1992 Legislative Session: 1st Session, 35th Parliament
FIRST READING


The following electronic version is for informational purposes only.
The printed version remains the official version.


MINISTER OF GOVERNMENT SERVICES

BILL 54 -- 1992

PENSION STATUTES (TRANSITIONAL ARRANGEMENT) ACT

Contents

Section  

1 

Definitions

2 

Compliance with income tax rules

3 

Provision for continuation of existing benefits

4 

Retroactivity

5 

Sunset provision

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

Definitions

1 In this Act "pension statute" means

(a) the Auditor General Act,

(b) the Ombudsman Act,

(c) the Pension (College) Act,

(d) the Pension (Municipal) Act,

(e) the Pension (Public Service) Act,

(f) the Pension (Teachers) Act,

(g) the Provincial Court Act, or

(h) the Public Service Act.

Compliance with income tax rules

2 The Lieutenant Governor in Council may make regulations to amend a pension statute to the extent necessary to ensure that pension plans under the pension statute or the pension statute itself, following amendment, complies with the rules in and under the Income Tax Act (Canada) applicable to registered pension plans and funds.

Provision for continuation of existing benefits

3 Notwithstanding section 2, the Lieutenant Governor in Council may additionally make regulations to amend a pension statute to the extent necessary to establish rules and procedures to provide for the continuation of benefits for plan members, which benefits would otherwise be discontinued as a result of regulations made under section 2.

Retroactivity

4 Regulations made under sections 2 and 3 may be made retroactive to January 1, 1992.

Sunset provision

5 (1) Unless earlier repealed, every amendment to a pension statute made by regulation under section 2 or 3 is repealed on August 31, 1993.

(2) This Act is repealed on August 31, 1993.


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Copyright © 1992: Queen's Printer, Victoria, British Columbia, Canada