Report on the Administration of the Supplementary Retirement Benefits Act for the Fiscal Year Ended March 31, 2023

About this report

This report provides information on the administration of the Supplementary Retirement Benefits Act (SRBA) for the fiscal year ended March 31, 2023. It includes an account transaction statement, as well as information about benefits, contributions, and membership.

The report is tabled in Parliament each year, in accordance with section 12 of the SRBA.

About the act

The SRBA applies to pension benefits payable to federal judges under the Judges Act, as well as to pension benefits payable under other statutes listed in Schedule I of the SRBA, such as the Diplomatic Service (Special) Superannuation Act, the Lieutenant Governors Superannuation Act, the Defence Services Pension Continuation Act, the Royal Canadian Mounted Police Pension Continuation Act, and Part VI of the Members of Parliament Retiring Allowances Act.

The SRBA, along with the relevant pension statutes, governs the benefit index of the major federal public sector pension plans, including plans governed by the Public Service Superannuation Act, the Canadian Forces Superannuation Act, the Royal Canadian Mounted Police Superannuation Act and the Members of Parliament Retiring Allowances Act.

Funding

Members contribute 1% of their pensionable salary to the Supplementary Retirement Benefits Account. The Government of Canada, as the employer, matches plan members’ contributions.

Interest on the account is payable at the end of each quarter. It is calculated monthly on the minimum balance in the account at an interest rate that represents the yield on Government of Canada bonds that have a term to maturity of 5 years, reduced by 0.125%.

Fiscal year highlights

Plan benefits and contributions
Plan member and employer contributions	$9.0 million
Account balance at fiscal year end	$296.9 million
Net benefit paid from the Supplementary Retirement Benefits Account	$79,888

Membership demographics
Active contributors	1,219
Retired members and survivors	1,310
Total membership	2,529

Account transaction statement

Supplementary Retirement Benefits Account statement

Details of receipts and payments for fiscal year ended March 31, 2023
($ thousands)^{Footnote 1}
	Judges	Others	Total
Opening balance	278,588	1,077	279,665
Receipts and other credits
Plan member contributions	4,458	60	4,518
Government contributions	4,458	60	4,518
Interest	8,260	34	8,294
Total receipts	17,175	154	17,330
Payments^{Footnote 2} and other charges
Annuities	31,937	4,680	36,617
Less charges to Consolidated Revenue Fund in accordance with subsection 8(2) of the SRBA	31,937	4,600	36,537
Net benefit payments	0	80	80
Closing balance	295,763	1,152	296,915
Table 1 Notes Table 1 Note 1 Due to rounding, the totals may not correspond with the sum of the component figures. Return to table 1 note 1 referrer Table 1 Note 2 This information does not reflect exactly the information presented in the Public Accounts of Canada. Annuities and charges to the Consolidated Revenue Fund are supplementary information included to reflect all payments including return of contributions made under the authority of the SRBA. The amounts charged to the Consolidated Revenue Fund are not charged to the Supplementary Retirement Benefits Account due to an exclusion under subsection 8(2) of the SRBA. The charges to the Consolidated Revenue Fund reported in this statement are calculated based on financial information provided directly by several organizations responsible for processing SRBA benefit payments, such as the Registrar of the Supreme Court of Canada, the Office of the Commissioner for Federal Judicial Affairs Canada, Canadian Heritage, National Defence and the Senate of Canada. Return to table 1 note 2 referrer

Further information

For additional information on the SRBA, refer to the following reports:

Page details

2024-03-21

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