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R-12.1, r. 1 - Regulation under the Act respecting the Pension Plan of Management Personnel
Section 6.2
Disposition versions
6.2. The actuarial values of the benefits referred to in sections 64, 68, 75, 76 and 117 of the Act are determined, taking into account sections 6.3 to 6.6, using the following actuarial assumptions:
(1) Mortality rates:
The mortality rates are those taken from the mortality table promulgated by the Actuarial Standards Board of the Canadian Institute of Actuaries, whose date of coming into force is 1 October 2015.
(2) Interest rates:
The interest rates are those determined in accordance with the CIA Standard. The result must be rounded to the nearest multiple of 0.10%.
(3) Indexing rate:
(a) for a fully-indexed benefit according to the rate of increase in the pension index, the indexing rate is computed in the manner described in the CIA Standard;
(b) for a benefit indexed according to the excess of the rate of increase in the pension index (PI) over 3% or to half of the rate of increase in the pension index, the indexing rate corresponds respectively to the excess of the indexing rate computed in the manner provided in subparagraph a over 3% or to half the indexing rate computed in the manner provided in that subparagraph.
In order to take into account the inflation rate variations, the following additions are made to the results of effective indexing formulas for actuarial value computation purposes.
| Inflation level | Addition to the result of the PI-3% formula | Adjusted indexing rate | Addition to the result of the 50% PI, min. PI-3% formula | Adjusted indexing rate |
| 0 | 0.00 | 0.00 | 0.20 | 0.20 |
| 0.5 | 0.00 | 0.00 | 0.10 | 0.35 |
| 1.0 | 0.00 | 0.00 | 0.05 | 0.55 |
| 1.5 | 0.05 | 0.05 | 0.00 | 0.75 |
| 2.0 | 0.10 | 0.10 | 0.00 | 1.00 |
| 2.5 | 0.20 | 0.20 | 0.00 | 1.25 |
| 3.0 | 0.40 | 0.40 | 0.00 | 1.50 |
| 3.5 | 0.20 | 0.70 | 0.00 | 1.75 |
| 4.0 | 0.10 | 1.10 | 0.00 | 2.00 |
| 4.5 | 0.05 | 1.55 | 0.00 | 2.25 |
The result must be rounded to the nearest multiple of 0.10%.
(4) Turnover rate: Nil
(5) Disability rate: Nil
(6) Proportion of persons with a spouse at death:
| Age | Male | Female |
| 18-59 years old | 80% | 60% |
| 60-64 years old | 80% | 55% |
| 65-69 years old | 75% | 50% |
| 70-74 years old | 75% | 40% |
| 75-79 years old | 70% | 30% |
| 80-84 years old | 65% | 20% |
| 85-89 years old | 55% | 10% |
| 90-109 years old | 40% | 5% |
| 110 years old and older | 0% | 0% |
(7) Age difference between spouses at death:
— the male spouse of the member is assumed to be 1 year older;
— the female spouse of the member is assumed to be 4 years younger.
6.2. The actuarial values of the benefits referred to in sections 64, 68, 75, 76 and 117 of the Act are determined, taking into account sections 6.3 to 6.6, using the following actuarial assumptions:
(1) Mortality rates:
The mortality rates are those taken from the mortality table promulgated by the Actuarial Standards Board of the Canadian Institute of Actuaries, whose date of coming into force is 1 October 2015.
(2) Interest rates:
The interest rates are those determined in accordance with the CIA Standard. The result must be rounded to the nearest multiple of 0.10%.
(3) Indexing rate:
(a) for a fully-indexed benefit according to the rate of increase in the pension index, the indexing rate is computed in the manner described in the CIA Standard;
(b) for a benefit indexed according to the excess of the rate of increase in the pension index (PI) over 3% or to half of the rate of increase in the pension index, the indexing rate corresponds respectively to the excess of the indexing rate computed in the manner provided in subparagraph a over 3% or to half the indexing rate computed in the manner provided in that subparagraph.
In order to take into account the inflation rate variations, the following additions are made to the results of effective indexing formulas for actuarial value computation purposes.
| Inflation level | Addition to the result of the PI-3% formula | Adjusted indexing rate | Addition to the result of the 50% PI, min. PI-3% formula | Adjusted indexing rate |
| 0 | 0.00 | 0.00 | 0.20 | 0.20 |
| 0.5 | 0.00 | 0.00 | 0.10 | 0.35 |
| 1.0 | 0.00 | 0.00 | 0.05 | 0.55 |
| 1.5 | 0.05 | 0.05 | 0.00 | 0.75 |
| 2.0 | 0.10 | 0.10 | 0.00 | 1.00 |
| 2.5 | 0.20 | 0.20 | 0.00 | 1.25 |
| 3.0 | 0.40 | 0.40 | 0.00 | 1.50 |
| 3.5 | 0.20 | 0.70 | 0.00 | 1.75 |
| 4.0 | 0.10 | 1.10 | 0.00 | 2.00 |
| 4.5 | 0.05 | 1.55 | 0.00 | 2.25 |
The result must be rounded to the nearest multiple of 0.10%.
(4) Turnover rate: Nil
(5) Disability rate: Nil
(6) Proportion of persons with a spouse at death:
| Age | Male | Female |
| 18-59 years old | 80% | 60% |
| 60-64 years old | 80% | 55% |
| 65-69 years old | 75% | 50% |
| 70-74 years old | 75% | 40% |
| 75-79 years old | 70% | 30% |
| 80-84 years old | 65% | 20% |
| 85-89 years old | 55% | 10% |
| 90-109 years old | 40% | 5% |
| 110 years old and older | 0% | 0% |
(7) Age difference between spouses at death:
— the male spouse of the member is assumed to be 1 year older;
— the female spouse of the member is assumed to be 4 years younger.
6.2. The actuarial values of the benefits referred to in sections 64, 68, 75, 76 and 117 of the Act are determined, taking into account sections 6.3 to 6.6, using the following actuarial assumptions:
(1) Mortality rates:
The mortality rates are those determined in accordance with the CIA Standard.
(2) Interest rates:
For fully-indexed and non-indexed benefits:
The interest rates are those determined in accordance with the CIA Standard.
For partially-indexed benefits:
The interest rates are those determined according to the following formula:
((1 + interest rate for a non-indexed benefit) / (1 + indexing rate for a partially-indexed benefit)) – 1
The result must be rounded to the nearest multiple of 0.25%.
(3) Indexing rate:
(a) for a fully-indexed benefit according to the rate of increase in the pension index, the indexing rate is computed in the manner described in the CIA Standard;
(b) for a benefit indexed according to the excess of the rate of increase in the pension index (PI) over 3% or to half of the rate of increase in the pension index, the indexing rate corresponds respectively to the excess of the indexing rate computed in the manner provided in subparagraph a over 3% or to half the indexing rate computed in the manner provided in that subparagraph.
Inflation Addition to Adjusted Addition to Adjusted
level the result of indexing the result of indexing
the PI-3% rate the 50% PI, rate
formula min. PI-3%
formula
0.5 0.1 0.1 0.05 0.3
1.0 0.1 0.1 0.10 0.6
1.5 0.3 0.3 0.15 0.9
2.0 0.5 0.5 0.20 1.2
2.5 0.7 0.7 0.15 1.4
3.0 1.0 1.0 0.20 1.7
3.5 0.8 1.3 0.25 2.0
4.0 0.6 1.6 0.30 2.3
4.5 0.5 2.0 0.45 2.7
5.0 0.4 2.4 0.50 3.0
In order to take into account the inflation rate variations, the following additions are made to the results of effective indexing formulas for actuarial value computation purposes.
Inflation Addition to Adjusted Addition to Adjusted
level the result of indexing the result of indexing
the PI-3% rate the 50% PI, rate
formula min. PI-3%
formula
0.5 0.1 0.1 0.05 0.3
1.0 0.1 0.1 0.10 0.6
1.5 0.3 0.3 0.15 0.9
2.0 0.5 0.5 0.20 1.2
2.5 0.7 0.7 0.15 1.4
3.0 1.0 1.0 0.20 1.7
3.5 0.8 1.3 0.25 2.0
4.0 0.6 1.6 0.30 2.3
4.5 0.5 2.0 0.45 2.7
5.0 0.4 2.4 0.50 3.0
(4) Turnover rate: Nil
(5) Disability rate: Nil
(6) Proportion of married persons at death:
____________________________________
Age Male Female
____________________________________
18 - 64 years old 85% 65%
____________________________________
65 -79 years old 80% 30%
____________________________________
80 - 109 years old 60% 10%
____________________________________
110 years old 0% 0%
____________________________________
Age Male Female
____________________________________
18 - 64 years old 85% 65%
____________________________________
65 -79 years old 80% 30%
____________________________________
80 - 109 years old 60% 10%
____________________________________
110 years old 0% 0%
____________________________________
(7) Age difference between spouses at death:
— the male spouse of the member is assumed to be 1 year older;
— the female spouse of the member is assumed to be 4 years younger.
