Members of Parliament Retiring Allowances Act — M-5 33
lection was made on or after July 13, 1995 and before January 1, 2001, a contribution equal to three per cent if the member has not reached 71 years of age at the time of the making of the election, or equal to seven per cent if the member has reached that age at that time, of the aggregate of amounts paid to the member as a member of the Senate in respect of that previous session by way of sessional indemnity, (ii) where the election was made before July 13, 1995, a contribution equal to seven per cent if the member has not reached 71 years of age at the time of the making of the election, or equal to eleven per cent if the member has reached that age at that time, of the aggregate of amounts paid to that member as a member of the Senate in respect of that previous session by way of salary or annual allowance, if the member so elects to contribute in respect of that salary or annual allowance under this subparagraph and, where applicable, subsection (2), (iii) where the election was made on or after July 13, 1995 and before January 1, 2001, a contribution equal to five per cent if the member has not reached 71 years of age at the time of the making of the election, or equal to nine per cent if the member has reached that age at that time, of the aggregate of amounts paid to that member as a member of the Senate in respect of that previous session by way of salary or annual allowance, if the member so elects to contribute in respect of that salary or annual allowance under this subparagraph and, where applicable, subsection (2), (iv) if the election was made on or after January 1, 2001 and the sessional indemnity paid in respect of the session exceeds his or her earnings limit for the calendar year, (A) if the member makes the election before reaching 69 years of age, (I) a contribution equal to the total of 4% of the portion of the sessional indemnity that exceeds the earnings limit and 3% of the sessional indemnity, and (II) a contribution equal to 7% of the total of his or her salary and annual allowance, if the member elects to contribute in respect of those amounts, and (B) if the member has reached 69 years of age at the time of the election, (I) a contribution equal to 7% of the sessional indemnity, and (II) a contribution equal to 7% of the total of his or her salary and annual allowance, if the member elects to contribute in respect of those amounts, and (v) if the election was made on or after January 1, 2001 and the sessional indemnity paid in respect of the session does not exceed his or her earnings limit for the calendar year, (A) if the member makes the election before reaching 69 years of age, (I) a contribution equal to 3% of the sessional indemnity, and (II) if the member elects to contribute in respect of any salary or annual allowance, a contribution equal to 3% of the portion of salary or annual allowance that, in combination with the sessional indemnity, does not exceed the earnings limit and a contribution equal to 7% of the portion that, in combination with the sessional indemnity, exceeds the earnings limit, and (B) if the member makes the election after reaching 69 years of age, (I) a contribution equal to 7% of the sessional indemnity, and (II) a contribution equal to 7% of the total of his or her salary and annual allowance, if the member elects to contribute in respect of those amounts; and (c) the interest on that contribution calculated at a rate and in the manner prescribed from the day on which the final payment by way of sessional indemnity, salary or annual allowance, as the case may be, was made to the member in respect of that session to the day on which the election is made. Contributions in respect of previous period (1.1) If a member elects under subsection 32(1.1) to contribute to the Compensation Arrangements Account in respect of the period referred to in that subsection, the member shall pay into the Consolidated Revenue Fund (a) a contribution equal to five per cent if the member ha