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Rates of Interest Regulations

made under Section 19 of the

Members' Retiring Allowances Act

R.S.N.S. 1989, c. 282

O.I.C. November 15, 1956, N.S. Reg. 26/56

as amended to O.I.C. 94-492 (June 27, 1995), N.S. Reg. 93/95


 

1     The Minister shall credit to the account in each fiscal year with respect to the balance that is from time to time to the credit of the account an amount representing interest calculated

 

                (a)    prior to April 1, 1982, at the rate of 4 per centum per annum compounded half yearly;

 

                (b)    effective on, from and after April 1, 1982, at the average borrowing rate of interest of the Province for each fiscal year compounded half yearly; and

 

                (c)    effective on, from and after April 1, 1995, at the rate of 8.5% compounded annually.

Clause 1(c) added: O.I.C. 95-492, N.S. Reg. 93/95.

Section 1 replaced: O.I.C. 82-1353, N.S. Reg. 228/82.

 

2     The interest on amounts paid by a person for the purpose of Sections 12 and 13 of the Act shall be calculated at the rate of 4 per centum per annum compounded half yearly on the balance that is from time to time to the credit of the person in the account.

Section 2 replaced: O.I.C. 82-1353, N.S. Reg. 228/82.

 

3     The allowance payable to a person shall be paid by the Minister in equal monthly installments on the last day of each month provided that the payment in the first month in which an allowance is payable shall be the installment payable for a full month multiplied by the number of days remaining in the month after and including the day on which the person became entitled to an allowance, divided by the total number of days in the month.

 

4     An installment representing a full month shall be paid in respect of the month in which a recipient dies.

 

5     The allowance of a recipient who is incapable of managing his affairs and for whom no guardian has been appointed may be paid to a trustee named by the Minister for the benefit of the recipient, his wife, minor children or dependents.

 

6     Any person who is contributing under the Act or who claims to be entitled to any benefit thereunder shall furnish to the Minister such proof of age, relationship, or disability as the Minister may require.


O.I.C. 82-1354

The Governor in Council on the report and recommendation of the Minister of Finance dated the 28th day of October, 1982, pursuant to Sections 5, 6A and 6B and 15 of Chapter 181 of the Revised Statutes of Nova Scotia, 1967, [Sections 6, 8, 9, and 19, R.S.N.S. 1989, c. 282] as amended, the Members' Retiring Allowances Act, is pleased to make the following regulation for the purposes of Sections 5, 6A and 6B of the said Act:

 

                (a)    prescribe that the applicable rate of interest shall be 4 per centum per annum, compounded half yearly, with respect to sums due and payable on or before the 30th day of June, 1982; and

 

                (b)    prescribe that the applicable rate of interest shall be 13.15 per centum per annum, compounded half yearly with respect to sums payable on, from and after the 1st day of July, 1982 and on or before the 31st day of December, 1986;

Clause (b) amended: O.I.C. 87-21, N.S. Reg. 9/87.

 

                (ba)  prescribe that the applicable rate of interest shall be 10 per centum per annum, compounded half-yearly with respect to sums payable on, from and after the 1st day of January, 1987;

Clause (ba) added: O.I.C. 87-21, N.S. Reg. 9/87.

 

                (c)    where a Member makes application on or after July 1, 1982 and on or before the 31st day of December, 1986, pursuant to Sections 5, 6A or 6B of the said Act, the applicable rate of interest required for the purpose of the installment provisions of said Sections 5, 6A and 6B during the amortized installment payment period shall be at the rate of 13.15 per centum per annum; and

Clause (c) amended: O.I.C. 87-21, N.S. Reg. 9/87.

 

                (d)    where a Member makes application on or after the 1st day of January, 1987, pursuant to Sections 5, 6A and 6B of the said Act, the applicable rate of interest required for the purpose of the installment provisions of said Sections 5, 6A and 6B during the amortized installment payment period shall be at the rate of 10 per centum per annum.

Clause (d) added: O.I.C. 87-21, N.S. Reg. 9/87.


The Governor in Council is further pleased to approve of the determination by the Minister of Finance that the amortized installment payment period pursuant to the provisions of the Act shall not exceed five years.