Bill 50 explained in plain English
Pooled Registered Pension Plans Act, 2013
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 40th Parliament, 2nd Session. Representative vote breakdowns appear when the Assembly publishes an Ayes and Nays page for the bill.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill 50 requires the Ontario Minister of Finance to introduce legislation to create a framework for Pooled Registered Pension Plans (PRPPs) in the province, similar to the federal plan, after consulting with relevant stakeholders.
This bill, the Pooled Registered Pension Plans Act, 2013, requires the Ontario Minister of Finance to introduce legislation to establish a legal framework for Pooled Registered Pension Plans (PRPPs) in Ontario. These PRPPs would be designed for Ontario residents not covered by the federal Pooled Registered Pension Plans Act (Canada). The new legislation is intended to create a framework similar to the federal one, specify that PRPPs will be defined contribution plans, and include provisions for transitional matters and regulations. The Minister must consult with employer, employee, and financial industry groups when preparing this legislation.
- Requires the Minister of Finance to prepare and introduce a bill in the Legislative Assembly to establish a legal framework for Pooled Registered Pension Plans (PRPPs).
- Specifies that the new bill must provide a framework for PRPPs that is similar to the federal Pooled Registered Pension Plans Act (Canada) and apply to Ontario residents not covered by the federal Act.
- States that PRPPs established under the new legislation must be defined contribution pension plans.
- Requires the new legislation to address transitional matters for effective implementation and may allow the Lieutenant Governor in Council to make regulations.
- Mandates that the Minister of Finance consult with groups representing employers, employees, and the financial services industry when preparing the new bill.
- The Minister of Finance
- The Legislative Assembly of Ontario
- Employers
- Employees
- The financial services industry
- Ontario residents who may participate in Pooled Registered Pension Plans
- The Minister of Finance is obligated to prepare and introduce legislation for PRPPs.
- The Minister of Finance is obligated to consult with specific stakeholder groups.
- Bill 50 comes into force on the day it receives Royal Assent.
- The legislation to be introduced by the Minister of Finance must be introduced no later than 180 days after Bill 50 receives Royal Assent, or on the first day the Assembly is in session after that 180-day period.
- The PRPP legislation introduced by the Minister must specify a coming-into-force date of January 1 of the year that begins at least six months after that legislation receives Royal Assent.
- The specific content and details of the Pooled Registered Pension Plans (PRPPs) framework will be determined by the legislation introduced by the Minister of Finance, subject to the requirements outlined in the bill.
- The precise date the PRPP legislation will come into force is not yet determined, as it depends on when the legislation receives Royal Assent and subsequent regulatory timelines.
This Act comes into force on the day it receives Royal Assent.
Source: Section 2
Requires the Minister of Finance to prepare and introduce a bill establishing a legal framework for Pooled Registered Pension Plans (PRPPs) in Ontario. The bill must be introduced within 180 days of Royal Assent or on the next day the Assembly is in session.
Source: Section 1 (1)
The legislation to be introduced will establish a legal framework for PRPPs in Ontario, similar to the federal framework, for Ontario residents not covered by the federal Act. These plans will be defined contribution plans.
Source: Section 1 (3) (1) and (2)
The legislation to be introduced will provide for transitional matters necessary for the implementation of PRPPs and may allow the Lieutenant Governor in Council to make regulations.
Source: Section 1 (3) (3)
The Minister of Finance must consult with groups representing employers, employees, and the financial services industry when preparing the bill for PRPPs.
Source: Section 1 (2)
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textProcess Snapshot
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced