The Canadian Government has pre-pubslished, for public comment the second and final tranche of regulatory proposals to address provisions of the Pooled Registered Pension Plans Act (Bill C-25). Minister of State (Finance), Ted Menzies was quoted as saying that “As soon as this last package of regulations is finalized, the federal Pooled Registered Pension Plans Act (PRPP Act) and regulations will be brought into force,”
The proposed regulations will address provisions of the PRPP Act respecting:
- General requirements with respect to providing information;
- The circumstances in which a member may withdraw funds from their PRPP account;
- The circumstances in which a member may receive variable payments from the funds in their account;
- The transfer options available to members and the conditions on the vehicles to which a member’s funds may be transferred;
- The use of electronic means to satisfy requirements under the Act for communications with plan members; and
- Other technical rules related to the implementation of the framework
A detailed review of the changes can be found here
