior to the year 1987, according to the rates fixed in Schedule VI which are applicable from the date determined in the first paragraph until the date of payment.
No amount of interest is payable pursuant to this section if it is less than the minimum amount prescribed by regulation.
1977, c. 21, s. 40; 1983, c. 24, s. 1; 1985, c. 18, s. 17; 1987, c. 47, s. 65; 1987, c. 107, s. 199; 1988, c. 82, s. 48; 1990, c. 87, s. 105; 1997, c. 50, s. 47; 2001, c. 31, s. 325; 2002, c. 30, s. 60.