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R-12.1, r. 1.2 - Regulation respecting certain provisions applicable to the partition and assignment of benefits accrued under the Pension Plan of Management Personnel
Section 1
Disposition versions
1. The actuarial value of benefits accrued under the Pension Plan of Management Personnel is determined according to the “distribution of benefits” method and corresponds to the sum of 40% of the actuarial value determined for a male and 60% of the actuarial value determined for a female.
The actuarial value of the benefits is also determined according to the following actuarial assumptions:
(1) the mortality rates:
The mortality rates are those determined according to the CIA Standards.
(2) the interest rates:
(a) the interest rates for fully-indexed or non-indexed benefits are those determined according to the CIA Standards;
(b) the interest rates for partially-indexed benefits are 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 adjusted according to the CIA Standards.
(3) the indexing rate:
(a) the indexing rate for a benefit fully-indexed by the rate of increase in the Pension Index is calculated in the manner described in the CIA Standards;
(b) the indexing rate for a benefit indexed by the excess of the rate of increase in the Pension Index (PI) over 3% or by half of the rate of increase in the Pension Index corresponds respectively to the excess of the indexing rate calculated in the manner provided in subparagraph a over 3% or by half the indexing rate calculated in the manner provided in that subparagraph.
In order to take into account inflation rate variations, the following additions are made to the results of the effective indexing formulas for actuarial value calculation purposes:
| Inflation level | Addition to the result of 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 |
(4) the turnover rate: Nil
(5) the disability rate: Nil
(6) the 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 | 0% | 0% |
(7) the age difference between spouses at death:
(a) the male spouse of the beneficiary is assumed to be 1 year older;
(b) the female spouse of the beneficiary is assumed to be 4 years younger.
In this section, the expression “CIA Standards” refers to the standards of practice entitled Practice-Specific Standards for Pension Plans-3500 Pension Commuted Values of the Canadian Institute of Actuaries.
1. The actuarial value of benefits accrued under the Pension Plan of Management Personnel is determined according to the “distribution of benefits” method and corresponds to the sum of 40% of the actuarial value determined for a male and 60% of the actuarial value determined for a female.
The actuarial value of the benefits is also determined according to the following actuarial assumptions:
(1) the mortality rates:
The mortality rates are those determined according to the CIA Standards.
(2) the interest rates:
(a) the interest rates for fully-indexed or non-indexed benefits are those determined according to the CIA Standards;
(b) the interest rates for partially-indexed benefits are 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 adjusted according to the CIA Standards.
(3) the indexing rate:
(a) the indexing rate for a benefit fully-indexed by the rate of increase in the Pension Index is calculated in the manner described in the CIA Standards;
(b) the indexing rate for a benefit indexed by the excess of the rate of increase in the Pension Index (PI) over 3% or by half of the rate of increase in the Pension Index corresponds respectively to the excess of the indexing rate calculated in the manner provided in subparagraph a over 3% or by half the indexing rate calculated in the manner provided in that subparagraph.
In order to take into account inflation rate variations, the following additions are made to the results of the effective indexing formulas for actuarial value calculation purposes:
| Inflation level | Addition to the result of 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 |
(4) the turnover rate: Nil
(5) the disability rate: Nil
(6) the 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 | 0% | 0% |
(7) the age difference between spouses at death:
(a) the male spouse of the beneficiary is assumed to be 1 year older;
(b) the female spouse of the beneficiary is assumed to be 4 years younger.
In this section, the expression “CIA Standards” refers to the standards of practice entitled Practice-Specific Standards for Pension Plans-3500 Pension Commuted Values of the Canadian Institute of Actuaries.
1. The actuarial value of benefits accrued under the Pension Plan of Management Personnel is determined according to the “distribution of benefits” method and corresponds to the sum of 50% of the actuarial value determined for a male and 50% of the actuarial value determined for a female.
The actuarial value of the benefits is also determined according to the following actuarial assumptions:
(1) the mortality rates:
The mortality rates are those determined according to the CIA Standards.
(2) the interest rates:
(a) the interest rates for fully-indexed or non-indexed benefits are those determined according to the CIA Standards;
(b) the interest rates for partially-indexed benefits are 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 adjusted according to the CIA Standards.
(3) the indexing rate:
(a) the indexing rate for a benefit fully-indexed by the rate of increase in the Pension Index is calculated in the manner described in the CIA Standards;
(b) the indexing rate for a benefit indexed by the excess of the rate of increase in the Pension Index (PI) over 3% or by half of the rate of increase in the Pension Index corresponds respectively to the excess of the indexing rate calculated in the manner provided in subparagraph a over 3% or by half the indexing rate calculated in the manner provided in that subparagraph.
In order to take into account inflation rate variations, the following additions are made to the results of the effective indexing formulas for actuarial value calculation 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. IR-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
___________________________________________________________________________________
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. IR-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) the turnover rate: Nil
(5) the disability rate: Nil
(6) the 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) the age difference between spouses at death:
(a) the male spouse of the beneficiary is assumed to be 1 year older;
(b) the female spouse of the beneficiary is assumed to be 4 years younger.
In this section, the expression “CIA Standards” refers to the standards of practice entitled Practice-Specific Standards for Pension Plans-3800 Pension Commuted Values of the Canadian Institute of Actuaries, effective since 1 February 2005 and periodically revised.
