C.O.T.C. Pension Regulations

Regulations Respecting the Transfer of the Pensions of Employees of the Canadian Overseas Telecommunication Corporation His Excellency the Governor General in Council, pursuant to the Public Service Superannuation Act and Vote 520 of the Appropriation Act No. 5, 1961, is pleased hereby to make the annexed Regulations respecting the Transfer of the Pensions of Employees of the Canadian Overseas Telecommunication Corporation, effective November 1, 1961. These Regulations may be cited as the C.O.T.C. Pension Regulations. In these Regulations, Act means the Public Service Superannuation Act; (Loi) Corporation and C.O.T.C. means the Canadian Overseas Telecommunication Corporation; (Société et S.C.T.T.) former employer means the Pacific Cable Board, Eastern Telegraph Company, Western Telegraph Company, Imperial and International Communications Limited, Cable and Wireless Limited and Canadian Marconi Company; (ancien employeur) Standard Life Plan means the group pension contract entered into between the Corporation and the Standard Life Assurance Company to which the Corporation has made contributions in respect of its employees; and (régime de la Standard Life) United Kingdom Plan means the Pacific Cable Board Pension Fund, the Eastern and Associated Telegraph Companies Pension Fund and the Communications Superannuation Fund of Cable and Wireless Limited to which the Corporation has made contributions in respect of its employees. (régime du Royaume-Uni) An employee of the Corporation who is a member of the Standard Life Plan or the United Kingdom Plan shall not become a contributor under the Act if he notifies the Minister of Finance in writing on or before January 1, 1962 of his election not to become a contributor. An employee who has notified the Minister of Finance of his election not to become a contributor pursuant to subsection (1) may, by notice to the Minister in writing on or before October 1, 1964, revoke such election and upon such notice being given by the employee, the election not to become a contributor shall be deemed to be revoked on October 1, 1964; and the employee shall become a contributor under the Act on October 1, 1964. In the case of an employee who has notified the Minister of Finance pursuant to subsection (2) of the revocation of an election made by the employee under subsection (1), the expression “November 1, 1961” set out in paragraph (b) of subsection (1) of section 4 of these Regulations shall be read as “September 30, 1964”; the expression “November 1, 1961” set out in section 6 of these Regulations shall be read as “October 1, 1964”; and the expression “November 1, 1961” set out in that portion of section 10 of these Regulations preceding paragraph (a) thereof shall be read as “October 1, 1964”. The Corporation shall pay to the Superannuation Account on or before March 31, 1966, in respect of each employee who is a member of the United Kingdom Plan and who becomes a contributor under the Act an amount equal to twelve per cent of the salary paid to that employee by the Corporation or a former employer in each year of pensionable service under that Plan prior to August 1, 1960; and thirteen per cent of the salary paid to each such employee by the Corporation during that part of the period from August 1, 1960, to November 1, 1961, that is pensionable service under that Plan, together with interest thereon at four per cent per annum calculated from July 1st in each such year. Notwithstanding subsection (1), no payment shall be made by the Corporation to the Superannuation Account in respect of an employee described in subsection (1) for any year that is in excess of his thirty-fifth year of pensionable service under that plan. The Corporation shall pay to the Superannuation Account on or before March 31, 1966, an amount equal to in the case of each male employee described in subsection (2) twelve per cent of the salary paid to each such employee by the Corporation or a former employer in each year of pensionable service under the Standard Life Plan prior to August 1, 1960, and thirteen per cent of the salary paid to each such employee by the Corporation during that part of the period from August 1, 1960, to November 1, 1961, that is pensionable service under the Standard Life Plan together with interest thereon at four per cent per annum calculated from July 1st in each year in respect of salary paid prior to April 1, 1952, and four per cent compounded annually calculated from July 1st in each year in respect of salary paid between March 31, 1952, and November 1, 1961; in the case of each female employee described in subsection (2), ten per cent of the salary paid to each such employee by the Corporation or a former employer in each year of pensionable service under the Standard Life Plan prior to November 1, 1961, together with interest thereon at four per cent per annum calculated from July 1st in each year in respect of any salary paid prior to April 1, 1952, and four per cent compounded annually calculated from July 1st in each year in respect of any salary paid between March 31, 1952, and November 1, 1961; the amount the Corporation has received from the Standard Life Assurance Company in respect of those employees who have left the employment of the Corporation on or before October 31, 1961, together with interest thereon at four per cent per annum calculated from the end of the month in which that employee left the employment of the Corporation until November 1, 1961; minus an amount equal to the total contributions made by those employees described in subsection (2), the Corporation and Canadian Marconi Company to the Standard Life Assurance Company under the Standard Life Plan together with the total interest accumulated thereon prior to November 1, 1961. Subsection (1) applies only with respect to those employees of the Corporation who are members of the Standard Life Plan; become contributors under the Act; [Repealed, SOR/62-113, s. 1] assign to the Corporation all benefits they or their heirs are entitled to under the Standard Life Plan. Notwithstanding subsection (1), no payment shall be made by the Corporation to the Superannuation Account in respect of any employee described in subsection (2) for any year that is in excess of his thirty-fifth year of pensionable service under that Plan. No annuity or annual allowance shall be paid under the Act to or in respect of an employee of the Corporation who becomes a contributor under the Act in respect of service prior to November 1, 1961, unless that employee delivers to the Corporation an assignment to it of all benefits he or his heirs are entitled to under the Standard Life Plan or United Kingdom Plan and authorizes the payment to the Corporation of any equity he has in those Plans in respect of that service. The Corporation shall pay to the Superannuation Account any amount owing to the Corporation by the Standard Life Assurance Company in respect of any employee of the Corporation who is a member of the Standard Life Plan and leaves the employment of the Corporation after October 31, 1961. On or after November 1, 1961, the Corporation shall pay to the Superannuation Account interest at the rate of four per cent per annum on any amount described in sections 4 and 5 that is outstanding after that date. Where no record can be found of the salary paid in any year to an employee by the Corporation or a former employer, the annual salary paid to that employee in the year next following for which a record is available shall be deemed to be the salary paid to that employee in any former year for which a record cannot be found. Where an employee of the Corporation became a contributor under the Act on November 1, 1961, any period of service to his credit under the Standard Life Plan if, before November 1, 1962, he assigns to the Corporation all benefits to which he or his heirs are entitled under that Plan, or under the United Kingdom Plan, shall be deemed to be or to have been pensionable service for all purposes of the Act. Where the Corporation on or before March 31, 1963 pays into the Superannuation Account an amount, as determined by the Treasury Board, in respect of the estimated liability of the Corporation in accordance with the United Kingdom Plan, there may be paid out of that Account to or in respect of former employees of the Corporation who were members of the United Kingdom Plan, and are listed in the Schedule to these Regulations, the pensions and death benefit, if applicable, to which those persons were entitled under the United Kingdom Plan. For the purposes of subsection (1), the amount payable in respect of the estimated liability of the Corporation in accordance with the United Kingdom Plan or in respect of any pension payable under that subsection shall not include any amount payable in accordance with the United Kingdom Plan in respect of the payment of income tax on the pension. No pension or other benefit shall be paid out of the Superannuation Account to or in respect of any former employee of the Corporation under subsection (1), unless that former employee has delivered to the Corporation an assignment of all benefits to which he or his estate is entitled under the United Kingdom Plan and has authorized payment to the Corporation of any equity he has in that Plan. H.C. Pendle C.N. Elliston M.C.J. Coe C.H. Ryde