Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)
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Assented to 2023-06-22
PART 4Various Measures (continued)
DIVISION 2Private Sector Pension Plans (continued)
2012, c. 16Pooled Registered Pension Plans Act (continued)
172 (1) The portion of paragraph 57(1)(b) of the Act before subparagraph (i) is replaced by the following:
(b) that, other than with respect to variable life payments, each member of the plan will be given, in the prescribed circumstances and manner, and within 45 days after the end of each year or any longer period specified by the Superintendent, a written statement showing
(2) Paragraphs 57(1)(d) and (e) of the Act are replaced by the following:
(d) that, if a member has provided notice under section 44 or paragraph 54(1)(b.1) or is no longer employed by an employer that is participating in the plan, the administrator must give to the member a statement in the prescribed form within 30 days after the day on which the notice was provided or the employee’s employment with the employer ceased, or any longer period permitted by the Superintendent;
(d.1) that, if the plan is terminated under section 62, the administrator must give to the member a statement in the prescribed form within 30 days after the plan’s date of termination — or, if the member was receiving variable life payments under the plan, within 120 days after that date — or any longer period permitted by the Superintendent; and
(e) that, in the case of a member’s death, the administrator must give — to the survivor, if there is one, to the member’s designated beneficiary, if the administrator has been notified of the designation and there is no survivor, or, in every other case, to the executor or administrator of the member’s estate or to the liquidator of the member’s succession — a statement in the prescribed form within 30 days after the day on which the administrator received notice of the death or any longer period permitted by the Superintendent.
173 The Act is amended by adding the following after section 57:
Marginal note:Variable life payment fund
57.1 (1) A pooled registered pension plan with a variable life payment fund must provide that each person who is receiving variable life payments from the fund will be given the prescribed information in the prescribed circumstances and manner, within the prescribed period or any longer period permitted by the Superintendent.
Marginal note:Information — termination of variable life payment fund
(2) A pooled registered pension plan with a variable life payment fund must provide that, if the fund is terminated under section 51.5, the administrator must, within 120 days after the termination or any longer period permitted by the Superintendent, give to each person who is receiving variable life payments from the fund a statement in the prescribed form that contains the prescribed information.
174 Subsections 62(10) and (11) of the Act are replaced by the following:
Marginal note:Assets not to be used or transferred
(10) Assets of the pooled registered pension plan must not be used or transferred for any purpose until the Superintendent has approved the termination report. However, the administrator of the plan may make variable payments and variable life payments, as they fall due, to any persons entitled to receive them.
Marginal note:Superintendent may direct winding-up
(11) If a pooled registered pension plan has been terminated and the Superintendent is of the opinion that no action or insufficient action has been taken to wind up the plan, the Superintendent may direct the administrator to distribute the funds in the members’ accounts and in any variable life payment fund and may direct that any expenses incurred in connection with that distribution be paid out of the members’ accounts or the variable life payment fund, as the case may be, and the administrator must comply with that direction without delay.
Marginal note:Variable life payments — transfer or purchase
(12) On the termination of a pooled registered pension plan, a member who was receiving a variable life payment under the plan is entitled to
(a) transfer their variable life payment credit to another pooled registered pension plan or another pension plan, if that other plan permits;
(b) transfer their variable life payment credit to a retirement savings plan of the prescribed kind for the member; or
(c) use their variable life payment credit to purchase an immediate or deferred life annuity of the prescribed kind for the member.
175 Paragraphs 72(a) and (b) of the Act are replaced by the following:
(a) any funds in an account with a pooled registered pension plan, any variable life payments or a right or interest in those funds or payments; or
(b) any funds withdrawn under section 50, 51.6 or 54 or subsection 62(12), or a right or interest in those funds.
176 Subsection 73(1) of the Act is amended by striking out “or” at the end of paragraph (a) and by replacing paragraph (b) with the following:
(a.1) a right or interest in a variable life payment; or
(b) a right or interest in any funds withdrawn under section 50, 51.6 or 54 or subsection 62(12).
177 (1) Paragraphs 76(1)(e) to (h) of the Act are replaced by the following:
(e) respecting the management and investment of funds in members’ accounts and in a variable life payment fund, including the way in which the funds are to be held;
(f) respecting the process by which investment options are offered by an administrator under section 23 and choices among those options are made;
(g) respecting investment options offered by an administrator under section 23;
(h) specifying the circumstances in which an administrator may change an investment choice made by a member under section 23;
(2) Paragraphs 76(1)(q) and (r) of the Act are replaced by the following:
(p.1) respecting variable life payments and variable life payment funds;
(p.2) prescribing the manner in which variable life payment credits are to be determined and fixing the time as of which the determination is to be made;
(q) respecting the transfer of funds by the administrator from a pooled registered pension plan;
(r) respecting the distribution of the funds from a pooled registered pension plan that is being wound up;
R.S., c. H-6Consequential Amendment to the Canadian Human Rights Act
178 Paragraph 15(1)(d.1) of the Canadian Human Rights Act is replaced by the following:
(d.1) the terms of any pooled registered pension plan provide for variable payments, variable life payments or the transfer of funds only at a fixed age under sections 48, 51.1 and 55, respectively, of the Pooled Registered Pension Plans Act;
Coordinating Amendments
Marginal note:2019, c. 29
179 (1) In this section, other Act means the Budget Implementation Act, 2019, No. 1.
(2) If subsections 145(2) and (3) of the other Act come into force before subsection 148(3) of this Act, then, on the day on which that subsection 148(3) comes into force, paragraph (b) of the definition former member in subsection 2(1) of the Pension Benefits Standards Act, 1985 is amended by striking out “or” at the end of subparagraph (ii) and by adding the following after that subparagraph:
(ii.1) had a life annuity purchased for them that, under section 17.2, satisfies all of the plan’s obligations with respect to their pension benefits or to any other benefit or option referred to in paragraph 17(b), or
(3) If subsection 148(3) of this Act comes into force before subsections 145(2) and (3) of the other Act, then those subsections 145(2) and (3) are replaced by the following:
(2) Paragraph (b) of the definition former member in subsection 2(1) of the Act is amended by striking out “or” at the end of subparagraph (ii) and by adding the following after that subparagraph:
(ii.1) had a life annuity purchased for them that, under section 17.2, satisfies all of the plan’s obligations with respect to their pension benefits or to any other benefit or option referred to in paragraph 17(b), or
(4) If subsections 145(2) and (3) of the other Act come into force on the same day as subsection 148(3) of this Act, then those subsections 145(2) and (3) are deemed to have come into force before that subsection 148(3) and subsection (2) applies as a consequence.
Coming into Force
Marginal note:Order in council
180 (1) Sections 148 to 158 — other than subsections 148(2) and 152(1), section 153 and subsections 155(1) and (4), 156(1) and (2) and 157(2) and (4) — come into force on a day to be fixed by order of the Governor in Council.
Marginal note:Order in council
(2) Sections 159 to 178 come into force on a day to be fixed by order of the Governor in Council.
DIVISION 3Measures Related to Money Laundering and to Digital Assets and Other Measures
SUBDIVISION A2000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act
Amendments to the Act
181 Subsection 7.1(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is replaced by the following:
Marginal note:Disclosure
7.1 (1) Every person or entity referred to in section 5 shall report to the Centre in accordance with the regulations if the person or entity is required to make a disclosure under
(a) section 83.1 of the Criminal Code;
(b) section 8 of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism;
(c) an order or regulation made under the Special Economic Measures Act; or
(d) subsection 7(2) of the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law).
182 The Act is amended by adding the following after section 9.8:
Marginal note:Definition of agent or mandatary
9.9 In sections 9.91 to 9.93, agent or mandatary means an agent or mandatary acting on behalf of a person or entity referred to in paragraph 5(h) to provide any of the services referred to in that paragraph.
Marginal note:Agent or mandatary
9.91 A person or entity referred to in paragraph 5(h) shall
(a) not engage a person or entity who is referred to in any of paragraphs 11.11(1)(a) to (f) as an agent or mandatary; and
(b) cease engaging an agent or mandatary if they are a person or entity referred to in any of those paragraphs.
Marginal note:Duty to verify
9.92 A person or entity referred to in paragraph 5(h) shall
(a) before engaging an agent or mandatary, verify whether they are a person or entity referred to in any of paragraphs 11.11(1)(a) to (f); and
(b) within 30 days after the second anniversary of the most recent verification of an agent or mandatary under this section, verify whether the agent or mandatary, if they are acting on behalf of the person or entity on that anniversary, is a person or entity referred to in any of those paragraphs.
Marginal note:Agent or mandatary — criminal convictions
9.93 (1) A person or entity referred to in paragraph 5(h) shall, in respect of an agent or mandatary, obtain and review the documents referred to in subsection (2)
(a) before engaging the agent or mandatary; and
(b) within 30 days after the second anniversary of the most recent review carried out in respect of the agent or mandatary under this subsection, if the agent or mandatary is acting on behalf of the person or entity on that anniversary.
Marginal note:Documents
(2) The documents to be obtained and reviewed are the following:
(a) if the agent or mandatary is a person, a document that sets out their record of criminal convictions, or states that the person does not have one, that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides; or
(b) if the agent or mandatary is an entity, for each of the chief executive officer, the president and the directors of the entity and for each person who owns or controls, directly or indirectly, 20% or more of the entity or the shares of the entity, a document that sets out the person’s record of criminal convictions, or states that the person does not have one, and that is issued by a competent authority of — or an entity or authority that is competent to issue the document in — the jurisdiction in which the person resides.
Marginal note:Translation
(3) If any document referred to in this section is made in a language other than English or French, the person or entity shall also obtain and review a translation of it into one of those languages that is attested to by a person who is recognized as a certified translator either by a provincial organization or body that is competent under provincial law to issue such certifications or by an organization or body in a foreign state that is competent under the laws of that state to do so.
Marginal note:Retention
(4) The person or entity shall retain, for a prescribed period and in the prescribed manner, any document obtained under this section as well as any prescribed information.
- Date modified: