Second

Session, 48th General Assembly

Elizabeth II, 2017

BILL 7

AN ACT TO AMEND THE

PUBLIC SERVICE PENSIONS ACT, 1991

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

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

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

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

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

HONOURABLE

CATHY BENNETT

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 Public Service Pensions Act, 1991 to

reflect the quarterly payment

amount required to amortize the promissory note;

allow the name of the

corporation to be changed by a resolution of the board made by an affirmative

vote of all the directors; and

amend the objects of the

corporation.

A BILL

AN ACT TO AMEND THE PUBLIC SERVICE PENSIONS

ACT, 1991

Analysis

S.6.01 Amdt.

Government payments

S.36.1 Amdt.

Corporation established

S.36.3 R&S

Objects of corporation

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL1991 c12

as amended

1. Subsection 6.01(2) of the Public Service Pensions Act, 1991 is repealed and the following substituted:

(2) The promissory note shall amortize

$2,685,000,000 over 30 years payable in quarterly instalments of $47,000,000

beginning on March 31,

Section 36.1 of the Act is amended by adding

immediately after subsection (5) the following:

(6) The name of the corporation may be changed at any

time by a resolution of the board made by the affirmative vote of all the directors and notice of the change of name shall be published

in the Gazette and the change of name

shall have effect on the thirtieth day following the date of publication.

(7) A change in the name of the corporation shall

not affect any rights or obligations of the corporation or render defective any

legal proceedings instituted by or against the corporation and any legal proceedings

that may have been continued or commenced by or against the corporation under

its former name may be continued or commenced by or against the corporation

under its new name.

Section 36.3 of the Act is repealed and the

following substituted:

Objects of corporation

36.3 The

objects of the corporation are

(

a) to act as trustee of the fund;

(

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;

(

c) to provide pension administration and pension

investment services for any other pension plan that retains the services of the

corporation and is approved by the board; and

(

d) to carry out other activities or duties as may

be authorized by the board.

Commencement

Section 1 is considered to have come into force

on March 31, 2015.

Queen's Printer