Public Service Superannuation Act — P-36 11
Computation of annuities 11 (1) The amount of any annuity to which a contributor may become entitled under this Part is an amount equal to the aggregate of (a) an amount equal to (i) the number of years of pensionable service to the credit of the contributor occurring in the period preceding the day on which this subsection comes into force, not exceeding thirty-five, divided by fifty, multiplied by (ii) the average annual salary received by the contributor during any five-year period of pensionable service selected by or on behalf of the contributor, or during any period so selected consisting of consecutive periods of pensionable service totalling five years, or (iii) in the case of a contributor who has to the contributor’s credit less than five years of pensionable service, the average annual salary received by the contributor during the period of pensionable service to the contributor’s credit; and (b) an amount equal to (i) the number of years of pensionable service to the credit of the contributor occurring in the period on and after the day on which this subsection comes into force, not exceeding thirty-five years less the number of years of pensionable service to the credit of the contributor under subparagraph (a)(i), divided by fifty, multiplied by the lesser of (ii) the average annual salary received by the contributor during the period referred to in subparagraph (a)(ii) or (iii), as applicable, and (iii) the annual rate of salary that is fixed by the regulations made under paragraph 42.1(1)(a), or that may be determined in the manner prescribed by those regulations, and in force on the day on which the contributor most recently ceased to be employed in the public service. Deduction from annuity (2) Notwithstanding subsection (1), unless the Minister is satisfied that a contributor (a) has not reached the age of sixty-five years, and (b) has not become entitled to a disability pension payable under paragraph 44(1)(b) of the Canada Pension Plan or a provision of a provincial pension plan similar to the Canada Pension Plan , there shall be deducted from the amount of any annuity to which that contributor is entitled under this Part an amount equal to the percentage, as set out in subsection (2.1), of (c) the average annual salary received by the contributor during the period of pensionable service described in subsection (1) applicable to him or her, not exceeding his or her Average Maximum Pensionable Earnings, multiplied by (d) the number of years of pensionable service after 1965 to the credit of the contributor, not exceeding thirty-five, divided by fifty. Percentages (2.1) For the purposes of subsection (2), the percentage that applies in respect of a contributor is (a) 35%, if the contributor was born before 1943; (b) 34.25%, if the contributor was born in 1943; (c) 33.5%, if the contributor was born in 1944; (d) 32.75% if the contributor was born in 1945; (e) 32%, if the contributor was born in 1946; and (f) 31.25%, if the contributor was born after 1946. Definitions (3) For the purposes of subsection (2), Average Maximum Pensionable Earnings means, with respect to any contributor, the average of the Year’s Maximum Pensionable Earnings for the year in which the contributor (a) ceased to be employed in the public service, or (b) becomes entitled to receive a retirement pension under the Canada Pension Plan or a provincial plan similar thereto, whichever is the earlier, and for each of the four preceding years; ( moyenne des maximums des gains ouvrant droit à pension ) Year’s Maximum Pensionable Earnings has the same meaning as in the Canada Pension Plan . ( maximum des gains annuels ouvrant droit à pension ) Air traffic controller benefits (4) For the purpose of paragraph (a) of the definition Average Maximum Pensionable Earnings in subsection (3) when applied in computing the annuity payable to a contributor pursuant to subsection 17(2), that contributor shall be deemed to have ceased to be employed in the pu