Archived - Harper Government Moves to Streamline Administration and Supervision of Pooled Registered Pension Plans

July 15, 2015 – Ottawa, Ontario – Department of Finance

Minister of State (Finance) Kevin Sorenson welcomed the beginning of the public comment period for an agreement that will 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. This would remove the need to pay multiple licencing and registration fees, thus lowering costs and removing red tape. 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.

Earl Maynard
Director of Communications
Office of the Minister of State (Finance)
613-369-5696

David Barnabe
Media Relations
Department of Finance
613-369-4000

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