2004 1 SASKATCHEWAN PENSION ANNUITY FUND BILL No. 5 of

An Act to amend The Saskatchewan Pension Annuity Fund Act (Assented to , 2004) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Saskatchewan, enacts as follows:

Short title This Act may be cited as The Saskatchewan Pension Annuity Fund Amendment Act, 2004. S.S. 1996, c.S-32.12 amended The Saskatchewan Pension Annuity Fund Act is amended in the manner set forth in this Act.

Section amended

Section is amended: (

a) by repealing clause (

b) and substituting the following: “(b) ‘board’ means: (

i) with respect to the period ending on the day before the transfer date, the Public Employees Pension Board continued by

section of The Public Employees Pension Plan Act; and (ii) with respect to the period beginning on the transfer date, the Saskatchewan Pension Annuity Fund Board established by

section 2.1”; and (

b) by adding the following clause after clause (g): “(h) ‘transfer date’ means the day on which the transfer of the administration of the fund pursuant to subsection 2.1(4) takes effect”. New

section 2.1 The following

section is added after

section 2: “Saskatchewan Pension Annuity Fund Board established 2.1(1) The Saskatchewan Pension Annuity Fund Board is established.

(2) The board consists of three members appointed by the minister.

(3) The minister shall designate one of the members of the board as chairperson.

(4) The Lieutenant Governor in Council may, by order, transfer the administration of the fund from the Public Employees Pension Board to the Saskatchewan Pension Annuity Fund Board and fix the day on which the transfer takes effect”. 2004SASKATCHEWAN PENSION ANNUITY FUND 2 REGINA, SASKATCHEWAN Printed by the authority of THE QUEEN’S PRINTER Copyright©2004 Transitional 5(1) In this section: (a) “former board” means the Public Employees Pension Board continued by

section of The Public Employees Pension Plan Act; (b) “fund” means the Saskatchewan Pension Annuity Fund; (c) “new board” means the Saskatchewan Pension Annuity Fund Board established by

section 2.1 of The Saskatchewan Pension Annuity Fund Act.

(2) On the transfer of the administration of the fund to the new board: (

a) the new board is the trustee of the fund; (

b) the former board ceases to be the trustee of the fund; (

c) all of the powers and responsibilities of the board set out in The Saskatchewan Pension Annuity Fund Act are vested in the new board; (

d) every contract or agreement entered into by the former board with respect to the administration of the fund or the payment of an annuity out of the fund is assigned in its entirety to the new board; (

e) every determination or decision of the former board pursuant to

section of The Saskatchewan Pension Annuity Fund Act is deemed for all purposes to be a determination or decision of the new board; (

f) every division of an annuity pursuant to subsection 10(1) of The Saskatchewan Pension Annuity Fund Act made by the former board is deemed for all purposes to be a division made by the new board and is not affected by the transfer; (

g) every notice of objection submitted to the former board pursuant to subsection 11(2) of The Saskatchewan Pension Annuity Fund Act is continued as a notice of objection submitted to the new board until the expiry of 30 days following the day on which the notice of objection was submitted to the former board; and (

h) every application commenced by the former board pursuant to subsection 11(5) of The Saskatchewan Pension Annuity Fund Act that has not been determined by the Court of Queen’s Bench on the coming into force of this

section is continued as an application of the new board.

(3) For the fiscal year in which the transfer of administration of the fund from the former board to the new board occurs, the new board shall carry out the responsibilities of the board pursuant to

section of The Saskatchewan Pension Annuity Fund Act. Coming into force This Act comes into force on assent.