Canada, British Columbia, Nova Scotia, Quebec and Saskatchewan have signed a multilateral agreement on pooled registered pension plans and voluntary retirement savings plans which came into effect on June 15, 2016.

The provinces have respective PRPP legislation that allows licensed administrators to offer pooled registered pension plans to eligible employees.

Read: Ontario Budget: Province to introduce PRPP changes

According to an information bulletin released by B.C.’s Financial Institutions Commission, the agreement aims to establish an efficient and low-cost regulatory environment.

Pension administrators wishing to seek a license and/or register a pooled retirement pension plan will only have to apply through the federal Office of the Superintendent of Financial Institutions.

Currently, there’s only a select list of companies – Industrial Alliance, London Life Insurance Company, Manulife and Sun Life – that are licensed to offer such pension plans to employers and employees.

Read: Federal government aims to streamline PRPP oversight

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

See all comments Recent Comments

Scott Aver:

Why?

Monday, June 27 at 12:17 pm | Reply

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required