Members of Parliament Retiring Allowances Regulations — 7
7 (0.1) For the purpose of subsection (1) and paragraph (3)(b), the actuarial valuation report is the one that was most recently laid before Parliament, in accordance with subsection 65(1) of the Act, before the day on which the member makes the election or, if that report was laid before Parliament in the month in which that day falls or in the preceding month, the report that was laid before Parliament immediately before that report. (1) When a member has elected to pay in instalments in respect of any period of service for which they have elected to pay into the accounts, (a) the first instalment is due and payable on the last day of the month in which the election made by the member is received by the Minister, and succeeding instalments are payable during the lifetime of the member in equal amounts, with the exception of the last instalment, which may be less in amount than the preceding instalments, all instalments to be fully paid within a period of 20 years from the day on which the member makes the election and to be calculated in accordance with the mortality rates used in the preparation of the actuarial valuation report with interest at (i) the rate of 4% per annum, where the election is made before April 7, 1970 or after September 20, 2000, and (ii) the rate of 8% per annum, where the election is made during the period beginning on April 7, 1970 and ending on September 20, 2000; and (b) the member may from time to time amend their payment plan to provide for payment of the instalments still to be paid (i) by a lump sum, (ii) by larger monthly instalments on a basis similar to that described in paragraph (a) calculated as of the date of the amendment, or (iii) by a lump sum and monthly instalments on a basis similar to that described in paragraph (a) calculated as of the date of the amendment and payable within the same or a lesser period than that previously arranged under paragraph (a), or (iv) by smaller monthly instalments on a basis similar to that described in paragraph (a), calculated as of the date of the amendment and payable within a longer period than that previously arranged under paragraph (a), if they amend their payment plan in the time which they may elect under the Act to contribute in respect of previous sessions. (2) When a member has elected to pay a lump sum under paragraph 57(1)(a) of the Act and that sum has not been paid in full by the member within a period of 30 days after the day on which they make the election, the member is deemed to have elected to pay the amount owing by instalments calculated in accordance with subsection (1)(a). (3) When an allowance is payable to a person under the Act and they are in default in respect of any instalment payable by them under this section, recovery may be made at any time by deductions or set-off out of any amount payable to them, as they elect, a) by lump sum immediately; or b) by monthly instalments — calculated in accordance with the mortality rates used in the preparation of the actuarial valuation report with interest at the rate set out in subparagraph (1)(a)(i) or (ii), whichever is applicable — for the shorter of (i) the lifetime of the person, or (ii) the remainder of the period during which instalments under this section are to be paid. (4) Any amount payable under subsection 57(2) of the Act by a member or former member that remains unpaid at the time of their death and that is not paid within 30 days after the date of a demand by the Minister to the survivor of the member or former member, or if there is no such person, to the children of the member or former member to whom an allowance is payable, must be recovered by deductions as set out in subsections (4.1) to (4.4). (4.1) Deductions must be made over the period required to pay the amount in monthly instalments equal to 10% of the gross monthly amount of the allowance payable to the person in question under the Act. (4.2) Deductions must be made from the gross monthly amount of the