Third

Session, 48th General Assembly

Elizabeth II, 2018

BILL 11

AN ACT TO AMEND THE

FINANCIAL ADMINISTRATION ACT

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

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

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

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

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

HONOURABLE

TOM OSBORNE

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 Financial Administration Act to reflect

changes made during pension plan reform which established joint trusteeship for

the Public Service Pension Plan and the Teachers' Pension Plan.

A BILL

AN ACT TO AMEND THE FINANCIAL

ADMINISTRATION ACT

Analysis

S.2 Amdt.

Definitions

S.22 Amdt.

Charges on fund

S.38 Amdt.

Method

S.42 Amdt.

Repayment of loans by new issues

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cF-8

as amended

1. Subsection 2(1) of the Financial Administration Act is amended by adding immediately after

paragraph (

k) the following:

(k.1) "pension administrator" means

(

i) the Public Service Pension Plan Corporation

established under the Public Service

Pensions Act, 1991 ,

(ii) the Teachers' Pension Plan Corporation

established under the Teachers' Pensions

Act , and

(iii) the minister responsible for the Pensions Funding Act ;

2. Paragraph 22(

f) of the Act is repealed and the

following substituted:

(

f) issues may be made to satisfy the government's

payment requirements to a pension plan administered by the pension

administrator; and

3. Subsection 38(1.1) of the Act is repealed and

the following substituted:

(1.1) The Lieutenant-Governor in Council may issue a

debenture from time to time to a pension administrator in an amount that shall

not exceed an amount sufficient to satisfy the government's payment

requirements to a pension plan administered by the pension administrator, at a

Lieutenant-Governor in Council may approve, and the principal amount of and

interest on all debentures issued is a charge on and shall be paid out of the

Consolidated Revenue Fund.

4. Subsection 42(1.1) of the Act is repealed and

the following substituted:

(1.1) The Lieutenant-Governor in Council may raise,

by way of loan in the manner prescribed in subsection 38(1), the sum of money

that may be required to satisfy the government's payment requirements to a pension

plan administered by the pension administrator, without the further authority

of the legislature.

Queen's Printer