Supplementary Retirement Benefits Regulations

The Supplementary Retirement Benefits Regulations outline the rules for calculating pension indexes, benefit indices, and ratios under the Supplementary Retirement Benefits Act. The regulations provide specific instructions for calculating these values, including the use of the Consumer Price Index to determine the average annual inflation rate.

To ensure accurate calculations, the regulations specify how fractions are handled when expressing them as decimal fractions with a certain number of digits after the decimal point. For instance, Benefit Indexes and ratios contain fractions that should be expressed as decimal fractions with three or four digits after the decimal point.

The regulations also provide for the recovery of amounts paid in error under the Act. In such cases, the amount is to be repaid by way of deductions from supplementary retirement benefits or pension payments. The regulations specify how these repayments are made, including the option for repayment through monthly instalments or a lump sum payment.

Additionally, the regulations outline the specific conditions and procedures for making these repayments, ensuring that they are made in accordance with Canadian Life Table No. 2 (1941), Males and Females.