Woman making a frame around the sun with her hands at sunrise
Woman making a frame around the sun with her hands at sunrise
Woman making a frame around the sun with her hands at sunrise

Update: Federal Pooled Registered Pension Plan Legislation Amended to Recognize Ontario Legislation

January 2017 Employment and Labour Bulletin < 1 read

We published a bulletin last November advising that Ontario’s Pooled Registered Pension Plans Act, 2015 and its Regulations had come into force.

The new legislation establishes the Pooled Registered Pension Plan (“PRPP”) as another tool for Ontario workers – both employees and self-employed – to save for retirement. As a voluntary and relatively low-cost scheme, PRPPs may also be a helpful option for small and medium-sized businesses, for whom the operation of a full pension plan may be too onerous.

In passing its own PRPP legislation, Ontario signalled its intention to join the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Savings Plans (“Multilateral Agreement”), a tool designed to ensure consistency in PRPP legislation (and Voluntary Savings Plan legislation in Quebec) across the country. Doing so is logical given that the Multilateral Agreement’s members’ PRPP legislation largely incorporates the federal PRPP Act and Regulations by reference. The Multilateral Agreement’s members include British Columbia, Saskatchewan, Quebec, Nova Scotia and, now, Ontario.

To formally enter the Multilateral Agreement, Ontario required the federal government to amend the federal PRPP Regulations to designate Ontario and the Ontario Superintendent of Financial Service (OSFI) as a having regulatory PRPP authority within Ontario jurisdiction. It formally did so in December, 2016.

As reflected in the federal government’s Regulatory Impact Analysis Statement, the Multilateral Agreement’s members hope that it will enable further streamlining of PRPP supervision, thereby better enabling the creation of larger, multi-jurisdictional PRPPs.

by Kyle Lambert

A Cautionary Note

The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

© McMillan LLP 2017

Related Publications (5 Posts)

Featured Insight

Amended Sanctions by the U.S. Regarding Investments in Certain Companies in China

An Executive Order prohibiting U.S. persons from purchasing securities of certain Chinese Military-Industrial Complex companies becomes effective August 2, 2021

Read More
Jul 26, 2021
Featured Insight

SOFR Fundamentals: What We Know SO-FAR

SOFR is the preferred USD alternative RFR to LIBOR. We discuss what SOFR is, the types of SOFR, conventions for SOFR, and using SOFR in loan agreements.

Read More
Jul 21, 2021
Featured Insight

Changes on the Menu: Canadian Food Inspection Agency Publishes Consultation Report on Proposed Guidelines for Simulated Meat and Poultry Products

This Bulletin discusses feedback on the CFIA’s proposed new guidelines for plant-based meat and poultry, what could be changing and what the CFIA is doing next.

Read More
Jul 20, 2021
Featured Insight

Plan for the Ban:
Plastics Classified as “Toxic Substance”
Under Canadian Environmental Protection Act

Plastics are classified under the Canadian Environmental Protection Act as a toxic substance and amendments are proposed to prohibit the export of plastic waste

Read More
Jul 20, 2021
Featured Insight

“Say on Climate” — Key Considerations in Implementing Shareholder Votes on Climate

Shareholder engagement on climate-related matters continues to grow across the globe, including Canada, these issues are a key focus area for public companies

Read More
Jul 16, 2021