Vol. 147, No. 1 — January 2, 2013
Registration
SI/2012-102 January 2, 2013
POOLED REGISTERED PENSION PLANS ACT
Order Fixing December 14, 2012 as the Day on which the Act Comes into Force
P.C. 2012-1743 December 13, 2012
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to section 95 of the Pooled Registered Pension Plans Act, chapter 16 of the Statutes of Canada, 2012, fixes December 14, 2012 as the day on which that Act comes into force.
EXPLANATORY NOTE
(This note is not part of the Order.)
Proposal
To fix December 14, 2012, as the date on which the Pooled Registered Pension Plans Act (the Act) comes into force.
Objective
The Act seeks to enhance the federal private pension framework by offering Canadians access to a new, low-cost pension option.
Background
On June 28, 2012, the Act received Royal Assent. The Pooled Registered Pension Plans Act (the Act) implements the federal portion of the framework for the establishment and administration of Pooled Registered Pension Plans (PRPPs), a new type of low-cost pension plan accessible to employees and the self-employed. The Act provides regulation making authority to the Governor in Council for PRPPs within federal jurisdiction.
Implications
The Act, to be brought into force with this Order in Council, establishes a regulatory framework for PRPPs. This framework will permit the establishment and administration of PRPPs and will apply to employees of an employer that participates in a PRPP within the legislative authority of the federal government, including interprovincial transportation, banking and telecommunication. It also applies to persons employed in the Yukon, the Northwest Territories or Nunavut, including the self-employed.
The Pooled Registered Pension Plans Regulations come into force on the day on which the Act comes into force.
Consultation
The implementation of the Act is the result of a wide consultation conducted by the Department of Finance. PRPP consultations since December 2010 have included monthly meetings with provincial and territorial officials, industry stakeholder consultations, small business roundtables across Canada and meetings between the Minister of State (Finance) and provincial and territorial finance ministers.
Departmental contact
Leah Anderson
Director
Financial Sector Division
Department of Finance Canada
Ottawa, Ontario
K1A 0G5
Telephone: 613-992-6516
Fax: 613-943-8436
Email: Leah.Anderson@fin.gc.ca