Third

Session, 47th General Assembly

Elizabeth II, 2014

BILL 39

AN ACT TO AMEND THE

PENSIONS FUNDING ACT AND THE PUBLIC SERVICE PENSIONS ACT, 1991

Received and Read the First Time .................................................................................................

Second Reading .................................................................................................................................

Committee ..........................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

ROSS WISEMAN

Minister of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Pensions

Funding Act and the Public Service Pensions Act, 1991 to reflect the

Public Service Pension Plan Reform Agreement executed on September 2, 2014.

The Pensions Funding Act would

be amended to exempt the public service pension plan under the Public

Service Pensions Act, 1991 from the Act, and, in particular, from the deficiency

guarantee under the Act.

The Bill would also transfer the

value of the assets contained in the pooled fund under the Pensions Funding Act respecting the public service pension plan to

the pension fund established under the Public

Service Pensions Act, 1991 .

The Public Service Pensions Act, 1991 would be amended to

establish

the Public Service Pension Plan Corporation, which would act as administrator

of the pension plan and trustee of the fund;

transfer the assets relating to the pension plan

under the Act from the pooled fund under the Pensions Funding Act into the Public Service Pension Plan Fund;

require

that the corporation and the board be bound by the joint sponsorship agreement;

require

government to deliver a promissory note that will amortize $2,685,000,000 over 30

years;

change

contribution rates and the method of pension and early retirement benefits calculation

in accordance with the reform agreement; and

make those other amendments as are necessary to

reflect the reform agreement, and to provide for the future administration of

the plan and management of the fund by the corporation.

A BILL

AN ACT TO AMEND THE PENSIONS FUNDING ACT

AND THE PUBLIC SERVICE PENSIONS ACT, 1991

Analysis

PENSIONS FUNDING ACT

S.3 Amdt.

Interpretation

2. S.5.1 Added

Transfer

3. S.9 Amdt.

Deficiency guarantee

PUBLIC

SERVICE PENSIONS ACT, 1991

S.2 Amdt.

Definitions

S.3 Amdt.

Application

S.4.1 Added

Fund established

S.5 Amdt.

Employee contributions

8. S.6 Amdt.

Deductions paid to fund

Ss.6.01 & 6.02 Added

6.01 Government payments

6.02 Termination and

wind-up

S.13 Amdt.

Transfer from Government Money Purchase Pension Plan

11. S.14 Amdt.

Reciprocity

12. S.16 R&S

Retirement

S.18 Amdt.

Calculation of pension

S.19 R&S

19. Pension upon

retirement

19.1 Pension upon

retirement - transitional

S.21 Amdt.

Offer of re-employment

16. S.25 Amdt.

When pensions payable

S.25.1 R&S

25.1 Indexing - persons in

receipt on coming into

force of

section

25.2 Indexing - persons in

receipt after the

coming into force

section

S.26 Amdt.

Pension payments

S.29 Amdt.

Error or misrepresentation

S.30 Amdt.

Rectification

S.31 Rep.

Committee

22. S.34 Amdt.

Regulations re certain employees

23. S.34.1 R&S

Directive of corporation or sponsor body

24. S.35 Amdt.

Appeal

25. S.36 Amdt.

Procedure

26. Ss.36.1 to 36.8 Added

36.1 Corporation

established

36.2 Application of Acts

to corporation

36.3 Objects of

corporation

36.4 Board

36.5 Corporation and board bound

36.6 Funded status of plan

36.7 No liability

36.8 Binding effect

27. S.37 R&S

Application of Acts, conflict

28. S.41 Amdt.

Income Tax Act ( Canada )

29. No liability

Act does not affect Provincial Court judges

31. Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

PENSIONS FUNDING ACT

RSNL1990 cP-6

as amended

1. Paragraph 3(

d) of the Pensions Funding Act is repealed.

2. The Act is amended by adding immediately after

section 5 the following:

Transfer

5.1 The

assets in the fund relating to the plan under the Public Service Pensions Act, 1991 are transferred to the Public

Service Pension Plan Fund established under

section 4.1 of that Act.

Section 9 of the Act is amended by renumbering it as subsection 9(1) and by adding

immediately after that subsection the following:

(2) Subsection (1) does not apply to the plan

established by the Public Service Pensions

Act, 1991.

PUBLIC SERVICE PENSIONS ACT, 1991

SNL1991 c12

as amended

(1) Paragraph 2(

a) of the Public Service Pensions Act, 1991 is

repealed and the following substituted:

(a) "actuarially reduced pension" means

a pension that has been reduced by an amount determined by an actuary that reflects

the fact that the pension is being paid from a date that is earlier than the

date the employee, based on his or her service, would be eligible for an

unreduced pension;

(a.1) "advanced retirement age" means the

end of the month in which the employee reaches the age of 58 years;

(2) The Act is amended by adding immediately after

paragraph 2(a.1) the following:

(a.2) "board" means the board of directors

of the corporation;

(3) Section 2 of the Act is amended by adding the

following:

(a.3) "Canada Pension Plan" means the Canada Pension Plan ,

chapter C-8 of the

Revised Statutes of Canada, 1985;

(4) The Act is amended by adding immediately after

paragraph 2(

c) the following:

(c.1) "corporation" means the Public

Service Pension Plan Corporation established under

section 36.1;

(5) Section 2 of the Act is amended by adding the

following:

(c.2) "deferred pensioner" means a person

who, under

section 7.1 has elected or is considered to have elected to receive

a deferred pension;

(c.3) "early retirement age" means the end

of the month in which the employee reaches the age of 60 years;

(6) The Act is amended by adding immediately after

paragraph 2(

e) the following:

(e.1) "employer" means an employer of

those persons included in the pension plan by

an Act of the Legislature or a

directive made under

section 34;

(7) The Act is amended by adding immediately after

paragraph 2(

f) the following:

(f.1) "fund" means the Public Service

Pension Plan Fund established under

section 4.1;

(f.2) "funding policy" means the funding

policy attached as Appendix A to the joint sponsorship agreement;

(8) Paragraphs 2(f.1) and (f.2) of the Act are

repealed and the following substituted:

(f.3) "government" means the government of

the province;

(9) The Act is amended by adding immediately after

paragraph 2(f.3) the following:

(f.4) "joint sponsorship agreement" means

the agreement relating to the joint sponsorship of the pension plan between government,

on the one part, and the Association of Allied Health Professionals, the

Canadian Union of Public Employees, the International Brotherhood of Electrical

Workers, the Newfoundland and Labrador Association of Public and Private

Employees and the Newfoundland and Labrador Nurses' Union, on the other part,

dated December 10, 2014 and includes the appendices to the agreement;

(10) Section 2 of the Act is amended by adding the

following:

(f.5) "life income fund" means life income

fund as defined in the Pension Benefits

Act Regulations ;

(f.6) "locked in retirement account" means

locked in retirement account as defined in the Pension Benefits Act Regulations ;

(11) Paragraph 2(

k) of the Act is repealed.

(12) Paragraph 2(

o) of the Act is repealed and the

following substituted:

(o) "prescribed", except as otherwise

indicated, means prescribed by the corporation;

(13) The Act is amended by adding immediately after

paragraph 2(

q) the following:

(q.1) "sponsor body" means the body appointed

in accordance with

section 4 of the joint sponsorship agreement;

(14) Paragraph 2(t.1) of the Act is repealed and

the following substituted:

(t.1) "terminating employee" means an

employee who terminates his or her employment or whose employment is terminated

for reasons other than disability and who is not retired, or entitled to

receive a pension under subsection 19(3), (4) or (5);

(t.2) "transitional period" means the

period of 5 years beginning on January 1, 2015;

5. Paragraph 3(2)(

a) of the Act is repealed and

the following substituted:

(

a) is excluded from this Act by a directive of

the corporation;

6. The Act is amended by adding immediately after

section 4 the following:

Fund established

4.1

(1) There

is established a fund to be known as the Public Service Pension Plan Fund.

(2) The fund shall be held in trust by the corporation.

(3) The assets relating to the pension plan contained

in the Newfoundland

and Labrador Pooled Pension Fund under the Pensions

Funding Act are transferred to the fund under the authority of

section 5.1

of that Act.

(4) In addition to subsection (3), there shall be

deposited into the fund

(

a) contributions made by employees and employers

under this Act;

(

b) the income of the fund; and

(

c) any other income arising from the operation of

the pension plan.

(5) Where an employer does not make a contribution

or deposit to the pension plan in the manner required by this Act, a penalty

shall be assessed and levied upon the amount of that contribution or deposit in

a manner directed by the corporation.

(6) There shall be paid out of the fund

(

a) pensions, refunds and payments as they fall

due under the pension plan;

(

b) the operating costs of the fund; and

(

c) other expenditures arising from the operation

of the pension plan.

(7) The assets of the fund may be pooled with the

assets of other pension plans, including government pension plans, for

investment purposes as directed by the corporation.

7. (1) Subsection 5(2) of the Act is repealed

and the following substituted:

(2) There shall be deducted from the salary of

every employee to whom the pension plan applies

(a) 10.75% of that portion of his or her salary

which is the basic exemption under the Canada Pension Plan;

(b) 8.95% of that portion of his or her salary in

excess of the basic exemption referred to in paragraph (

a) up to and including

the YMPE; and

(c) 11.85% of the portion of his or her salary which

is in excess of the YMPE.

(2) Section 5 of the Act is amended by adding

immediately after subsection (2) the following:

(2.1) Notwithstanding subsection (2), the sponsor

body may prescribe different amounts to be deducted from the salary of every employee

to whom the pension plan applies.

(3) Subsection 5(5) of the Act is amended by

deleting the words "pension fund" and substituting the word

"fund".

(4) Subsection 5(6) of the Act is amended by

deleting the words "pension fund" and substituting the word

"fund".

8. (1) Subsections 6(1) and (2) of the Act

are repealed and the following substituted:

Deductions paid

to fund

(1) The

government of the province shall pay out of the Consolidated Revenue Fund and

pay into the fund an amount equal to the contributions of its employees under

this Act unless otherwise directed by the sponsor body.

(2) The employers of those persons included in the

pension plan under

an Act of the Legislature or by a directive made under

section 34 shall pay into the fund an amount equal to the contributions of

their employees under this Act unless otherwise directed by the sponsor body.

(2) Subsection 6(4) of the Act is amended by

deleting the words "pension fund" and substituting the word

"fund".

(1) The Act is amended by adding

immediately after

section 6 the following:

Government payments

6.01

(1) The

government shall deliver a fully enforceable promissory note to the corporation

with the terms set out in this section.

(2) The promissory note shall amortize

$2,685,000,000 over 30 years in equal annual amounts of $195,000,000 payable in

quarterly instalments beginning on March 31, 2015.

(3) Payments made under subsection (2) shall be

fixed and made regardless of the funded status of the pension plan in the

future.

(4) The present value of the residual payments

described in subsection (2), discounted at 6%, shall be considered an asset of

the pension plan.

(5) The asset referred to in subsection (4) is a

non-investment asset which is non-marketable and non-transferrable and which

shall be used solely for the purpose of determining the funded ratio of the pension

plan.

Termination and

wind-up

6.02

(1) Where

the fund is to be terminated and wound up in accordance with the joint

sponsorship agreement, the assets of the fund shall be used to meet the accrued

benefit entitlements of employees, pensioners, deferred pensioners and any

other persons entitled to a benefit under the pension plan before any other

distribution may be made.

(2) Where the assets of the fund are insufficient to

secure the benefit entitlements referred to in subsection (1), the assets of

the fund shall be allocated to employees, pensioners, deferred pensioners and

any other persons entitled to a benefit under the pension plan on a pro-rated basis,

based on the actuarial present value of the accrued benefits of those persons

as of the date of the wind-up, and distributed in the manner determined by the

corporation.

(3) The government, an employee or an employer is not

required to pay any additional amount to the pension plan in respect of a

shortfall in the fund upon the wind-up of the pension plan.

(4) Nothing in subsection (3) affects in any way

government's obligation to continue to make payments under subsection 6.01(2)

in the manner contemplated in that subsection.

Section 13 of the Act is amended by deleting

the word "minister" and substituting the word "corporation".

11. Subsection 14(2) of the Act is repealed and the

following substituted:

(2) The corporation may enter into a reciprocal

agreement with a government, company, corporation, institution or legal entity

referred to in subsection (1) to give effect to the purposes set out in that

subsection and to provide for payments to be made into and out of the fund

under that agreement.

Section 16 of the Act is repealed and the

following substituted:

Retirement

(1) An

employee shall be retired under the pension plan

(

a) where he or she

makes an election under

section 19 or terminates employment upon reaching

normal retirement age, or, where he or she continues working past normal

retirement age, at the earlier of termination of employment or reaching the age

at which a pension benefit is required to begin under the Income Tax Act (Canada); or

(

b) where, after the employee has used up all sick

leave entitlement, he or she is unable to perform efficiently the duties of his

or her position or the duties of an alternative position owing to incapacity

that is medically certified to the satisfaction of the corporation as likely to

be permanent, from a date to be determined by the corporation.

(2) Notwithstanding subsection (1), where, during

the period an employee is on sick leave,

(

a) the employee's employment is terminated by

reason of redundancy;

(

b) the employee has not used up all his or her

sick leave benefits; and

(

c) the employee meets the requirements of this

section,

the employee shall be retired under the

pension plan from the date the employee's employment is terminated.

13. (1) Subsections 18(1) and (1.1) of the Act

are repealed and the following substituted:

Calculation of

pension

(1) A

pension awarded to an employee or seasonal employee is the product of 2% of the

average annual salary of the employee or seasonal employee for the highest 6

years of pensionable service before retirement, multiplied by the number of

years and months of credited pensionable service, but where the average of the

highest 5 years of the employee's pensionable service before the coming into

force of this

section is higher than the employee's highest 6 years, the

highest 5 years of pensionable service applies to the years and months of pensionable

service worked before the coming into force of this section.

(1.1) For the purpose of subsection 19(4), the pension

awarded under subsection (1) shall be reduced by 6% for each year that the employee's

age is less than the age at which his or her unreduced pension would start.

(2) Subsection 18(1.4) of the Act is amended by

deleting the word "minister" wherever it occurs and substituting the

word "corporation".

Section 19 of the Act is repealed and the

following substituted:

Pension upon

retirement

(1) This

section applies to all employees who accrue pensionable service after the coming

into force of this section, whether or not the employee also accrued pensionable

service before the coming into force of this section.

(2) Upon retirement in accordance with

section 16

or subsections (3) or (4), an employee shall be awarded a pension.

(3) An employee who

(

a) has reached normal retirement age and has not

less than 5 years of pensionable service;

(

b) has reached early retirement age and has not

less than 10 years of pensionable service; or

(

c) has reached advanced retirement age and has not

less than 30 years of pensionable service

may elect to retire and receive a pension

calculated and paid in accordance with

section 18 and the other provisions of

this Act.

(4) Notwithstanding subsection (3), an employee

who

(

a) has reached the age of 53 years and has not

less than 30 years of pensionable service; or

(

b) has reached the age of 58 years and the aggregate

of that employee's age and years of pensionable service is not less than 88

years

may elect to retire and receive a reduced

pension in accordance with subsection 18(1.1).

(5) Notwithstanding subsection (4), an employee or

former employee who has reached the age of 55 years and has been credited with

not less than 5 years of pensionable service may elect to retire and receive an

actuarially reduced pension.

Pension upon

retirement - transitional

19.1

(1) This

section applies to those persons who are eligible for retirement on the coming

into force of this

section or who become eligible for retirement in the

transitional period.

(2) In this

section

(a) "eligible for retirement" means

eligible for retirement under

section 19 of the Act as it existed before this

section came into force; and

(b) "prescribed employee" means an

employee who, by a directive of the minister under the Act as it existed before

this

section came into force, is eligible for retirement at the age of 55 years

with not less than 25 years of pensionable service.

(3) An employee or a prescribed employee who is or

who becomes eligible for retirement with an unreduced pension in the transitional

period may elect to retire in accordance with

section 19 as it existed before

this

section came into force at any time after reaching eligibility.

(4) A deferred pensioner who becomes eligible for

retirement with an unreduced pension in the transitional period shall retire in

the transitional period in accordance with

section 19 as it existed before this

section came into force.

(5) An employee or deferred pensioner who is or

who becomes eligible for retirement with a reduced pension in the transitional

period may elect to retire in that period in accordance with

section 19 as it

existed before this

section came into force.

(6) An employee who has at least 30 years of

pensionable service by the end of the transitional period may elect to retire

at any time after reaching the age of 55 years in accordance with

section 19 as

it existed before this

section came into force.

15. Subsection 21(2) of the Act is repealed.

16. Subsection 25(1) of the Act is repealed and the

following substituted:

When pensions

payable

(1) Pensions

shall be paid as directed by the corporation.

Section 25.1 of the Act is repealed and the

following substituted:

Indexing -

persons in receipt on coming into force of

section

25.1

(1) Persons

in receipt of a pension or a survivor benefit at the date of the coming into

force of this

section shall have their pensions indexed in accordance with

subsections (2) and (3).

(2) On October 1 in a year the amount of a pension

or survivor benefit being paid to a person who has reached the age of 65 shall

be adjusted by multiplying

(

a) the annual amount of the pension or survivor

benefit;

(b) 60% of the ratio that the Consumer Price Index

for the previous calendar year bears to the Consumer Price Index for the

calendar year immediately before the previous calendar year,

but the amount of any increase shall not

exceed 1.2% of the annual pension or survivor benefit.

(3) The amount of a pension or survivor benefit

being paid to a person shall not decrease by reason only of an adjustment under

subsection (2).

Indexing - persons

in receipt after the coming into force of

section

25.2

(1) Employees

who retire after the coming into force of this

section shall have their

pensions and survivor benefits indexed in accordance with subsections (2) and

(3).

(2) On October 1 in a year the portion of a

pension or survivor benefit being paid to a person who has reached age 65

relating to years and months of service credited before the coming into force

of this

section shall be adjusted by multiplying

(

a) the annual amount of the portion of pension or

survivor benefit relating to years and months of service credited before the

coming into force of this section;

(b) 60% of the ratio that the Consumer Price Index

for the previous calendar year bears to the Consumer Price Index for the

calendar year immediately before the previous calendar year,

but the amount of any increase shall not

exceed 1.2% of the annual pension or survivor benefit relating to the years and

months of service credited before the coming into force of this section.

(3) The amount of a pension or survivor benefit

being paid to a person shall not decrease by reason only of an adjustment under

subsection (2).

Section 26 of the Act is amended by deleting

the words "pension fund" wherever they occur and substituting the

word "fund".

Section 29 of the Act is amended by deleting

the word "minister" wherever it occurs and substituting the word

"corporation".

Section 30 of the Act is amended by deleting

the word "minister" and substituting the word "corporation".

Section 31 of the Act is repealed.

22. (1) Subsection 34(1) of the Act is amended

by deleting the word "minister" and substituting the words "corporation".

(2) Section 34 of the Act is amended by adding

immediately after subsection (3) the following:

(4) Where, before the coming into force of this subsection,

the minister issued a directive including in the pension plan persons employed

on a full-time basis, that directive shall continue in force for 3 months after

the coming into force of this subsection as if it had been made by the corporation

unless it has been superseded by a directive of the corporation under subsection

(1).

(5) A directive which has not been superseded

under subsection (4) shall expire at the end of the period referred to in that

subsection.

Section 34.1 of the Act is repealed and the

following substituted:

Directive of corporation

or sponsor body

34.1

(1) The

corporation or sponsor body, as applicable, may issue directives to give effect

to the purpose of this Act.

(2) Where, before the coming into force of this section,

the minister issued a directive to give effect to the purpose of this Act, that

directive shall continue in force for 3 months after the coming into force of

this subsection as if it had been made by the corporation or sponsor body, as

appropriate, unless it has been superseded by a directive of the corporation or

the sponsor body under the authority of subsection (1).

(3) A directive which has not been superseded

under subsection (2) shall expire at the end of the period referred to in that

subsection.

24. (1)

Section 35(1) of the Act is amended by

deleting the phrase "the minister or of the Lieutenant-Governor in Council"

and substituting the words "the corporation".

(2) Subsection 35(2) of the Act is amended by

deleting the phrase "the minister or the Lieutenant-Governor in Council"

and substituting the words "the corporation".

Section 36 of the Act amended by deleting the

word "minister" wherever it occurs and substituting the word

"corporation".

26. The Act is amended by adding immediately after

section 36 the following:

Corporation established

36.1

(1) There

is established a corporation without share capital to be known as the Public

Service Pension Plan Corporation.

(2) The head office of the corporation shall be at

St. John's .

(3) The corporation is not an agent of the Crown.

(4) The provisions of this

section and sections

36.2 to

section 36.7 constitute the articles of the corporation.

(5) A director or a person employed by the

corporation does not become, by reason of that office or employment only, an

officer or employee of the Crown.

Application of

Acts

to corporation

36.2

(1) The

Corporations Act , except

section 27,

paragraphs 31(a), (

d) and (e), sections 32, 167, 172, 190, 191, 198, 199, 200,

201, 204, 277, 278, 378, and subsection 422(1), does not apply to the corporation.

(2) The Lieutenant-Governor in Council, on the

recommendation of the sponsor body, may make regulations directing that additional

provisions of the Corporations Act

apply to the corporation, provided that those regulations do not conflict with

this Act.

(3) Where there is a conflict between a provision

referred to in subsection (1) and this Act, this Act prevails.

Objects of corporation

36.3 The

objects of the corporation are

(

a) to act as trustee of the fund; and

(

b) to act as administrator of the pension plan,

and to exercise those other powers and perform those other duties as may be

expressly conferred upon the corporation under the joint sponsorship agreement.

Board

36.4

(1) For

the exercise and discharge of the powers and duties of the corporation, there

shall be a board of directors comprised of not less than 6 and not more than 16

persons.

(2) A director of the corporation, in exercising his

or her powers and discharging his or her duties, shall

(

a) act honestly and in good faith with a view to

the best interests of the pension plan and for the benefit of all employees,

pensioners and deferred pensioners; and

(

b) exercise the care, diligence and skill that a

reasonably prudent person would exercise in comparable circumstances.

(3) The board, by resolution, may make, amend or

repeal by-laws that regulate the business or affairs of the corporation.

(4) By-laws made by the board shall not conflict

with the joint sponsorship agreement.

Corporation and

board bound

36.5 The

corporation and the board are bound by and shall act in accordance with the

joint sponsorship agreement as provided for in that agreement.

Funded status of

plan

36.6 Actuarial

surpluses and deficits relating to the pension plan shall be shared in

accordance with the funding policy as follows:

(a) 50% shall be shared with and borne by

government; and

(b) 50% shall be shared with and borne by the

members of the pension plan.

No liability

36.7 The

corporation is not liable for loss or damage suffered by another person because

of anything done or omitted to be done under or in the exercise or supposed

exercise of the powers conferred by this Act, where those powers have been

exercised in accordance with subsection 36.4(2).

Binding effect

36.8

(1) The

sponsor body's decisions, rules, policies and procedures made or established in

accordance with the joint sponsorship agreement, the pension plan or the fund

shall be binding on the corporation, employers, employees, pensioners and

deferred pensioners and their respective beneficiaries, dependents, estates,

heirs, executors, administrators, successors and assigns.

(2) The corporation's decisions, rules, policies

and procedures shall be binding on the sponsor body, employers, employees,

pensioners and deferred pensioners and their respective beneficiaries, dependents,

estates, heirs, executors, administrators, successors and assigns.

(3) Notwithstanding subsection (1) or (2), nothing

referred to in those subsections binds or in any way affects a Provincial Court

judge who is a member of the pension plan or a pensioner at the date of the coming

into force of this

section or at any time in the future.

Section 37 of the Act is repealed and the

following substituted:

Application of

Acts, conflict

(1) The

Pension Benefits Act, 1997 does not

apply to this Act.

(2) Where this Act conflicts with the Public Employees Act or another Act, this

Act shall prevail.

28. Paragraph 41(

c) of the Act is amended by

deleting the word "minister" and substituting the word "corporation".

No liability

29. An action or proceeding does not lie or shall

not be instituted or continued against the Crown or a minister, employee or

agent of the Crown or a participating employer based on a cause of action

arising from, resulting from or incidental to the operation of this Act.

Act does not

affect Provincial Court

judges

(1) Except as provided in subsection (2),

nothing in this Act binds or affects in any way a Provincial Court judge who

was a member of the pension plan or a pensioner or his or her spouse at the

date of the coming into force of this Act or at any time in the future.

(2) A pension or survivor benefit for a Provincial Court

judge shall be paid by the corporation out of the pension fund in accordance

with the Act as it existed before this Act came into force.

Commencement

31. (1) Subsections 4(1), (3), (5), (6), (8),

(10) and (14), 7(1), and 13(1), sections 14, 17, 21 and 29 and subsection 30(1)

of this Act come into force on January 1, 2015.

(2) A section, subsection, paragraph, subparagraph

or clause of this Act not referred to in subsection (1) comes into force on a

day or days to be proclaimed by the Lieutenant-Governor in Council.

Queen's Printer