Vol. 136, No. 23 — November 6, 2002

Registration SOR/2002-393 25 October, 2002

PUBLIC SERVICE SUPERANNUATION ACT
FINANCIAL ADMINISTRATION ACT

Regulations Amending the Public Service Superannuation Regulations

T.B. 829981 24 October, 2002

The Treasury Board, on the recommendation of the President of the Treasury Board, pursuant to paragraph 42.1(1)(v.8) (see footnote a)  and section 46 (see footnote b)  of the Public Service Superannuation Act and paragraph 7(2)(a) of the Financial Administration Act, hereby makes the annexed Regulations Amending the Public Service Superannuation Regulations.

REGULATIONS AMENDING THE PUBLIC SERVICE SUPERANNUATION REGULATIONS

AMENDMENT

1. Section 45 of the Public Service Superannuation Regulations (see footnote 1)  is replaced by the following:

45. Beginning with the fiscal year ending March 31, 2002, the annual report referred to in section 46 of the Act shall include the financial statements of the pension plan provided by the Act, prepared in accordance with the federal government's stated accounting policies for the pension plan, which are based on generally accepted accounting principles.

COMING INTO FORCE

2. These Regulations come into force on the day on which they are registered.

REGULATORY IMPACT ANALYSIS STATEMENT

(This statement is not part of the Regulations.)

Description

Historically, the annual report on the administration of the Public Service Pension Plan has included statements showing the transactions recorded in the Public Service Superannuation Account; that is, contributions, interest credits and benefit payments.

This regulatory amendment would require that a full set of financial statements for the public service pension plan showing the net change in plan assets and liabilities and the surplus or deficit position of the plan also be prepared and included in the annual report. These financial statements would be based on the federal government's stated accounting policies for the pension plan, which are based on generally accepted accounting principles.

This approach has been anticipated since the Public Sector Pension Investment Board was established in 2000 to invest pension contributions. It will bring the Government's pension plan financial reporting in line with pension standards legislation, provide better financial disclosure, and help assure the overall effectiveness of the pension administration.

Alternatives

While plan financial statements could be produced without a regulatory requirement, the regulatory route is being amended in the interest of clarity and public disclosure.

Benefits and Costs

The small additional administrative cost of producing plan financial statements will be charged to the pension account or fund. There is no cost to an outside party.

Consultation

The proposed regulation has been discussed with Public Works and Government Service Canada (PWGSC), which administers the plan, as well as with the Canadian Forces and the Royal Canadian Mounted Police.

These Regulations were pre-published in the Canada Gazette, Part I, on August 17, 2002. No comments were received.

Compliance and Enforcement

The financial statements will be produced by PWGSC, as part of the normal operations of administering the plan.

Contact

Joan M. Arnold

Director

Pensions Legislation Development Group

Pensions and Benefits Division

Treasury Board Secretariat

Ottawa, Ontario

K1A 0R5

Telephone: (613) 952-3119

Footnote a 

S.C. 1999, c. 34, s. 92(6)

Footnote b 

S.C. 1999, c. 34, s. 97

Footnote 1 

C.R.C., c. 1358; SOR/93-450

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