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

Act current to 2023-01-11 and last amended on 2017-12-12. Previous Versions

Pooled Registered Pension Plans Act

S.C. 2012, c. 16

Assented to 2012-06-28

An Act relating to pooled registered pension plans and making related amendments to other Acts

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

 This Act may be cited as the Pooled Registered Pension Plans Act.

Interpretation

Marginal note:Definitions

  •  (1) The following definitions apply in this Act.

    administrator

    administrator means the holder of a licence issued under section 11 or an entity designated by the Superintendent under subsection 21(1). (administrateur)

    common-law partner

    common-law partner, in relation to an individual, means a person who is cohabiting with the individual in a conjugal relationship, having so cohabited for a period of at least one year. (conjoint de fait)

    common-law partnership

    common-law partnership means the relationship between two persons who are common-law partners of each other. (union de fait)

    designated province

    designated province means a province designated in the regulations. (province désignée)

    electronic document

    electronic document means any form of representation of information or of concepts fixed in any medium by electronic, optical or other similar means that can be read or perceived by a person or by any means. (document électronique)

    employee

    employee means an individual who holds a position that entitles that individual to a fixed or ascertainable stipend or remuneration and includes an individual who holds the position of an officer or director of a corporation or other organization or of an agent or mandatary acting for a principal or mandator. (salarié)

    employer

    employer, in relation to an employee, means the person or organization that employs the employee and includes their assigns or successors. (employeur)

    employment

    employment means the performance by an employee of work for an employer under an express or implied contract of service or apprenticeship, and includes the tenure of an office. (emploi)

    included employment

    included employment means employment — other than employment by Her Majesty in right of Canada or any employment that is excluded by the regulations — on or in connection with the operation of any work, undertaking or business that is within the legislative authority of the Parliament of Canada.  (emploi visé)

    member

    member means a person who holds an account with a pooled registered pension plan. (participant)

    Minister

    Minister means the Minister of Finance. (ministre)

    multilateral agreement

    multilateral agreement means an agreement entered into under subsection 6(1). (accord multilatéral)

    pooled registered pension plan

    pooled registered pension plan means a plan registered under section 12. (régime de pension agréé collectif)

    prescribed

    prescribed means prescribed by regulation. (Version anglaise seulement)

    spouse

    spouse, in relation to an individual, includes a person who is party to a void marriage or, in Quebec, null marriage with the individual. (époux)

    Superintendent

    Superintendent means the Superintendent of Financial Institutions appointed under section 5 of the Office of the Superintendent of Financial Institutions Act. (surintendant)

    survivor

    survivor, in relation to a deceased member, means

    • (a) if there is no person described in paragraph (b), the member’s spouse at the time of the member’s death; or

    • (b) the common-law partner of the member immediately before the member’s death. (survivant)

    winding-up

    winding-up, in relation to a pooled registered pension plan, means the distribution of the assets of a plan that has been terminated. (liquidation)

    Year’s Maximum Pensionable Earnings

    Year’s Maximum Pensionable Earnings has the same meaning as in subsection 2(1) of the Canada Pension Plan. (maximum des gains annuels ouvrant droit à pension)

  • Meaning of spouse or common-law partner

    (2) Except in section 53, a reference to a spouse or common-law partner in respect of a member means the common-law partner of the member in the case where the member has both a spouse from whom they are separated and a common-law partner with whom they are cohabiting.

Purpose of Act

Marginal note:Purpose

 The purpose of this Act is to provide a legal framework for the establishment and administration of a type of pension plan that is accessible to employees and self-employed persons and that pools the funds in members’ accounts to achieve lower costs in relation to investment management and plan administration.

Application

Marginal note:Application of Act

 This Act does not apply in respect of a member of a pooled registered pension plan who

  • (a) is not employed in included employment, other than a member who is a self-employed person in Yukon, the Northwest Territories or Nunavut; or

  • (b) is employed in included employment but whose employer does not participate in the plan, other than a member who is employed in included employment in Yukon, the Northwest Territories or Nunavut.

Agreements

Marginal note:Bilateral agreement

 The Minister may, with the approval of the Governor in Council, enter into a bilateral agreement with a designated province to

  • (a) authorize the prescribed supervisory authority of that province to exercise any of the Superintendent’s powers under this Act; and

  • (b) authorize the Superintendent to exercise any powers of that prescribed supervisory authority.

Marginal note:Multilateral agreement

  •  (1) The Minister may, with the approval of the Governor in Council, enter into an agreement with two or more designated provinces respecting any matter relating to pooled registered pension plans that are subject to the legislation of at least one designated province that is a party to the agreement.

  • Marginal note:Content of agreement

    (2) The multilateral agreement may, among other things,

    • (a) limit the application of the legislation of a designated province that is a party to the agreement to a pooled registered pension plan and adapt that legislation to that plan;

    • (b) limit the application of this Act to a pooled registered pension plan and adapt the Act to that plan;

    • (c) exempt a pooled registered pension plan from the application of this Act or the legislation of a designated province that is a party to the agreement;

    • (d) provide for the administration and enforcement of this Act and the legislation of a designated province that is a party to the agreement;

    • (e) authorize a prescribed supervisory authority of a designated province that is a party to the agreement or the association referred to in section 9 to exercise any of the Superintendent’s powers under this Act;

    • (f) authorize the Superintendent to exercise any powers of a prescribed supervisory authority of a designated province that is a party to the agreement or the association referred to in section 9;

    • (g) establish requirements — in addition to any other requirements under this Act and the legislation of a designated province that is a party to the agreement — with respect to a pooled registered pension plan, an administrator or an employer; and

    • (h) confer powers on the Superintendent.

  • Marginal note:Tabling in Parliament

    (3) The Minister must cause to be tabled in each House of Parliament every multilateral agreement.

  • Marginal note:Publication — Canada Gazette

    (4) The Minister must cause to be published in the Canada Gazette

    • (a) every multilateral agreement and a notice of the date on which the agreement comes into effect with respect to pooled registered pension plans;

    • (b) every amendment to a multilateral agreement and a notice of the date on which the amendment comes into effect with respect to pooled registered pension plans; and

    • (c) a notice of the effective date of the Government of Canada’s withdrawal from the multilateral agreement or of the effective date of termination of that agreement, whichever comes first.

  • Marginal note:Publication — other

    (5) In addition to the publishing requirements under subsection (4), the Minister must ensure that every multilateral agreement and every amendment to it is accessible to the public on the Internet or by any other means that the Minister considers appropriate.

Marginal note:Force of law

  •  (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

  •  (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

 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

  •  (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

  •  (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.

Registration

Marginal note:Registration of plan

  •  (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.

  • Marginal note:Notification

    (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

 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

Administrator

Marginal note:Licence and registration

 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.

 
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