Pooled Registered Pension Plans Act, 2015, S.O. 2015, c. 9

• Jurisdiction: Ontario

Pooled Registered Pension Plans Act, 2015

S.o. 2015, chapter 9

Consolidation Period: From December 8, 2020 to the e-Laws currency date.

Last amendment: 2020, c. 36, Sched. 14, s. 13.

CONTENTS

General

Purpose

1 The purpose of this Act is to provide a legal framework for the establishment and administration of a type of pension plan that is accessible to employees and self-employed persons and that pools the funds in members’ accounts to achieve lower costs in relation to investment management and plan administration.

Definitions

2 In this Act,

“administrator” has the same meaning as in the federal Act; (“administrateur”)

“Authority” means the Financial Services Regulatory Authority of Ontario continued under subsection 2 (1) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“Autorité”)

“Chief Executive Officer” means the Chief Executive Officer appointed under subsection 10 (2) of the Financial Services Regulatory Authority of Ontario Act, 2016; (“directeur général”)

“designated jurisdiction” means any jurisdiction in Canada, including Canada itself, that is prescribed as a jurisdiction in which there is in force legislation substantially similar to this Act; (“autorité législative désignée”)

“domestic contract” means a domestic contract as defined in Part IV of the Family Law Act; (“contrat familial”)

“electronic document” has the same meaning as in the federal Act; (“document électronique”)

“employee” means a person who holds a position that entitles that person to a fixed or ascertainable stipend or remuneration and includes a person who holds the position of an officer or director of a corporation or other organization; (“employé”)

“employer” has the same meaning as in the federal Act; (“employeur”)

“employment” has the same meaning as in the federal Act; (“emploi”)

“family arbitration award” means a family arbitration award made under the Arbitration Act, 1991; (“sentence d’arbitrage familial”)

“federal Act” means the Pooled Registered Pension Plans Act (Canada); (“loi fédérale”)

“member” has the same meaning as in the federal Act; (“participant”)

“Minister” means the Minister of Finance or such other member of the Executive Council as may be assigned the administration of this Act under the Executive Council Act; (“ministre”)

“multilateral agreement” has the same meaning as in the federal Act; (“accord multilatéral”)

“personal representative” has the same meaning as in section 1 of the Estates Administration Act; (“représentant successoral”)

“pooled registered pension plan” has the same meaning as in the federal Act; (“régime de pension agréé collectif”)

“prescribed” means prescribed by the regulations; (“prescrit”, “réglementaire”)

“provincial employment” means employment in Ontario, other than,

(a) employment on or in connection with the operation of any work, undertaking or business that is within the legislative authority of the Parliament of Canada, or

(b) prescribed employment; (“emploi provincial”)

“regulations” means the regulations made under this Act; (“règlements”)

“spouse” means, except in sections 16 to 20, either of two persons who,

(a) are married to each other, or

(b) are not married to each other and are living together in a conjugal relationship,

(i) continuously for a period of not less than three years, or

(ii) in a relationship of some permanence, if they are the parents of a child as set out in section 4 of the Children’s Law Reform Act; (“conjoint”)

“Tribunal” means the Financial Services Tribunal continued under the Financial Services Tribunal Act, 2017. (“Tribunal”) 2016, c. 23, s. 65; 2017, c. 34, Sched. 17, s. 26; 2018, c. 8, Sched. 26, s. 1; 2020, c. 36, Sched. 14, s. 13 (1).

Section Amendments with date in force (d/m/y)

2016, c. 23, s. 65 - 01/01/2017

2017, c. 34, Sched. 17, s. 26 - 01/04/2019

2018, c. 8, Sched. 26, s. 1 - 08/06/2019

2020, c. 36, Sched. 14, s. 13 (1) - 08/12/2020

Application

3 (1) This Act does not apply in respect of a member of a pooled registered pension plan unless the member,

(a) is employed in provincial employment;

(b) is a person who is employed in Ontario on or in connection with the operation of any work, undertaking or business that is within the legislative authority of the Parliament of Canada, but only if the person’s employer has not entered into a contract mentioned in section 29 (Contract between employer and administrator) of the federal Act to provide a pooled registered pension plan to a class of employees of which the person is a member; or

(c) is self-employed in Ontario and meets any requirements that may be prescribed.

Same

(2) Despite subsection (1), this Act applies in respect of persons described in clauses (1) (a) to (c) who are no longer employed as described in those clauses but who continue to maintain funds in their account. 2016, c. 5, Sched. 23, s. 1.

Section Amendments with date in force (d/m/y)

2016, c. 5, Sched. 23, s. 1 - 08/11/2016

Place of employment

4 (1) For the purposes of this Act, a person is deemed to be employed in the province in which the establishment of his or her employer is located and to which the person is required to report for work.

Same

(2) A person who is not required to report for work at an establishment of his or her employer is deemed to be employed in the province in which is located the establishment of his or her employer from which the person’s remuneration is paid.

Application of Federal Act

Application of federal Act

5 (1) Subject to subsections (2) and (3), the federal Act applies with respect to pooled registered pension plans as if it had been enacted as part of this Act.

Non-application of federal Act

(2) The provisions of the federal Act listed in Schedule 1 to this Act do not apply, and any other prescribed provisions of the federal Act do not apply.

Modifications

(3) The provisions of the federal Act that apply for the purposes of this Act are subject to necessary modifications, including the modifications set out in sections 6 and 7 with respect to general matters and family law matters.

Modification of federal Act re general matters

Various references

6 (1) For the purposes of applying a provision of the federal Act, unless a contrary intention appears in this Act or the regulations, a reference to a word or expression in the federal Act set out in Column 1 of the following Table shall be read as a reference to the word or expression set out opposite it in Column 2:

TABLE
WORDS AND EXPRESSIONS

2015, c. 9, s. 6 (1); 2018, c. 8, Sched. 26, s. 2 (1).

Reference re Parliament

(1.1) For the purposes of the application under this Act of subsection 6 (3) (Tabling in Parliament) of the federal Act, the words “each House of Parliament” shall be read as “the Assembly”. 2018, c. 8, Sched. 26, s. 2 (2).

Reference re Government of Canada

(1.2) For the purposes of the application under this Act of paragraph 6 (4) (c) (Publication - Canada Gazette) of the federal Act, the words “Government of Canada” shall be read as “Government of Ontario”. 2018, c. 8, Sched. 26, s. 2 (2).

References to “this Act”

(2) A reference to “this Act” in the federal Act shall be read as a reference to this Act.

References re authority to disclose information

(3) For the purposes of the application under this Act of paragraph 10 (2) (b) (Information and studies) of the federal Act, the words “any government agency or regulatory body” in that paragraph shall be read as “any government, government agency or regulatory body of a designated jurisdiction”.

References re implementing agreements

(4) For the purposes of its application under this Act, paragraph 10 (2) (c) (Information and studies) of the federal Act shall be read as including the authority to collect and disclose information for the purposes of implementing a bilateral agreement.

Reference re “mandatary”

(5) For the purposes of its application under this Act, the English version of paragraph 57 (1) (c) (Provisions respecting information) of the federal Act shall be read without the reference to “mandatary”.

Section Amendments with date in force (d/m/y)

2018, c. 8, Sched. 26, s. 2 (1, 2) - 08/05/2018

Modification of federal Act re family law matters

References to “common-law partner”, etc.

7 (1) For the purposes of their application under this Act, the following provisions of the federal Act shall be read without the references to “common-law partner” and “former common-law partner”:

1. Section 49 (Entitlement of survivor).

2. Subsection 52 (1) (Entitlement of survivor).

3. Section 56 (Sex discrimination prohibited).

4. Paragraph 57 (1) (c) (Provisions respecting information).

References to “survivor”

(2) For the purposes of their application under this Act, the references to “survivor” in the following provisions of the federal Act shall be read as references to “surviving spouse”:

1. Paragraph 47 (2) (b) (Optional provisions).

2. Section 49 (Entitlement of survivor).

3. Section 50 (Transfer or purchase of annuity).

4. Section 51 (Cessation).

5. The English version of subsection 52 (1) (Entitlement of survivor).

6. Section 54 (Who may transfer funds).

7. Paragraph 57 (1) (e) (Provisions respecting information).

Same

(3) For the purposes of their application under this Act, the references to “survivor” in the following provisions of the federal Act shall be read as references to “spouse with an entitlement under subsection (1)”:

1. Subsection 52 (2) (Designated beneficiary or estate or succession).

2. Subsection 52 (3) (Surrender of funds in account).

References to “estate or succession”

(4) For the purposes of its application under this Act, the English version of subsection 52 (2) (Designated beneficiary or estate or succession) of the federal Act shall be read without the reference to “succession”.

Same

(5) For the purposes of its application under this Act, the words “in every other case, to the...