Public Service Superannuation Act — P-36 47
Definitions 47 (1) In this Part, basic benefit , with respect to a participant, means an amount equal to twice the salary of the participant, if that amount is a multiple of one thousand dollars, or an amount equal to the nearest multiple of one thousand dollars above twice the salary of the participant, if the first-mentioned amount is not a multiple of one thousand dollars, subject to a reduction of ten per cent, to be made as of the time that the regulations prescribe, for every year of age in excess of sixty-five attained by the participant, except that (a) in the case of a participant who is employed in the public service, the basic benefit shall not be less than (i) an amount equal to one third of the participant’s salary, if that one-third is a multiple of one thousand dollars, or an amount equal to the nearest multiple of one thousand dollars above one third of the participant’s salary, if that one-third is not a multiple of one thousand dollars, or (ii) ten thousand dollars, whichever is the greater, (b) subject to paragraphs (c) and (d), in the case of an elective participant who, on ceasing to be employed in the public service, on ceasing to be a member of the regular force or on ceasing to be required to contribute to the Retirement Compensation Arrangements Account by section 8 or 9 of the Retirement Compensation Arrangements Regulations, No. 1 , was entitled to an immediate annuity, or an immediate annual allowance, the basic benefit shall not be less than ten thousand dollars, (c) in the case of an elective participant who makes an election under subsection 52(2), the basic benefit shall be five hundred dollars, (d) in the case of an elective participant who makes an election under subsection 52(2.1), the basic benefit shall be five thousand dollars, and (e) in the case of an elective participant who makes an election under subsection 52(2.2), the basic benefit shall be subject to a reduction of ten per cent, to be made as of the time that the regulations prescribe, for every year of age in excess of sixty attained by the participant; ( prestation de base ) benefit means the amount payable in respect of a participant under section 54; ( prestation ) Crown corporation means a Crown corporation as defined in section 83 of the Financial Administration Act , except any such corporation specified in Part I of Schedule I to this Act; ( société d’État ) elective , as applied to a participant, means that the participant comes within paragraph (c) or (d) of the definition “participant” in this section; ( volontaire ) immediate annual allowance means an annual allowance payable within thirty days after the day on which a participant ceases to be employed in the public service after March 31, 1995, or ceases to be required to contribute to the Retirement Compensation Arrangements Account by section 8 or 9 of the Retirement Compensation Arrangements Regulations, No. 1 ; ( allocation annuelle immédiate ) participant means (a) a person who is required by section 5 to contribute to the Superannuation Account or the Public Service Pension Fund, (b) an employee of a Crown corporation who is required to contribute to the Superannuation Account or the Public Service Pension Fund in respect of current service, (b.1) a person who is required to contribute to the Retirement Compensation Arrangements Account by section 8 or 9 of the Retirement Compensation Arrangements Regulations, No. 1 , (c) a person not coming within paragraphs (a) to (b.1) who has made an election under section 51 and continues to contribute under this Part, (d) a person not coming within paragraph (a), (b), (b.1) or (c) who has made an election under section 51 and to whom the basic benefit of ten thousand dollars referred to in paragraph (b) of the definition “basic benefit” in this subsection, or to whom the basic benefit of five hundred dollars referred to in paragraph (c) of that definition — or to whom the basic benefit of five thousand dollars referred to i