The Honourable Ted Menzies, Minister of State (Finance), today announced that the Harper Government has pre-published for public comment the second and final tranche of regulatory proposals to address provisions of the Pooled Registered Pension Plans Act (Bill C-25).
“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,” said Minister Menzies. “PRPPs will then be available to the millions of Canadians without access to a workplace pension option as soon as provinces and territories implement their respective sides of the framework.”
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.
“As with the first tranche, the development of these regulatory proposals benefitted from an extensive review process and collaboration with provincial-territorial officials,” said Minister Menzies. “I also extend my thanks to Canadians from across the country, including all the associations representing small businesses, employees, pension funds and financial institutions, who provided their views and contributed towards ensuring a sound regulatory framework for PRPPs.”
The proposed regulations will be pre-published in the Canada Gazette on October 27 for a 15-day public comment period, prior to final consideration by the Government.
