Former Members of Parliament Elections for Joint and Survivor Benefits Regulations — 9
9 (1) Subject to section 10, the amount of the monthly instalment of a joint and survivor benefit payable to the former member is equal to the amount obtained by subtracting from the former member’s monthly instalment of the allowances to which the former member is entitled under Parts I and II of the Act immediately before the election, an amount determined as follows: (a) calculate the actuarial present value of the allowances to which the former member is entitled under Parts I and II of the Act immediately before the election, and the supplementary benefits payable in respect of those allowances under Part IV of the Act, taking into account the death benefit payable in accordance with section 61 of the Act; (b) convert the amount determined in accordance with paragraph (a) into the following benefits, each of which has the same actuarial present value, namely, (i) an immediate single life annuity that is payable to the former member by monthly instalments beginning on the first day of the month after the month in which the election is made, and that is determined taking into account the supplementary benefits payable under Part IV of the Act, as if the annuity were an allowance payable under Parts I and II of the Act, and (ii) a benefit that consists of (A) an immediate annuity that is payable, during the life of the former member, by monthly instalments beginning on the first day of the month after the month in which the election is made, and that is determined taking into account the percentage, namely 40, 50 or 60 per cent of the former member’s joint and survivor benefit, that the former member elects to allocate to the spouse and the supplementary benefits payable under Part IV of the Act, as if the immediate annuity were an allowance payable under Parts I and II of the Act, and (B) a surviving spouse’s annuity that is payable, during the life of the former member’s surviving spouse, by monthly instalments beginning on the day after the day on which the former member died and that is equal to 40, 50 or 60 per cent, in accordance with the election made by the former member, of the immediate annuity determined in accordance with clause (A), and that is determined taking into account the supplementary benefits payable under Part IV of the Act, as if the surviving spouse’s annuity were an allowance payable under Parts I and II of the Act; and (c) subject to subsection (2), subtract the amount of the first monthly instalment of the annuity referred to in clause (b)(ii)(A) from the first monthly instalment of the annuity referred to in subparagraph (b)(i) and adjust the amount to take into account (i) that the joint and survivor benefit is payable to the former member during the least of (A) the period of the life of the former member, (B) the period of the life of the spouse, and (C) the duration of the marriage, and (ii) that the joint and survivor benefit begins to be payable in the month referred to in section 15. (2) For the purpose of paragraph (1)(c), where the calculation of the joint and survivor benefit is made for a former member in respect of whom a death benefit would be payable if the former member were to die on the day on which the election was made, the actuarial present value that is converted in accordance with subparagraph (1)(b)(i) shall not take into account the amount of that death benefit.