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Volume 47, No. 21

B.C. Reg. 445/2004

The British Columbia Gazette,

Part II

October 19, 2004

B.C. Reg. 445/2004, deposited October 7, 2004, pursuant

to the PUBLIC SERVICE PENSION PLANS ACT [Schedule A,

Section 13].

Regulation of the College Pension Board of Trustees, dated September 29, 2004.

The College Pension Board of Trustees orders that the College

Pension Plan Regulation, B.C. Reg. 95/2000, is amended

(

a) effective September 1, 2004, as set out in sections

1, 2, 4, 5, 7 and 8 of the attached Schedule, and

(

b) effective January 1, 2005, as set out in sections

3 and 6 of the attached Schedule.

— J. W. COOK, Chair, College

Pension Board of Trustees.

Schedule

Section 5 of the College Pension Plan Regulation, B.C. Reg. 95/2000, is amended

(

a) in subsection (1) (

a) by striking out "6.16%" and

substituting "6.86%",

(

b) in subsection (1) (

b) by striking out "6.91%" and

substituting "7.61%", and

(

c) in subsection (1.1) by striking out "commencing January

1, 2002 and ending December 31, 2006," and substituting "commencing March 1, 2004

and ending August 31, 2004,".

Section 6 is amended

(

a) in subsection (1) (

a) by striking out "6.16%" and

substituting "6.86%",

(

b) in subsection (1) (

b) by striking out "6.91%" and

substituting "7.61%", and

(

c) in subsection (1.1) by striking out "commencing January

1, 2002 and ending December 31, 2006," and substituting "commencing March 1,

2004 and ending August 31, 2004,".

Section 56 is amended

(

a) by repealing subsection (1) (a), (

c) and (

e) and

substituting the following:

(

c) joint life and last survivor guaranteed, payable

for the longer of

(

i) a term certain of 5, 10 or 15 years, and

(ii) the joint life of the member and

(

A) the spouse, or

(

B) a former spouse who, as a result of a written agreement

or court order, has such an entitlement,

and the life of the survivor,

but the pension payable to the surviving spouse is reduced,

on the later of the death of the member and the expiry of the term certain,

to 60% of the pension to which the member was entitled;

(c.1) joint life and last survivor guaranteed, payable

for the longer of

(

i) a term certain of 5, 10 or 15 years, and

(ii) the joint life of the member and

(

A) the spouse, or

(

B) a former spouse who, as a result of a written agreement

or court order, has such an entitlement,

and the life of the survivor; ,

(

b) in subsection (1) (b) (

i) by striking out "or" and

substituting "and",

(

c) in subse c tion (2)

by striking out "the single life option with no guaranteed period" and substituting

"a single life with no guaranteed period, payable for the life of the member",

(

d) by repealing subsection (2.1) and substituting the

following:

(2.1) A temporary life annuity under subsection (1) (

d) may be granted only in combination with one of the following options:

(

a) single life guaranteed under subsection (1) (

b) payable

for a term certain of 5 years;

(

b) joint life and last survivor guaranteed under subsection

(1) (c.1) payable for a term certain of 5 years. ,

(

e) in subsection (4) by striking out "subsection (1)

(

a) to (c)," and substituting "subsection (1) (

a) to (c.1)," and by striking

out "the joint life and last survivor option under subsection (1) (c)"

and substituting "a joint life and last survivor option under subsection (1) (

c) or (c.1)",

(

f) by repealing subsection (5), and

(

g) by adding the following subsection:

(8.1) The commuted value of the remaining payments must

be paid to the estate of the last survivor if

(

a) the pension granted to a member includes a joint

life guaranteed option under subsection (1) (

c) or (c.1), and

(

b) both the member and the spouse or former spouse die

before the expiration of the guaranteed period.

Section 57 is amended by adding the following subsection:

(3) Benefits payable under this Part are limited to the

maximums set out in

section 8503 (3) (

c) of the Income Tax Regulations under

the Income Tax Act (Canada).

Section 60 (4) is amended by striking out "medical practitioners" wherever it appears and substituting "medical doctors".

Section 69 is amended

(

a) in subsection (2.1) (

b) by striking out "joint life

and last survivor option under

section 56 (1) (c)" and substituting "joint life

and last survivor guaranteed option under

section 56 (1) (c.1)

payable for a term certain of 5 years", and

(

b) in subsection (3) by striking out "joint life and

last survivor plan under

section 56 (1) (c)" and substituting "joint life and

last survivor guaranteed option under

section 56 (1) (c.1) payable

for a term certain of 5 years".

Section 76 is amended

(

a) by adding ", surrendered" after "anticipated", and

(

b) by adding ", surrender" after "anticipate".

8 The following

section is added:

Refund from retirement annuity account

84 A member who has contributions in the retirement

annuity account is entitled, on request, to a refund of any balance in that

account.

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