Pooled Registered Pension Plans Act (S.C. 2012, c. 16)

Assented to 2012-06-28

Marginal note:1998, c. 12, s. 5

 Subsection 7(2) of the Act is repealed.

Marginal note:1998, c. 12, s. 6(5)
  •  (1) The portion of subsection 8(10) of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Other conflicts of interest

      (10) If there is a material conflict of interest between the role of an employer who is an administrator and their role in any other capacity, the administrator

  • Marginal note:1998, c. 12, s. 6(5)

    (2) Paragraph 8(10)(a) of the French version of the Act is replaced by the following:

    • a) faire part du conflit au conseil des pensions ou aux participants du régime de pension dans les trente jours suivant le moment où il en constate l’existence;

Marginal note:2010, c. 12, s. 1799

 Section 10.2 of the Act is renumbered as subsection 10.2(1) and is amended by adding the following:

  • Marginal note:Transfer to pooled registered pension plan

    (2) Subject to section 26, the administrator may transfer or permit the transfer of any part of the assets of the pension plan to a pooled registered pension plan, within the meaning of subsection 2(1) of the Pooled Registered Pension Plans Act, only with the Superintendent’s permission.

Marginal note:1998, c. 12, s. 16(4)

 Subsection 26(5) of the Act is amended by striking out “and” at the end of paragraph (a), by adding “and” at the end of paragraph (b) and by adding the following after paragraph (b):

  • (c) a pooled registered pension plan, as defined in subsection 2(1) of the Pooled Registered Pension Plans Act.

Marginal note:1998, c. 12, s. 26(1)

 Paragraph 39(1)(a.1) of the Act is repealed.

R.S., c. 18 (3rd Supp.), Part IOffice of the Superintendent of Financial Institutions Act

Marginal note:1998, c. 12, s. 27

 The definition “pension plan” in section 3 of the Office of the Superintendent of Financial Institutions Act is replaced by the following:

“pension plan”

« régime de pension »

“pension plan” has the same meaning as in subsection 2(1) of the Pension Benefits Standards Act, 1985 or has the meaning assigned by the definition “pooled registered pension plan” in subsection 2(1) of the Pooled Registered Pension Plans Act, as the case may be;

Marginal note:1998, c. 12, s. 29(2)
  •  (1) Paragraph 4(2.1)(a) of the Act is replaced by the following:

    • (a) to supervise pension plans to determine whether they meet the minimum funding requirements and are complying with the other requirements of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act and their regulations and supervisory requirements under that legislation;

  • Marginal note:1998, c. 12, s. 29(2)

    (2) Paragraph 4(2.1)(b) of the English version of the Act is replaced by the following:

    • (b) to promptly advise the administrator of a pension plan in the event that the plan is not meeting the minimum funding requirements or is not complying with other requirements of the Pension Benefits Standards Act, 1985 or the Pooled Registered Pension Plans Act or their regulations or supervisory requirements under that legislation and, in such a case, to take, or require the administrator to take, the necessary corrective measures or series of measures to deal with the situation in an expeditious manner; and

Marginal note:2001, c. 9, s. 476

 The definition “financial institutions Act” in subsection 24(1) of the Act is replaced by the following:

“financial institutions Act”

« loi sur les institutions financières »

“financial institutions Act” means the Bank Act, the Cooperative Credit Associations Act, the Insurance Companies Act, the Pension Benefits Standards Act, 1985, the Pooled Registered Pension Plans Act and the Trust and Loan Companies Act.

 The schedule to the Act is amended by adding the following in alphabetical order:

  • Pooled Registered Pension Plans Act

    Loi sur les régimes de pension agréés collectifs

COORDINATING AMENDMENT

Marginal note:2010, c. 25

 On the first day on which both subsection 175(1) of the Sustaining Canada’s Economic Recovery Act and section 10 of this Act are in force, paragraphs 23(1.1)(a) and (b) of the Office of the Superintendent of Financial Institutions Act are replaced by the following:

  • (a) estimate the total amount of expenses to be incurred by the Office during the following fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act; and

  • (b) ascertain the total amount of expenses incurred by the Office during the preceding fiscal year for or in connection with the administration of the Pension Benefits Standards Act, 1985 and the Pooled Registered Pension Plans Act.

COMING INTO FORCE

Marginal note:Order in Council

 This Act comes into force on a day to be fixed by order of the Governor in Council.

 
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