R-12.1, r. 1 - Regulation under the Act respecting the Pension Plan of Management Personnel

Section 13 Disposition versions

2012-09-01

13. If the employee retires on the date of the employee’s sixty-fifth birthday or after that date, the part of the pension related to years or parts of a year prior to 1 January 1990 in which the employee was not a member of a pension plan within the meaning of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) and that were redeemed may not exceed the amount obtained by multiplying ⅔ of the greater of $1,725 and the limit of the determined benefits applicable for the year of retirement under the Income Tax Act by the number of years or parts of a year of service credited under the redemption.

If the employee retires before the date of the employee’s sixty-fifth birthday, the part of the pension related to those years or parts of a year may not exceed the amount obtained pursuant to the first paragraph, increased by the amount obtained by multiplying the amount calculated pursuant to section 57 of the Act by the fraction that the number of years or parts of a year of credited service being redeemed is of the number of years or parts of a year of credited service after 31 December 1965, up to a maximum of 35 years of service.

T.B. 202420, s. 13; T.B. 210259, s. 4 and 6.