Representatives of the governments of Canada, British Columbia, Nova Scotia, Quebec, and Saskatchewan signed a Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (2016 PRPP Agreement), which came into effect between those jurisdictions on June 15, 2016.
The 2016 PRPP Agreement was amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (2017 PRPP Amending Agreement) which came into force on March 31, 2017. The 2017 PRPP Amending Agreement added the government of Ontario as a party to the agreement and made some administrative changes and clarifications to the 2016 PRPP Agreement. Other provincial governments may be added as parties to the agreement once they have PRPP legislation in place.
The 2016 PRPP Agreement and the 2017 PRPP Amending Agreement are intended to streamline the regulation and supervision of PRPPs that are subject to the federal Pooled Registered Pension Plans Act (PRPP Act) and the PRPP legislation of at least one province participating in the agreement. The agreement effectively delegates to OSFI responsibility for licensing, registering and supervising PRPPs whose operations fall within the jurisdiction of both the federal government and that of a participating province. The agreement does not give OSFI responsibility with respect to Quebec’s Voluntary Retirement Savings Plans (VRSPs) but permits authorized VRSP administrators to act as PRPP administrators under the federal PRPP Act if they register a PRPP federally.
Below is a link to a consolidated version of the agreement that incorporates the amendments in force as of March 31, 2017. Please note that the consolidated version is not an official version and is posted for ease of reference only. The official versions of the 2016 PRPP Agreement and the 2017 PRPP Amending Agreement are provided in the links above, and should be consulted for purposes of interpreting and applying the agreement and its amendments.
Consolidated version of the agreement
For further information please see the FAQs on PRPPs.