Order in Council 1657/2025

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Interest to be Credited

1. Pursuant to subsections 7(2) and (3) of the Financial Administration Act, the Minister of Finance is authorized to credit from the Consolidated Revenue Fund (the “CRF”) in the manner specified in this Order in Council to the Deputy Minister Supplementary Benefit Account, Ontario Public Service Employees Union Supplementary Benefit Account, Provincial Judges Pension Fund Account, Justices of the Peace Supplementary Benefit Account and Associate Judges Supplementary Benefit Account (together, the “Benefit Accounts”).

Net Monthly Increases

2. Interest in respect of the net monthly increases computed on the contributions to and outgoings from the respective Benefit Account to reflect the length of time for which amounts included in such net increase were on deposit with the CRF during that fiscal year, shall be credited to each of the Benefit Accounts as of the last day of the fiscal year.

Net Increases for the Fiscal Year

3. Interest in respect of the net increase for each fiscal year shall be credited to each of the Benefit Accounts as of the last day of the following fiscal year, and as of the last day of each subsequent fiscal year for the period specified in paragraph 4, provided that such net increases remain on deposit with the CRF for the whole of the respective fiscal year.
4. The interest calculated under Paragraph 3 shall be credited to the corresponding Benefit Account for the following number of consecutive fiscal years:
5. 1 year for the Deputy Minister Supplementary Benefit Account
   1. 20 years for the Ontario Public Service Employees Union Supplementary Benefit Account
   2. 25 years for the Provincial Judges Pension Fund Account
   3. 25 years for the Justices of the Peace Supplementary Benefit Account
   4. 25 years for the Associate Judges Supplementary Benefit Account

Timing

5. For the purposes of paragraphs 2 and 3, the first fiscal year for which interest shall be credited to the Benefit Accounts is the fiscal year commencing April 1, 2023 and ending on March 31, 2024. For greater certainty, interest credited to each of the Benefit Accounts under paragraph 3 for the first fiscal year commencing April 1, 2023 and ending on March 31, 2024, shall be paid as of March 31, 2025 and on March 31 for each subsequent fiscal year for the period specified in paragraph 4.

Rate of Interest

6. The interest credited to the Benefit Accounts in accordance with paragraphs 2 and 3 shall be calculated at a rate informed by the 12-month average of the government borrowing cost for the term corresponding to the period specified in paragraph 4 for each Benefit Account, expressed as an annual rate.