Second and Final Tranche of Pooled Registered Pension Plans Regulations Published for Comment
On October 26, 2012, the federal government announced that it was pre-publishing proposed Regulations Amending the Pooled Registered Pension Plans Regulations (“Proposed Regulations”) for public commentary and that once the Proposed Regulations are finalized, the Pooled Registered Pension Plans Act (“Act”) and its supporting regulations will come into force.
As stated in the announcement, the Proposed Regulations will address provisions of the Act respecting:
- general requirements regarding the provision of information to plan members by employers and plan administrators;
- the requirements for unlocking funds in a PRPP account for non-residency and shortened-life expectancy;
- the circumstances in which a member may receive variable payments from the funds in their account;
- the prescribed retirement savings plans available as transfer options to members and the conditions upon which a member’s funds may be transferred;
- the use of electronic means to satisfy communication requirements under the Act; and
- other technical rules related to the implementation of the framework.
For information regarding the Pooled Registered Pension Plans, see our prior blog posts.