Pooled Registered Pension Plans and Other Legislative Reforms
Information
The federal Pooled Registered Pension Plans Act (PRPP Act) and its Regulations came into effect on December 14, 2012. The PRPP Act and its Regulations were developed in consultation with provincial and territorial governments and are intended to increase access to registered pension plans. Please refer to OSFI’s Questions and Answers on Pooled Registered Pension Plans for more information.
Legislative reforms to the Pension Benefits Standards Act, 1985 (PBSA) were passed in 2010 and a number of amendments to the Pension Benefits Standards Regulations, 1985 (Regulations) came into force in 2010 and 2011. A final set of changes to the Regulations is required to implement the remaining reforms announced by the federal government in 2009. These concern:
- Investment rules and options for defined contribution plans
- Disclosure to members and former members of all plans
- Variable benefits from defined contribution plans
- Electronic communications by all plans
- Spousal consent when exercising portability
For information on the key amendments to the PBSA and the Regulations, please refer to the document entitled Key PBSA/PBSR Amendments and In Force Dates which was published on OSFI’s website in November 2011.