59. If an employee having acquired a pension credit dies before the credit becomes payable to him, the amount which he was required to pay to acquire the pension credit is refunded to the employee’s spouse or, if the employee has no spouse, to the employee’s successors with interest, compounded annually, at the rates determined in Schedule VI until the date of death and at the rate determined in Schedule VII from the day following the date of death until the date the refund is paid.
If, at the death of the beneficiary of pension credit, the amount which he had to pay to acquire the pension credit, with accrued interest until the date on which the pension credit became payable, exceeds the total of the amounts paid to him as pension credit, the excess amount is paid in a single payment to his spouse or, if he has no spouse, to his successors.
If the pension credit ceased to be paid to a person who holds or again holds pensionable employment under this plan or, pursuant to section 3.2, the Pension Plan of Management Personnel, the amount which he had to pay to acquire the pension credit, with accrued interest until the date on which the pension credit became payable, is reduced by the amounts paid as pension credit from the date on which that pension credit should have ceased to be paid.
For every period during which no amount was paid as pension credit in a given year or, as the case may be, during the period referred to in section 69, the balance of the amount the employee was required to pay bears interest, compounded annually, at the rate determined in Schedule VII in force on the first day of the month following the death and computed from that day.
1973, c. 12, s. 51; 1983, c. 24, s. 1; 1990, c. 5, s. 27; 1990, c. 87, s. 50; 1995, c. 46, s. 31; 2001, c. 31, s. 279; 2004, c. 39, s. 104.