Third

Session, 45th General Assembly

Elizabeth II, 2006

BILL 39

AN ACT TO AMEND THE

PROVINCIAL COURT

JUDGES' PENSION PLAN ACT NO. 2

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

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

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

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

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

HONOURABLE

LOYOLA SULLIVAN

Minister

of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

Clause 1 of the Bill would amend the Provincial Court Judges' Pension Plan Act

to reduce the service condition for early retirement eligibility for a pension

from 20 years to 5 years and would reduce the actuarial reduction applicable to

the pension to 6% from 7% for each year the age at retirement is less than 65

years if the payment commences between the ages of 60 and 65 years.

Clause 2 of the Bill would reduce the

service condition for eligibility for a reduced supplementary allowance from 20

years to 5 years and would reduce the actuarial reduction applicable to the

supplementary allowance to 6% from 7% for each year the age of retirement is

less than 65 years if the payment commences between the ages of 60 and 65 years.

Clause 3 of the Bill would make the

amendments in this Bill retroactive to April 1, 2006 .

A BILL

AN ACT TO AMEND THE

PROVINCIAL COURT JUDGES' PENSION PLAN ACT NO. 2

Analysis

S.11 Amdt.

Early retirement

S.21 Amdt.

Supplement on early retirement

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2004 cP-29.1

as amended

(1) Subparagraph 11(1)(b)(

i) of the Provincial

Court Judges' Pension Plan Act is amended by deleting the number "20"

and substituting the number "5".

(2) Paragraph 11(2 )(

a) of

the Act is repealed and the following is substituted:

(a) 6% for each year that the judge's age when the

allowance commences is less than 65 to a maximum reduction under this paragraph

of 30%; and

(1) Subparagraph 21(1 )( b)(

i) of the Act is amended by deleting the number "20" and substituting

the number "5".

(2) Paragraph 21(2 )(

a) of

the Act is repealed and the following is substituted:

(a) 6% for each year that the judge's age when the

allowance commences is less than 65 to a maximum reduction under this paragraph

of 30%; and

Commencement

3. This Act shall be considered to have come into

force on April

1, 2006 .

Earl G. Tucker, Queen's Printer