Document ID: chunk:federal_register_of_legislation:C1971A00046:body:0:p18
Version: federal_register_of_legislation:C1971A00046
Segment Type: other
Provision Reference: 
Character Range: 40389–42968

under section twenty-four of this Act may specify different numbers of units of pension as having been equivalent to the amount refunded to him from the Public Service Superannuation Fund upon his ceasing to be a contributor to that Fund, according to whether or not the employee makes such an election after the determination is made.

Board to make determinations on actuarial advice.
"110b.—(1.) The Board shall make a determination for the purposes of this Part only after receiving advice in writing from an actuary.
"(2.) Where, in pursuance of this Part, the Board has power to make a determination in relation to a matter, the power shall be construed as including a power, exercisable in the like manner and subject to the like conditions (if any), to vary a determination so made.
"(3.) In furnishing advice to the Board in relation to the determination by the Board, for the purposes of section one hundred and nine or section one hundred and ten of this Act, of the number of units of pension that were equivalent to an amount refunded to a person from a Public Service Superannuation Fund, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including—
     (a) the age of the person at the date on which he became a contributor;
     (b) whether the person has made an election under section twenty-four of this Act;
     (c) the respective rates of mortality, invalidity and withdrawal from the Fund that are assumed, for the purposes of the advice, to apply in relation to the class of contributors in which the person is included; and
     (d) the rates of interest that it is assumed, for the purposes of the advice, will be earned by the assets of the Fund.
"(4.) For the purpose of any advice to be furnished to the Board by an actuary in relation to the determination of the number of units of

pension that were equivalent to an amount refunded to a person from a Public Service Superannuation Fund, the amount so refunded shall be treated as if it were increased by an amount equal to two and one-half times that amount.

Part VIII. not to apply in certain cases.
"110c.—(1.) This Part does not apply in relation to an employee if, but for the refund to him of an amount from a Public Service Superannuation Fund, a transfer value referred to in paragraph (b), or a prescribed pension referred to in paragraph (d), of sub-section (1.) of section one hundred and nineteen h of this Act would have become payable to or in respect of him or deferred benefits referred to in paragraph (ƒ) of that