Marginal note:Force of law
7. (1) The provisions of a multilateral agreement, other than those exempted from the application of this subsection by regulation, have the force of law during the period that the agreement is in effect with respect to pooled registered pension plans and are enforceable during that period as if those provisions formed part of this Act.
Marginal note:Inconsistency with agreement
(2) The provisions of a multilateral agreement that have the force of law prevail over any provision of this Act and the regulations to the extent of any inconsistency or conflict between them.
Marginal note:Review by Federal Court
8. (1) A decision of a prescribed supervisory authority of a designated province that is made under the authority of a multilateral agreement and that relates to the application of this Act is deemed to be a decision of a federal board, commission or other tribunal, as defined in subsection 2(1) of the Federal Courts Act, and is subject to judicial review under that Act.
Marginal note:No review by Federal Court
(2) A decision of the Superintendent that is made under the authority of a multilateral agreement and that relates to the application of the legislation of a designated province is deemed to be a decision of the prescribed supervisory authority of that province and is not subject to judicial review under the Federal Courts Act.
Marginal note:Association of supervisory authorities
9. The Minister may, with the approval of the Governor in Council, enter into an agreement with any designated province respecting the establishment and operation in Canada of an association of supervisory authorities.
POWERS OF SUPERINTENDENT
Marginal note:Powers of Superintendent
10. (1) The Superintendent, under the direction of the Minister, is responsible for the control and supervision of the administration of this Act.
Marginal note:Information and studies
(2) The Superintendent may
(a) conduct studies, surveys and research programs and compile statistical and other information relating to pooled registered pension plans and their operation;
(b) disclose information collected under paragraph (a) or any of subsection 12(2) and sections 13 and 58 to any government agency or regulatory body; and
(c) collect information from a prescribed supervisory authority of a designated province and disclose information to that authority for the purposes of implementing a multilateral agreement.
Marginal note:Terms and conditions
(3) Any approval, authorization, consent or permission of the Superintendent given under this Act may be subject to terms and conditions.
Marginal note:Licensing of administrators
11. (1) The Superintendent may issue a licence authorizing a corporation to be an administrator if the prescribed conditions are satisfied.
Marginal note:Terms and conditions
(2) A licence issued under this section may be subject to terms and conditions.
Marginal note:Registration of plan
12. (1) A plan that is to be administered by an administrator to provide members of the plan with a means of retirement savings may be registered by the Superintendent as a pooled registered pension plan, except
(a) a pension plan as defined in subsection 2(1) of the Pension Benefits Standards Act, 1985;
(b) an employees’ profit sharing plan or a deferred profit sharing plan as defined in sections 144 and 147, respectively, of the Income Tax Act;
(c) a registered retirement savings plan or a retirement compensation arrangement as defined in subsection 248(1) of the Income Tax Act or an arrangement to provide a retiring allowance as defined in that subsection; or
(d) any other prescribed plan or prescribed arrangement.
Marginal note:Duty of administrator to file documents
(2) The administrator of a plan that wishes to have that plan registered must file with the Superintendent, in the form and manner that the Superintendent may direct,
(a) a copy of the plan;
(b) a copy of every document that creates or supports the plan; and
(c) a declaration, signed by the administrator, that the plan complies with the provisions of this Act and the regulations.
Marginal note:Registration of plan
(3) Subject to subsection (4), the Superintendent must register a plan and issue a certificate of registration in respect of the plan if the administrator of the plan has filed the documents required under subsection (2).
Marginal note:Refusal to register
(4) The Superintendent may refuse to register a plan if the plan does not comply with the provisions of this Act and the regulations.
(5) If the Superintendent refuses to register a plan, he or she must notify the administrator of the particulars of the non-compliance.
Marginal note:No members before registration
(6) An administrator must not accept any members before the plan is registered.
Marginal note:Filing of amendments
13. The administrator of a plan must file with the Superintendent, within 60 days after an amendment is made to any document referred to in subsection 12(2), in the form and manner that the Superintendent may direct, a copy of the amendment and a declaration, signed by the administrator, that the plan as amended complies with the provisions of this Act and the regulations.
ADMINISTRATION OF POOLED REGISTERED PENSION PLANS
Marginal note:Licence and registration
14. The administrator of a pooled registered pension plan must, before entering into a contract with any person with respect to the plan, provide proof to the person that it has a valid licence and that the plan is registered under this Act.
Marginal note:Compliance with this Act
15. The administrator of a pooled registered pension plan must ensure that the plan complies with the provisions of this Act and the regulations.
Marginal note:Duties of administrator
16. (1) The administrator of a pooled registered pension plan must, in accordance with the provisions of this Act and the regulations, administer the plan and its assets and file the required documents with the Superintendent.
(2) The administrator must inform the Superintendent, in the form and manner that the Superintendent may direct, of any change to the administrator’s name or the address of its Canadian head office within 30 days after the change.
17. An administrator of a pooled registered pension plan must keep records that are sufficient to allow a member’s share of the assets of the plan to be determined.
Marginal note:Contract between administrator and employer
18. The administrator must notify the Superintendent if an employer fails to comply with the provisions of the contract between the employer and the administrator respecting the amounts and frequency of remittances to the administrator.
Marginal note:Employer terminates participation
19. If an employer terminates their participation in a pooled registered pension plan, the administrator of the plan must, within the prescribed period, notify in writing the Superintendent and the members of the plan who are employees of the employer of the termination and the effective date of the termination.
Marginal note:Superintendent may require meeting
20. (1) An administrator must hold a meeting, within the period specified by the Superintendent, to consider any matters set out in a written notice from the Superintendent requiring the administrator to hold a meeting.
Marginal note:Participation by Superintendent, etc.
(2) The Superintendent may
(a) participate in the meeting;
(b) require the administrator to invite members to attend the meeting; and
(c) require any other interested persons to attend the meeting.
Marginal note:Transfer of assets to designated entity
21. (1) If the administrator is insolvent or unable to act or the Superintendent is of the opinion that it is in the best interests of the members, the Superintendent may order the administrator to transfer every pooled registered pension plan that it administers and all of their assets to any entity that is designated by the Superintendent.
Marginal note:Rights and obligations
(2) The designated entity has, with respect to every pooled registered pension plan that is transferred to it, all the contractual rights and obligations of the administrator.
Marginal note:Administration of plan and assets
22. (1) The administrator must administer the pooled registered pension plan and its assets as a trustee for the members.
Marginal note:Standard of care
(2) In the administration of the pooled registered pension plan and its assets, the administrator must exercise the degree of care that a reasonably prudent person would exercise in dealing with the property of another person and the diligence and skill that it possesses, or ought to possess, taking into account the administrator’s business.
(3) The funds in members’ accounts may be pooled for the purposes of investing the assets of a pooled registered pension plan.
Marginal note:Manner of investing
(4) The administrator must invest the funds in members’ accounts and must do so in a manner that a reasonable and prudent person would apply in respect of a portfolio of investments appropriate for retirement savings.
Marginal note:Investment managers
(5) The administrator is entitled to engage the services of any investment manager it chooses for the purposes of investing the funds in members’ accounts.
Marginal note:Investment choices
23. (1) A pooled registered pension plan may permit a member to make investment choices from among the investment options offered by the administrator.
Marginal note:Administrator’s duty
(2) If a pooled registered pension plan permits a member to make investment choices, the administrator must offer investment options of varying degrees of risk and expected return that would allow a reasonable and prudent person to create a portfolio of investments that is appropriate for retirement savings.
Marginal note:Default option
(3) If a member does not make an investment choice referred to in subsection (1) within the prescribed period, the investment option chosen by the administrator as the default option will apply to the account of the member. The administrator will make all the decisions with respect to investing the funds in accounts to which the default option applies.
Marginal note:Deemed compliance
(4) With respect to an account in respect of which an investment choice is made by a member, if the administrator offers investment options in accordance with subsection (2) and the regulations, that administrator is deemed to comply with subsection 22(4).
- Date modified: