Ontario adopts PRPP regulation

The Ontario government has adopted a regulation that will allow Ontario to join the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, says a Morneau Shepell ‘News and Views'. Effective March 31, Ontario will join British Columbia, Nova Scotia, Quebec, Saskatchewan and the federal government in signing the agreement. It will permit pooled registered pension plans (PRPP) to be registered only with the federal Office of the Superintendent of Financial Institutions (OSFI) in order to be effective across all jurisdictions that have signed the agreement. The process for registering and administering a PRPP that is also a Quebec voluntary retirement savings plan (VRSP) will be simplified as well. The adoption of the agreement was the final regulatory step required to allow financial institutions to offer PRPPs in Ontario. (End of article)

Source: Benefits and Pensions Monitor News