Vol. 145, No. 39 — September 24, 2011

ARCHIVED — GOVERNMENT NOTICES

BANK OF CANADA

AMENDMENTS TO THE BANK OF CANADA PENSION PLAN (BY-LAW 15) AND AMENDMENTS TO THE SUPPLEMENTARY PENSION ARRANGEMENT (BY-LAW 18)

CERTIFICATE

I, W. John Jussup, General Counsel and Corporate Secretary of the Bank of Canada, hereby certify that, pursuant to subsection 15(2) of the Bank of Canada Act, By-laws 15 and 18 of the Bank of Canada have been duly amended by the Board of Directors of the Bank on June 16, 2011, as set out below, and that such amendments have not been amended or rescinded since that date.

Ottawa, August 29, 2011

W. JOHN JUSSUP
General Counsel and Corporate Secretary

BY-LAW 15 — BANK OF CANADA PENSION PLAN (THE “PLAN”)

The Plan is amended, effective January 1, 2012, as follows by

1. adding an “INTRODUCTION” section at the beginning of the Plan immediately before “SECTION ONE — INTERPRETATION”:

“INTRODUCTION

The Bank of Canada Pension Plan (the “Plan”) was established by the Bank of Canada (the “Bank”) for its eligible employees.

The Plan was amended, effective January 1, 2012, to (among other things) change the pensionable age and member contribution rate, to remove the bridge pension benefit and to change the provisions relating to pre-retirement death benefits and post-retirement death benefits. These changes apply to members of the Plan whose employment by the Bank commences on or after January 1, 2012, unless an exception applies. Generally, an individual who was, at the relevant time, an active member, or a regular employee within the first sixty continuous months of his or her employment with the Bank and who had not elected to become a member of the Plan, or a temporary employee, was given a one-time option to elect whether the pre-change Plan terms or the post-change Plan terms apply to his or her obligations and entitlements under the Plan in respect of his or her pensionable service and credited service accrued on and after January 1, 2012. In the case of an individual who does not exercise the one-time option to elect for the post-change Plan terms to apply, the pre-change Plan terms will apply or continue to apply to the individual in respect of his or her pensionable service and credited service accrued on and after January 1, 2012. For greater certainty, these Plan amendments do not apply to an affected member (as defined in paragraph 16.2.1), nor to the determination of pension benefits, pension benefit credits, pensionable service and credited service accrued prior to January 1, 2012, unless otherwise specifically provided by the Plan and permitted by the PBSA. The Plan shall be interpreted in the context of this “INTRODUCTION” Section.”

2. amending SUBSECTION 1.1 — DEFINITIONS, as follows:

(a) adding the following definitions in the appropriate alphabetical order:

““change option” means the one-time option granted by the Bank to its employees as at December 31, 2011 (other than those employed as Governor or Senior Deputy Governor of the Bank) to elect, in the manner and within the time prescribed by the Bank, whether the pre-change Plan terms or the post-change Plan terms apply to the obligations and entitlements in respect of their pensionable service and credited service accrued on and after January 1, 2012, subject to the terms set out in the option;”

““grandfathered member” means a member who

• (a) was
  
  • (i) an active member as at December 31, 2011, or
    
  • (ii) a temporary employee as at December 31, 2011,
    and
    
  • (iii) who does not fall within subparagraph (c) below,
    and
    
  • (iv) who has not exercised the change option or who has exercised the change option by electing the pre-change Plan terms to continue to apply in respect of his or her pensionable service and credited service accrued on and after January 1, 2012;
    
• (b) was a regular employee but not an active member, as at December 31, 2011, and who does not fall within subparagraph (c) below, other than an individual who objects to becoming a member because of his or her religious beliefs; or
  
• (c) was Governor or Senior Deputy Governor of the Bank as at December 31, 2011, in respect of his or her pensionable service until termination of his or her employment with the Bank (for greater certainty, such pensionable service includes his or her pensionable service not as Governor or Senior Deputy Governor of the Bank prior to such termination); or
  
• (d) is an individual who is or was, at any time after 2011, employed as Governor or Senior Deputy Governor of the Bank (and who does not fall within paragraph (c)) but only in respect of his or her pensionable service as Governor or Senior Deputy Governor of the Bank, unless otherwise specifically provided in the Plan;

and, for greater certainty, an individual may be a grandfathered member under more than one of subparagraphs (a), (b), (c) and (d) in respect of different periods of the individual’s pensionable service but not within more than one of subparagraphs (a), (b), (c) and (d) for the same period of pensionable service;”

““post-change Plan terms” means Sections One to Fifteen of the Plan in effect as at January 1, 2012, and as amended or replaced thereafter;”

““pre-change Plan terms” means the terms of the Plan in effect as at December 31, 2011;”

““split-service member” means a member with part of his or her pensionable service governed by the pre-change Plan terms and part of his or her pensionable service governed by the post-change Plan terms;”

(b) deleting the definition of “pensionable age” and replacing it by the following:

““pensionable age” means, except as provided under paragraph 6.1.4, the earliest age at which a member is entitled to an unreduced immediate pension benefit, which shall be,

(a) for a member (A) who is a grandfathered member not by virtue only of his or her becoming Governor or Senior Deputy Governor of the Bank after 2011, or (B) who commenced his or her employment with the Bank after 2011 and was employed solely as Governor or Senior Deputy Governor of the Bank for the entire period of his or her employment, the lesser of

(i) age sixty years, and

(ii) age fifty-five years or greater having attained thirty years of pensionable service; and

(b) for a member, other than a member described in subparagraph (a), the lesser of

(i) age sixty-five years, and

(ii) age sixty years or greater having attained thirty years of pensionable service;”

3. adding “and/or paragraph 17.2.2 (for a grandfathered member)” immediately following “paragraph 3.2.2” in subparagraph 1.2.1(b).

4. deleting “Section Five or Section Six, as applicable” and replacing it by “Section Five or Section Six, as applicable, as modified by Section Seventeen” in paragraph 1.5.2.

5. adding the following paragraph 2.3.5 immediately following paragraph 2.3.4:

“2.3.5 Pre-Change Plan Terms Pensionable Service, Credited Service and Pension Benefit

For greater certainty and notwithstanding any other provisions of the Plan (other than paragraph 2.3.4), the pension benefit in respect of the pensionable service and credited service accrued under the pre-change Plan terms of a member re-employed by the Bank and who becomes an activemember under paragraph 2.3.1 or of a member re-employed by the Bank and who elects to suspend payment under paragraph 2.3.2, shall be determined according to the pre-change Plan terms.”

6. amending paragraph 3.2.1, as follows:

(a) adding “Subject to paragraph 17.2.1 (for a grandfathered member),” immediately before “each active member” in subparagraph (a);

(b) deleting clause 3.2.1(a)(i) and replacing it by the following:

“(i) attained in a prior year age seventy-one years or such other age as prescribed by the Income Tax Act from time to time, or”; and

(c) deleting clauses 3.2.1(a)(iii) and 3.2.1(a)(iv) and replacing them by the following:

“(iii) five per cent of the portion of salary, expressed in terms of an annual rate, that is less than the Year’s MaximumPensionable Earnings, and

(iv) six and one-half per cent of the portion of salary, expressed in terms of an annual rate, that is greater than the Year’s Maximum Pensionable Earnings.”

7. amending paragraph 3.2.2, as follows:

(a) adding “subject to paragraph 17.2.2 (for a grandfathered member),” immediately following “In this case,” in subparagraph 3.2.2(a);

(b) adding the following immediately following “the relevant period,” in clause 3.2.2(a)(i):

“calculated based on the post-change Plan terms, determined according to paragraph 3.2.1, irrespective of whether the relevant period is before or after January 1, 2012”;

(c) deleting clause 3.2.2(a)(ii) and replacing it by the following:

“(ii) accrued interest, at such rates as determined by the Administrator from time to time, on such contributions from the date they would have been paid into the Plan”;

(d) adding “subject to paragraph 17.2.2 (for a grandfathered member),” immediately following “In this case,” in subparagraph 3.2.2(b);

(e) in subclause 3.2.2(b)(ii)A:

(i) deleting “based on the member’s salary” and replacing it by “calculated based on the post-change Plan terms and the member’s salary”, and

(ii) adding “irrespective of whether the period of eligible pensionable service elected is before or after January 1, 2012” immediately following “for which the member has elected to contribute,”;

(f) deleting subclause 3.2.2(b)(ii)B and replacing it by the following:

“B. accrued interest, at such rates as determined by the Administrator from time to time, on such contributions from the date they would have been paid into the Plan.”; and

(g) deleting subparagraph 3.2.2(f) and replacing it by the following:

“(f) Subject to subparagraph 17.2.2(b) (for a grandfathered member), the minimum member contribution required in respect of an active member who elects to contribute to the Plan pursuant to subparagraph (a) or (b) shall equal the sum of

(i) the pension benefit credit, if any, received by the member in respect of the relevant period of prior service, calculated (or recalculated, as the case may be) based on the post-change Plan terms, and

(ii) accrued interest, at such rates as determined by the Administrator from time to time, on such pension benefit credit from the date of receipt of such pension benefit credit.”

8. adding “or paragraph 17.2.1 (for a grandfathered member)” immediately following “paragraph 3.2.1” in subparagraph 3.2.3(a).

9. adding “, as modified by subsection 17.2 (for a grandfathered member),” immediately following “subsection 3.2” in subparagraph 4.2.2(b).

10. deleting “paragraphs 5.1.2 and 5.1.3” and replacing it by “paragraph 5.1.2 and paragraph 5.1.3 (when applicable)” in paragraph 5.1.1.

11. adding “subsection 5.5 (if applicable) and” immediately following “subject to” in the opening paragraph of paragraph 5.1.2.

12. deleting paragraph 5.1.3 and replacing it by the following:

“5.1.3 Availability and Amount of Bridge Pension Benefit

(a) The annual bridge pension benefit is payable only to a split-service member and a grandfathered member.

(b) For a split-service member who is not a grandfathered member, after June 30, 2002, the annual bridge pension benefit payable shall, subject to the limits imposed by Section Nine, equal five-tenths of one per cent of the lesser of

(i) the split-service member’s highest average salary, and

(ii) the average YMPE,

multiplied by the split-service member’s years and part years of credited service in respect of pensionable service after 1965 but before 2012.

Notwithstanding the foregoing, no bridge pension benefit is payable in respect of the credited service relating to pensionable service bought back by a member after 2011 under paragraph 3.2.2, irrespective of whether such pensionable service is before or after January 1, 2012.

(c) For a grandfathered member, the annual bridge pension benefit payable shall be determined in the manner set out in subsection 17.3.”

13. deleting paragraph 5.2.1 and replacing it by the following:

“5.2.1 Eligibility

An active member may elect to retire after the member’s pensionable age but prior to the end of the calendar year in which the member attains age seventy-one years or such other age as prescribed by the Income Tax Act from time to time and will be entitled upon retirement to an immediate pension benefit computed according to paragraph 5.2.2.”

14. deleting “paragraphs 5.1.2 and 5.1.3” and replacing it by “paragraph 5.1.2 and paragraph 5.1.3 (when applicable)” in subparagraph 5.2.2(b).

15. amending paragraph 5.3.2:

(a) adding “(if any)” immediately following “bridge pension benefit”;

(b) adding “subsection 5.5 (if applicable) and” immediately following “subject to”; and

(c) deleting “paragraphs 5.1.2 and 5.1.3” and replacing it with “paragraph 5.1.2 and paragraph 5.1.3 (when applicable).”

16. deleting paragraph 5.3.3 and replacing it by the following:

“In lieu of the actuarial reduction factor described in paragraph 5.3.2 and subject to subsection 5.5 (if applicable), the Board may approve an alternate reduction factor provided that such factor results in an increase in the member’s annual lifetime pension benefit payable according to paragraph 5.3.2 (subject to subsection 5.5, if applicable).”

17. adding the following subsection 5.5 immediately following subsection 5.4:

“SPLIT-SERVICE MEMBER

For the sole purpose of determining the actuarial reduction factor or factors for computing the pension benefit and pension benefit credit of a split-servicemember under Sections Five, Six and Seven (and for no other purpose)

(a) the split-service member’s attaining the lesser of

(i) age sixty years, and

(ii) age fifty-five years or greater having attained thirty years of pensionable service,

shall be deemed as if it were the split-service member’s pensionable age in respect of his or her pension benefit and pension benefit credit for his or her pensionable service and credited service prior to January 1, 2012; and

(b) the split-service member’s attaining the lesser of

(i) age sixty-five years, and

(ii) age sixty years or greater having attained thirty years of pensionable service,

shall be deemed as if it were the split-service member’s pensionable age in respect of his or her pension benefit and pension benefit credit for his or her pensionable service and credited service after December 31, 2011.

Notwithstanding the foregoing,

(c) for a split-service member who became Governor or Senior Deputy Governor of the Bank at any time after December 31, 2011, the pensionable age for computing such split-service member’s pension benefit and pension benefit credit and the actuarial reduction factor or factors under Sections Five, Six and Seven (and for no other purpose) in respect of his or her pensionable service prior to termination of employment as or while Governor or Senior Deputy Governor of the Bank, shall be determined in accordance with paragraph (a) above (read with substitution of “prior to January 1, 2012” by “as Governor or Senior Deputy Governor of the Bank”); and

(d) for a split-service member who has made an election after 2011 under paragraph 3.2.2, the pensionable age for determining his or her pension benefit and pension benefit credit and actuarial reduction factor or factors under Sections Five, Six and Seven (and for no other purpose) in respect of pensionable service bought back shall be deemed as if it were the split-service member’s attaining the lesser of

(i) age sixty-five years, and

(ii) age sixty years or greater having attained thirty years of pensionable service,

irrespective of whether the period of pensionable service bought back is before or after January 1, 2012.”

18. amending paragraph 6.1.2 as follows:

(a) adding “(if any)” immediately following “deferred bridge pension benefit”; and

(b) deleting “paragraphs 5.1.2 and 5.1.3” and replacing it by “paragraph 5.1.2 and paragraph 5.1.3 (when applicable), subject to subsection 5.5 (if applicable)”.

19. adding the following at the end of paragraph 6.1.4:

“If a member was in receipt of an immediate pension benefit under this paragraph as at December 31, 2011, during the period in which the member is totally and permanently disabled, the amount of immediate pension benefit computed for that period shall not be affected by the exercise of the change option (if applicable) by the member.”

20. deleting “age sixty-nine years” and replacing it by “age seventy-one years or such other age as prescribed by the Income Tax Act from time to time” in subparagraph 6.2.1(c) .

21. deleting “subsection 3.2” and replacing it by “paragraph 3.2.1 or paragraph 17.2.1 (for a grandfathered member)” in paragraph 6.5(a).

22. adding “(or paragraph 17.4.1, for a grandfathered member)” immediately following “paragraphs 7.1.2” in paragraph 7.1.1.

23. deleting paragraph 7.1.2 and replacing it by the following:

“7.1.2 Amount of Spouse’s Lifetime Pension Benefit

Subject to paragraph 17.4.1 (for a grandfathered member),

(a) if the member was an active member at the date of death, the annual lifetime pension benefit payable to the member’s spouse pursuant to paragraph 7.1.1 shall be equal to

(i) in respect of the member’s pensionable service prior to January 1, 2012 (except in respect of pensionable service bought back by a member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012), the greater of

A. the sum of

(I) sixty per cent of the amount computed at the member’s date of death according to subparagraph 5.1.2(a) in respect of the member’s pensionable service prior to 1992, and

(II) sixty-six and two-thirds per cent of the member’s annual lifetime pension benefit computed at the member’s date of death according to paragraph 5.1.2 in respect of the member’s pensionable service after 1991 but prior to 2012; and

B. sixty-six and two-thirds per cent of the projected annual lifetime pension benefit that would be payable to the member upon retirement at age sixty-five years (in respect of the member’s pensionable service prior to 2012), but not exceeding the Year’s Maximum Pensionable Earnings for the year of death of the member, had the member remained in employment with the Bank to that age and had the member’s salary, expressed as an annual rate, not increased; and

(ii) in respect of the member’s pensionable service on and after January 1, 2012 (and in respect of pensionable service bought back by a member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012), sixty-six and two-thirds per cent of the member’s annual lifetimepension benefit computed at the member’s date of death according to paragraph 5.1.2, except for pre-1992 pensionable service bought back by a member after 2011, it is sixty per cent of the amount computed at the member’s date of death according to subparagraph 5.1.2(a); and

(b) if the member was not an active member at the date of death, the annual lifetime pension benefit payable to a member’s spouse pursuant to paragraph 7.1.1 shall be equal to the sum of

(i) sixty per cent of the amount computed at the member’s date of death according to subparagraph 5.1.2(a) in respect of the member’s pensionable service prior to 1992; and

(ii) sixty-six and two-thirds per cent of the member’s annual lifetime pension benefit computed at the member’s date of death according to paragraph 5.1.2 in respect of the member’s pensionable service after 1991.”

24. adding “or paragraph 17.4.1 (for a grandfathered member)” immediately following “paragraph 7.1.2” in paragraph 7.1.3.

25. deleting “age sixty-nine years” and replacing it by “age seventy-one years or such other age as prescribed by the Income Tax Act from time to time” in subparagraph 7.1.4(c).

26. adding “(or paragraph 17.4.1, for a grandfathered member)” immediately following “paragraph 7.1.2” in subparagraph 7.1.5(a).

27. adding “(if any)” immediately following “bridge pension benefit” in paragraph 7.2.3.

28. deleting subsection 7.5 and replacing it by the following:

“7.5 RESIDUAL PAYMENT

7.5.1 For Pre-Retirement Survivor Benefits

Subject to subparagraph 17.4.2(b) (for a grandfathered member),

(a) if no pension benefit is payable under paragraph 7.1.1, a single payment, equal to the aggregate of:

(i) the sum of the deceased member’s net contribution account, if positive, in respect of the deceased member’s pensionable service prior to 2012 (other than pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service is before or after January 1, 2012), and accrued interest up to the beginning of the month in which such payment is made; and

(ii) the greater of

A. the sum of the deceased member’snet contribution account, if positive, in respect of the deceased member’s pensionable service after 2011 (and in respect of pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012) and accrued interest up to the beginning of the month in which such payment is made; and

B. the deceased member’s pension benefit credit at the time of the member’s death computed as if the member had terminated employment at the deceased member’s date of death and had not died, in respect of the member’s pensionable service after 2011 (and in respect of pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012);

will be paid as soon as practicable to the deceased member’s designated beneficiary or estate, as applicable; and

(b) if all pension benefits which have been or could become payable under paragraph 7.1.1 arising out of the pensionable service of a deceased member have ceased, a single payment will be paid as soon as practicable to the member’s designated beneficiary or estate, as applicable, equal to the sum of the member’s net contribution account, if positive, in respect of all of the deceased member’s pensionable service, which includes, for greater certainty, pensionable service prior to 2012 and after 2011, and accrued interest up to the beginning of the month in which such payment is made.

7.5.2 For Post-Retirement Survivor Benefits

Subject to subparagraph 17.4.2(b) (for a grandfathered member), if no pension benefit is payable or if all pension benefits which have been or could become payable have ceased, in each case under section 7.2, a single payment will be paid as soon as practicable to the deceased member’s designated beneficiary or estate, as applicable, equal to

(a) if the deceased member dies after 60 monthly payments of pension benefits are made, the sum of the deceased member’s net contribution account, if positive, in respect of all of the pensionable service of the member which includes, for greater certainty, pensionable service prior to 2012 and after 2011, and accrued interest up to the beginning of the month such payment is made; or

(b) if the deceased member dies before 60 monthly payments of pensionbenefits are made, the aggregate of

(i) the sum of the deceased member’s net contribution account, if positive, in respect of the deceased member’s pensionable service prior to 2012 (other than pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service is before or after January 1, 2012) and accrued interest up to the beginning of the month such payment is made; and

(ii) the greater of

A. the present value of the remainder of the 60 monthly payments, in respect of the deceased member’s pensionable service after 2011 (and in respect of pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012), which are not yet paid; and

B. the sum of the deceased member’snet contribution account, if positive, in respect of the deceased member’s pensionable service after 2011 (and in respect of pensionable service bought back by the deceased member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012), and accrued interest up to the beginning of the month in which such payment is made.”

29. deleting “Sections Five, Six or Seven” and replacing it by “Sections Five, Six, Seven or Seventeen” in subsection 8.1 and paragraph 8.2.3.

30. adding “or subsection 17.3 (for a grandfathered member)” immediately following “paragraph 5.1.3” in subparagraph 9.2.1(d).

31. adding “(subject to subsection 5.5, if applicable)” at the end of paragraph 9.3(a).

32. adding “and subsection 17.2” immediately following “subsection 3.2” in subparagraph 12.3.1(a).

33. deleting subparagraph 12.3.1(b) and replacing it by the following:

“(b) Bank contributions pursuant to subsection 3.4 shall be paid into the Trust Fund not less frequently than monthly and not later than thirty days after the end of the period in respect of which the instalment is paid.”

34. adding a new Section Seventeen immediately following Section Sixteen, as follows:

“SECTION SEVENTEEN PRE-CHANGE PLAN TERMS

17.1 INTRODUCTION AND APPLICATION

17.1.1 Introduction

The Plan was amended, effective January 1, 2012. Certain employees, pursuant to the change option, elected to have the pre-change Plan terms apply or continue to apply (subject to the terms set out in the change option), or did not elect to have the post-change Plan terms apply, to their obligations and entitlements in respect of their pensionable service and credited service accrued on and after January 1, 2012.

17.1.2 Application

Unless otherwise specifically provided in this Section Seventeen, this Section Seventeen applies to only the grandfathered members, in respect of all of their pensionable service and credited service as grandfathered members.

17.1.3 Modification

Except as modified by this Section Seventeen, all provisions in Sections One to Fifteen apply to the grandfathered members. In the event of any inconsistency between any of the provisions in Sections One to Fifteen and any of the provisions in this Section Seventeen, the provisions of this Section Seventeen shall prevail in respect of a grandfathered member.

17.1.4 No Duplication

Nothing in this Section Seventeen shall be construed to provide for pension benefits or pension benefit credits, in duplicate, in respect of a grandfathered member under this Section Seventeen and under any other Section for the same period of pensionable service or credited service.

17.2 MEMBER REQUIRED CONTRIBUTIONS

17.2.1 Current Service

Each active member who is a grandfathered member, other than a person who has

(a) attained in a prior year age seventy-one years or such other age as prescribed by the Income Tax Act from time to time, or

(b) attained thirty-five years credited service,

is required to contribute to the Plan, by deduction from salary, the sum of

(c) five and seven-tenths per cent of the portion of salary, expressed in terms of an annual rate, that is less than the Year’s Maximum Pensionable Earnings, and

(d) seven and one-half per cent of the portion of salary, expressed in terms of an annual rate, that is greater than the Year’s Maximum Pensionable Earnings.

17.2.2 Past Service

For an active member who makes an election under subparagraph 3.2.2(a) or 3.2.2(b) and who is a grandfathered member, irrespective of whether the relevant period of prior service in respect of which the grandfathered member elects to contribute to the Plan is before or after January 1, 2012,

(a) the amount of contributions required to be made under clause 3.2.2(a)(i) or clause 3.2.2(b)(i), as the case may be, shall be calculated according to paragraph 17.2.1 and based on the pre-change Plan terms; and

(b) the minimum member contribution required to be contributed to the Plan pursuant to subparagraph 3.2.2(a) or 3.2.2(b) shall equal the sum of

(i) the pension benefit credit, if any, received by the member in respect of the relevant period of prior service, based on the pre-change Plan terms; and

(ii) accrued interest on such pension benefit credit from the date of receipt of such pension benefit credit.

For greater certainty, the pension benefit and pension benefit credit of pensionable service bought back are governed by the pre-change Plan terms.

17.3 BRIDGE PENSION BENEFIT

After June 30, 2002, the annual bridge pension benefit payable to a grandfathered member under subparagraph 5.1.3(c) shall, subject to the limits imposed by Section Nine, equal five-tenths of one percent of the lesser of

(a) the grandfathered member’s highest average salary, and

(b) the average YMPE,

multiplied by the grandfathered member’s years and part years of credited service in respect of pensionable service after 1965.

17.4 DEATH BENEFITS

17.4.1 Amount of Spouse’s Lifetime Pre-Retirement Survivor Benefit

(a) If the grandfatheredmember was an active member at the date of death, the annual lifetime pension benefit payable to the grandfatheredmember’s spouse pursuant to paragraph 7.1.1 shall be determined according to clause 7.1.2(a)(i) (read without reference to “prior to January 1, 2012 (except in respect of pensionable service bought back by a member after 2011 under paragraph 3.2.2, irrespective of whether the pensionable service bought back is before or after January 1, 2012)”, “but prior to 2012” and “(in respect of the member’s pensionable service prior to 2012)”) in respect of all of the grandfathered member’s pensionable service which includes, for greater certainty, pensionable service prior to 2012 and after 2011.

(b) If the grandfathered member was not an active member at the date of death, the annual lifetime pension benefit payable to the grandfatheredmember’s spouse pursuant to paragraph 7.1.1 shall equal the amount computed according to subclause 7.1.2(a)(i)A. (read without reference to “but prior to 2012”) in respect of all of the grandfathered member’s pensionable service which includes, for greater certainty, pensionable service prior to 2012 and after 2011.

17.4.2 Residual Payment

(a) Subsection 7.5 does not apply to a grandfathered member.

(b) For a grandfathered member, if no pension benefit is payable or if all pension benefits which have been or could become payable arising out of the pensionable service of such a deceased grandfathered member have ceased, a single payment will be paid as soon as practicable to such deceased grandfathered member’s designated beneficiary or estate, as applicable, equal to the sum of the deceased grandfathered member’s net contribution account, if positive, in respect of all of the grandfathered member’s pensionable service which includes, for greater certainty, pensionable service prior to 2012 and after 2011, and accrued interest up to the beginning of the month in which such payment is made.”

BY-LAW 18 — SUPPLEMENTARY PENSION ARRANGEMENT (THE “ARRANGEMENT”)

The Arrangement is amended, effective January 1, 2012, as follows by

1. amending paragraph 2.1.1, as follows:

(a) adding “and paragraph 17.2.1” immediately following “paragraph 3.2.1”; and

(b) deleting “clause 7.1.2(a)(ii)” and replacing it by “subclause 7.1.2(a)(i)B”.

2. amending paragraph 3.1.1, as follows:

(a) adding “or paragraph 17.2.1” immediately following “paragraph 3.2.1” in the opening paragraph; and

(b) deleting “the paragraph 3.2.1” and replacing it by “paragraph 3.2.1 or paragraph 17.2.1” in clause 3.1.1(a).

3. adding “or paragraph 17.2.2” immediately following “paragraph 3.2.2” wherever that paragraph cross-reference appears in subsection 3.1.2.

4. amending subsection 5.1, as follows:

(a) adding “(if any)” immediately after “and bridge pension benefit” whenever the phrase appears in clause 5.1(a) and clause 5.1(b); and

(b) deleting “subsection 5.1, 5.2 or 5.3” and replacing it by “subsection 5.1, 5.2, 5.3 or 17.3” in clause 5.1(a).

5. amending paragraph 6.1.2, as follows:

(a) adding “(if any)” immediately after “and deferred bridge pension benefit” in subparagraph 6.1.2(a); and

(b) adding “(if any)” immediately after “and deferred bridge pension benefit” in subparagraph 6.1.2(b).

6. deleting subsection 7.1 and replacing it by the following:

“7.1 PRE-RETIREMENT SURVIVOR BENEFITS

Upon the death of a participant prior to the date the participant retires, the spouse and each dependant of the participant who receives an immediate pension benefit or transfer of a pension benefit credit pursuant to subsection 7.1 of the Pension Plan, shall receive under the Arrangement a supplementary pension benefit or supplementary pension benefit credit, as applicable, equal to the excess of

(a) the pension benefit or pension benefit credit, as applicable, calculated pursuant to subsection 7.1 or paragraph 17.4.1 of the Pension Plan but without the limits imposed thereon by Section Nine of the Pension Plan and without reference to the limitation in subclause 7.1.2(a)(i)B of the Pension Plan in respect of the Year’s Maximum Pensionable Earnings,

over

(b) the actual pension benefit, or pension benefit credit if applicable, payable from the Pension Plan.

The spouse may elect, in conjunction with the spouse’s election to transfer the member’s pension benefit credit pursuant to paragraph 7.1.4 of the Pension Plan and in lieu of the spouse’s lifetime supplementary pension benefit otherwise payable, to receive the participant’s supplementary pension benefit credit from the Arrangement in a lump sum.”

7. deleting subsection 7.5 and replacing it by the following:

“7.5 RESIDUAL PAYMENT

7.5.1 For Pre-Retirement Survivor Benefits

(a) If the participant is not a grandfathered member, if no supplementary pension benefit is payable under subsection 7.1 or if all supplementary pension benefits which have been or could have become payable under subsection 7.1 arising out of the pensionable service of a deceased participant have ceased, a single payment will be paid to the participant’s estate equal to the sum of

(i) the aggregate of the participant’s net supplementary contribution account, if positive, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan, in respect of the participant’s pensionable service under the Pension Plan prior to 2012 (other than pensionable service bought back by the participant after 2011 under paragraph 3.2.2 of the Pension Plan, irrespective of whether the pensionable service is before or after January 1, 2012), plus accrued interest on the resulting amount up to the beginning of the month in which such payment is made; and

(ii) the greater of

(A) the aggregate of the participant’s net supplementary contribution account, if positive, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan, in respect of the participant’s pensionable service under the Pension Plan after 2011 (and in respect of pensionable service bought back by a participant after 2011 under paragraph 3.2.2 of the Pension Plan, irrespective of whether the pensionable service is before or after January 1, 2012), plus accrued interest on the resulting amount up to the beginning of the month in which such payment is made; and

(B) the participant’s supplementary pension benefit credit at the time of the participant’s death computed as if the participant had terminated employment at the participant’s date of death and had not died, in respect of the participant’s pensionable service under the Pension Plan after 2011 (and in respect of pensionable service bought back by a participant after 2011 under paragraph 3.2.2 of the Pension Plan, irrespective of whether the pensionable service is before or after January 1, 2012), after deducting the aggregate value of all payments made under subsection 7.1.

(b) If the participant is a grandfathered member, if no supplementary pension benefit is payable under subsection 7.1 or if all supplementary pension benefits which have been or could have become payable under subsection 7.1 arising out of the pensionable service of a deceased participant have ceased, a single payment will be paid to the participant’s estate equal to the aggregate of the participant’s net supplementary contribution account, if positive, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan, in respect of all of the participant’s pensionable service under the Pension Plan which includes, for greater certainty, pensionable service prior to 2012 and after 2011, plus accrued interest on the resulting amount up to the beginning of the month in which such payment is made. For greater certainty, if the participant is a grandfathered member by virtue only of his or her becoming Governor or Senior Deputy Governor of the Bank after 2011, this clause 7.5.1(b) applies only to the participant’s pensionable service under the Pension Plan as Governor or Senior Deputy Governor of the Bank.

7.5.2 For Post-Retirement Survivor Benefits

(a) If the participant is not a grandfathered member and no supplementary pension benefit is payable or if all supplementary pension benefits which have been or could have become payable have ceased, in each case under subsection 7.2, a single payment will be paid to the participant’s estate equal to

(i) if the participant dies after 60 monthly payments of the supplementary pension benefits have been made, the aggregate of the participant’s net supplementary contribution account, if positive, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan, in respect of all of the participant’s pensionable service under the Pension Plan which includes, for greater certainty, pensionable service prior to 2012 and after 2011, plus accrued interest on the resulting amount up to the beginning of the month in which such payment is made; or

(ii) if the participant dies before 60 monthly payments of the supplementary pension benefits have been made, the sum of

(A) the aggregate of the participant’s net supplementary contribution account, if positive, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan, in respect of the participant’s pensionable service under the Pension Plan prior to 2012 (other than pensionable service bought back by the participant after 2011 under paragraph 3.2.2 of the Pension Plan, irrespective of whether the pensionable service is before or after January 1, 2012), plus accrued interest on the resulting amount up to the beginning of the month in which such payment is made; and

(B) the greater of

(1) the aggregate of the participant’s net supplementary contribution account, if positive, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan, in respect of the participant’s pensionable service under the Pension Plan after 2011 (and in respect of pensionable service bought back by the participant after 2011 under paragraph 3.2.2 of the Pension Plan, irrespective of whether the pensionable service is before or after January 1, 2012), plus accrued interest on the resulting amount up to the beginning of the month in which each payment is made; and

(2) the present value of the remainder of the 60 monthly payments of the supplementary pension benefits, in respect of the participant’s pensionable service under the Pension Plan after 2011 (and in respect of pensionable service bought back by the participant after 2011 under paragraph 3.2.2 of the Pension Plan, irrespective of whether the pensionable service is before or after January 1, 2012), which are not yet paid.

(b) If the participant is a grandfathered member, if no supplementary pension benefit is payable under subsection 7.2 or if all supplementary pension benefits which have been or could have become payable under subsection 7.2 arising out of the pensionable service of a deceased participant have ceased, a single payment will be paid to the participant’s estate equal to the aggregate of the participant’s net supplementary contribution account, if positive, less the amount of any negative balance in the participant’s net contribution account under the Pension Plan, in respect of all of the participant’s pensionable service under the Pension Plan which includes, for greater certainty, pensionable service prior to 2012 and after 2011, plus accrued interest on the resulting amount up to the beginning of the month in which such payment is made. For greater certainty, if the participant is a grandfathered member by virtue only of his or her becoming Governor or Senior Deputy Governor of the Bank after 2011, this clause 7.5.2(b) applies only to the participant’s pensionable service under the Pension Plan as Governor or Senior Deputy Governor of the Bank.”

8. deleting “Sections Five, Six or Seven of the Pension Plan” and replacing it by “Sections Five, Six, Seven and/or Seventeen of the Pension Plan” in Section 8.

9. amending subsection 13.7, as follows:

(a) deleting “the Bank’s Plan” and replacing it by “the Pension Plan”; and

(b) deleting “the Plan and the Arrangement” and replacing it by “the Pension Plan and the Arrangement”.

10. adding the following subsection 13.9 immediately after subsection 13.8 in Section Thirteen:

“13.9 NO DUPLICATION

Nothing in this Arrangement shall be construed to provide for supplementary pension benefits or supplementary pension benefit credits, in duplicate, in respect of a participant for the same period of pensionable service or credited service under the Pension Plan.”

11. deleting “subparagraph 7.1.2(a)(ii)” and replacing it by “subclause 7.1.2(a)(i)B” in subparagraph 14.5(b).

For greater certainty, the above amendments do not apply to an affected participant.

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DEPARTMENT OF INDIAN AFFAIRS AND NORTHERN DEVELOPMENT

CANADA PETROLEUM RESOURCES ACT

Interests issued as a result of the 2010-2011 Calls for Bids: Central Mackenzie Valley and Beaufort Sea/Mackenzie Delta

The Minister of Indian Affairs and Northern Development hereby gives notice, pursuant to subsection 15(4) of the Canada Petroleum Resources Act, R.S. 1985, c. 36, 2nd supplement, of the interests which have been issued as a result of the 2010-2011 Central Mackenzie Valley and Beaufort Sea/Mackenzie Delta Calls for Bids. Winning bidders, having submitted work deposits representing 25% of their work proposal bid, have been issued an exploration licence. A summary of the terms and conditions of the exploration licences issued is also set out herein.

A notice of the selected bids was published in Part Ⅰ of the Canada Gazette on July 16, 2011.

In accordance with the requirements set out in the 2010-2011 Central Mackenzie Valley and Beaufort Sea/Mackenzie Delta Calls for Bids, the following exploration licences have been issued:

Central Mackenzie Valley

Parcel CMV2011-04 (87 748 hectares more or less)

Work proposal bid: $188,000,000.00
Work deposit: $47,000,000.00
Issuance fee: $1,250.00
Bidder: Husky Oil Operations Limited - 100%
Designated representative: Husky Oil Operations Limited
Exploration licence: EL462

Parcel CMV2011-06 (87 034 hectares more or less)

Work proposal bid: $188,000,000.00
Work deposit: $47,000,000.00
Issuance fee: $2,000.00
Bidder: Husky Oil Operations Limited - 100%
Designated representative: Husky Oil Operations Limited
Exploration licence:EL463

Beaufort Sea/Mackenzie Delta

Parcel BSMD2011-01 (90 381 hectares more or less)

Work proposal bid: $1,000,000.00
Work deposit: $250,000.00
Issuance fee: $1,250.00
Bidder: Arctic Energy & Minerals Limited - 100%
Designated representative: Arctic Energy & Minerals Limited
Exploration licence: EL464

Parcel BSMD2011-02 (120 814 hectares more or less)

Work proposal bid: $1,000,000.00
Work deposit: $250,000.00
Issuance fee: $1,250.00
Bidder: Arctic Energy & Minerals Limited - 100%
Designated representative: Arctic Energy & Minerals Limited
Exploration licence: EL465

The following is a summary of the terms and conditions of the exploration licences being issued to the winning bidders in the Central Mackenzie Valley and Beaufort Sea/Mackenzie Delta:

1. The exploration licences confer, relative to the lands, the right to explore for and the exclusive right to drill and test for petroleum; the exclusive right to develop those frontier lands in order to produce petroleum; and the exclusive right, subject to compliance with the other provisions of the Act, to obtain a production licence.
   
2. The term of an exploration licence for Central Mackenzie Valley and Beaufort Sea/Mackenzie Delta is nine years consisting of two consecutive periods of five and four years.
   
3. Each interest owner shall drill one well prior to the end of Period 1, that is within the first five years, as a condition precedent to obtaining tenure to Period 2. Failure to drill a well shall result in the reversion to Crown reserve, at the end of Period 1, of the lands not subject to a significant discovery licence or a production licence.
   
4. The interest holders submitted their issuance fees and posted work deposits equivalent to 25% of the bid submitted for each parcel. A reduction of the deposit will be made as allowable expenditures, as defined in the Calls for Bids, are incurred on the lands in Period 1 of the term.
   
5. Rentals will be applicable only in Period 2 at a rate of $3.00 per hectare in respect of the first year, $5.50 in the second year and $8.00 in the third and fourth year. A reduction of rentals will be made as allowable expenditures, as defined in the Calls for Bids, are incurred during Period 2 of the term.
   
6. Other terms and conditions referred to in the licences include provisions respecting indemnity, liability, successors and assigns, notice, waiver and relief, appointment of representative and agreement by interest owner.
   
7. For the payment of a prescribed service fee, the exploration licences may be inspected, or by written request, certified copies made available at the following address: Office of the Registrar, Oil and Gas Management Directorate, Northern Oil and Gas Branch, Department of Indian Affairs and Northern Development, 15–25 Eddy Street, 10th Floor, Gatineau, Quebec K1A 0H4, 819-997-0048 (telephone), Rights@aandc.gc.ca (email).

September 16, 2011

JOHN DUNCAN, P.C., M.P.
Minister of Indian Affairs and Northern Development

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DEPARTMENT OF INDUSTRY

CANADA CORPORATIONS ACT

Application for surrender of charter

Notice is hereby given that, pursuant to the provisions of subsection 32(2) of the Canada Corporations Act, an application for surrender of charter was received from

September 15, 2011

AÏSSA AOMARI
Director
Incorporation and Information
Products and Services Directorate
For the Minister of Industry

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DEPARTMENT OF INDUSTRY

CANADA CORPORATIONS ACT

Letters patent

Notice is hereby given that, pursuant to the provisions of the Canada Corporations Act, letters patent have been issued to

September 15, 2011

AÏSSA AOMARI
Director
Incorporation and Information
Products and Services Directorate
For the Minister of Industry

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DEPARTMENT OF INDUSTRY

CANADA CORPORATIONS ACT

Supplementary letters patent

Notice is hereby given that, pursuant to the provisions of the Canada Corporations Act, supplementary letters patent have been issued to

September 15, 2011

AÏSSA AOMARI
Director
Incorporation and Information
Products and Services Directorate
For the Minister of Industry

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DEPARTMENT OF INDUSTRY

CANADA CORPORATIONS ACT

Supplementary letters patent — Name change

Notice is hereby given that, pursuant to the provisions of the Canada Corporations Act, supplementary letters patent have been issued to

September 15, 2011

AÏSSA AOMARI
Director
Incorporation and Information
Products and Services Directorate
For the Minister of Industry

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DEPARTMENT OF PUBLIC SAFETY AND EMERGENCY PREPAREDNESS

CRIMINAL CODE

Designation as fingerprint examiner

Pursuant to subsection 667(5) of the Criminal Code, I hereby designate the following persons of the London Police as fingerprint examiners:

Paul Horenberg
Rick Terrio
Gordon F. Brook
Grant W. Coon
Samuel Cook
Dan McCoy

Ottawa, September 9, 2011

RICHARD WEX
Assistant Deputy Minister
Law Enforcement and Policing Branch

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DEPARTMENT OF PUBLIC SAFETY AND EMERGENCY PREPAREDNESS

CRIMINAL CODE

Designation as fingerprint examiner

Pursuant to subsection 667(5) of the Criminal Code, I hereby designate the following persons of the West Vancouver Police Department as fingerprint examiners:

Shen-Nan Lu
Joanne Elizabeth Wendell

Ottawa, September 12, 2011

RICHARD WEX
Assistant Deputy Minister
Law Enforcement and Policing Branch

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DEPARTMENT OF PUBLIC SAFETY AND EMERGENCY PREPAREDNESS

CRIMINAL CODE

Revocation of designation as fingerprint examiner

Pursuant to subsection 667(5) of the Criminal Code, I hereby revoke the designation of the following persons of the Windsor Police Service as fingerprint examiners:

Alan Brown
Michael Skreptak
Myles Zalisko

Ottawa, September 12, 2011

RICHARD WEX
Assistant Deputy Minister
Law Enforcement and Policing Branch

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DEPARTMENT OF PUBLIC SAFETY AND EMERGENCY PREPAREDNESS

CRIMINAL CODE

Revocation of designation as fingerprint examiner

Pursuant to subsection 667(5) of the Criminal Code, I hereby revoke the designation of the following persons of the Edmonton Police Service as fingerprint examiners:

Gordon Gary Lastucka
Brent Ball
Peter Draganiuk
James Johnstone
Kevin J. Kobi
David R. Spiers
Mitch Liwczak
Terry D. Plomp
Rick Swan

Ottawa, September 12, 2011

RICHARD WEX
Assistant Deputy Minister
Law Enforcement and Policing Branch

[39-1-o]

DEPARTMENT OF PUBLIC SAFETY AND EMERGENCY PREPAREDNESS

CRIMINAL CODE

Revocation of designation as fingerprint examiner

Pursuant to subsection 667(5) of the Criminal Code, I hereby revoke the designation of the following persons of the New Westminster Police Service as fingerprint examiners:

A. G. A. Purgavie
Kenneth John McIntosh

Ottawa, September 12, 2011

RICHARD WEX
Assistant Deputy Minister
Law Enforcement and Policing Branch

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DEPARTMENT OF TRANSPORT

CANADA MARINE ACT

Saguenay Port Authority — Supplementary letters patent

BY THE MINISTER OF TRANSPORT

WHEREAS Letters Patent were issued by the Minister of Transport (“Minister”) for the Saguenay Port Authority (“Authority”), under the authority of the Canada Marine Act, effective May 1, 1999;

WHEREAS Schedule C of the Letters Patent describes the real property, other than federal real property, held or occupied by the Authority;

WHEREAS the Minister of Transport issued Supplementary Letters Patent on January 26, 2011, which were published in the Canada Gazette, Part Ⅰ on February 19, 2011, authorizing the addition of the description of real property to be acquired from Marcel Maltais to Schedule C of the Letters Patent;

WHEREAS the Supplementary Letters Patent of January 26, 2011, did not take effect as the deed of sale was not registered in the Land register of Quebec, Registration Division of Chicoutimi;

WHEREAS after the issuance and publication of the Supplementary Letters Patent of January 26, 2011, an error in the calculation of the area of land in question was noticed;

WHEREAS the error was corrected by the production of new technical description of the land;

WHEREAS the board of directors of the Authority has requested that the Minister issue a new set of Supplementary Letters Patent to add to Schedule C of the Letters Patent the new description of real property in question, as described in the Schedule hereto;

NOW THEREFORE, under the authority of section 9 of the Canada Marine Act, the Letters Patent of the Authority are amended by adding to Schedule C of the Letters Patent the real property described in the Schedule hereto.

These Supplementary Letters Patent are to be effective on the date of registration in the Land register of Quebec, Registration Division of Chicoutimi, of the deed of sale evidencing the transfer of the real property described in the Schedule hereto from Marcel Maltais to the Authority.

ISSUED under my hand this 15th day of August, 2011.

____________________________________
Denis Lebel, P.C., M.P.
Minister of Transport

SCHEDULE

Description of the real property, other than federal real property, acquired and managed by the Saguenay Port Authority and nature of the act of transfer of ownership.

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OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS

PENSION BENEFITS STANDARDS REGULATIONS, 1985

Basic rate

Notice is hereby given, in accordance with subsection 25(7) of the Pension Benefits Standards Regulations, 1985, that the Superintendent of Financial Institutions sets the basic rate, established pursuant to subsection 25(5) of the said Regulations, at $18.00 for the Office year beginning on April 1, 2012. In accordance with subsection 25(6) of the said Regulations, this rate applies to plans with a year-end between October 1, 2011, and September 30, 2012.

September 7, 2011

JULIE DICKSON
Superintendent

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