PART I INTERPRETATION
 24. (1) In this section, “bank deposit rate” means, as of a particular date, the rate calculated on the basis of the average of the yields of five-year personal fixed-term chartered bank deposit rates using the rate reported for the last Wednesday of each month
as determined from the Canadian Socio-Economic Information Management System (CANSIM) series V80691336 compiled by Statistics Canada and available on the website maintained by the Bank of Canada, over a reasonably recent period such that the averaging period does not exceed 12 months; (“taux servi sur les dépôts bancaires”) “pension fund rate of return” means, as of a particular date in relation to a contribution to a particular pension plan, such rate of return, over a reasonably recent period that does not exceed 12 months, as can reasonably be attributed to the operation of the pension fund or to the part of the pension fund to which the contribution is made.  (“taux de rendement de la caisse de retraite”)  O. Reg. 178/12, s. 23 (2); O. Reg. 287/20, s. 6. (2) The following rules govern the crediting of interest on contributions made by or on behalf of members, former members and retired members to a pension plan that provides defined contribution benefits: 1.  Crediting of interest:  The contributions and additional voluntary contributions made to the pension fund by or on behalf of members, former members and retired members must be credited, at least annually, with interest calculated in accordance with this subsection. 2.  Accrual:  The interest on a contribution begins to accrue no later than the first day of the month after the month in which the contribution must be paid into the pension fund or, in the case of an additional voluntary contribution, no later than the first day of the month after the month in which the contribution is paid into the pension fund. 3.  Rate:  The interest on contributions, other than additional voluntary contributions, must be calculated at a rate that is not less than the pension fund rate of return.  However, if the pension benefits are guaranteed by an insurance company, interest on the contributions must be calculated at a rate that is not less than the bank deposit rate. 4.  Rate for additional voluntary contributions:  The interest on additional voluntary contributions must be calculated at the pension fund rate of return. 5.  Averaging the rate:  When crediting contributions or additional voluntary contributions made during a fiscal year of a pension plan, the administrator may use an average rate for that fiscal year determined in accordance with paragraph 3 or 4 instead of the particular rate in effect when the interest is accrued.  O. Reg. 178/12, s. 23 (2). (3) The following rules govern the crediting of interest on contributions made by members, former members and retired members to a pension plan that provides defined benefits: 1.  Crediting of interest:  The contributions and additional voluntary contributions made to the pension fund by members, former members and retired members must be credited, at least annually, with interest calculated in accordance with this subsection. 2.  Accrual:  The interest on a contribution begins to accrue no later than the first day of the month after the month in which the contribution must be paid into the pension fund or, in the case of an additional voluntary contribution, no later than the first day of the month after the month in which the contribution is paid into the pension fund. 3.  Rate:  The interest on contributions, other than additional voluntary contributions, must be calculated at a rate that is not less than the bank deposit rate.  However, there are two exceptions to this requirement.  If the pension plan so provides, the interest on the contributions may be calculated at a rate that is not less than the pension fund rate of return.  If the pension benefits are guaranteed by an insurance company, interest on the contributions must be calculated at a rate that is not less than the bank deposit rate. 4.  Rate for additional voluntary contributions:  The interest on additional voluntary contributions must be calculated at such rate of return as can reasonably be attributed to the operation of the pension fund or to the part of the pension fund to which the contributions are made. 5.  Averaging the rate:  When crediting contributions or additional voluntary contributions made during a fiscal year of a pension plan, the administrator may use an average rate for that fiscal year determined in accordance with paragraph 3 or 4 instead of the particular rate in effect when the interest is accrued.  O. Reg. 178/12, s. 23 (2). (4) For a pension plan that provides both defined contribution benefits and defined benefits, the contributions must be credited with the interest described in subsection (2) or (3), whichever is appropriate in the circumstances.  O. Reg. 178/12, s. 23 (2). (5) Upon the termination of employment or membership of a member, the contributions, if any, made by or on behalf of the member during that fiscal year must be credited with interest at the rate most recently calculated in accordance with subsection (2) or (3), as the case requires, and interest must be credited at least to the month in which the termination occurred.  O. Reg. 178/12, s. 23 (2). (6) This section applies with respect to contributions made after December 31, 1987.  O. Reg. 178/12, s. 23 (2). (7) This section applies with respect to contributions made before January 1, 1988 that remain in a pension fund after December 31, 1987.  O. Reg. 178/12, s. 23 (2).