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SNL1994

CHAPTER P-4.1

PENSION CONTRIBUTIONS REDUCTION ACT

Amended:

1995 c13 s11; 1995 c24 s7

CHAPTER P-4.1

AN ACT RESPECTING REDUCTIONS OF PENSION CONTRIBUTIONS BY EMPLOYERS IN THE

PUBLIC SECTOR

(Assented to December 16, 1994)

Analysis

Short title

GOVERNMENT MONEY PURCHASE PENSION PLAN ACT

S.4 Amdt.

Deduction amounts

PUBLIC SERVICE PENSIONS ACT, 1991

S.6 Amdt.

Deductions paid to fund

S.18 Amdt.

Calculation of pension

S.33 Amdt.

Regulations generally

GENERAL

Collective agreements overridden

When sections apply

Amounts to be remitted to Crown

Payments out of fund

When sections apply

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

Short title

This Act may be cited as the Pension Contributions Reduction Act.

1994 cP-4.1 s1

GOVERNMENT MONEY PURCHASE PENSION PLAN ACT

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RSN1990 cG-6

(1) Section 4 of the Government Money Purchase Pension Plan Act

is amended by adding immediately after subsection (3) the following:

(4) The government of the province may reduce its contribution under subsection (2), either for all its employees or for a group of its employees, by an amount that the Lieutenant-Governor in Council prescribes, but the amount of the reduction shall not exceed 1.05% of the earnings of the government's employees to whom the reduction applies.

(5) A participating employer that is not the government of the province shall, where directed to do so by order of the Lieutenant-Governor in Council, reduce the participating employer's contribution under subsection (2)

(

a) either for all its employees or for a group of its employees; and

(

b) by an amount, which shall not exceed 1.05% of the earnings of the employer's employees to whom the order applies,

as directed by the order.

1994 cP-4.1 s2

PUBLIC SERVICE PENSIONS ACT, 1991

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1991 c.12 as amended

(1) Section 6 of the Public Service Pensions Act, 1991

is amended by adding immediately after subsection (4) the following:

(5) Notwithstanding subsection (2) or (3), the government of the province may reduce the contribution under subsection (2) or (3), either for all its employees or for a group of its employees, by an amount that the Lieutenant-Governor in Council may prescribe, but the amount of the reduction shall not exceed 1.05% of the salaries of the government's employees affected by the reduction.

(6) An employer that is not the government of the province shall, where directed to do so by order of the Lieutenant-Governor in Council, reduce the participating employer's contribution under subsection (2)

(

a) either for all its employees or for a group of its employees; and

(

b) by an amount, which shall not exceed 1.05% of the salaries of the employer's employees to whom the order applies,

as directed by the order.

(7) (2)

Section 18 of the Act is amended by adding immediately after subsection (6) the following:

(7) Notwithstanding subsection (1), where the contribution to the pension plan of the government of the province or another employer to whom this Act applies is reduced under subsection 6(5) or (6) and an employee affected by the reduction does not make a compensating contribution under subsection 6(7), the formula set out in subsection (1) respecting the calculation of an award of pension shall be adjusted to reduce the employee's award of pension proportionately.

(3) Paragraph 33(1)(

g) of the Act is amended by adding immediately before the figure "8" the figure and comma "6,".

1994 cP-4.1 s3

GENERAL

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Collective agreements overridden

(1) Where this Act conflicts with a collective agreement or another contractual arrangement, this Act shall apply.

(2) The operation of this Act does not give rise to a cause of action and a court shall not make a determination or award for an injury suffered as a result of the operation of this Act.

1994 cP-4.1 s4

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When sections apply

This Act is considered to have come into force on

April 1, 1994

and, except for subsection 3(3) and

section 4, applies to the period

April 1, 1994

March 31, 1996

only.

1994 cP-4.1 s5

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Amounts to be remitted to Crown

Where an employer reduces its contributions to a pension plan as provided for by

An Act To Amend The Government Money Purchase Pension Plan Act, The Public Service Pensions Act, The Teachers' Pensions Act, The Uniformed Services Pensions Act, 1991

and The Memorial University Pensions Act

or this Act, the amount by which the reduced contribution differs from the amount that the employer would otherwise have contributed to the pension plan shall be remitted to the Crown as directed by the Lieutenant-Governor in Council.

1994 cP-4.1 s6

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Payments out of fund

Notwithstanding

section 11 of the Pensions Funding Act,

amounts remitted to the Crown under

section 6 and deposited shall be paid out as directed by the Minister of Finance.

1994 cP-4.1 s7 ; 1995 c13 s11

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When sections apply

Sections 6 and 7 are considered to have come into force on

April 1, 1993

1994 cP-4.1 s8

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