1.1 "Actuary" shall mean a person qualified as a Fellow of the Canadian Institute of Actuaries or a firm employing such a person, appointed as Actuary for the Plan by the University.

1.2 "Actuarial Equivalent" shall mean a benefit of equal value computed upon an actuarial basis approved by the University on the recommendation of the Actuary. Such actuarial basis shall not take into account the sex of any individual Member.

1.3 (a) "Average Earnings" shall mean the average of the Member's Earnings during the five Plan Years of Pensionable Service and service after the completion of 35 years of contributions during which the Member's Earnings were the highest.

(b) Commencing June 1, 1978 "Average Earnings" shall mean the Average Earnings during the Member's best three consecutive years of Pensionable Service and service after the completion of 35 years of contributions during which the Member's Earnings were the highest.

1.4 "Board" shall mean the Board of Governors of Acadia University.

1.5 "Continuous Service" shall mean continuous employment by the University and employment shall be deemed continuous notwithstanding (i) leave of absence by permission of the University with or without pay, and (ii) disability for which benefits are paid under a group long-term disability insurance policy arranged by the University, provided employment is resumed forthwith at the end of either event.

1.6 "Earnings" shall mean the annual basic salary only of each Employee, as determined by the University, and shall not include any special remuneration or allowances. For Sessional and Half-time and Casual Employees 'Earnings' shall mean the basic salary actually received, increased pro rata to determine what would have been received had they worked full time for 12 months. Earnings during sabbatical or study leave is the salary that would have been paid had such leave not been taken.

1.7 "Employee" shall mean a Full-time, Sessional, Half-time or Casual Employee.

1.8 "Fund" shall mean the corpus and all Earnings, appreciations, or additions thereto held by the Trustee under the Trust Agreement.

1.9 "Government Plan" shall mean the Canada Pension Plan or any other government contributory pension plan of similar nature.

1.10 "Interest" shall mean the actual rate earned by the Fund, inclusive of capital gains and losses, both realized and unrealized, taken to the next lower one-half point, unless some other rate is specifically mentioned. Prior to June 1, 1971 the rate of Interest is deemed to be 4% per annum.

1.11 "Member" shall mean any eligible Employee who has been enrolled in the Plan.

1.12 The term Pensionable Service as used in the Plan and with specific reference to subsection 6.1 means service during which pension credits were earned, and for which pension credits were quoted. For greater clarity, from June 1, 1961, this means a period during which the Members made contributions. For service prior to June 1, 1961 for those Members entitled to supplementary past service benefits (offered in 1973 and 1976), this means all service prior to January 1, 1961. For Sessional Employees, Pensionable Service in any year of membership will be the ratio of the number of months actually worked to 12. For Half-time and Casual Employees, Pensionable Service in any year of membership will be the ratio of the number of hours actually worked to those that would have been worked by a Full-time Employee, as determined by the University.

Pensionable Service may not accrue for periods of unpaid leave of absence in excess of two years with the following exceptions, where the maximum allowable period is three years:

(a) short-term appointments to government committees or commissions, or

(b) periods of loan to a union, educational, or charitable organization.

On or after July 1, 1991, a Member shall have the right to purchase as Pensionable Service all or a portion of the period of Continuous Service prior to joining the Plan or any period of leave of absence that is not already Pensionable Service and for which Pensionable Service may accrue. The cost to purchase such Pensionable Service shall be as described in subsection 4.5.

1.13 "Plan" shall mean the Acadia University Revised Staff Pension Plan effective June 1, 1971.

1.14 "Plan Year" shall, effective July 1, 1980, mean the 12-month period commencing July 1, and ending on June 30. Prior to July 1, 1980 Plan Years commenced on June 1. The Plan Year that commenced June 1, 1979 contained 13 months.

1.15 "Prior Plan" shall mean Acadia University Staff Pension Plan, originally effective June 1, 1961 and funded under contract G2722 with the Manufacturers Life Insurance Company.

1.16 "Trust Agreement" shall mean the Agreement between the University and the Corporate Trustee or Life Insurance Company establishing the Fund.

1.17 "Trustee" shall mean the Corporate Trustee or Life Insurance Company designated by the Board and named in the Trust Agreement or any successor Corporate Trustee or Life Insurance Company acting as such hereunder.

1.18 "University" shall mean "Acadia University".

1.19 "Year's Maximum Pensionable Earnings" or "YMPE" shall have the meaning attached thereto under the applicable Government Plan.

1.20 "Full-time Employee" shall mean any individual whose appointment by the University requires him or her to work on a permanent full-time basis with a basic salary or wage.

1.21 "Sessional Employee" shall mean any individual whose appointment by the University requires him or her to work on a continuous full-time basis for at least eight months but less than 12 months in any Plan Year with a basic salary or wage.

1.22 "Half-time Employee" shall mean any individual whose appointment by the University requires him or her to work at least half of normal time each week on a permanent basis with a basic salary or wage.

1.23 "Casual Employee" shall mean any individual whose appointment by the University is such that he or she is not a Full-time, Sessional, or Half-time Employee.

1.24 "Act" shall mean the Pension Benefits Act of Nova Scotia.

1.25 "Regulations" shall mean the regulations made pursuant to the Act.

1.26 "Commuted Value" shall mean the Actuarial Equivalent of a pension or deferred pension benefit increased, if necessary, to be equal to the value prescribed in the Act or Regulations.

1.27 "Spouse" shall mean a Spouse as defined in the Act or the Regulations unless a different definition is required under a similar Act in another province. The prescribed definition is given in Schedule A.

The singular includes the plural, unless the context specifically provides otherwise.

SECTION 2

EFFECTIVE DATE

2.1 The Effective Date of the Plan was originally June 1, 1961 and the Revised Effective Date is June 1, 1971.

2.2 This Plan amends and replaces the Prior Plan from the Effective Date, except as specifically provided otherwise.

2.3 Any pension benefits on retirement, or to which the Member is entitled on termination of employment, if such retirement or termination occurred on or before June 1, 1971 shall be determined under the rules of the Prior Plan, and funded under the Prior Plan.

2.4 Any past service benefits for service prior to June 1, 1961 provided under the Prior Plan shall be determined under the rules of the Prior Plan, and funded under the Prior Plan.

SECTION 3

ELIGIBILITY AND MEMBERSHIP

3.1 Any Full-time Employee in the service of the University on the Revised Effective Date who is a Member of the Prior Plan is required to become a Member of the Plan as of that date.

3.2 Any Full-time Employee not a Member on the Revised Effective Date, or who enters the service of the University after the Revised Effective Date shall become a Member of the Plan on the first day of the Plan Year following the completion of one year of Continuous Service or on receiving permanent tenure, whichever be earlier. If the Full-time Employee is under 25 years of age at such time, he or she is not required to become a Member until the first day of the Plan Year following his or her twenty-fifth birthday. Such Employee may, however, elect to become a Member on the first day of any Plan Year, but not before July 1, 1984.

On or after July 1, 1991, a Full-time Employee shall be eligible to join the Plan on the first day of the month following the earlier of the completion of one year of Continuous Service or on receiving permanent tenure. Any Full-time employee who has not yet attained the age of 25 may join the Plan on the first of any month once he or she is eligible to do so. A Full-time Employee who has attained the age of 25 is required to join the Plan on the first day of the of the first month following the attainment of age 25 that the Employee is eligible to join the Plan.

3.3 Members shall enrol in the Plan by completing such forms as may be required by the University.

3.4 Any Sessional Employee shall become a Member of the Plan on the first day of the Plan Year following the completion of two consecutive years in each of which there was a period of employment of at least eight months. If a Sessional Employee is not in receipt of Earnings from the University on such date, the individual shall become a Member on the first day of the month after such date for which he or she is in receipt of Earnings from the University. Any Half-time Employee shall become a Member of the Plan on the first day of the Plan Year following two consecutive years in each of which he or she worked at least half of normal time. If such Employee be under 25 years of age at such time, that individual is not required to become a Member until the first day of the Plan Year following his or her twenty-fifth birthday. Such employee may, however, elect to become a Member on the first day of any Plan Year. No one may become a Member under this subsection before July 1, 1984.

3.5 Once an Employee becomes a Member of the Plan he or she may not discontinue making the contributions required under subsection 4.1 except upon retirement, death, termination of service, or pursuant to subsection 6.3

3.6 Any Casual Employee may elect to become a Member of the Plan on the first day of any Plan Year after the completion of two consecutive calendar years in which his or her Earnings were at least 35% of the YMPE, provided such date is on or after July 1, 1987.

SECTION 4

CONTRIBUTIONS

4.1 (a) Each Member shall be required to contribute after the Revised Effective Date and up to May 31, 1975 each year to the Fund 4.5% of Earnings, plus an additional 1.5% of the excess, if any, of the Member's Earnings over the YMPE in effect at the beginning of the Plan Year, and

(b) Commencing June 1, 1975 each Member shall be required to contribute 4.6% of Earnings, plus an additional 2.4% of the excess, if any, of the Member's Earnings over the YMPE in effect at the beginning of the Plan Year, and

(c) Commencing June 1, 1978 each Member shall be required to contribute 5% of Earnings, plus an additional 2.7% of the excess, if any, of the Member's Earnings over the YMPE in effect at the beginning of the Plan Year.

(d) Commencing July 1, 1981 each Member shall be required to contribute 5.1% of Earnings, plus an additional 2.7% of the excess, if any, of the Member's Earnings over the YMPE in effect at the beginning of the Plan Year.

All contributions shall be by payroll deductions. No contributions are required after a total of 35 years contributions have been made to the Plan and the Prior Plan.

4.2 On or after July 1, 1991, no Member may make additional voluntary contributions to the Plan, either for future service while contributing to the Plan, or for past service while either contributing or not contributing. Prior to July 1, 1991, such additional voluntary contributions were allowed up to the maximum permitted by the Income Tax Act.

4.3 The University will contribute to the Fund each year such amounts in addition to Members' contributions as are recommended by the Actuary, to meet the cost of benefits arising in respect of that year, and to make such other payments as may be necessary to provide the benefits specified in the Plan in accordance with provincial legislation.

4.4 All contributions made by Members pursuant to subsection 4.1, 4.2, or 4.5 subsequent to December 31, 1987 must be remitted to the Trustee within the 30 days following the month in which they were made. All contributions made by the University pursuant to subsection 4.3 subsequent to December 31, 1987 must be remitted to the Trustee in monthly instalments within the 90 days following the month to which they are attributable.

4.5 A Member who wishes to purchase, as Pensionable Service, periods of Continuous Service prior to joining the Plan or periods of leave of absence, as described in subsection 1.12, shall contribute an amount equal to the actuarial cost of such additional Pensionable Service as determined by the Actuary and approved by the University. The procedures for the purchase of such Pensionable Service shall be determined by the University.

SECTION 5

RETIREMENT DATES

5.1 Effective July 1, 1980 the Normal Retirement date of a Member will be the first day of July following the Member's sixty-fifth birthday. However, for Members employed at June 1, 1979 who were born in the month of June, the Normal Retirement Date will be the first day of July following their sixty-sixth birthday. Prior to July 1, 1980 the Normal Retirement Date was the first day of June following the sixty-fifth birthday. Should Members remain in service after their Normal Retirement Date, their pension benefits will nevertheless commence on that date.

5.2 A Member may retire at any time prior to his or her Normal Retirement Date. The first day of the month following the Member's fifty-fifth birthday on which the sum of the Member's age and years of Pensionable Service total at least 80 shall be known as the "Member's Optional Retirement Date", provided such date is on or after July 1, 1989. Any retirement date prior to the Optional Retirement Date shall be known as an "Early Retirement Date".

5.3 A Member may retire at any time after his or her Normal Retirement Date, provided such date is prior to the Member's seventy-first birthday.

SECTION 6

RETIREMENT BENEFITS

6.1 Each Member who retires on or after his or her Normal Retirement Date, or on or after his or her Optional Retirement Date, and provided such retirement occurs on or after July 1, 1988, shall receive an annual pension commencing thereon equal to the sum of

(a) 2% of the Member's Average Earnings multiplied by the number of years of Pensionable Service prior to June 1, 1971 but subsequent to June 1, 1961, and

(b)

(i) 1.3% of the Member's Average Earnings, plus

(ii) 0.7% of the excess of the Member's Average Earnings over the YMPE in the year preceding the Member's retirement

multiplied by the number of years of Pensionable Service subsequent to June 1, 1971.

The number of years of Pensionable Service may not exceed 35.

6.2 Each Member who retires on his or her Early Retirement Date, as defined in subsection 5.2, will receive an annual pension commencing on the Member's Early Retirement Date which is the Actuarial Equivalent of the pension payable under this Section 6.

6.3 Any Member in receipt of a long-term disability pension under a group long-term disability insurance policy arranged by the University will, for purposes of calculating benefits under this Section 6, be considered to be continuing in Pensionable Service, receiving the annual salary during disability deemed to have increased in a manner similar to that for active Members as determined by the University but not exceeding a rate of increase that can be warranted by increases in the Consumer Price Index or the Average Industrial Wage. Such disability must be certified as being total by a qualified medical practitioner.

6.4 Each Member who makes additional voluntary contributions pursuant to subsection 4.2 shall receive a pension that is the Actuarial Equivalent of such contributions. The Member may, however, elect to receive in a lump sum at retirement, a refund (with Interest) of all such additional voluntary contributions.

6.5 Notwithstanding any other provisions of this Plan, no pension may be payable under this Plan and the Prior Plan (exclusive of any pension payable under subsection 6.4) either at retirement, termination of service, or termination of the Plan that in total exceeds the lesser of

(a) $1,715 multiplied by the number of years of Pensionable Service with the University, with such years of Pensionable Service not exceeding 35 years, or

(b) 2% of the average of the best three consecutive years of remuneration paid to the Employee by the University multiplied by the number of years of Pensionable Service with the University, with such years of Pensionable Service not exceeding 35 years.

This section only applies to retirements that occur on or after July 1, 1984. The rules in effect at the date of retirement apply to retirements prior to that date.

6.6 Each Member who retires on or after his or her Normal Retirement Date or on or after his or her Optional Retirement Date, and who had not reached his or her official retirement age under the rules of the University by June 1, 1973, shall also receive an annual pension thereon equal to the difference between:

(a)

(i) .65% of the Member's Average Earnings, plus

(ii) .35% of the excess of the Member's Average Earnings over the Year's Maximum Pensionable Earnings in the year preceding the Member's retirement

multiplied by the complete number of years of Continuous Service prior to June 1, 1961, and

(b) 50% of the annual pension purchased or made available to him or her under Government Annuity Master Contract No. 62248 and Manufacturers Contract No. GB 5487.

A pension is considered to have been "made available" to a Member if the Member had been given an opportunity to participate in the two aforementioned contracts, even if the Member chose not to do so.

6.7 Each Member who retires on or after his or her Normal Retirement Date or on or after his or her Optional Retirement Date, and who had not reached his or her official retirement age under the rules of the University by June 1, 1976 shall also receive an annual pension thereon equal to:

(i) .65% of the Member's Average Earnings, plus

(ii) .35% of the excess of the Member's Average Earnings over the Year's Maximum Pensionable Earnings in the year preceding his or her retirement

multiplied by the complete number of years of Continuous Service prior to June 1, 1961.

6.8 Each Member who retires on or after July 1, 1988 on or after his or her Optional Retirement Date shall receive a supplementary pension equal to 0.7% of the YMPE in the year preceding the Member's retirement, or the Member's Average Earnings if less, multiplied by the number of years of Pensionable Service, to a maximum of 35, subsequent to June 1, 1971. The last payment of this supplementary pension shall be paid on the first day of the month in which the Member attains his or her sixty-fifth birthday.

6.9 (a) Commencing on July 1, 1985, and on the first day of every Plan Year thereafter, the pension of each Member who commenced to receive his or her pension on or after July 1, 1984 shall be increased as described below in this subsection 6.9.

(b) For calculating the increase the pension being paid at the date of retirement shall be split into two parts. The first part shall be calculated on the assumption that the Member's Average Earnings were 67% of the YMPE in the year preceding the Member's retirement, or his or her actual Average Earnings if less. Such amount shall be referred to as "A". The second part shall be the difference, if any, between the pension actually being paid at the date of retirement and the first part. Such amount shall be referred to as "B".

(c) The amount of the increase shall be based upon the ratio of the Consumer Price Index for the February preceding the date of the adjustment to that 12 months earlier. The Consumer Price Index shall be that determined by Statistics Canada for all items, as published in the Bank of Canada Review as Series D484000. For purposes of this subsection this rate shall be designated "R", and if the value of R exceeds 1.12, it shall be taken to be 1.12.

(d) The amount of the increase shall be

.5(R-1)(A plus previous increases appertaining to A)

plus

.25(R-1)(B plus previous increases appertaining to B)

(e) The supplementary pension payable under subsection 6.8 and increases appertaining thereto shall be dropped out of the calculations once the supplementary pension ceases.

(f) If a Member elects an optional form of pension under subsection 7.3, the part corresponding to "A" in sub-paragraph (b) above, shall be the actual pension being paid multiplied by the ratio of A to (A+B), when A and B are calculated as if no option had been elected.

(g) No increase in pension shall be payable under this subsection 6.9 if at the date of calculation the Member has not been in receipt of a pension for at least 12 months, or if the Member has not attained his or her sixtieth birthday.

(h) If a Member does not receive an increase pursuant to this subsection 6.9 solely because he or she is under age 60, the first increase to which the Member subsequently becomes entitled shall be based upon the ratio of the Consumer Price Index for the February preceding the date of the adjustment to that on the February preceding the date upon which the pension commenced rather than as specified in sub-paragraph (c) above. The pension initially paid under this subsection 6.9(h) may not exceed the maxima provided in subsection 6.5.

(i) An additional increase in pension for each Member who commenced to receive his or her pension after July 1, 1986 shall be granted each year. Such pensions shall be increased by the a percentage equal to the excess, if any, of the four year average annual Fund yield over, .5% plus the valuation interest rate used in the most recent actuarial valuation.

The pension increases pursuant to this subsection 6.9(i) shall be made on July 1 of each year from 1991 onward. The four year average annual Fund yield shall be calculated using the four years ending March 31 of the year for which the increase is made.

This subsection 6.9(i) shall not be construed so as to permit a decrease in pension payable. The total increase in pension from subsection 6.9 shall not exceed that which is warranted by the increase in the Consumer Price Index.

6.10 No more than 50% of the Commuted Value of the pension may be provided by the Member's required contributions made pursuant to subsection 4.1. The excess, if any, of twice the Member's required contributions made pursuant to subsection 4.1, plus any contributions made to purchase Pensionable Service under subsection 4.5 (both accumulated with Interest), over the Commuted Value of the Member's pension (excluding any pension provided under subsection 6.4) shall be refunded to the Member in a lump sum at retirement.

SECTION 7

NORMAL AND OPTIONAL FORMS OF PENSION

7.1 The annual amount of pension payable to a Member will normally be paid by 12 equal instalments each year, the first of which will fall due on his or her retirement date and the last on the first day of the month in which the Member dies, subject to any guaranteed period but subject to the provisions of subsection 7.2 or 7.3 with respect to continuing after the death of the Member.

7.2 Any Member may appoint a Beneficiary as provided in subsection 8.1. For purposes of this subsection 7.2 such Beneficiary must be a natural person. Such Beneficiary shall receive 60% of the pension determined under Section 6 for the remainder of his or her life, provided the Beneficiary is no more than ten years younger or five years older than the Member. If the Beneficiary is outside this age range, or if no Beneficiary be appointed, the amount of the pension will be the Actuarial Equivalent of the pension provided under Section 6 making allowance for the survivorship option described in this subsection 7.2. Such pension is subject to the limitations of subsection 6.5. If the Member has a Spouse however, the Spouse must be designated as the Beneficiary, unless the Spouse gives consent in the manner prescribed under the Act or Regulations for designation of either another or no Beneficiary. This subsection applies only to retirements that occur on or after July 1, 1988.

For retirements that take place after July 1, 1991, the proportion of the Member's pension continuing to the Beneficiary is increased from 60% to 66-2/3%. In addition, should the Member and the Beneficiary die before 60 monthly payments have been made, the monthly amount payable to the Beneficiary shall be paid for the remainder of the 60 months to the Member's or Beneficiary's estate, as the case may be.

7.3 A Member may at any time prior to his or her Retirement Date, by written authorization made to the University and duly acknowledged and filed by the University at the time of electing the Option, elect to convert the form of pension payable as provided in subsections 7.1 and 7.2 on his or her account after retirement into such form as may be approved from time to time by the University and the Department of National Revenue. The amount of any such optional pension will be the Actuarial Equivalent of the normal form of pension, but is subject to the provisions of subsection 6.5. No election may be made under this subsection 7.3 if the Member has a Spouse, if the date of Retirement is on or after January 1, 1988, unless the Spouse gives consent in the manner prescribed in the Act or the Regulations.

7.4 Notwithstanding subsection 7.3, should a Member have a Spouse at the Member's date of retirement, provided such date is on or after January 1, 1988, the Member must elect an optional form of pension under subsection 7.3 which provides that at least 60% of the pension initially payable continues to the Spouse after the Member's death, unless the Spouse gives consent in the manner prescribed under the Act or the Regulations for election of another optional form of pension. This subsection 7.4 will be deleted where subsection 7.2 comes into effect.

SECTION 8

DEATH BENEFITS

8.1 A Member may designate or appoint, in writing to the University, a beneficiary to whom in the event of the death of such Member shall be paid such sums as may under the terms of the Plan be payable with respect to such Member; provided there are no legal restrictions to the contrary, the Member may from time to time revoke any such appointment, and subject as aforesaid appoint a new beneficiary. If no such designation has been made, benefits payable will be paid to the Estate of the Member.

8.2 Upon the death of a Member, provided such death occurs on or after January 1, 1988, having less than two years of Plan Membership before commencement of pension payments all his or her own contributions (both required and voluntary) to the Plan with Interest thereon at the rate as specified in subsections 9.1(a)(i) and 9.1(a)(iii) to his or her date of death will be paid, upon compliance with all necessary legal formalities, to the Member's designated beneficiary or Estate.

8.3 Upon the death of a Member, provided such death occurs on or after January 1, 1988, with at least two years of Plan Membership before commencement of pension payments, there shall be paid an amount equal to twice the Member's required contributions under subsection 4.1, plus any contributions made pursuant to subsections 4.2 or 4.5, all with Interest. Such amount may not be less than the Member's required contributions made pursuant to subsection 4.1 plus any contributions made pursuant to subsections 4.2 or 4.5 with Interest, with the provision that no rate of Interest may be less than zero.

8.4 Settlement of any lump sum payment under subsection 8.2, 8.3, or 8.5 may be made, by election of the Member in writing to the University prior to his or her death, or, in default of such election by the Member, after his or her death by election of the designated beneficiary, by

(a) payment in a lump sum, or

(b) an immediate life pension to the beneficiary, if the Spouse, with or without a guaranteed period, provided that such guaranteed period may not exceed the lesser of 15 years or the period running to the day preceding the beneficiary's eighty-sixth birthday.

8.5 Upon the death of a Member after the commencement of pension, unless an optional form of pension has been elected under subsection 7.3, the monthly pension payments will continue to the designated beneficiary or Estate until a combined total of 120 monthly payments have been made to the Member and the designated Beneficiary or Estate. This subsection 8.5 shall be deleted when subsection 7.2 comes into effect.

8.6 Upon the death of a Member with at least two years of Plan Membership survived by a Spouse, the benefit payable under subsection 8.3 with respect to service after June 30, 1987, shall be increased, if necessary, to be equal to 60% of the Commuted Value of the Deferred pension for service after June 30, 1987 to which the Member would have been entitled had he or she terminated service on the date of death, but only if the amount of group life insurance paid for by the University and payable to the Member's Spouse is less than 60% of the Commuted Value.

8.7 Unless specifically prohibited by the Member, the designated Beneficiary or Estate entitled to receive any pension payments payable for a period certain, but not a life pension, under subsection 7.3 may elect to receive instead the Actuarial Equivalent of such payments.

8.8 Notwithstanding any other provisions of the Plan should the designated beneficiary be other than a natural person, or if the payments are to be made to the Estate, the Actuarial Equivalent of such payments shall be paid in a lump sum.

8.9 Upon the death of a Member who has terminated service with the University who is survived by a Spouse, and who is entitled to a deferred pension under Section 9, there shall be paid to the Spouse, in addition to the benefit provided in subsection 8.2 or 8.3, the excess, if any, of 60% of the Commuted Value of the deferred pension for service after June 30, 1987 over the refund of contributions made after June 30, 1987 with Interest, as provided in subsection 8.2 or 8.3.

8.10 For any death benefit occurring between July 1, 1987 and December 31, 1987, the benefit shall be determined in accordance with the rules in effect at June 30, 1987. For any death occurring prior to July 1, 1987, the benefit shall be determined in accordance with the rules in effect at the date of death.

SECTION 9

TERMINATION BENEFITS

9.1 A Member whose Continuous Service with the University has been terminated other than by death or retirement may elect in writing one of the following options:

(a)

(i) if the Member has less than two years of Plan Membership, to receive a refund of his or her own contributions made pursuant to subsections 4.1 or 4.5 all with Interest at the rate of 7% per annum or, if higher, the average of the yields of five-year personal fixed term chartered bank deposit rates (CANSIM Series B14045) calculated over a reasonably recent period not exceeding 12 months, or

(ii) to receive a pension from his or her Normal or Optional Retirement Date whichever be the earlier that is the Actuarial Equivalent, determined at the date of termination, of the refund of contributions referred to in sub-paragraph a(i) above or sub-paragraph a(iii) below, and

(iii) to receive a refund of his or her contributions made pursuant to subsection 4.2 with Interest.

(b)

(i) if the Member has at least two years of Plan Membership, to receive a refund of an amount equal to twice his or her own required contributions made pursuant to subsection 4.1, plus any contributions made under subsections 4.2 or 4.5, all with Interest provided such amount may not be less than the Member's required contributions made pursuant to subsection 4.1 plus any contributions made under subsections 4.2 or 4.5 with Interest with the provision that no rate of Interest may be less than zero, and further, provided such termination of service occurred on or after January 1, 1988, or

(ii) to receive a pension from his or her Normal or Optional Retirement Date, whichever be the earlier, based on his or her years of participation and the average of his or her three highest years of Earnings to the date of termination provided such termination occurred on or after June 30, 1987.

(c) if the Member has at least two years of Pensionable Service with the University, but less than five years, and the termination of service occurred in the period from July 1, 1987 to December 31, 1987, the Member may elect either the refund of contributions provided in subsection 9.1(a)(i) or the deferred pension provided in subsection 9.1(b)(ii).

9.2 A former Member entitled to a pension under subsection 9.1(a) or (b) may exercise the options contained in subsections 5.2 and 7.3, and is subject to the provisions of subsections 7.2 and 7.4.

9.3 Notwithstanding any other provision of this Section 9 should a Member's employment terminate after he or she has attained the age 45 years, having completed a continuous period of at least ten years in the service of the University or of at least ten years of membership in the Plan whichever first occurs, he or she will not be entitled to a refund of any contributions made on or after January 1, 1977 but before January 1, 1988, but shall receive instead at Normal or Optional Retirement Age, whichever be the earlier, the pension accrued from January 1, 1977 to December 31, 1987, the date of termination if earlier. For purposes of this subsection this means the pension calculated at the date of termination in accordance with subsection 9.1(b)(ii), but counting only service from January 1, 1977 until the date of termination. Such deferred pension shall be incapable of surrender, commutation, assignment, or alienation except as is expressly provided in the Plan.

9.4 Notwithstanding any other provisions of this Section 9 should a Member's employment terminate after he or she has completed at least two years of membership in the Plan, the Member will not be entitled to a refund of any contributions made on or after January 1, 1988 but shall receive instead at Normal or Optional Retirement Age, whichever be the earlier, the pension accrued from January 1, 1988 to the date of termination. For purposes of this subsection this means the pension calculated at the date of termination in accordance with subsection 9.1(b)(ii), but counting only service from January 1, 1988 until the date of termination. Such deferred pension shall be incapable of surrender, commutation, assignment, or alienation except as specifically provided in the Plan.

9.5 Notwithstanding subsection 9.3, a Member to whom that subsection applies may elect to receive in cash 25% of the Commuted Value of the deferred pension provided by that subsection, with the amount of such deferred pension being reduced by 25%. This subsection applies only to Members who terminate on or after June 30, 1984.

9.6 No more than 50% of the Commuted Value of the deferred pension provided under this Section 9 may be provided by the Member's required contributions made pursuant to subsection 4.1. The excess, if any, of twice the Member's required contributions made pursuant to subsection 4.1, plus any contributions made to purchase Pensionable Service under subsection 4.5 (both accumulated with Interest), over the Commuted Value of the Member's pension (excluding any deferred pension provided by contributions made under subsection 4.2) shall be refunded to the Member in a lump sum at termination.

9.7 Upon termination of employment or at retirement, a Member may authorize the University in writing to transfer any refund to which he or she is entitled under subsection 9.1, or the Commuted Value of any pension to which the Member is entitled under this Section 9, to the pension plan of his or her new employer, or into a retirement savings arrangement as prescribed under the Act or the Regulations, or use it to purchase a deferred life annuity. The sum of such Commuted Value, plus any refund to which the Member is entitled under subsection 9.6 may not be less than twice the Member's required contributions made pursuant to subsection 4.1. In this event, such transfer shall discharge all liability of the University and the Trustee in regard to the benefit of the Member under this Plan. All such transfers must be made in accordance with the Income Tax Act, and the Act and Regulations.

9.8 The benefit for any termination that occurred prior to July 1, 1987 shall be determined under the rules of the Plan in effect at the date of termination.

SECTION 10

PAYMENT OF BENEFITS

10.1 Should any annual pension benefit provided under the Plan be less than 2% of the YMPE at the date of termination, the Commuted Value of such benefit, may, at the discretion of the University, be paid in full discharge of all liability in respect of such benefit.

10.2 If the University receives evidence satisfactory to it that a Member or beneficiary entitled to receive any benefit hereunder is physically or mentally incompetent to receive such benefit and give a valid release therefor, or is a minor, and that another person or an institution is then maintaining or has custody of such Member of beneficiary and that no tutor, curator, guardian, committee, or other representative of such Member or beneficiary has been duly and legally appointed, the University may authorize payment of such benefit to such other person or institution, and until the University has been formally advised of a subsequent legal appointment, the release of such other person or institution shall be a valid and complete discharge for the payment of such benefit.

10.3 Before becoming entitled to any pension benefits under this Plan the Member or other recipient thereof shall furnish the University with such information, including but not limited to proof of age, relating to him- or herself and any contingent annuitant, as it shall require to determine his or her entitlement to and the amount of such pension.

10.4 None of the benefits herein provided for shall be subject to the claims of, or to execution, attachment, garnishment, or other legal or equitable process by any creditor of a Member or any other recipient of benefits. No Member or other recipient of benefits under this Plan shall have the right to alienate, encumber, assign, or anticipate any of the benefits herein provided or any Interest arising out of or created by this Plan except as may be specifically allowed under the Plan, the Act or a similar Act of another Canadian jurisdiction, or the Income Tax Act.

10.5 Notwithstanding subsection 10.4, all or part of the pension, or pension benefit credit, may be assigned to the Spouse, as defined in the Act or Regulations pursuant to a court order, or written agreement between the Member and the Spouse in the event of divorce, annulment, or separation provided that the value of the pension or pension credit so assigned is no more than 50% of the value of the benefit the Member would have received had employment terminated at the date of divorce, annulment, or separation, whichever be applicable. All such assignments must comply with the applicable Sections of the Act and Regulations.

SECTION 11

ADMINISTRATION OF THE PLAN

11.1 The Board shall administer the Plan and shall have the powers necessary to enable it to carry out properly its duties, including but not limited to the power

(i) to determine the nature and extent of the investments to be made by the Trustee;

(ii) to authorize all disbursements made by the Trustee;

(iii) to insure any benefit under the Plan with a recognized underwriter;

(iv) to determine matters of policy and questions involving the interpretation and application of the Plan.

The decisions of the Board on all matters within the scope of its authority shall be final. It may adopt appropriate administrative rules and regulations, may prescribe forms and may require as a condition precedent to participation the filing of a written application in such form as it may prescribe whereby the eligible Employee agrees for him- or herself, his or her heirs, executors, and administrators to be bound by all the terms and conditions of the Plan.

11.2 The establishment of the Plan shall not be construed as conferring any legal rights upon any Employee or other person for a continuation of employment nor shall it interfere with the rights of the University to discharge any Employee and to treat him or her without regard to the effect which such treatment might have upon him or her as a Member of the Plan.

11.3 The University will provide all Employees with a written explanation of the terms and conditions of the Plan and amendments thereto which are applicable to them and of their rights and duties with respect to the benefits available to them in accordance with the terms of the Plan and such other information as may be required under the Act and Regulations.

11.4 All payments under the Plan shall be made in Canadian currency.

11.5 This Plan shall be construed in accordance with the laws of the Province of Nova Scotia.

SECTION 12

THE FUND

12.1 All contributions of Members of the Plan and of the University will be paid into the Fund which shall be administered by the Trustee in accordance with the terms of the Trust Agreement entered into between the University and the Trustee. All benefits under the Plan will be paid out of the Fund. When a Member is retired the University may, at its discretion, cause to be purchased out of the Fund the appropriate type of annuity from a Life Insurance Company legally entitled to do business in Canada. All costs of administration of the Plan, including the fees of the Trustee, the Actuary, investment and legal counsel, and the administrator and any registration or similar fees payable to governments shall be paid from the Fund, provided the person or body receiving such fees is not a salaried Employee of the University. The University shall be paid no fee for any services it provides.

12.2 The Fund shall be invested in accordance with the investment requirements of the Act and the Regulations.

SECTION 13

AMENDMENT OR TERMINATION OF THE PLAN

13.1 The provisions of this Plan may be amended at any time and from time to time by the Board. No such amendment, however, shall have the effect of diminishing the benefits accrued to each Member at the time such amendment goes into effect.

13.2 The Board reserves the right to terminate the Plan at any time. Such termination shall be expressed in an instrument executed by the University and filed with the Trustee and shall become effective as of the date designated in such instrument.

13.3 If the Board deems it necessary to discontinue the Plan and the Trust Fund for purposes of the Plan, the Fund, after provision for expenses of termination and liquidation, shall be applied for the provision of the Plan benefits accrued to retired Members, joint annuitants and beneficiaries, active Members, and other terminated Members in an equitable manner determined by the University on the advice of the Actuary, subject to any applicable legislation. Such termination, however, shall not have the effect of diminishing the benefits accrued to each Member at the date of termination.

Any surplus remaining after all benefits have been provided may be returned to the University or may be used for the benefit of Members in such equitable manner as the University may in its discretion determine, but subject to subsection 6.5.

13.4 The Board may withdraw any surplus while the Plan continues in effect that is in excess of the amount prescribed to be retained in the pension Fund under the Act or Regulations, but not before consulting with either the Standing or Triennial Review Committee on Pensions of the University.

SCHEDULE A

DEFINITIONS OF SPOUSE

A. Nova Scotia

"Spouse" means either of a man or woman who

(i) are married to each other,

(ii) are married to each other by a marriage that is voidable and has not been annulled by a declaration of nullity,

(iii) have gone through a form of marriage with each other, in good faith, that is void and are cohabiting or, if they have ceased to cohabit, have cohabited within the 12-month period immediately preceding the date of entitlement, or

(iv) not being married to each other and neither being married to another person have lived together as husband and wife for three years and are living together as husband and wife at the relevant time.

SCHEDULE B

ASSUMPTIONS USED TO CALCULATE COMMUTED VALUES

FOR TRANSFER PURPOSES

The "Recommendations for the Minimum Transfer Value of Pensions" as adopted by the Canadian Institute of Actuaries shall be followed in calculating the commuted value of a Member's pension under the Plan for purposes of subsections 6.10, 9.6, and 9.7. In particular:

The interest rate assumptions and methods for valuing a partially indexed pension as described in the Recommendations shall be used.

The 1983 Group Annuitant Mortality table shall be used, with male mortality used for Members and female mortality shall be used for the Beneficiary as described in subsection 7.2.

The assumed retirement date shall be the earliest date, current or in the future, on which the Member may retire without a reduction in the accrued pension as described in subsection 6.2.

SCHEDULE C

ACCRUING INTEREST ON MEMBER CONTRIBUTIONS

Because the yield on the Fund to a certain date is not known until after that date and because it is desirable to expedite the calculations of a Member's entitlement under the plan on termination of employment or retirement, the following procedure shall be used to accrue interest on a Member's contributions for purposes of calculating any refunds under subsections 6.10 or 9.6:

Contributions will be accumulated with the Fund yield up to the beginning of the month two months prior to the date of termination or retirement. From the beginning of the month two months prior to the date of termination or retirement, interest will accumulate at a rate equal to the average of chartered bank five year personal deposit rates. Such average shall be taken over the year ending on the beginning of the month two months prior to the date of termination or retirement.

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