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| This is part of an archived statute consolidation that is current to February 9, 2004 and includes changes enacted and in force by that date. |
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| SECTION | EFFECTIVE DATE | ||
| 1 | January 1, 2001 | ||
| April 5, 2001 | |||
| 8 | January 1, 2001 | ||
| April 5, 2001 | |||
| 15 | April 1, 2003 | ||
| 18 | April 1, 2003 | ||
| 19 | January 1, 2001 | ||
| April 5, 2001 | |||
| June 6, 2002 | |||
| 26 | April 1, 2003 | ||
| Sch A | April 1, 2000 | ||
| October 23, 2003 | |||
| January 1, 2004 | |||
| Sch B | April 1, 2000 | ||
| April 5, 2001 | |||
| October 23, 2003 | |||
| January 1, 2004 | |||
| Sch C | April 1, 2000 | ||
| January 1, 2001 | |||
| October 23, 2003 | |||
| January 1, 2004 | |||
| Sch D | April 1, 2000 | ||
| April 5, 2001 | |||
| January 1, 2004 | |||
Section 1(1) definitions of "public service board" and "public service plan" BEFORE amended by 1999-44-114 effective January 1, 2001 (BC Reg 421/00).
"public service board" means the Public Service Pension Advisory Board established under Schedule C;
"public service plan" means the Public Service Pension Plan continued under Schedule C;
Section 1(1) definitions of "municipal board" and "municipal plan" BEFORE amended by 1999-44-113 effective April 5, 2001 (BC Reg 97/01).
"municipal board" means the Municipal Pension Board established under Schedule B;
"municipal plan" means the Municipal Pension Plan continued under Schedule B;
Section 1(1) definitions of "teachers' board" and "teachers' plan" BEFORE amended by 1999-44-115 effective April 5, 2001 (BC Reg 98/01).
"teachers' board" means the Teachers' Pension Board established under Schedule D;
"teachers' plan" means the Teachers' Pension Plan continued under Schedule D.
Section 8(1)(c) BEFORE amended by 1999-44-116(b) effective January 1, 2001 (BC Reg 421/00).
(c) 2 directors appointed, on the recommendation of the public service board, by the trustee of the pension fund from among the members of the public service board, one to be nominated by the plan sponsor representatives and one to be nominated by the plan member representatives, as those terms are used in section 3 (1) (a) and (b) of Schedule C;
Section 8(1)(b) BEFORE amended by 1999-44-116(a) effective April 5, 2001 (BC Reg 97/01).
(b) 2 directors appointed, on the recommendation of the municipal board, by the trustee of the pension fund from among the members of the municipal board, one to be nominated by the plan sponsor representatives and one to be nominated by the plan member representatives, as those terms are used in section 3 (1) (a) and (b) of Schedule B;
Section 8(1)(d) BEFORE amended by 1999-44-116(c) effective April 5, 2001 (BC Reg 98/01).
(d) 2 directors appointed, on the recommendation of the teachers' board, by the trustee of the pension fund from among the members of the teachers' board, one to be nominated by the plan sponsor representatives and one to be nominated by the plan member representatives, as those terms are used in section 3 (1) (a) and (b) of Schedule D.
Section 15 definition "designated institution" was added by 2003-14-86 effective April 1, 2003.
Section 18(1) BEFORE amended by 2003-14-87 effective April 1, 2003.
(1) In this section, "designated institution", "government body", "public money", "special fund" and "trust fund" have the same meaning as in the Financial Administration Act.
Section 19(2.1) was added by 2002-48-65(a) effective June 6, 2002 (BC Reg 128/02).
Section 19(3) BEFORE amended by 2002-48-65(b) effective June 6, 2002 (BC Reg 421/00).
(3) On the coming into force of this subsection, the investment management board must have 7 directors as follows:
Section 19(3)(b) BEFORE amended by 1999-44-118(a) effective April 5, 2001 (BC Reg 97/01).
(b) one director appointed, on the recommendation of the municipal board, by the trustee of the pension fund from among the members of the municipal board;
Section 19(3)(c) BEFORE amended by 1999-44-118(b) effective January 1, 2001 (BC Reg 421/00).
(c) one director appointed, on the recommendation of the public service board, by the trustee of the pension fund from among the members of the public service board;
Section 19(3)(d) BEFORE amended by 1999-44-118(c) effective April 5, 2001 (BC Reg 98/01).
(d) one director appointed, on the recommendation of the teachers’ board, by the trustee of the pension fund from among the members of the teachers’ board;
Section 19(3)(e) BEFORE amended by 2002-48-65(c) effective June 6, 2002 (BC Reg 128/02).
(e) 2 directors, representative of clients of the investment management corporation, other than those referred to in paragraphs (a) to (d), appointed by the Minister of Finance and Corporate Relations;
Section 19(3)(f) BEFORE amended by 2002-48-65(d) effective June 6, 2002 (BC Reg 128/02).
(f) one director who is the Deputy Minister of Finance and Corporate Relations.
Section 19(4), (5), (6), (7) and (8) BEFORE amended by 2002-48-65(e) to (h) effective June 6, 2002 (BC Reg 128/02).
(4) The Deputy Minister of Finance and Corporate Relations is designated as chair of the investment management board.
(5) Each director appointed under subsection (1) or (3) has one vote on the board.
(6) An appointment to the investment management board under subsection (3) (a) to (e) must be made
(a) for a term not exceeding 3 years, and
(b) so that no more than 3 appointments expire in any calendar year.
(7) An appointment under subsection (3) (a) to (e) may be renewed.
(8) Despite subsection (1) (a) to (e) or (3) (a) to (e), an appointment to the investment management board may be rescinded by the party that made the appointment.
Section 19(9)(b) BEFORE amended by 2002-48-65(i) effective June 6, 2002 (BC Reg 128/02).
(b) that party must promptly appoint, in accordance with subsection (1) or (3), a replacement director for the remainder of the term of that director.
Section 19(11.1) and (11.2) BEFORE amended by 2002-48-65(j) and (k) effective June 6, 2002 (BC Reg 128/02).
(11.1) The Deputy Minister of Finance and Corporate Relations may appoint one of the other directors to act, in the Deputy Minister's absence, as chair of the investment management board, but the appointment may be made only if
(a) a quorum has been established under subsection (11) consisting of fewer than the number of directors required under subsection (10), and
(b) the Deputy Minister's presence is not necessary for constituting the quorum.
(11.2) A director appointed under subsection (11.1) to act as chair is not entitled to vote on behalf of the Deputy Minister of Finance and Corporate Relations on any matter before the investment management board.
Section 26(2) BEFORE amended by 2003-14-88 effective April 1, 2003.
(2) Without limiting subsection (1), the Lieutenant Governor in Council may make regulations referred to in Part 5 of the Financial Administration Act with the necessary changes so that they apply to the investment management corporation under this Act.
Schedule A, section 1 definition of "plan administrator" BEFORE amended by 2003-62-5(d) effective October 23, 2003 (Royal Assent).
"plan administrator" means the pension corporation;
Schedule A, section 5(2)(b)(ii) and (c) BEFORE amended by 2003-62-7 effective October 23, 2003 (Royal Assent).
(ii) monitoring the performance of the plan administrator and the investment management corporation or other investment manager referred to in section 6 (3);
(c) direct the plan administrator respecting
Schedule A, section 5(4)(b), (c) BEFORE amended by 2003-62-7 effective October 23, 2003 (Royal Assent).
(b) the plan administrator keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund,
(c) the plan administrator keeps an individual record of contributions made by each plan member, and
Schedule A, section 7(1) BEFORE amended by 2003-62-7 effective October 23, 2003 (Royal Assent).
(1) A person or organization directly affected by a decision of the plan administrator in the application of the pension plan rules may, by written notice to the board, appeal all or part of the decision in accordance with the practice and procedure for appeals to the board.
Schedule A, section 14(a)(i) and (ii) BEFORE amended by 2003-62-7 effective October 23, 2003 (Royal Assent).
(i) the spouse of the plan member if there is a spouse and a valid spousal waiver has not been filed with the plan administrator, or
(ii) the person nominated by the plan member as beneficiary if there is no spouse or a valid spousal waiver has been filed with the plan administrator,
Schedule A, section 13(4) was added by 2003-62-8 effective October 23, 2003 (Royal Assent).
Schedule A, sections 16.2 to 16.4 were added by 2003-62-9 effective January 1, 2004 (BC Reg 484/03).
Schedule A, section 16.5 was added by 2003-62-9 effective April 1, 2000 [retro from October 23, 2003 (Royal Assent)].
Schedule A, section 19 BEFORE repealed by 2003-62-11 effective October 23, 2003 (Royal Assent).
19 The partners must, within one year after the coming into force of this section, enter into an agreement that sets out the use or distribution of a surplus in the pension fund in the amount of $30 million as of November 1, 1998.
Schedule B, Part 1 BEFORE repealed by 1999-44-120 effective April 5, 2001 (BC Reg 97/01).
Part 1 — Municipal Pension Plan
2 (1) The plan provided for by and under the Pension (Municipal) Act is continued as the Municipal Pension Plan under this Schedule and the pension plan rules.
(2) An employer to whom the Pension (Municipal) Act applied immediately before the coming into force of this section, continues to be an employer, and those eligible employees of that employer continue to be plan members, under the Municipal Pension Plan.
(3) A person who, immediately before the coming into force of this section, was a plan member under the Pension (Municipal) Act continues to be a plan member under the Municipal Pension Plan.
(4) Any rights vested in each plan member or beneficiary under the plan provided for by and under the Pension (Municipal) Act continue to apply to the plan member or beneficiary, in the same manner and to the same extent, under the Municipal Pension Plan.
(5) The fiscal year end of the pension plan is December 31, or any other date that the board may establish as the fiscal year end for the pension plan.
3 (1) There is established a Municipal Pension Board comprising 13 members appointed by the Lieutenant Governor in Council as follows:
(a) 4 persons nominated by the government and 2 persons nominated by the Union of British Columbia Municipalities, to be known as the plan sponsor representatives;
(b) 6 persons nominated by the Municipal Employees' Pension Committee, to be known as the plan member representatives;
(c) one person nominated by the government and designated in the appointment as chair of the board.
(2) A party that makes a nomination under subsection (1) may nominate an alternate person and, if the member appointed under subsection (1) is unable to act, that alternate person, upon appointment by the Lieutenant Governor in Council, is authorized to act in the first appointee's place.
(3) Each member appointed under subsection (1) (a) and (b) or (2) has one vote.
(4) An appointment to the board may be made for a term not exceeding 2 years, and the appointment may be renewed or extended.
(5) An appointment to the board may, on the recommendation of the party that nominated the member, be rescinded by the Lieutenant Governor in Council.
(6) The chair of the board is the trustee of the pension fund.
(7) The board must determine whether the chair has a vote and, if so, whether the chair is entitled to a second or casting vote.
(8) Subject to subsections (9) and (10), a quorum of the board is a majority of the members of the board.
(9) A quorum requires
(a) one representative of the government,
(b) one representative of the Union of British Columbia Municipalities, and
(c) 2 representatives of the Municipal Employees' Pension Committee.
(10) The board may, by unanimous agreement of all of the members of the board, change a requirement of subsection (8) or (9).
(11) Each member of the board must be a permanent resident of Canada.
(12) The board may, from the pension fund, pay
(a) to a member of the board or a person appointed to a committee of the board an allowance for reasonable travel and other expenses necessarily incurred in carrying out the business of the board,
(b) to a member of the board or a person appointed to a committee of the board, if the member or person is not receiving remuneration from any other source for acting as a member or on a committee, remuneration that has been set by the board and is consistent with Treasury Board guidelines, and
(c) to an organization, if the organization is the source of remuneration paid to a member of the board or person appointed to a committee of the board, remuneration for the services of the member or person at the rate set by the board under paragraph (b).
4 (1) For the purposes of this Schedule, the board may
(a) retain the services of persons, and
(b) enter into agreements.
(2) The board has the necessary legal capacity to sue and be sued in its own name for the purposes of a matter arising under this Schedule or the pension plan rules.
(3) The board, on behalf of the pension fund, may recover and enforce contributions, deductions and any interest payments that should have been made or are due to the pension fund by action in any court in the name of the board as a debt due to the board and, in that case, the Limitation Act does not apply.
5 (1) The board is responsible for the administration of the pension plan.
(2) The board must do all of the following:
(a) subject to Treasury Board approval respecting any of the matters described in subsection (3) (b), make recommendations to the Lieutenant Governor in Council respecting the pension plan rules, or any amendments to the pension plan rules, made under section 16;
(b) submit to Treasury Board and to the minister an annual report on the operation of the board, the pension plan and the pension fund;
(c) review reports on the investment of the pension fund;
(d) direct the plan administrator respecting
(i) the application of the pension plan rules,
(ii) the negotiation of agreements on behalf of the board with a person, class of persons or body, including agreements which may differ from the pension plan rules, respecting
(A) portability of pension benefits,
(B) pension-based early retirement incentive programs,
(C) continuation of pension plan membership in the case of employer merger or reorganization,
(D) provision of benefits in addition to those provided for in the pension plan rules,
(E) reporting requirements on behalf of employers under the Income Tax Act (Canada), and
(F) any other agreements the board considers to be advisable, and
(iii) the implementation of any agreements entered into by the board;
(e) establish the practice and procedure for appeals to the board;
(f) approve, in whole or in part and with or without modifications, the annual budget for pension administration and investment activities;
(g) carry out other prescribed duties and responsibilities.
(3) The board may do any of the following:
(a) make recommendations to the minister respecting amendments to this Schedule and, before enactment, review any amendments to this Schedule;
(b) make recommendations to Treasury Board respecting
(i) changes in benefits,
(ii) funding policies for the pension plan,
(iii) contribution rates, and
(iv) modifications to the pension plan;
(c) make recommendations to the Minister of Finance and Corporate Relations and the trustee respecting the investment of the pension fund;
(d) report to plan members on issues related to the pension plan;
(e) establish rules, procedures and methods for board operations.
(4) The board may
(a) pass resolutions it considers necessary or advisable to manage and conduct its own affairs and to exercise the board's powers and perform its duties,
(b) establish committees or panels of the board, and may determine the composition, duties, responsibilities, limitations and operating procedures of those committees or panels,
(c) appoint persons other than members of the board to a committee or panel referred to in paragraph (b), and may set the term of appointment to the committee or panel that applies to those persons,
(d) nominate members of the board to the boards of the pension corporation and the investment management corporation, and
(e) rescind an appointment made under paragraph (c).
6 (1) The board must retain the services of the pension corporation to carry out the board's responsibilities respecting the administration of the pension plan.
(2) Subject to section 12 (2), the trustee may retain the services of the investment management corporation to carry out the trustee's responsibilities respecting the investment of the assets of the pension fund.
(3) The trustee must ensure that the plan administrator keeps
(a) an account of all money received and paid out of the pension fund,
(b) an account of the assets and liabilities of the pension fund, and
(c) an individual record of contributions made by each plan member.
7 (1) A person or organization directly affected by a decision of the plan administrator in the application of the pension plan rules may, by written notice to the board, appeal all or part of the decision in accordance with the practice and procedure for appeals to the board.
(2) The board must ensure that each appeal is dealt with promptly and efficiently.
(3) The board may establish a panel consisting of one or more persons, as determined by the chair, to consider appeals.
(4) If a panel consists of more than one person, the chair must preside over the panel or designate the person who is to chair the panel.
(5) For an appeal referred to a panel,
(a) the panel has all the jurisdiction and may exercise the powers and perform the duties of the board, and
(b) a decision or order of the panel is a decision or order of the board.
(6) The board or panel must confirm, vary or reverse the decision, order or ruling being appealed.
(7) For the purposes of this section, the board and each of its members, or a panel of the board and each person on the panel, has the powers, protection and privileges of a commissioner under sections 12, 15 and 16 of the Inquiry Act.
8 (1) The pension fund may indemnify a person who is a member of the board or a person appointed to a committee or a panel under section 5 (4) (c), or a former member of the board or committee or panel member, against all costs, charges and expenses actually and reasonably incurred by the person, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which the person is made a party because of being or having been a board member or committee or panel member, and including an action brought by the board, if
(a) the board member or committee or panel member acted in good faith, and
(b) in the case of a criminal action or proceeding, the board member or committee or panel member had reasonable grounds for believing that his or her conduct was lawful.
(2) The board may purchase and maintain, for the benefit of the board or a board member or committee or panel member referred to in subsection (1), or any of them, insurance against liability incurred by the board or by the board member or committee or panel member.
9 (1) The Municipal Pension Fund continued under the Pension (Municipal) Act is continued under this Schedule.
(2) The pension fund consists of the cash, investments and other assets held by the trustee.
(3) The contributions from the employers and plan members and the net income from investments and other sources must be paid into the pension fund.
(4) Benefits and disbursements payable under this Schedule and the pension plan rules must be paid from the pension fund and, for this purpose, the pension fund must be considered one and indivisible.
(5) The following fees, expenses and disbursements, as are reasonably necessary and approved by the board, must be paid from the pension fund:
(a) the fees, expenses and disbursements of the board incurred in administering the pension plan;
(b) the fees, expenses and disbursements of the trustee with respect to the pension fund;
(c) the fees, expenses and disbursements of, and amounts requisitioned by, the pension corporation and the investment management corporation, or other investment managers, to operate and administer the pension plan and to manage the pension fund;
(d) any other expenses incurred in the administration of this Schedule and the pension plan rules.
10 The trustee must provide for the financial administration of the pension plan by
(a) establishing an accounting system which ensures that there is proper reporting and accountability to the board in a timely manner and at a reasonable cost,
(b) having annual financial statements of the pension plan prepared in accordance with generally accepted accounting principles,
(c) having an audit performed on the financial statements referred to in paragraph (b), and
(d) providing to the Minister of Finance and Corporate Relations an annual report on the pension plan, including the audited financial statements.
11 (1) The plan administrator must advise the trustee of the sums of money available for investment.
(2) The trustee must keep accounts and records in a form specified by the Minister of Finance and Corporate Relations.
12 (1) The trustee must cause all money available for investment to be invested in accordance with subsection (2).
(2) The trustee may
(a) subject to the prior approval in writing of the Minister of Finance and Corporate Relations,
(i) invest the money in investments permitted for a pension plan registered in compliance with the Pension Benefits Standards Act,
(ii) exchange an investment made under subparagraph (i) for another investment permitted under that subparagraph, and
(iii) realize an investment held under this paragraph, or
(b) place the money with the investment management corporation for funds management services.
13 (1) The board must engage the services of an actuary for the purposes of this Schedule and the pension plan rules.
(2) The actuary must
(a) make all actuarial reports and computations required by the board,
(b) make actuarial valuations of assets and liabilities under this Schedule and the pension plan rules when requested by the board, and
(c) report to the board the results of each actuarial valuation.
(3) Despite subsection (2) (b), actuarial valuations must be made at least once in each 3 year period.
(4) An amount paid to the actuary for his or her services is an expense incurred in the administration of this Schedule and the pension plan rules.
14 (1) At least once in each year the financial statements of the pension plan, including the accounts of the board and the trustee, must be audited by the Auditor General or by an auditor appointed by the Lieutenant Governor in Council for that purpose.
(2) The salary or remuneration of an auditor appointed by the Lieutenant Governor in Council must be paid by the government.
15 (1) If an actuarial valuation, completed by an actuary in accordance with the requirements of section 13, discloses that
(a) there has been an increase in the unfunded actuarial liability for the pension plan when measured on a statutory basis as a percentage of payroll, and
(b) the increase has occurred since the immediately preceding actuarial valuation,
then additional employer contributions determined by the actuary as sufficient to
(c) meet the normal costs of the pension plan,
(d) hold the unfunded actuarial liability constant as a percentage of payroll, and
(e) amortize the identified increase in the unfunded actuarial liability over a period not exceeding 15 years
must be paid to the pension fund in a manner prescribed by the Lieutenant Governor in Council.
(2) If an actuarial valuation, completed by an actuary in accordance with the requirements of section 13, discloses that
(a) a surplus has been created or an existing surplus has been increased, and
(b) the surplus or the increase has occurred since the immediately preceding actuarial valuation,
then employer contributions may be reduced by the amount determined by the actuary as sufficient to amortize the identified surplus or increase over a period of at least 15 years.
16 (1) The Lieutenant Governor in Council may, on the recommendation of the board, make regulations, applicable generally or to a specified person or class of persons, prescribing the pension plan rules, including, without limitation, regulations as follows:
(a) respecting the pension fund, the funding for and payment from different accounts and the establishment of different accounts for different purposes within the pension fund, including
(i) an account for basic pension benefits provided within the Income Tax Act (Canada) maximums for a registered pension plan,
(ii) an account for pension indexing,
(iii) an account for supplemental benefits not paid from the other accounts, and
(iv) an account for retirement annuities;
(b) governing employer and employee eligibility to participate in the pension plan, including any information required to establish the status of employers and the enrollment of particular employees as members, and providing for continuity of service on transfer between different employers, and providing differently for different employee groups;
(c) prescribing employer and plan member contributions to the pension fund, including
(i) prescribing different rates for different circumstances, and the timing and reporting of contributions,
(ii) prescribing what constitutes the salary of a plan member for the purposes of determining contributions,
(iii) imposing restrictions on access to amounts contributed to the pension fund and interest on those amounts, including restrictions on demanding or enforcing payment, and
(iv) prescribing contribution limits;
(d) respecting pensionable service, including
(i) prescribing requirements for calculating annual service accrual for full time and less than full time employment,
(ii) the terms and conditions respecting the recognition of periods of short term and long term disability, and
(iii) restricting recognition of pensionable service on partial payment of arrears;
(e) respecting contributory service, including
(i) prescribing requirements for calculating service accrual for full time and less than full time employment,
(ii) the terms and conditions respecting the recognition of periods of short term and long term disability,
(iii) the terms and conditions respecting the recognition of periods of child rearing, and
(iv) recognition of contributory service on payment or partial payment of arrears;
(f) respecting the purchase of service, including specifying the terms and conditions for the purchase of service, and amounts to be paid and by whom, for periods of
(i) leave of absence,
(ii) service that can be reinstated,
(iii) service during which the plan member was not eligible to make contributions or elected not to make contributions, and
(iv) any other service approved by the board, including service with any employer, whether or not the employer is an employer under this Schedule;
(g) prescribing the earliest retirement age, pensionable age, normal retirement age or latest retirement age applicable to any plan member or group or class of plan members;
(h) respecting benefits, including
(i) the eligibility and entitlement to receive a benefit and the criteria and methods for determining a benefit,
(ii) the calculation of the highest average salary,
(iii) the calculation of the benefit amount on termination of membership, pre-retirement death, disability retirement, early retirement, normal retirement, late retirement, shortened life expectancy and death, and prescribing available options for receiving pension benefits,
(iv) the nature of a benefit, whether pre-retirement, on retirement or post retirement, including spousal benefits, the protection of spousal benefits, the nomination of beneficiaries, a change of beneficiaries or benefit selection, minor beneficiaries, spousal waivers and the nomination of a beneficiary on the breakdown of a marriage or marriage-like relationship,
(v) post retirement group benefits, and the type and level of benefits, entitlement to benefits, terms and conditions of how benefits are provided and funded, and how and by whom they are funded, and
(vi) supplemental benefits, including
(A) benefit calculations and available options for receipt of those benefits with reference to the Income Tax Act (Canada),
(B) the terms and conditions of how those benefits are to be provided, funded and paid, and by whom they are funded, and
(C) the indexing of supplemental benefits;
(i) establishing the terms and conditions for pension indexing, including
(i) the eligibility and entitlement to receive indexing and the criteria and methods for determining indexing, and
(ii) determining the highest average salary for long term disability, deferred pensions and pensions for members with less than full time employment;
(j) respecting the manner of making an application for, and the granting or continuation of, benefits, supplemental benefits and disability benefits, including the information required and the form of proof required for that information;
(k) respecting applications for monthly pension benefits, including
(i) requirements for filing applications,
(ii) the effective date for monthly pension benefits on late filing of applications, and
(iii) exceptions for persons incapable of managing their affairs or other sufficient reason;
(l) respecting the requirements for filing written agreements and court orders made under Parts 5 and 6 of the Family Relations Act, or similar orders of a court outside British Columbia that are enforceable in British Columbia and, in case of late filing, whether or not adjustments are required;
(m) respecting the methodology and assumptions for any calculations required to administer the pension plan;
(n) establishing general administrative requirements and imposing administrative obligations on employers;
(o) prescribing administrative penalties or the payment of interest by employers, plan members or the pension plan in the case of delay or noncompliance;
(p) exempting a person or class of persons, or allowing the board to exempt a person or class of persons, with or without conditions, from any provision of the pension plan or pension plan rules;
(q) defining any word or expression used in this Schedule or in the regulations;
(r) providing for any matter necessary or advisable to carry out effectively the intent and purposes of this Schedule.
(2) In making a regulation under this Schedule, the Lieutenant Governor in Council may delegate a matter to a person or the board and confer a discretionary power on a person or the board.
(3) The Lieutenant Governor in Council may, on the recommendation of the board, amend, repeal or replace the pension plan rules made under subsection (1).
17 The following conditions apply to, and are deemed to be included in, the pension plan rules:
(a) if, on the death of a plan member, a benefit becomes payable to
(i) the spouse of the plan member if there is a spouse and a valid spousal waiver has not been filed with the plan administrator, or
(ii) the person nominated by the plan member as beneficiary if there is no spouse or a valid spousal waiver has been filed with the plan administrator,
the amount
(iii) is not subject to the control of the creditors of the deceased plan member, and
(iv) does not form part of the estate of the plan member;
(b) if, on the death of a plan member, a benefit becomes payable to his or her estate or to the personal representative of the deceased plan member, the benefit forms part of the estate of the plan member and is subject to the control of the creditors;
(c) if, on the death of a plan member, a benefit becomes payable to a minor, the benefit must be paid to the Public Guardian and Trustee, in trust for the minor, for payment to the minor on reaching the age of 19 years;
(d) a pension or refund of any amount to the credit of any plan member in the pension fund may not be assigned, charged, attached, anticipated or given as security, and any instructions purporting to assign, charge, attach, anticipate or give as security a pension or refund are void;
(e) nothing in the pension plan impairs or affects the rights of an employer to remove or dismiss a person from service.
Schedule B, section 1 definitions of "investment management corporation" and "pension plan rules" BEFORE repealed by 2003-62-12(a) effective October 23, 2003 (Royal Assent).
"investment management corporation" has the same meaning as in section 1 (1) of the Act;
"pension plan rules" means the regulations made under section 16 (1);
Schedule B, section 1 definition of "plan administrator" BEFORE repealed by 2003-62-12(b) effective October 23, 2003 (Royal Assent).
"plan administrator" means the pension corporation;
Schedule B, section 1 definition of "board" BEFORE amended by 2003-62-13(a) effective October 23, 2003 (Royal Assent).
“board” means the Municipal Pension Board established under section 3;
Schedule B, section 1 definitions of "pension fund" and "pension plan" BEFORE amended by 2003-62-13(b) effective October 23, 2003 (Royal Assent).
“pension fund” means the Municipal Pension Fund continued under section 9;
“pension plan” means the Municipal Pension Plan continued under section 2 (1);
Schedule B, section 18(2)(a) BEFORE amended by 2003-62-14 effective October 23, 2003 (Royal Assent).
(a) the continuation of the pension plan and pension fund for the benefit of plan members;
Schedule B, section 18(5)(b) and (c) BEFORE amended by 2003-62-16 effective October 23, 2003 (Royal Assent).
(b) the plan administrator keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and
(c) the plan administrator keeps an individual record of contributions made by each plan member.
Schedule B, section 18(4)(f) BEFORE repealed by 2003-62-15 effective January 1, 2004 (BC Reg 484/03).
(f) post retirement group benefits;
Schedule B, sections 18.1 to 18.3 were added by 2003-62-17 effective January 1, 2004 (BC Reg 484/03).
Schedule B, section 18.4 was added by 2003-62-17 effective April 1, 2000 [retro from October 23, 2003 (Royal Assent)].
Schedule B, section 20 BEFORE amended by 2003-62-18 effective October 23, 2003 (Royal Assent).
20 This Schedule continues to apply to all agreements made under the Pension (Municipal) Act that were in effect on the date of the repeal of that Act, as if those agreements had been made by the board under the authority of this Schedule.
Schedule B, section 21 BEFORE amended by 2003-62-18 effective October 23, 2003 (Royal Assent).
21 The Lieutenant Governor in Council may, on the recommendation of the board, make regulations that are necessary or advisable for meeting or removing any difficulty arising out of the transition from the Pension (Municipal) Act repealed by this Act, and for preserving and giving effect to the rights of all persons accrued or accruing under the Pension (Municipal) Act except as those rights are expressly varied by this Schedule, and the regulations may be made to apply generally or to a particular case.
Schedule C, Part 1 BEFORE repealed by 1999-44-121 effective January 1, 2001 (BC Reg 421/00).
Part 1 — Public Service Pension Plan
2 (1) The plan provided for by and under the Pension (Public Service) Act is continued as the Public Service Pension Plan under this Schedule and the pension plan rules.
(2) An employer to whom the Pension (Public Service) Act applied immediately before the coming into force of this section, continues to be an employer, and those eligible employees of that employer continue to be plan members, under the Public Service Pension Plan.
(3) A person who, immediately before the coming into force of this section, was a plan member under the Pension (Public Service) Act continues to be a plan member under the Public Service Pension Plan.
(4) Any rights vested in each plan member or beneficiary under the plan provided for by and under the Pension (Public Service) Act continue to apply to the plan member or beneficiary, in the same manner and to the same extent, under the Public Service Pension Plan.
(5) The fiscal year end of the pension plan is March 31, or any other date that the board may establish as the fiscal year end for the pension plan.
3 (1) There is established a Public Service Pension Advisory Board comprising 9 members appointed by the Lieutenant Governor in Council as follows:
(a) 4 persons nominated by the government, to be known as the plan sponsor representatives;
(b) 4 persons nominated as follows, to be known as the plan member representatives:
(i) one person nominated by the British Columbia Government and Service Employees' Union;
(ii) one person nominated by the Professional Employees Association;
(iii) one person nominated by the Union of Psychiatric Nurses;
(iv) one person nominated by the British Columbia Government Retired Employees' Association;
(c) one person nominated by the government and designated in the appointment as chair of the board.
(2) A party that makes a nomination under subsection (1) may nominate an alternate person and, if the member appointed under subsection (1) is unable to act, that alternate person, upon appointment by the Lieutenant Governor in Council, is authorized to act in the first appointee's place.
(3) Each member appointed under subsection (1) (a) and (b) or (2) has one vote.
(4) An appointment to the board may be made for a term not exceeding 2 years, and the appointment may be renewed or extended.
(5) An appointment to the board may, on the recommendation of the party that nominated the member, be rescinded by the Lieutenant Governor in Council.
(6) The chair of the board is the trustee of the pension fund.
(7) The board must determine whether the chair has a vote and, if so, whether the chair is entitled to a second or casting vote.
(8) Subject to subsections (9) and (10), a quorum of the board is a majority of the members of the board.
(9) A quorum requires
(a) one representative of the government,
(b) one representative of the British Columbia Government and Service Employees' Union, and
(c) one representative of the other plan member representatives.
(10) The board may, by unanimous agreement of all of the members of the board, change a requirement of subsection (8) or (9).
(11) Each member of the board must be a permanent resident of Canada.
(12) The board may, from the pension fund, pay
(a) to a member of the board or a person appointed to a committee of the board an allowance for reasonable travel and other expenses necessarily incurred in carrying out the business of the board,
(b) to a member of the board or a person appointed to a committee of the board, if the member or person is not receiving remuneration from any other source for acting as a member or on a committee, remuneration that has been set by the board and is consistent with Treasury Board guidelines, and
(c) to an organization, if the organization is the source of remuneration paid to a member of the board or person appointed to a committee of the board, remuneration for the services of the member or person at the rate set by the board under paragraph (b).
4 (1) For the purposes of this Schedule, the board may
(a) retain the services of persons, and
(b) enter into agreements.
(2) The board has the necessary legal capacity to sue and be sued in its own name for the purposes of a matter arising under this Schedule or the pension plan rules.
(3) The board, on behalf of the pension fund, may recover and enforce contributions, deductions and any interest payments that should have been made or are due to the pension fund by action in any court in the name of the board as a debt due to the board and, in that case, the Limitation Act does not apply.
5 (1) The board is responsible for the administration of the pension plan.
(2) The board must do all of the following:
(a) subject to Treasury Board approval respecting any of the matters described in subsection (3) (b), make recommendations to the Lieutenant Governor in Council respecting the pension plan rules, or any amendments to the pension plan rules, made under section 16;
(b) submit to Treasury Board and to the minister an annual report on the operation of the board, the pension plan and the pension fund;
(c) review reports on the investment of the pension fund;
(d) direct the plan administrator respecting
(i) the application of the pension plan rules,
(ii) the negotiation of agreements on behalf of the board with a person, class of persons or body, including agreements which may differ from the pension plan rules, respecting
(A) portability of pension benefits,
(B) pension-based early retirement incentive programs,
(C) continuation of pension plan membership in the case of employer merger or reorganization,
(D) provision of benefits in addition to those provided for in the pension plan rules,
(E) reporting requirements on behalf of employers under the Income Tax Act (Canada), and
(F) any other agreements the board considers to be advisable, and
(iii) the implementation of any agreements entered into by the board;
(e) establish the practice and procedure for appeals to the board;
(f) approve, in whole or in part and with or without modifications, the annual budget for pension administration and investment activities;
(g) carry out other prescribed duties and responsibilities.
(3) The board may do any of the following:
(a) make recommendations to the minister respecting amendments to this Schedule and, before enactment, review any amendments to this Schedule;
(b) make recommendations to Treasury Board respecting
(i) changes in benefits,
(ii) funding policies for the pension plan,
(iii) contribution rates, and
(iv) modifications to the pension plan;
(c) make recommendations to the Minister of Finance and Corporate Relations and the trustee respecting the investment of the pension fund;
(d) report to plan members on issues related to the pension plan;
(e) establish rules, procedures and methods for board operations.
(4) The board may
(a) pass resolutions it considers necessary or advisable to manage and conduct its own affairs and to exercise the board's powers and perform its duties,
(b) establish committees or panels of the board, and may determine the composition, duties, responsibilities, limitations and operating procedures of those committees or panels,
(c) appoint persons other than members of the board to a committee or panel referred to in paragraph (b), and may set the term of appointment to the committee or panel that applies to those persons,
(d) nominate members of the board to the boards of the pension corporation and the investment management corporation, and
(e) rescind an appointment made under paragraph (c).
6 (1) The board must retain the services of the pension corporation to carry out the board's responsibilities respecting the administration of the pension plan.
(2) Subject to section 12 (2), the trustee may retain the services of the investment management corporation to carry out the trustee's responsibilities respecting the investment of the assets of the pension fund.
(3) The trustee must ensure that the plan administrator keeps
(a) an account of all money received and paid out of the pension fund,
(b) an account of the assets and liabilities of the pension fund, and
(c) an individual record of contributions made by each plan member.
7 (1) A person or organization directly affected by a decision of the plan administrator in the application of the pension plan rules may, by written notice to the board, appeal all or part of the decision in accordance with the practice and procedure for appeals to the board.
(2) The board must ensure that each appeal is dealt with promptly and efficiently.
(3) The board may establish a panel consisting of one or more persons, as determined by the chair, to consider appeals.
(4) If a panel consists of more than one person, the chair must preside over the panel or designate the person who is to chair the panel.
(5) For an appeal referred to a panel,
(a) the panel has all the jurisdiction and may exercise the powers and perform the duties of the board, and
(b) a decision or order of the panel is a decision or order of the board.
(6) The board or panel must confirm, vary or reverse the decision, order or ruling being appealed.
(7) For the purposes of this section, the board and each of its members, or a panel of the board and each person on the panel, has the powers, protection and privileges of a commissioner under sections 12, 15 and 16 of the Inquiry Act.
8 (1) The pension fund may indemnify a person who is a member of the board or a person appointed to a committee or a panel under section 5 (4) (c), or a former member of the board or committee or panel member, against all costs, charges and expenses actually and reasonably incurred by the person, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which the person is made a party because of being or having been a board member or committee or panel member, and including an action brought by the board, if
(a) the board member or committee or panel member acted in good faith, and
(b) in the case of a criminal action or proceeding, the board member or committee or panel member had reasonable grounds for believing that his or her conduct was lawful.
(2) The board may purchase and maintain, for the benefit of the board or a board member or committee or panel member referred to in subsection (1), or any of them, insurance against liability incurred by the board or by the board member or committee or panel member.
9 (1) The Public Service Pension Fund continued under the Pension (Public Service) Act is continued under this Schedule.
(2) The pension fund consists of the cash, investments and other assets held by the trustee.
(3) The contributions from the employers and plan members and the net income from investments and other sources must be paid into the pension fund.
(4) Benefits and disbursements payable under this Schedule and the pension plan rules must be paid from the pension fund and, for this purpose, the pension fund must be considered one and indivisible.
(5) The following fees, expenses and disbursements, as are reasonably necessary and approved by the board, must be paid from the pension fund:
(a) the fees, expenses and disbursements of the board incurred in administering the pension plan;
(b) the fees, expenses and disbursements of the trustee with respect to the pension fund;
(c) the fees, expenses and disbursements of, and amounts requisitioned by, the pension corporation and the investment management corporation, or other investment managers, to operate and administer the pension plan and to manage the pension fund;
(d) any other expenses incurred in the administration of this Schedule and the pension plan rules.
(6) If money is required, under this Schedule and the pension plan rules, to be provided by or paid on behalf of the government as an employer, that money must be paid into the pension fund by the Minister of Finance and Corporate Relations from money appropriated for that purpose by the Legislative Assembly or, if no appropriation is available for that purpose, from the consolidated revenue fund.
10 The trustee must provide for the financial administration of the pension plan by
(a) establishing an accounting system which ensures that there is proper reporting and accountability to the board in a timely manner and at a reasonable cost,
(b) having annual financial statements of the pension plan prepared in accordance with generally accepted accounting principles,
(c) having an audit performed on the financial statements referred to in paragraph (b), and
(d) providing to the Minister of Finance and Corporate Relations an annual report on the pension plan, including the audited financial statements.
11 (1) The plan administrator must advise the trustee of the sums of money available for investment.
(2) The trustee must keep accounts and records in a form specified by the Minister of Finance and Corporate Relations.
12 (1) The trustee must cause all money available for investment to be invested in accordance with subsection (2).
(2) The trustee may
(a) subject to the prior approval in writing of the Minister of Finance and Corporate Relations,
(i) invest the money in investments permitted for a pension plan registered in compliance with the Pension Benefits Standards Act,
(ii) exchange an investment made under subparagraph (i) for another investment permitted under that subparagraph, and
(iii) realize an investment held under this paragraph, or
(b) place the money with the investment management corporation for funds management services.
13 (1) The board must engage the services of an actuary for the purposes of this Schedule and the pension plan rules.
(2) The actuary must
(a) make all actuarial reports and computations required by the board,
(b) make actuarial valuations of assets and liabilities under this Schedule and the pension plan rules when requested by the board, and
(c) report to the board the results of each actuarial valuation.
(3) Despite subsection (2) (b), actuarial valuations must be made at least once in each 3 year period.
(4) Any amount paid to the actuary for his or her services is an expense incurred in the administration of this Schedule and the pension plan rules.
14 (1) At least once in each year the financial statements of the pension plan, including the accounts of the board and the trustee, must be audited by the Auditor General or by an auditor appointed by the Lieutenant Governor in Council for that purpose.
(2) The salary or remuneration of an auditor appointed by the Lieutenant Governor in Council must be paid by the government.
15 (1) If an actuarial valuation, completed by an actuary in accordance with the requirements of section 13, discloses that
(a) there has been an increase in the unfunded actuarial liability for the pension plan when measured on a statutory basis as a percentage of payroll, and
(b) the increase has occurred since the immediately preceding actuarial valuation,
then additional employer contributions determined by the actuary as sufficient to
(c) meet the normal costs of the pension plan,
(d) hold the unfunded actuarial liability constant as a percentage of payroll, and
(e) amortize the identified increase in the unfunded actuarial liability over a period not exceeding 15 years
must be paid to the pension fund in a manner prescribed by the Lieutenant Governor in Council.
(2) If an actuarial valuation, completed by an actuary in accordance with the requirements of section 13, discloses that
(a) a surplus has been created or an existing surplus has been increased, and
(b) the surplus or the increase has occurred since the immediately preceding actuarial valuation,
then employer contributions may be reduced by the amount determined by the actuary as sufficient to amortize the identified surplus or increase over a period of at least 15 years.
16 (1) The Lieutenant Governor in Council may, on the recommendation of the board, make regulations, applicable generally or to a specified person or class of persons, prescribing the pension plan rules, including, without limitation, regulations as follows:
(a) respecting the pension fund, the funding for and payment from different accounts and the establishment of different accounts for different purposes within the pension fund, including
(i) an account for basic pension benefits provided within the Income Tax Act (Canada) maximums for a registered pension plan,
(ii) an account for pension indexing, and
(iii) an account for supplemental benefits not paid from the other accounts;
(b) governing employer and employee eligibility to participate in the pension plan, including any information required to establish the status of employers and the enrollment of particular employees as members, and providing for continuity of service on transfer between different employers, and providing differently for different employee groups;
(c) prescribing employer and plan member contributions to the pension fund, including
(i) prescribing different rates for different circumstances, and the timing and reporting of contributions,
(ii) prescribing what constitutes the salary of a plan member for the purposes of determining contributions,
(iii) imposing restrictions on access to amounts contributed to the pension fund and interest on those amounts, including restrictions on demanding or enforcing payment, and
(iv) prescribing contribution limits;
(d) respecting pensionable service, including
(i) prescribing requirements for calculating annual service accrual for full time and less than full time employment,
(ii) the terms and conditions respecting the recognition of periods of short term and long term disability, and
(iii) restricting recognition of pensionable service on partial payment of arrears;
(e) respecting contributory service, including
(i) prescribing requirements for calculating service accrual for full time and less than full time employment,
(ii) the terms and conditions respecting the recognition of periods of short term and long term disability,
(iii) the terms and conditions respecting the recognition of periods of child rearing, and
(iv) recognition of contributory service on payment or partial payment of arrears;
(f) respecting the purchase of service, including specifying the terms and conditions for the purchase of service, and amounts to be paid and by whom, for periods of
(i) leave of absence,
(ii) service that can be reinstated,
(iii) service during which the plan member was not eligible to make contributions or elected not to make contributions, and
(iv) any other service approved by the board, including service with any employer, whether or not the employer is an employer under this Schedule;
(g) prescribing the earliest retirement age, pensionable age, normal retirement age or latest retirement age applicable to any plan member or group or class of plan members;
(h) respecting benefits, including
(i) the eligibility and entitlement to receive a benefit and the criteria and methods for determining a benefit,
(ii) the calculation of the highest average salary,
(iii) the calculation of the benefit amount on termination of membership, pre-retirement death, disability retirement, early retirement, normal retirement, late retirement, shortened life expectancy and death, and prescribing available options for receiving pension benefits,
(iv) the nature of a benefit, whether pre-retirement, on retirement or post retirement, including spousal benefits, the protection of spousal benefits, the nomination of beneficiaries, a change of beneficiaries or benefit selection, minor beneficiaries, spousal waivers and the nomination of a beneficiary on the breakdown of a marriage or marriage-like relationship,
(v) post retirement group benefits, and the type and level of benefits, entitlement to benefits, terms and conditions of how benefits are provided and funded, and how and by whom they are funded, and
(vi) supplemental benefits, including
(A) benefit calculations and available options for receipt of those benefits with reference to the Income Tax Act (Canada),
(B) the terms and conditions of how those benefits are to be provided, funded and paid, and by whom they are funded, and
(C) the indexing of supplemental benefits;
(i) establishing the terms and conditions for pension indexing, including
(i) the eligibility and entitlement to receive indexing and the criteria and methods for determining indexing,
(ii) determining the highest average salary for long term disability, deferred pensions and pensions for members with less than full time employment, and
(iii) indexing for plan members receiving a pension granted under Part 2 of the Legislative Assembly Allowances and Pension Act;
(j) respecting the manner of making an application for, and the granting or continuation of, benefits, supplemental benefits and disability benefits, including the information required and the form of proof required for that information;
(k) respecting applications for monthly pension benefits, including
(i) requirements for filing applications,
(ii) the effective date for monthly pension benefits on late filing of applications, and
(iii) exceptions for persons incapable of managing their affairs or other sufficient reason;
(l) respecting the requirements for filing written agreements and court orders made under Parts 5 and 6 of the Family Relations Act, or similar orders of a court outside British Columbia that are enforceable in British Columbia and, in case of late filing, whether or not adjustments are required;
(m) respecting the methodology and assumptions for any calculations required to administer the pension plan;
(n) establishing general administrative requirements and imposing administrative obligations on employers;
(o) prescribing administrative penalties or the payment of interest by employers, plan members or the pension plan in the case of delay or noncompliance;
(p) exempting a person or class of persons, or allowing the board to exempt a person or class of persons, with or without conditions, from any provision of the pension plan or pension plan rules;
(q) defining any word or expression used in this Schedule or in the regulations;
(r) providing for any matter necessary or advisable to carry out effectively the intent and purposes of this Schedule.
(2) In making a regulation under this Schedule, the Lieutenant Governor in Council may delegate a matter to a person or the board and confer a discretionary power on a person or the board.
(3) The Lieutenant Governor in Council may, on the recommendation of the board, amend, repeal or replace the pension plan rules made under subsection (1).
17 The following conditions apply to, and are deemed to be included in, the pension plan rules:
(a) if, on the death of a plan member, a benefit becomes payable to
(i) the spouse of the plan member if there is a spouse and a valid spousal waiver has not been filed with the plan administrator, or
(ii) the person nominated by the plan member as beneficiary if there is no spouse or a valid spousal waiver has been filed with the plan administrator,
the amount
(iii) is not subject to the control of the creditors of the deceased plan member, and
(iv) does not form part of the estate of the plan member;
(b) if, on the death of a plan member, a benefit becomes payable to his or her estate or to the personal representative of the deceased plan member, the benefit forms part of the estate of the plan member and is subject to the control of the creditors;
(c) if, on the death of a plan member, a benefit becomes payable to a minor, the benefit must be paid to the Public Guardian and Trustee, in trust for the minor, for payment to the minor on reaching the age of 19 years;
(d) a pension or refund of any amount to the credit of any plan member in the pension fund may not be assigned, charged, attached, anticipated or given as security, and any instructions purporting to assign, charge, attach, anticipate or give as security a pension or refund are void;
(e) nothing in the pension plan impairs or affects the rights of an employer to remove or dismiss a person from service.
Schedule C, section 1 definition of "board" BEFORE repealed by 2003-62-19(a) effective October 23, 2003 (Royal Assent).
“board” means the Public Service Pension Advisory Board established under section 3;
Schedule C, section 1 definitions of "investment management corporation" and "pension plan rules" BEFORE repealed by 2003-62-12(a) effective October 23, 2003 (Royal Assent).
"investment management corporation" has the same meaning as in section 1 (1) of the Act;
"pension plan rules" means the regulations made under section 16 (1);
Schedule C, section 1 definitions of "pension fund" and "pension plan" BEFORE amended by 2003-62-19(b) effective October 23, 2003 (Royal Assent).
“pension fund” means the Public Service Pension Fund continued under section 9;
“pension plan” means the Public Service Pension Plan continued under section 2 (1);
Schedule C, section 1 definition of "plan administrator" BEFORE repealed by 2003-62-12(b) effective October 23, 2003 (Royal Assent).
"plan administrator" means the pension corporation;
Schedule C, section 18(2)(a) BEFORE amended by 2003-62-14 effective October 23, 2003 (Royal Assent).
(a) the continuation of the pension plan and the pension fund for the benefit of plan members;
Schedule C, section 18(5)(b) and (c) BEFORE amended by 2003-62-16 effective October 23, 2003 (Royal Assent).
(b) the plan administrator keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and
(c) the plan administrator keeps an individual record of contributions made by each plan member.
Schedule C, section 18(4)(f) BEFORE repealed by 2003-62-20 effective January 1, 2004 (BC Reg 484/03).
(f) post retirement group benefits;
Schedule C, sections 18.1 to 18.3 were added by 2003-62-20 effective January 1, 2004 (BC Reg 484/03).
Schedule C, section 18.4 was added by 2003-62-21 effective April 1, 2000 [retro from October 23, 2003 (Royal Assent)].
Schedule C, section 20 BEFORE amended by 2003-62-22 effective October 23, 2003 (Royal Assent).
20 This Schedule continues to apply to all agreements made under the Pension (Public Service) Act that were in effect on the date of the repeal of that Act, as if those agreements had been made by the board under the authority of this Schedule.
Schedule C, section 21 BEFORE amended by 2003-62-16 effective October 23, 2003 (Royal Assent).
21 A supplementary allowance that was, under section 35 of the Pension (Public Service) Act as it read on the date of its repeal by this Act, payable to a retired member, or to the spouse of a retired member who dies after retirement, must continue to be paid in the manner and for the period as provided for by the Pension (Public Service) Act, and the present value of those supplementary allowances, as determined by the plan administrator, must be paid by the government to the pension fund.
Schedule C, section 22 BEFORE amended by 2003-62-22 effective October 23, 2003 (Royal Assent).
22 The Lieutenant Governor in Council may, on the recommendation of the board, make regulations that are necessary or advisable for meeting or removing any difficulty arising out of the transition from the Pension (Public Service) Act repealed by this Act, and for preserving and giving effect to the rights of all persons accrued or accruing under the Pension (Public Service) Act except as those rights are expressly varied by this Schedule, and the regulations may be made to apply generally or to a particular case.
Schedule D, Part 1 BEFORE repealed by 1999-44-122 effective April 5, 2001 (BC Reg 98/01).
2 (1) The plan provided for by and under the Pension (Teachers) Act is continued as the Teachers' Pension Plan under this Schedule and the pension plan rules.
(2) An employer to whom the Pension (Teachers) Act applied immediately before the coming into force of this section, continues to be an employer, and those eligible employees of that employer continue to be plan members, under the Teachers' Pension Plan.
(3) A person who, immediately before the coming into force of this section, was a plan member under the Pension (Teachers) Act continues to be a plan member under the Teachers' Pension Plan.
(4) Any rights vested in each plan member or beneficiary under the plan provided for by and under the Pension (Teachers) Act continue to apply to the plan member or beneficiary, in the same manner and to the same extent, under the Teachers' Pension Plan.
(5) The fiscal year end of the pension plan is December 31, or any other date that the board may establish as the fiscal year end for the pension plan.
3 (1) There is established a Teachers' Pension Board comprising 7 members appointed by the Lieutenant Governor in Council as follows:
(a) 3 persons nominated by the government, to be known as the plan sponsor representatives;
(b) 3 persons nominated by the executive of the British Columbia Teachers' Federation, to be known as the plan member representatives;
(c) one person nominated by the government and designated in the appointment as chair of the board.
(2) A party that makes a nomination under subsection (1) may nominate an alternate person and, if the member appointed under subsection (1) is unable to act, that alternate person, upon appointment by the Lieutenant Governor in Council, is authorized to act in the first appointee's place.
(3) Each member appointed under subsection (1) (a) and (b) or (2) has one vote.
(4) An appointment to the board may be made for a term not exceeding 2 years, and the appointment may be renewed or extended.
(5) An appointment to the board may, on the recommendation of the party that nominated the member, be rescinded by the Lieutenant Governor in Council.
(6) The chair of the board is the trustee of the pension fund.
(7) The board must determine whether the chair has a vote and, if so, whether the chair is entitled to a second or casting vote.
(8) Subject to subsections (9) and (10), a quorum of the board is a majority of the members of the board.
(9) A quorum requires
(a) one representative of the government, and
(b) one representative of the British Columbia Teachers' Federation.
(10) The board may, by unanimous agreement of all of the members of the board, change a requirement of subsection (8) or (9).
(11) Each member of the board must be a permanent resident of Canada.
(12) The board may, from the pension fund, pay
(a) to a member of the board or a person appointed to a committee of the board an allowance for reasonable travel and other expenses necessarily incurred in carrying out the business of the board,
(b) to a member of the board or a person appointed to a committee of the board, if the member or person is not receiving remuneration from any other source for acting as a member or on a committee, remuneration that has been set by the board and is consistent with Treasury Board guidelines, and
(c) to an organization, if the organization is the source of remuneration paid to a member of the board or person appointed to a committee of the board, remuneration for the services of the member or person at the rate set by the board under paragraph (b).
4 (1) For the purposes of this Schedule, the board may
(a) retain the services of persons, and
(b) enter into agreements.
(2) The board has the necessary legal capacity to sue and be sued in its own name for the purposes of a matter arising under this Schedule or the pension plan rules.
(3) The board, on behalf of the pension fund, may recover and enforce contributions, deductions and any interest payments that should have been made or are due to the pension fund by action in any court in the name of the board as a debt due to the board and, in that case, the Limitation Act does not apply.
5 (1) The board is responsible for the administration of the pension plan.
(2) The board must do all of the following:
(a) subject to Treasury Board approval respecting any of the matters described in subsection (3) (b), make recommendations to the Lieutenant Governor in Council respecting the pension plan rules, or any amendments to the pension plan rules, made under section 16;
(b) submit to Treasury Board and to the minister an annual report on the operation of the board, the pension plan and the pension fund;
(c) review reports on the investment of the pension fund;
(d) direct the plan administrator respecting
(i) the application of the pension plan rules,
(ii) the negotiation of agreements on behalf of the board with a person, class of persons or body, including agreements which may differ from the pension plan rules, respecting
(A) portability of pension benefits,
(B) pension-based early retirement incentive programs,
(C) continuation of pension plan membership in the case of employer merger or reorganization,
(D) provision of benefits in addition to those provided for in the pension plan rules,
(E) reporting requirements on behalf of employers under the Income Tax Act (Canada), and
(F) any other agreements the board considers to be advisable, and
(iii) the implementation of any agreements entered into by the board;
(e) establish the practice and procedure for appeals to the board;
(f) approve, in whole or in part and with or without modifications, the annual budget for pension administration and investment activities;
(g) carry out other prescribed duties and responsibilities.
(3) The board may do any of the following:
(a) make recommendations to the minister respecting amendments to this Schedule and, before enactment, review any amendments to this Schedule;
(b) make recommendations to Treasury Board respecting
(i) changes in benefits,
(ii) funding policies for the pension plan,
(iii) contribution rates, and
(iv) modifications to the pension plan;
(c) make recommendations to the Minister of Finance and Corporate Relations and the trustee respecting the investment of the pension fund;
(d) report to plan members on issues related to the pension plan;
(e) establish rules, procedures and methods for board operations.
(4) The board may
(a) pass resolutions it considers necessary or advisable to manage and conduct its own affairs and to exercise the board's powers and perform its duties,
(b) establish committees or panels of the board, and may determine the composition, duties, responsibilities, limitations and operating procedures of those committees or panels,
(c) appoint persons other than members of the board to a committee or panel referred to in paragraph (b), and may set the term of appointment to the committee or panel that applies to those persons,
(d) nominate members of the board to the boards of the pension corporation and the investment management corporation, and
(e) rescind an appointment made under paragraph (c).
6 (1) The board must retain the services of the pension corporation to carry out the board's responsibilities respecting the administration of the pension plan.
(2) Subject to section 12 (2), the trustee may retain the services of the investment management corporation to carry out the trustee's responsibilities respecting the investment of the assets of the pension fund.
(3) The trustee must ensure that the plan administrator keeps
(a) an account of all money received and paid out of the pension fund,
(b) an account of the assets and liabilities of the pension fund, and
(c) an individual record of contributions made by each plan member.
7 (1) A person or organization directly affected by a decision of the plan administrator in the application of the pension plan rules may, by written notice to the board, appeal all or part of the decision in accordance with the practice and procedure for appeals to the board.
(2) The board must ensure that each appeal is dealt with promptly and efficiently.
(3) The board may establish a panel consisting of one or more persons, as determined by the chair, to consider appeals.
(4) If a panel consists of more than one person, the chair must preside over the panel or designate the person who is to chair the panel.
(5) For an appeal referred to a panel,
(a) the panel has all the jurisdiction and may exercise the powers and perform the duties of the board, and
(b) a decision or order of the panel is a decision or order of the board.
(6) The board or panel must confirm, vary or reverse the decision, order or ruling being appealed.
(7) For the purposes of this section, the board and each of its members, or a panel of the board and each person on the panel, has the powers, protection and privileges of a commissioner under sections 12, 15 and 16 of the Inquiry Act.
8 (1) The pension fund may indemnify a person who is a member of the board or a person appointed to a committee or a panel under section 5 (4) (c), or a former member of the board or committee or panel member, against all costs, charges and expenses actually and reasonably incurred by the person, including an amount paid to settle an action or satisfy a judgment in a civil, criminal or administrative action or proceeding to which the person is made a party because of being or having been a board member or committee or panel member, and including an action brought by the board, if
(a) the board member or committee or panel member acted in good faith, and
(b) in the case of a criminal action or proceeding, the board member or committee or panel member had reasonable grounds for believing that his or her conduct was lawful.
(2) The board may purchase and maintain, for the benefit of the board or a board member or committee or panel member referred to in subsection (1), or any of them, insurance against liability incurred by the board or by the board member or committee or panel member.
9 (1) The Teachers' Pension Fund continued under the Pension (Teachers) Act is continued under this Schedule.
(2) The pension fund consists of the cash, investments and other assets held by the trustee.
(3) The contributions from the employers and plan members and the net income from investments and other sources must be paid into the pension fund.
(4) Benefits and disbursements payable under this Schedule and the pension plan rules must be paid from the pension fund and, for this purpose, the pension fund must be considered one and indivisible.
(5) The following fees, expenses and disbursements, as are reasonably necessary and approved by the board, must be paid from the pension fund:
(a) the fees, expenses and disbursements of the board incurred in administering the pension plan;
(b) the fees, expenses and disbursements of the trustee with respect to the pension fund;
(c) the fees, expenses and disbursements of, and amounts requisitioned by, the pension corporation and the investment management corporation, or other investment managers, to operate and administer the pension plan and to manage the pension fund;
(d) any other expenses incurred in the administration of this Schedule and the pension plan rules.
10 The trustee must provide for the financial administration of the pension plan by
(a) establishing an accounting system which ensures that there is proper reporting and accountability to the board in a timely manner and at a reasonable cost,
(b) having annual financial statements of the pension plan prepared in accordance with generally accepted accounting principles,
(c) having an audit performed on the financial statements referred to in paragraph (b), and
(d) providing to the Minister of Finance and Corporate Relations an annual report on the pension plan, including the audited financial statements.
11 (1) The plan administrator must advise the trustee of the sums of money available for investment.
(2) The trustee must keep accounts and records in a form specified by the Minister of Finance and Corporate Relations.
12 (1) The trustee must cause all money available for investment to be invested in accordance with subsection (2).
(2) The trustee may
(a) subject to the prior approval in writing of the Minister of Finance and Corporate Relations,
(i) invest the money in investments permitted for a pension plan registered in compliance with the Pension Benefits Standards Act,
(ii) exchange an investment made under subparagraph (i) for another investment permitted under that subparagraph, and
(iii) realize an investment held under this paragraph, or
(b) place the money with the investment management corporation for funds management services.
13 (1) The board must engage the services of an actuary for the purposes of this Schedule and the pension plan rules.
(2) The actuary must
(a) make all actuarial reports and computations required by the board,
(b) make actuarial valuations of assets and liabilities under this Schedule and the pension plan rules when requested by the board, and
(c) report to the board the results of each actuarial valuation.
(3) Despite subsection (2) (b), actuarial valuations must be made at least once in each 3 year period.
(4) Any amount paid to the actuary for his or her services is an expense incurred in the administration of this Schedule and the pension plan rules.
14 (1) At least once in each year the financial statements of the pension plan, including the accounts of the board and the trustee, must be audited by the Auditor General or by an auditor appointed by the Lieutenant Governor in Council for that purpose.
(2) The salary or remuneration of an auditor appointed by the Lieutenant Governor in Council must be paid by the government.
15 (1) If an actuarial valuation, completed by an actuary in accordance with the requirements of section 13, discloses that
(a) there has been an increase in the unfunded actuarial liability for the pension plan when measured on a statutory basis as a percentage of payroll,
(b) the increase has occurred since the immediately preceding actuarial valuation, and
(c) the unfunded actuarial liability for the plan when measured on a statutory basis as a percentage of payroll is greater than 50%,
then additional employer contributions determined by the actuary as sufficient to
(d) meet the normal costs of the pension plan, and
(e) reduce the amount of the unfunded actuarial liability expressed as a percentage of payroll to 50% over a period not exceeding 35 years
must be paid to the pension fund in a manner prescribed by the Lieutenant Governor in Council.
(2) If an actuarial valuation, completed by an actuary in accordance with the requirements of section 13, discloses that
(a) there has been an increase in the unfunded actuarial liability for the pension plan when measured on a statutory basis as a percentage of payroll,
(b) the increase has occurred since the immediately preceding actuarial valuation, and
(c) the unfunded actuarial liability for the plan when measured on a statutory basis as a percentage of payroll is 50% or less,
then additional employer contributions determined by the actuary as sufficient to
(d) meet the normal costs of the pension plan,
(e) hold the unfunded actuarial liability constant as a percentage of payroll, and
(f) amortize the identified increase in the unfunded actuarial liability over a period not exceeding 15 years
must be paid to the pension fund in a manner prescribed by the Lieutenant Governor in Council.
(3) If an actuarial valuation, completed by an actuary in accordance with the requirements of section 13, discloses that
(a) a surplus has been created or an existing surplus has been increased, and
(b) the surplus or the increase has occurred since the immediately preceding actuarial valuation,
then employer contributions may be reduced by an amount determined by the actuary as sufficient to amortize the identified surplus or increase over a period of at least 15 years.
16 (1) The Lieutenant Governor in Council may, on the recommendation of the board, make regulations, applicable generally or to a specified person or class of persons, prescribing the pension plan rules, including, without limitation, regulations as follows:
(a) respecting the pension fund, the funding for and payment from different accounts and the establishment of different accounts for different purposes within the pension fund, including
(i) an account for basic pension benefits provided within the Income Tax Act (Canada) maximums for a registered pension plan,
(ii) an account for pension indexing,
(iii) an account for supplemental benefits not paid from the other accounts, and
(iv) an account for retirement annuities;
(b) governing employer and employee eligibility to participate in the pension plan, including any information required to establish the status of employers and the enrollment of particular employees as members, and providing for continuity of service on transfer between different employers, and providing differently for different employee groups;
(c) prescribing employer and plan member contributions to the pension fund, including
(i) prescribing different rates for different circumstances, and the timing and reporting of contributions,
(ii) prescribing what constitutes the salary of a plan member for the purposes of determining contributions,
(iii) imposing restrictions on access to amounts contributed to the pension fund and interest on those amounts, including restrictions on demanding or enforcing payment, and
(iv) prescribing contribution limits;
(d) respecting pensionable service, including
(i) prescribing requirements for calculating annual service accrual for full time and less than full time employment,
(ii) the terms and conditions respecting the recognition of periods of short term and long term disability, and
(iii) restricting recognition of pensionable service on partial payment of arrears;
(e) respecting contributory service, including
(i) prescribing requirements for calculating service accrual for full time and less than full time employment,
(ii) the terms and conditions respecting the recognition of periods of short term and long term disability,
(iii) the terms and conditions respecting the recognition of periods of child rearing, and
(iv) recognition of contributory service on payment or partial payment of arrears;
(f) respecting the purchase of service, including specifying the terms and conditions for the purchase of service, and amounts to be paid and by whom, for periods of
(i) leave of absence,
(ii) service that can be reinstated,
(iii) service during which the plan member was not eligible to make contributions or elected not to make contributions, and
(iv) any other service approved by the board, including service with any employer, whether or not the employer is an employer under this Schedule;
(g) prescribing the earliest retirement age, pensionable age, normal retirement age or latest retirement age applicable to any plan member or group or class of plan members;
(h) respecting benefits, including
(i) the eligibility and entitlement to receive a benefit and the criteria and methods for determining a benefit,
(ii) the calculation of the highest average salary,
(iii) the calculation of the benefit amount on termination of membership, pre-retirement death, disability retirement, early retirement, normal retirement, late retirement, shortened life expectancy and death, and prescribing available options for receiving pension benefits,
(iv) the nature of a benefit, whether pre-retirement, on retirement or post retirement, including spousal benefits, the protection of spousal benefits, the nomination of beneficiaries, a change of beneficiaries or benefit selection, minor beneficiaries, spousal waivers and the nomination of a beneficiary on the breakdown of a marriage or marriage-like relationship,
(v) post retirement group benefits, and the type and level of benefits, entitlement to benefits, terms and conditions of how benefits are provided and funded, and how and by whom they are funded, and
(vi) supplemental benefits, including
(A) benefit calculations and available options for receipt of those benefits with reference to the Income Tax Act (Canada),
(B) the terms and conditions of how those benefits are to be provided, funded and paid, and by whom they are funded, and
(C) the indexing of supplemental benefits;
(i) establishing the terms and conditions for pension indexing, including
(i) the eligibility and entitlement to receive indexing and the criteria and methods for determining indexing, and
(ii) determining the highest average salary for long term disability, deferred pensions and pensions for members with less than full time employment;
(j) respecting the manner of making an application for, and the granting or continuation of, benefits, supplemental benefits and disability benefits, including the information required and the form of proof required for that information;
(k) respecting applications for monthly pension benefits, including
(i) requirements for filing applications,
(ii) the effective date for monthly pension benefits on late filing of applications, and
(iii) exceptions for persons incapable of managing their affairs or other sufficient reason;
(l) respecting the requirements for filing written agreements and court orders made under Parts 5 and 6 of the Family Relations Act, or similar orders of a court outside British Columbia that are enforceable in British Columbia and, in case of late filing, whether or not adjustments are required;
(m) respecting the methodology and assumptions for any calculations required to administer the pension plan;
(n) establishing general administrative requirements and imposing administrative obligations on employers;
(o) prescribing administrative penalties or the payment of interest by employers, plan members or the pension plan in the case of delay or noncompliance;
(p) exempting a person or class of persons, or allowing the board to exempt a person or class of persons, with or without conditions, from any provision of the pension plan or pension plan rules;
(q) defining any word or expression used in this Schedule or in the regulations;
(r) providing for any matter necessary or advisable to carry out effectively the intent and purposes of this Schedule.
(2) In making a regulation under this Schedule, the Lieutenant Governor in Council may delegate a matter to a person or the board and confer a discretionary power on a person or the board.
(3) The Lieutenant Governor in Council may, on the recommendation of the board, amend, repeal or replace the pension plan rules made under subsection (1).
17 The following conditions apply to, and are deemed to be included in, the pension plan rules:
(a) if, on the death of a plan member, a benefit becomes payable to
(i) the spouse of the plan member if there is a spouse and a valid spousal waiver has not been filed with the plan administrator, or
(ii) the person nominated by the plan member as beneficiary if there is no spouse or a valid spousal waiver has been filed with the plan administrator,
the amount
(iii) is not subject to the control of the creditors of the deceased plan member, and
(iv) does not form part of the estate of the plan member;
(b) if, on the death of a plan member, a benefit becomes payable to his or her estate or to the personal representative of the deceased plan member, the benefit forms part of the estate of the plan member and is subject to the control of the creditors;
(c) if, on the death of a plan member, a benefit becomes payable to a minor, the benefit must be paid to the Public Guardian and Trustee, in trust for the minor, for payment to the minor on reaching the age of 19 years;
(d) a pension or refund of any amount to the credit of any plan member in the pension fund may not be assigned, charged, attached, anticipated or given as security, and any instructions purporting to assign, charge, attach, anticipate or give as security a pension or refund are void;
(e) nothing in the pension plan impairs or affects the rights of an employer to remove or dismiss a person from service.
Schedule D, section 1 definition of "board" BEFORE repealed by 2003-62-23(a) effective October 23, 2003 (Royal Assent).
“board” means the Teachers' Pension Board established under section 3;
Schedule D, section 1 definitions of "investment management corporation" and "pension plan rules" BEFORE repealed by 2003-62-12(a) effective October 23, 2003 (Royal Assent).
"investment management corporation" has the same meaning as in section 1 (1) of the Act;
"pension plan rules" means the regulations made under section 16 (1);
Schedule D, section 1 definitions of "pension fund" and "pension plan" BEFORE repealed by 2003-62-23(b) effective October 23, 2003 (Royal Assent).
“pension fund” means the Teachers' Pension Fund continued under section 9;
“pension plan” means the Teachers' Pension Plan continued under section 2 (1);
Schedule D, section 1 definition of "plan administrator" BEFORE repealed by 2003-62-12(b) effective October 23, 2003 (Royal Assent).
"plan administrator" means the pension corporation;
Schedule D, section 18(2)(a) BEFORE amended by 2003-62-14 effective October 23, 2003 (Royal Assent).
(a) the continuation of the pension plan and the pension fund for the benefit of the plan members;
Schedule D, section 18(5)(b) and (c) BEFORE amended by 2003-62-16 effective October 23, 2003 (Royal Assent).
(b) the plan administrator keeps an account of all money received and paid out of the pension fund and keeps an accounting of the assets and liabilities of the pension fund, and
(c) the plan administrator keeps an individual record of contributions made by each plan member.
Schedule D, section 18(4)(f) BEFORE repealed by 2003-62-24 effective January 1, 2004 (BC Reg 484/03).
(f) post retirement group benefits;
Schedule D, sections 18.1 to 18.3 were added by 2003-62-25 effective January 1, 2004 (BC Reg 484/03).
Schedule D, section 18.4 was added by 2003-62-25 effective April 1, 2000 [retro from October 23, 2003 (Royal Assent)].
Schedule D, section 20 BEFORE amended by 2003-62-26 effective October 23, 2003 (Royal Assent).
20 This Schedule continues to apply to all agreements made under the Pension (Teachers) Act that were in effect on the date of the repeal of that Act, as if those agreements had been made by the board under the authority of this Schedule.
Schedule D, section 21 BEFORE amended by 2003-62-26 effective October 23, 2003 (Royal Assent).
21 The Lieutenant Governor in Council may, on the recommendation of the board, make regulations that are necessary or advisable for meeting or removing any difficulty arising out of the transition from the Pension (Teachers) Act repealed by this Act, and for preserving and giving effect to the rights of all persons accrued or accruing under the Pension (Teachers) Act except as those rights are expressly varied by this Schedule, and the regulations may be made to apply generally or to a particular case.
Copyright (c) 2004: Queen’s Printer, Victoria, British Columbia, Canada