Pooled Registered Pension Plans Act, 2015

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Sections90

• [s0]

  General

• 1Purpose

  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.

• 1.
• 2Definitions

  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”)…

• 2.
• 3Application

  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. 2…

• 3.
• 4Place 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.

• 4.
• [s5]

  Application of Federal Act

• 5Application 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

• 5.
• 6Various 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 Item Column 1 Word or expression in federal Act Column 2 Word or expression to be substituted 1. designated province designated jurisdiction 1.1 Canada Gazette The Ontario Gazette 2. Federal Court Ontario Superior Court of Justice 3. Governor in Council Lieutenant Governor in Council 4. included employment provincial employment 5. province jurisdiction 6. subsection 2 (1) of the Pension Benefits Standards Act, 1985 (Canada) subsection 1 (1) of the Pension Benefits Act 7. époux (French version only) conjoint 8. salarié (French version only) emplo…

• 6.
• 7References 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) …

• 7.
• [s9]
• 7.1Licensing of administrators, timing

  7.1 For the purposes of section 11 (Licensing of administrators) of the federal Act, as it applies for the purposes of this Act, the Chief Executive Officer shall not issue a licence before the date an agreement described in section 6 (Multilateral agreement) of the federal Act, as it applies for the purposes of this Act, first comes into effect in Ontario. 2018, c. 8, Sched. 26, s. 3, 9. Section Amendments with date in force (d/m/y) 2016, c. 5, Sched. 23, s. 2 - 08/11/2016 2018, c. 8, Sched. 26, s. 3 - 08/05/2018; 2018, c. 8, Sched. 26, s. 9 - 08/06/2019

• [s10]

  Agreements

• 8.
• 8Agreements, etc., not regulations

  8 An agreement or an amendment to an agreement made under section 6 (Multilateral agreement) of the federal Act, as it applies for the purposes of this Act, is not a regulation within the meaning of Part III (Regulations) of the Legislation Act, 2006. 2018, c. 8, Sched. 26, s. 4. Section Amendments with date in force (d/m/y) 2016, c. 5, Sched. 23, s. 3 (1, 2) - 08/11/2016 2018, c. 8, Sched. 26, s. 4 - 08/05/2018

• 9.
• [s12]
• 8.1Delegation of powers and duties

  8.1 (1) If an agreement under section 5 (Bilateral agreement) or section 6 (Multilateral agreement) of the federal Act, as those sections apply for the purposes of this Act, provides for the delegation to the Chief Executive Officer or the Authority of any powers or duties of a person or entity that has supervisory or regulatory powers under the pooled registered pension plan legislation of another jurisdiction, the Chief Executive Officer is authorized to exercise those powers and perform those duties. 2018, c. 8, Sched. 26, s. 5. Delegation by Chief Executive Officer (2) The Chief Executive Officer may, subject to the conditions that the Chief Executive Officer considers appropriate, delegate in writing to an officer or other employee of the Authority the exercise of any power or the performance of any duty conferred on or assigned to the Chief Executive Officer under an agreement unde…

• [s13]
• 10.
• 9Objections and appeals under multilateral agreement

  9 (1) A decision of a prescribed supervisory authority of a designated jurisdiction that is made under the authority of a multilateral agreement and that relates to the application of this Act is deemed to be a decision of the Chief Executive Officer and is subject to objection or appeal in accordance with this Act. 2015, c. 9, s. 9 (1); 2018, c. 8, Sched. 26, s. 9. Same (2) A decision of the Chief Executive Officer that is made under the authority of a multilateral agreement and that relates to the application of the legislation of a designated jurisdiction is deemed to be a decision of the prescribed supervisory authority of that jurisdiction and is not subject to objection or appeal under this Act. 2015, c. 9, s. 9 (2); 2018, c. 8, Sched. 26, s. 9. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 26, s. 9 - 08/06/2019

• [s14]

  Protection of Funds

• 11.
• 10Void transactions

  10 (1) Every agreement or arrangement is void that purports to assign, charge, anticipate or give as security, (a) funds in a member’s account, or any interest or right in those funds, including variable payments; or (b) funds transferred or used, or any interest or right in funds transferred or used under section 19 of this Act or under the following provisions of the federal Act, as they apply for the purposes of this Act: (i) subsection 50 (1) (Transfer or purchase of annuity), (ii) subsection 50 (3) (Transfer in case of death), (iii) subsection 54 (2) (Transfer of funds). Exemptions, family law (2) Subsection (1) does not apply to prevent the assignment of funds, interests or rights mentioned in subsection (1) by an order under the Family Law Act, by a family arbitration award or by a domestic contract.

• 12.
• [s16]
• 11Void transactions, agreements to surrender

  11 (1) Every agreement or arrangement to surrender any of the following is void: 1. Funds in a member’s account, or any interest or right in those funds, including variable payments. 2. Funds transferred or used, or any interest or right in funds transferred or used under section 19 of this Act or under the following provisions of the federal Act, as they apply for the purposes of this Act: i. Subsection 50 (1) (Transfer or purchase of annuity). ii. Subsection 50 (3) (Transfer in case of death). iii. Subsection 54 (2) (Transfer of funds). Exemption (2) Subsection (1) does not apply to prevent the surrender of an interest or right made under subsection 52 (3) (Surrender of funds in account) of the federal Act, as it applies for the purposes of this Act.

• [s17]
• 12Exemption from execution, seizure or attachment

  12 (1) The following are exempt from execution, seizure or attachment: 1. Funds in a member’s account, or any interest or right in those funds, including variable payments. 2. Funds transferred or used, or any interest or right in funds transferred or used under section 19 of this Act or under the following provisions of the federal Act, as they apply for the purposes of this Act: i. Subsection 50 (1) (Transfer or purchase of annuity). ii. Subsection 50 (3) (Transfer in case of death). iii. Subsection 54 (2) (Transfer of funds). Order for support (2) Despite subsection (1), payments from a member’s account or payments that result from funds being transferred or used in a way described in paragraph 2 of subsection (1) are subject to execution, seizure or attachment in satisfaction of an order for support enforceable in Ontario to a maximum of one-half the money payable. Restriction, membe…

• 13.
• [s18]

  Death of a Member

• 14.
• 13Interpretation re “spouse”, variable payments

  13 In order to qualify as the surviving spouse for the purposes of section 49 (Entitlement of survivor) of the federal Act, as it applies for the purposes of this Act, a person must be either, (a) a spouse described in clause (a) of the definition of “spouse” in section 2 from whom the member is not living separate and apart at the following times: (i) the time variable payments from the funds in the member’s account commence, and (ii) the time of the member’s death; or (b) a spouse who meets the description in clause (b) of the definition of “spouse” in section 2 both at the time variable payments from the funds in the member’s account commence and at the time of the member’s death.

• 15.
• [s20]
• 14Interpretation re “spouse”, funds in member’s account

  14 (1) In order to qualify as the surviving spouse for the purposes of subsection 52 (1) (Entitlement of survivor) of the federal Act, as it applies for the purposes of this Act, a person must be either, (a) a spouse described in clause (a) of the definition of “spouse” in section 2 from whom the member is not living separate and apart at the time of the member’s death; or (b) a spouse who meets the description in clause (b) of the definition of “spouse” in section 2 at the time of the member’s death. Entitlement as beneficiary, etc. (2) A person who does not qualify as the surviving spouse under subsection (1) is not prevented from having an entitlement as a designated beneficiary or otherwise.

• [s21]
• 15Restriction on entitlement

  15 An entitlement to funds under section 49 (Entitlement of survivor) or 52 (Entitlement of survivor) of the federal Act, as they apply for the purposes of this Act, is subject to any right to or interest in the funds set out in an order made under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

• 16.
• [s22]

  Family Law Matters Marriage breakdown

• 17.
• 16Interpretation

  16 (1) In this section and in sections 17 to 20, “family law valuation date” means, with respect to a member and his or her spouse, (a) the spouses’ valuation date under Part I (Family Property) of the Family Law Act, or (b) for spouses to whom Part I of that Act does not apply, the date on which they separate and there is no reasonable prospect that they will resume cohabitation; (“date d’évaluation en droit de la famille”) “spouse” has the same meaning as in section 29 of the Family Law Act. (“conjoint”) Former spouse (2) A reference in this section and in sections 17 to 20 to the spouse of a member is, where circumstances require, a reference to him or her as the former spouse of the member. Valuation for family law purposes

• 18.
• 17Preliminary valuation

  17 (1) The preliminary value of the funds in a member’s account, before apportionment for family law purposes, is determined by the administrator in accordance with the regulations and as of the family law valuation date of the member and his or her spouse. Imputed value for family law purposes (2) The imputed value, for family law purposes, of the funds in a member’s account is that portion of the preliminary value that is attributed by the administrator, in accordance with the regulations, (a) to the period beginning with the date of the spouses’ marriage and ending on their family law valuation date, for the purposes of an order under Part I (Family Property) of the Family Law Act; or (b) to the period beginning with the date determined in accordance with the regulations and ending on the spouses’ family law valuation date, for the purposes of a family arbitration award or domestic co…

• 19.
• 18Rights to information

  18 A former spouse of a member has the right to request documents and information under paragraph 57 (1) (c) (Provisions respecting information) of the federal Act, as it applies for the purposes of this Act, in connection with the former spouse obtaining a statement of the imputed value, for family law purposes, of the funds in the member’s account. Transfer of a lump sum for certain family law purposes

• 20.
• [s26]
• 19Eligibility

  19 (1) A spouse of a member is eligible to apply under this section for an immediate transfer of a lump sum from the member’s account if all of the following circumstances exist: 1. The spouses are separated and there is no reason­able prospect that they will resume cohabitation. 2. A statement of the imputed value, for family law purposes, of the funds in the member’s account has been obtained from the administrator under section 17. 3. The transfer is provided for by an order made under Part I (Family Property) of the Family Law Act or is authorized under a family arbitration award or domestic contract. 4. In the order, family arbitration award or domestic contract, the amount to be transferred as a lump sum is expressed, i. as a specified amount, or ii. as a proportion of the imputed value, for family law purposes, of the funds in the member’s account. Application for transfer (2) The…

• [s27]
• 20Restriction on other ways of dividing funds, etc.

  20 An order made under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract is not effective to the extent that it purports to require the administrator of a plan, (a) to divide the funds in a member’s account otherwise than as provided under section 19; or (b) to divide variable payments made from the funds in a member’s account.

• 21.
• [s28]

  Objections, Appeals and Enforcement Objections and appeals

• 22.
• 21Objections by applicant for licence

  21 (1) If the Chief Executive Officer refuses to issue an administrator’s licence under subsection 11 (1) (Licensing of administrators) of the federal Act, as it applies for the purposes of this Act, the applicant for a licence may, within 60 days after the day on which the Chief Executive Officer notifies the applicant of the refusal, send to the Chief Executive Officer a notice of objection setting out the reasons for the objection and all facts relevant to it. 2015, c. 9, s. 21 (1); 2018, c. 8, Sched. 26, s. 9. Objections by administrator (2) An administrator may, within 60 days after any of the following days, send to the Chief Executive Officer a notice of objection setting out the reasons for the objection and all facts relevant to it: 1. The day a notification of the Chief Executive Officer’s refusal to register a plan is provided under subsection 12 (5) (Notification) of the fede…

• 23.
• 22Interpretation re “persons”

  22 (1) The persons referred to in subsections (2) to (4) and (7) to (9) are the following: 1. The Chief Executive Officer. 2. A person designated by the Chief Executive Officer, and the designate does not have to be a person who is employed in the Authority. 2015, c. 9, s. 22 (1); 2018, c. 8, Sched. 26, s. 9, 11. Entry (2) For a purpose related to verifying compliance with this Act, a person mentioned in subsection (1) may enter and have access to, through and over any business premises, where the person has reasonable grounds to believe books, papers, documents or things are kept that relate to a pooled registered pension plan or to any securities, obligations or other investments in which any assets of the plan are invested. Examinations (3) For a purpose related to verifying compliance with this Act, a person mentioned in subsection (1) may make examinations, investigations and inquir…

• 24.
• [s31]
• 23Orders by justice of the peace

  23 (1) This section applies if a justice of the peace is satisfied on evidence on oath or affirmation that, (a) there are reasonable and probable grounds for believing that it is necessary, for a purpose related to verifying compliance with this Act, to, (i) enter and have access to, through and over any premises, (ii) make examinations, investigations or inquiries, or (iii) make, take and remove photographs, samples, copies or extracts related to an examination, investigation or inquiry; and (b) the occupier of the premises has denied a person mentioned in subsection 22 (1) entry to the premises, instructed the person to leave the premises, obstructed the person, or refused production of any thing related to an examination, investigation or inquiry, or a person mentioned in subsection 22 (1) has reasonable grounds to believe that the occupier of the premises will deny the person entry t…

• [s32]
• 24Offences

  24 (1) Every person is guilty of an offence who, (a) contravenes any provision of this Act or the regulations or a direction or an order of the Chief Executive Officer made or given under this Act or an order of the Tribunal made under this Act; (b) to avoid compliance with a provision of this Act or the regulations, (i) destroys, alters, mutilates, secretes or otherwise disposes of any record, writing or other document, (ii) in any record, writing or other document, makes a false or deceptive statement or a false or deceptive entry, or (iii) omits to furnish any material particular in any statement or in any record, writing or other document; (c) knowingly prevents or obstructs, or attempts to prevent or obstruct, another person from doing anything that the other person is authorized to do under section 22 or, unless unable to do so, fails to do anything that is required to be done unde…

• 25.
• [s33]

  Regulations

• 26.
• 25Regulations, Lieutenant Governor in Council

  25 (1) The Lieutenant Governor in Council may make regulations, 1. defining any word or expression used in this Act that is not already expressly defined, i. in this Act, or ii. in the federal Act by a definition that applies for the purposes of this Act; 2. prescribing modifications to words or expressions in a provision of the federal Act for the purposes of their application in the context of this Act and the regulations; 3. prescribing, for the purposes of the definition of “designated jurisdiction” in section 2, any jurisdiction in Canada, including Canada itself, as a jurisdiction in which there is in force legislation substantially similar to this Act; 4. respecting employment that is not provincial employment for the purposes of the definition of “provincial employment” in section 2; 5. exempting from the application of provisions of this Act members of pooled registered pension …

• 27.
• 26Regulations, Minister

  26 The Minister may make regulations governing fees under this Act, including, (a) requiring the payment of fees in relation to any matter under this Act, including any services provided by or through the Ministry of Finance or the Authority; (b) prescribing the amount of fees or the manner of determining fees; (c) prescribing the manner in which and the period within which fees must be paid. 2015, c. 9, s. 26; 2018, c. 8, Sched. 26, s. 11. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 26, s. 11 - 08/06/2019

• 26.1Regulations re transfer of Commission, Superintendent powers, duties and functions

  26.1 (1) The Lieutenant Governor in Council may make regulations, (a) providing for the transfer of powers conferred on, duties assigned to and functions of the Superintendent under this Act to the Authority or to the Chief Executive Officer; (b) deeming references in this Act or the regulations to the Superintendent or to the Commission to be references to the Authority or the Chief Executive Officer; (c) governing transitional matters that may arise due to the transfers described in clause (a) or the deeming of references described in clause (b). 2018, c. 8, Sched. 26, s. 7. Same (2) A regulation made under subsection (1) is subject to such conditions, limitations and restrictions as may be prescribed. 2018, c. 8, Sched. 26, s. 7. Conflicts (3) If there is a conflict between a regulation made under subsection (1) and any Act or any other regulation, the regulation made under subsection…

• 33.
• 27Non-application of Legislation Act, 2006

  27 A direction issued by the Chief Executive Officer under this Act is not a regulation within the meaning of Part III (Regulations) of the Legislation Act, 2006. 2015, c. 9, s. 27; 2018, c. 8, Sched. 26, s. 9. Section Amendments with date in force (d/m/y) 2018, c. 8, Sched. 26, s. 9 - 08/06/2019

• 31.
• [s38]
• 28

  28-30 Omitted (amends, repeals or revokes other legislation).

• 32.
• 31

  31 Omitted (amends, repeals or revokes other legislation). Section Amendments with date in force (d/m/y) 2016, c. 5, Sched. 23, s. 5 - 19/04/2016

• 32

  32 Omitted (amends, repeals or revokes other legislation).

• [s41]
• 33

  33 Omitted (provides for coming into force of provisions of this Act).

• 1 #42
• 1. #42
• 34

  34 Omitted (enacts short title of this Act).

• [s43]

  SCHEDULE 1 provisions of the federal Act that do not apply

• 1 #44

  1 The following provisions of the federal Act do not apply for the purposes of this Act: 1. Section 1 (Short title). 2. The definitions of “common-law partner”, “common-law partnership”, “designated province”, “employee”, “included employment”, “Minister”, “prescribed”, “spouse”, “Superintendent” and “survivor” in subsection 2 (1) (Definitions). 3. Subsection 2 (2) (Meaning of “spouse or common-law partner”). 4. Section 3 (Purpose). 5. Section 4 (Application of Act). 6. Repealed: 2018, c. 8, Sched. 26, s. 8. 7. Section 8 (Review by Federal Court). 8. Subsection 10 (1) (Powers of Superintendent). 9. Section 37 (Notice of objection). 10. Section 38 (Appeal to Federal Court). 11. Section 53 (Meaning of “provincial law relating to the distribution of property”). 12. Section 63 (Designation of beneficiaries – provincial law). 13. Subsection 67 (2) (Appeal). 14. Section 69 (Inspection). 15. Se…