The Government of Canada has pre-published regulatory proposals to address provisions of the Pooled Registered Pension Plans Act (Bill C-25), according to Minister of State (Finance) Ted Menzies.
The proposed regulations will address provisions of the Pooled Registered Pension Plans Act respecting:
- the licensing conditions for a potential administrator of a Pooled Registered Pension Plan (PRPP);
- the management and investment of funds in members’ accounts;
- details with respect to the investment options offered to members;
- criteria against which the requirement to provide low-cost PRPPs can be assessed;
- conditions under which a PRPP member is allowed to set his or her contribution rate to 0%; and
- information that plan administrators must disclose to plan members, employers and the Superintendent of Financial Institutions.
The proposed regulations will be pre-published in the Canada Gazette on August 11 for a 30-day public comment period, prior to final consideration by the Government. A second package of regulations under the PRPP Act will follow at the earliest opportunity.
PRPPs will be available across Canada once federal tax legislation is passed and the provinces implement their PRPP legislation.
To see the full proposed regulations go to click here