Office of the Superintendent of Financial Institutions
The purpose of this Guide is to assist administrators of Pooled Registered Pension Plans (PRPPs) subject to the Pooled Registered Pension Plans Act (PRPP Act) and the Income Tax Act (ITA) in completing the joint Pooled Registered Pension Plan Annual Information Return (PRPP AIR) that is required to be filed with the Office of the Superintendent of Financial Institutions (OSFI) and the Canada Revenue Agency (CRA).
The Guide does not supersede the PRPP Act or the Pooled Registered Pension Plans Regulations (the PRPP Regulations), the ITA or the Income Tax Regulations.
The administrator of a PRPP, or its agent, subject to the PRPP Act and the ITA must file the PRPP AIR.
The administrator of a PRPP shall file a PRPP AIR with the Superintendent annually within four months after the end of the year to which the document relates as directed by the Superintendent. For terminated PRPPs, an administrator is required to file a PRPP AIR while there are any assets remaining in the pension fund. For OSFI, the administrator of a PRPP shall file its PRPP AIR through the Bank of Canada’s Regulatory Reporting System (RRS).
Provide both CRA and OSFI registration numbers.
Name of Authorized Officer
This field indicates the name of the contact person with the authority to file on behalf of the PRPP.
Number of months in this reporting period
This number indicates the number of months the report represents. Partial months, such as when a PRPP is not registered on the first or last day of a month, should be considered a whole month.
This section is used to provide information on membership by sex, location and jurisdiction. Members are to be reported by province of employment. Males and females are reported separately for Statistics Canada purposes. Some PRPPs registered under the PRPP Act include members whose work is not in included employment. Federal members are members that are employed in included employment, which is defined under section 2(1) of the PRPP Act.
Any employee of a participating employer that is part of a class of employee for which the PRPP is offered is considered a member unless they have opted out of the PRPP under section 41(5) or who object to becoming members of the plan because of their religious beliefs.
Total number of PRPP members by location. The number of plan members, both male and female, working in each individual province is to be entered by province under the “Total” column. This includes both federal and provincial members.
Number in Included Employment Column
Total number of Federal members by location. The number of plan members, both male and female, employed in included employment is to be entered by province under the “Included Employment” column.
For each investment option, provide the information requested. For additional investment options, please include a summary sheet. Summary sheets may be attached separately to the end of the document, if space is needed. Information should be provided separately for each default target date / balanced fund.
Default Contribution Rate: Provide the default contribution rate set by the plan for a member that does not set their contribution rate.
Cost: Cost refers to the fees, levies or other charges that reduce a member’s return on investment other than those triggered by the member’s actions for this investment option, and should be reported as a percentage. This amount should reflect all costs and reflect the low cost requirement in section 26 of the PRPP Act and section 20 of the PRPP Regulations.
Annual rate of return (net of expenses): This amount, expressed as a percentage, is the rate of return after all expenses have been deducted.
Investments Held (top 10): This list should include the top ten investments held in the investment option expressed by percentage.
Asset Allocation: Represented in % form, the sum of all asset classes should total 100%.
This section includes attestations of compliance and other information.
Designated pooled pension plan
If the plan meets one of the following conditions stated in 147.5(1) of the ITA, it would be considered a designated pooled pension plan. The conditions are:
Does the plan comply with the 10% rule, the 30% rule, and related party transaction rules described in sections 9, 10, and 12 of the PRPP Regulations respectively?
Compliance with low cost requirement
The low cost requirement is described in section 26 of the PRPP Act and section 20 of the PRPP Regulations.
Compliance with the prohibition on offering inducements
With the exception of those listed in section 19 of the PRPP Regulations, PRPP administrators cannot give, offer or agree to give or offer to an employer an inducement to enter into a contract in respect of a PRPP. This prohibition is described in section 24 of the PRPP Act.
Number of members that contributed to the plan during the year
This number may be different than the number reported in Section 3 given that Section 3 only reflects the membership at the end of the plan year. Do not include members that have set their contribution rate to 0 (zero) for the entire year.
How many members contributed to the plan during the year, but are not employed with an employer participating in the plan?
This section captures members that have entered into a contract with the administrator as an individual. These members would be considered to fall under provincial jurisdiction.
Have you attached a copy of the auditor’s report?
OSFI expects the auditor’s report required in Subsection 27(j) of the PRPP Regulations to be filed on the financial statements of the PRPP, which must be prepared in accordance with Canadian generally accepted accounting principles.
List of employers who are participating in the plan at year-end:
The business name, number and their contributory status is required to be filled out in this section. Please attach a separate list if required.
An authorized officer must certify this document prior to filing. This officer need not be the same one referred to in Section 1; however, they must have the authority to file on behalf of the PRPP administrator.
For further information, please visit the OSFI website or contact us at:
Office of the Superintendent of Financial Institutions
255 Albert Street