Public Service Superannuation Act — P-36 13.001
Group 2 contributors with two or more years of pensionable service 13.001 (1) The following provisions are applicable in respect of any Group 2 contributor described in subsection 12.1(1) who has to his or her credit two or more years of pensionable service: (a) if the contributor ceases to be employed in the public service, having reached 65 years of age, he or she is entitled to an immediate annuity; (b) if the contributor ceases to be employed in the public service, not having reached 65 years of age, by reason of having become disabled, he or she is entitled to an immediate annuity; (c) if the contributor ceases to be employed in the public service, not having reached 65 years of age, for any reason other than disability, he or she is entitled to (i) if at the time he or she ceases to be so employed, he or she has reached 60 years of age and has to his or her credit not less than 30 years of pensionable service, an immediate annuity, or (ii) in any other case, at his or her option, (A) a deferred annuity, (B) if at the time he or she ceases to be so employed, he or she has reached 55 years of age and has to his or her credit not less than 25 years of pensionable service, an annual allowance, payable immediately on his or her exercising his or her option, equal to the amount of the deferred annuity referred to in clause (A) reduced by the product obtained by multiplying 5% of the amount of that annuity by (I) 60 minus his or her age in years, to the nearest 1/10 of a year, at the time he or she exercises his or her option, or (II) 30 minus the number of years, to the nearest 1/10 of a year, of pensionable service to his or her credit, whichever is the greater, (C) if at the time he or she ceases to be so employed, he or she has reached 60 years of age, has been employed in the public service for a period of or for periods totalling at least 10 years and does not voluntarily retire from the public service, an annual allowance, payable immediately on his or her so ceasing to be employed, equal to the amount of the deferred annuity referred to in clause (A) reduced by the product obtained by multiplying (I) 5% of the amount of that annuity by (II) 30 minus the number of years, to the nearest 1/10 of a year, of pensionable service to his or her credit, except that in any such case the whole or any part of the reduction provided for by this clause may be waived by the Treasury Board, (C.1) subject to subsection (1.1), if at the time the contributor exercises their option under this clause a workforce reduction initiative is in effect, and if at the time they cease to be so employed they have reached 55 years of age and have been employed in the public service for a period of or for periods totalling at least 10 years, an annual allowance, payable immediately on their so ceasing to be employed, equal to the amount of the deferred annuity referred to in clause (A), or (D) an annual allowance, payable (I) immediately on his or her exercising his or her option, in the case of a contributor 55 or more years of age, or (II) on his or her reaching 55 years of age, in the case of a contributor who exercises his or her option when he or she is less than 55 years of age, which allowance shall be equal to the amount of the deferred annuity referred to in clause (A) reduced by the product obtained by multiplying (III) 5% of the amount of that annuity by (IV) 65 minus his or her age in years, to the nearest 1/10 of a year, at the time the allowance becomes payable; and (d) if he or she becomes disabled, not having reached 65 years of age but having become entitled to (i) a deferred annuity, he or she ceases to be entitled to that deferred annuity and becomes entitled to an immediate annuity, or (ii) an annual allowance, he or she ceases to be entitled to that annual allowance and becomes entitled to an immediate annuity, which shall be adjusted in accordance with the regulations to take into account the amount of the annual allowance he or s