The federal government has launched a public comment period for an agreement intended to streamline the oversight of pooled registered pension plans (PRPPs).

The agreement would ensure that plan administrators, wherever they are located, only need to deal with one supervisor, the federal Office of the Superintendent of Financial Institutions (OSFI), for administrator licencing, plan registration and ongoing plan supervision.

Read: Federally registered PRPPs now available

“It will support a high level of regulatory harmonization across jurisdictions, and will be instrumental in streamlining administration, increasing the scale and portability of PRPPs and achieving low costs,” says Kevin Sorenson, Minister of State (Finance).

Participation in the agreement would be open to any province that has adopted PRPP legislation similar to the federal Pooled Registered Pension Plan Act.

The agreement is being published for a 45-day public comment period.

Current and potential PRPP administrators are being consulted to ensure that their views are taken into consideration before the agreement is finalized.

Any individuals or organizations interested in submitting their views on the proposed agreement may do so via email at: pensions@fin.gc.ca.

Also read:

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

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