Public Service Superannuation Regulations — 5
5 (1) Where a contributor has elected to pay in instalments in respect of any period of service for which they have elected to pay into the Superannuation Account (a) the first instalment shall be due and payable at the end of the month in which the election made by the contributor has been received by the Minister or by a person designated by the Minister pursuant to paragraph 14(1)(b) and succeeding instalments shall be payable monthly thereafter during the life of the contributor in equal amounts, except with respect to the last instalment which may be less in amount than the preceding instalments, (i) the total number of instalments to be fully paid prior to the time when the contributor reaches 65 years of age if the first instalment is due and payable prior to the time the contributor reaches 45 years of age, and (ii) the total number of instalments to be fully paid within a period of 20 years if the first instalment is due and payable subsequent to the time the contributor reaches 45 years of age, computed in accordance with Canadian Life Table No. 2 (1941), Males or Females, as the case may be, with interest at the rate of four per cent per annum; (b) they 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); and (c) in the case of an election involving more than one type or period of service where one or more of those periods is found to be invalid, they may reduce the payment to the minimum required for the valid period or periods of service so long as the period within which they pay for the said valid service is not lengthened. (2) Where a contributor defaults in respect of an instalment payable by them, the Minister shall forthwith demand payment from the contributor of the amount in default (except that where a contributor is on leave of absence without pay the Minister shall not make such a demand until they cease to be on leave of absence without pay) and thereupon the amount in default, with interest as provided in subsection (7) to the date of demand, shall be payable, (a) in a lump sum immediately, or (b) in monthly instalments for the lesser of (i) the life of the contributor, or (ii) the remainder of the period during which instalments under subsection (1) are to be paid, as the contributor elects, the value of which, calculated as of the date of election of the contributor under this subsection, in accordance with Canadian Life Table No. 2 (1941), Males or Females, as the case may be, with interest at the rate of four per cent per annum, is the amount that is in default with interest to the date of demand; and if the contributor does not elect within 30 days from the date of the demand, they shall be deemed to have chosen the method specified in paragraph (b). (3) A contributor to whom subsection (2) applies, in lieu of making an election under that subsection, may, before the expiration of the 30-day period mentioned therein, elect, subject to the approval of the Minister, to pay the instalments in default, with interest (notwithstanding subsection (7)) at the rate of four per cent per annum from the due date of each defaulted instalment until payment thereof, over a period equal to the period that the contributor is in default, such period to commence (a) 30 days after the end of the period during which the contributor is paying the contributions mentioned in subsection (1) that have not been in default, or (b) the last day of the month in which the contributor makes an election under this subsection, whichever is later; and if the contributor dies before all of the