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Pooled Registered Pension Plans Act, 2015

ONTARIO REGULATION 359/16

GENERAL

Consolidation Period:  From November 15, 2017 to the e-Laws currency date.

Last amendment: 413/17.

Legislative History: 48/17, 352/17, 413/17.

This is the English version of a bilingual regulation.

CONTENTS

General

1.

Interpretation

2.

Application of federal regulation

3.

Modification of federal regulation re general matters

4.

Modification of federal regulation re family law matters

5.

Designated jurisdictions

6.

Prescribed supervisory authorities

6.1

Agreement under s. 6 of the federal Act

7.

Condition for issuing a licence

Protection of Funds

8.

Prescribed retirement savings plans

Transfer of Funds

9.

Interpretation

10.

Locked-in RRSPs — s. 38 of the federal regulation

11.

Restricted locked-in savings plans — s. 39 of the federal regulation

12.

Restricted life income funds — s. 40 of the federal regulation

13.

Life income funds — s. 41 of the federal regulation

14.

Life annuities — s. 42 of the federal regulation

Family Law Matters

15.

Application

16.

Preliminary value of funds in member’s account

17.

Overview of imputed value

18.

“Starting date” for the imputed value

19.

Imputed value

20.

Application for statement of imputed value

21.

Applications for statement of imputed value, two proposed valuation dates

22.

Maximum fee payable for application

23.

Statement of imputed value — form and contents

24.

Deadline for providing statement

25.

Application for transfer of lump sum

26.

Transfers to prescribed retirement savings plans

27.

Purchases of prescribed life annuities

28.

Restrictions on transfer of lump sum

29.

Deadline for making the transfer

30.

Updating the imputed value re maximum percentage for transfer

31.

Adjustment of funds in member’s account after lump sum transfer

 

General

Interpretation

1. (1) In this Regulation,

“family law valuation date” has the same meaning as in subsection 16 (1) of the Act; (“date d’évaluation en droit de la famille”)

“federal regulation” means the Pooled Registered Pension Plans Regulations (SOR/2012-294) made under the federal Act. (“règlement fédéral”)

(2) For greater certainty, in this Regulation, a life income fund does not include a life income fund governed by Schedule 1.1 of Regulation 909 of the Revised Regulations of Ontario, 1990 (General) made under the Pension Benefits Act.

Application of federal regulation

2. (1) Unless otherwise specified in this Regulation, the federal regulation applies with respect to PRPPs as if it had been made as part of this Regulation.

(2) The provisions of the federal regulation that apply for the purposes of this Regulation are subject to necessary modifications, including the modifications set out in this Regulation.

(3) The following provisions of the federal regulation do not apply for the purposes of this Regulation:

1. The definition of “Act” in section 1 (Definitions).

2. Section 6.1 (Designated provinces).

3. Section 6.2 (Prescribed supervisory authorities).

4. Section 6.3 (Exempt provisions).

5. Section 47 (Notice of objection).

6. Section 48 (Notice of appeal).

7. Section 50 (Repeal).

8. Section 51 (Coming into Force).

(4) The Schedule to the federal regulation does not apply for the purposes of this Regulation.

Modification of federal regulation re general matters

3. (1) A reference to “the Act” in the federal regulation shall be read as a reference to the Pooled Registered Pension Plans Act, 2015.

(2) A reference to “these Regulations” in the federal regulation shall be read as a reference to this Regulation.

(3) For the purposes of the application of the federal regulation in this Regulation,

(a) a reference to “époux” in the French version of the federal regulation shall be read as a reference to “conjoint”; and

(b) a reference to “salarié” in the French version of the federal regulation shall be read as a reference to “employé”.

Modification of federal regulation re family law matters

4. (1) For the purposes of their application in this Regulation, the following provisions of the federal regulation shall be read without reference to “common-law partner”:

1. The definitions of “child” and “related party” in section 1 (Definitions).

2. Paragraphs 6 (e) and (f) (Associated).

3. Paragraph 26 (l) (Prescribed information — written statement).

(2) For the purposes of its application in this Regulation, the English version of paragraph 6 (d) (Associated) of the federal regulation shall be read without the reference to “succession”.

Designated jurisdictions

5. (1) For the purposes of the definition of “designated jurisdiction” in section 2 of the Act, each of the following jurisdictions in Canada is prescribed:

1. Canada.

2. The provinces of British Columbia, Manitoba, Nova Scotia, Quebec and Saskatchewan. O. Reg. 359/16, s. 5 (1); O. Reg. 352/17, s. 1.

(2) For greater certainty, Canada’s status as a designated jurisdiction applies only in respect of the employment to which the federal Act applies.

Prescribed supervisory authorities

6. The following supervisory authorities are prescribed for the purposes of subsections 9 (1) and (2) of the Act and for the purposes of paragraphs 5 (a) and (b), paragraphs 6 (2) (e) and (f) and paragraph 10 (2) (c) of the federal Act, as they apply for the purposes of the Act:

1. For Canada, the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act (Canada).

2. For British Columbia, the Superintendent of Pensions appointed under the Pension Benefits Standards Act (British Columbia).

2.1 For Manitoba, the Superintendent of Pensions appointed under The Pension Benefits Act (Manitoba).

3. For Nova Scotia, the Superintendent of Pooled Registered Pension Plans appointed under the Pooled Registered Pension Plans Act (Nova Scotia).

4. For Quebec, the Autorité des marchés financiers established under the Act respecting the Autorité des marchés financiers (Quebec).

5. For Saskatchewan, the superintendent of pooled registered pension plans appointed under The Pooled Registered Pension Plans (Saskatchewan) Act (Saskatchewan). O. Reg. 359/16, s. 6; O. Reg. 352/17, s. 2.

Agreement under s. 6 of the federal Act

6.1 (1) For the purposes of subsection 8 (1) of the Act, the agreement entitled “Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans”, as amended by the agreement entitled “2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans”, comes into effect in Ontario on March 31, 2017 with respect to the following designated jurisdictions:

1. Canada.

2. British Columbia.

3. Nova Scotia.

4. Quebec.

5. Saskatchewan. O. Reg. 48/17, s. 1.

(1.1) The agreement described in subsection (1) is further amended by the agreement entitled “Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans”, effective November 15, 2017. O. Reg. 413/17, s. 1.

(1.2) The agreement described in subsection (1), as further amended by the agreement mentioned in subsection (1.1), comes into effect in Ontario on November 15, 2017 with respect to the following designated jurisdiction:

1. Manitoba. O. Reg. 413/17, s. 1.

(2) The following provisions of the amended agreement are exempt from the application of subsection 7 (1) of the federal Act, as it applies for the purposes of the Act:

1. Sections 5, 7, 14 and 16.

2. Subsections 20 (3) and (4). O. Reg. 48/17, s. 1.

Condition for issuing a licence

7. It is a condition of a licence authorizing a corporation to be an administrator of a PRPP that all of the PRPPs administered by the administrator must also be registered under the federal Act.

Protection of Funds

Prescribed retirement savings plans

8. The following retirement savings plans are prescribed for the purposes of subsection 12 (3) of the Act:

1. Locked-in RRSPs that meet the conditions in subsection 10 (2) of this Regulation.

2. Restricted locked-in savings plans that meet the conditions in subsection 11 (2) of this Regulation.

3. Restricted life income funds that meet the conditions in subsection 12 (2) of this Regulation.

4. Life income funds that meet the conditions in subsection 13 (2) of this Regulation.

Transfer of Funds

Interpretation

9. In sections 10 to 13,

“transfer of funds from a PRPP” means a transfer under subsection 19 (2) of the Act or under subsection 50 (1) (Transfer or purchase of annuity), subsection 50 (3) (Transfer in case of death) or subsection 54 (2) (Transfer of funds) of the federal Act, as they apply for the purposes of the Act.

Locked-in RRSPs — s. 38 of the federal regulation

10. (1) For the purpose of the application of section 38 (Prescribed locked-in RRSP) of the federal regulation under this Regulation,

(a) the reference in paragraph 38 (1) (b) of the federal regulation to “survivor” shall be read as a reference to “surviving spouse”;

(b) paragraph 38 (1) (c) of the federal regulation does not apply;

(c) subparagraph 38 (1) (e) (iii) of the federal regulation does not apply; and

(d) the reference in subsection 38 (1) of the federal regulation to paragraph 53 (4) (b) of the federal Act shall be read as a reference to clause 19 (2) (c) of the Pooled Registered Pension Plans Act, 2015.

(2) For the purpose of receiving a transfer of funds from a PRPP, a locked-in RRSP must meet the following conditions in addition to those set out in section 38 of the federal regulation, as it applies under this Regulation:

1. It must provide that in order to qualify as the surviving spouse under paragraph 38 (1) (b) of the federal regulation, a person must be either,

i. a spouse described in clause (a) of the definition of “spouse” in section 2 of the Act from whom the holder of the locked-in RRSP is not living separate and apart at the time of the holder’s death, or

ii. a spouse who meets the description in clause (b) of the definition of “spouse” in section 2 of the Act at the time of the holder’s death.

2. It must provide that in order to withdraw an amount from the locked-in RRSP under paragraph 38 (1) (e) of the federal regulation, the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the locked-in RRSP was entered into. The form must contain the following requirements:

i. It must require the holder to certify that the information the holder provides on the form is complete and accurate.

ii. It must require the holder to indicate whether the holder has a spouse as of the date of the application and, if so, whether the holder is living separate and apart from the holder’s spouse on that date.

iii. It must require that if the holder has a spouse from whom the holder is not living separate and apart as of the date of the application, the spouse must consent to the withdrawal.

3. It must provide that the funds in the locked-in RRSP, or any interest or right in those funds, shall not be assigned, charged, anticipated or given as security except as permitted under this section or section 10 of the Act.

4. It must provide that the funds in the locked-in RRSP, or any interest or right in those funds, shall not be surrendered or withdrawn except as permitted under section 38 of the federal regulation.

5. It must provide that the funds in the locked-in RRSP, or any interest or right in those funds, are exempt from execution, seizure or attachment except as specified under section 12 of the Act.

6. It must provide that the value of the assets in the locked-in RRSP is subject to division in accordance with the terms of an order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

(3) An order 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 entitle the holder’s spouse or former spouse to the transfer of a lump sum that exceeds 50 per cent of the value of the assets in the locked-in RRSP, determined as of the family law valuation date.

Restricted locked-in savings plans — s. 39 of the federal regulation

11. (1) For the purpose of the application of section 39 (Prescribed restricted locked-in savings plan) of the federal regulation under this Regulation,

(a) the reference in paragraph 39 (1) (b) of the federal regulation to “survivor” shall be read as a reference to “surviving spouse”;

(b) paragraph 39 (1) (c) of the federal regulation does not apply;

(c) subparagraph 39 (1) (e) (i) of the federal regulation shall be read without the reference to “a transfer under the Pension Benefits Standards Act, 1985”; and

(d) subparagraphs 39 (1) (e) (ii) and (f) (iii) of the federal regulation do not apply.

(2) In order to receive funds from a restricted life income fund that has directly or indirectly received a transfer of funds from a PRPP, a restricted locked-in savings plan must meet the following conditions in addition to those set out in section 39 of the federal regulation, as it applies under this Regulation:

1. It must provide that in order to qualify as the surviving spouse under paragraph 39 (1) (b) of the federal regulation, a person must be either,

i. a spouse described in clause (a) of the definition of “spouse” in section 2 of the Act from whom the holder of the restricted locked-in savings plan is not living separate and apart at the time of the holder’s death, or

ii. a spouse who meets the description in clause (b) of the definition of “spouse” in section 2 of the Act at the time of the holder’s death.

2. It must provide that in order to be paid the funds in the restricted locked-in savings plan under paragraph 39 (1) (e) of the federal regulation the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the restricted locked-in savings plan was entered into. The form must contain the following requirements:

i. It must require the holder to certify that the information the holder provides on the form is complete and accurate.

ii. It must require the holder to indicate whether the holder has a spouse as of the date of the application and, if so, whether the holder is living separate and apart from the holder’s spouse on that date.

iii. It must require that if the holder has a spouse from whom the holder is not living separate and apart as of the date of the application, the spouse must consent to the payment of funds.

3. It must provide that in order to withdraw an amount from the restricted locked-in savings plan under paragraph 39 (1) (f) of the federal regulation, the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the restricted locked-in savings plan was entered into. The form must include the requirements described in subparagraphs 2 i, ii and iii, with necessary modifications.

4. It must provide that the funds in the restricted locked-in savings plan, or any interest or right in those funds, shall not be assigned, charged, anticipated or given as security except as permitted under this section or section 10 of the Act.

5. It must provide that the funds in the restricted locked-in savings plan, or any interest or right in those funds, shall not be surrendered or withdrawn except as permitted under section 39 of the federal regulation.

6. It must provide that the funds in the restricted locked-in savings plan, or any interest or right in those funds, are exempt from execution, seizure or attachment except as specified under section 12 of the Act.

7. It must provide that the value of the assets in the restricted locked-in savings plan is subject to division in accordance with the terms of an order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

(3) An order 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 entitle the holder’s spouse or former spouse to the transfer of a lump sum that exceeds 50 per cent of the value of the assets in the restricted locked-in savings plan, determined as of the family law valuation date.

Restricted life income funds — s. 40 of the federal regulation

12. (1) For the purpose of the application of section 40 (Prescribed restricted life income fund) of the federal regulation under this Regulation,

(a) the reference in paragraph 40 (1) (h) of the federal regulation to “survivor” shall be read as a reference to “surviving spouse”;

(b) paragraph 40 (1) (i) of the federal regulation does not apply;

(c) subparagraphs 40 (1) (j) (i) and (l) (i) of the federal regulation shall be read without the reference to “a transfer under the Pension Benefits Standards Act, 1985”;

(d) subparagraphs 40 (1) (j) (ii), (k) (iii) and (l) (ii) of the federal regulation do not apply; and

(e) the reference in subsection 40 (1) of the federal regulation to paragraph 53 (4) (b) of the federal Act shall be read as a reference to clause 19 (2) (c) of the Pooled Registered Pension Plans Act, 2015.

(2) For the purpose of receiving a transfer of funds from a PRPP, a restricted life income fund must meet the following conditions in addition to those set out in section 40 of the federal regulation, as it applies under this Regulation:

1. It must provide that in order to qualify as the surviving spouse under paragraph 40 (1) (h) of the federal regulation, a person must be either,

i. a spouse described in clause (a) of the definition of “spouse” in section 2 of the Act from whom the holder of the restricted life income fund is not living separate and apart at the time of the holder’s death, or

ii. a spouse who meets the description in clause (b) of the definition of “spouse” in section 2 of the Act at the time of the holder’s death.

2. It must provide that in order to be paid the funds in the restricted life income fund under paragraph 40 (1) (j) of the federal regulation, the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the restricted life income fund was entered into. The form must contain the following requirements:

i. It must require the holder to certify that the information the holder provides on the form is complete and accurate.

ii. It must require the holder to indicate whether the holder has a spouse as of the date of the application and, if so, whether the holder is living separate and apart from the holder’s spouse on that date.

iii. It must require that if the holder has a spouse from whom the holder is not living separate and apart as of the date of the application, the spouse must consent to the payment of funds.

3. It must provide that in order to withdraw an amount from the restricted life income fund under paragraph 40 (1) (k) of the federal regulation, the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the restricted life income fund was entered into. The form must include the requirements described in subparagraphs 2 i, ii and iii, with necessary modifications.

4. It must provide that in order to transfer 50 per cent of the funds in the restricted life income fund to a registered retirement savings plan or a registered retirement income fund under paragraph 40 (1) (l) of the federal regulation, the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the restricted life income fund was entered into. The form must include the requirements described in subparagraphs 2 i, ii and iii, with necessary modifications.

5. It must provide that the funds in the restricted life income fund, or any interest or right in those funds, shall not be assigned, charged, anticipated or given as security except as permitted under this section or section 10 of the Act.

6. It must provide that the funds in the restricted life income fund, or any interest or right in those funds, shall not be surrendered or withdrawn except as permitted under section 40 of the federal regulation.

7. It must provide that the funds in the restricted life income fund, or any interest or right in those funds, are exempt from execution, seizure or attachment except as specified under section 12 of the Act.

8. It must provide that the value of the assets in the restricted life income fund is subject to division in accordance with the terms of an order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

(3) An order 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 entitle the holder’s spouse or former spouse to the transfer of a lump sum that exceeds 50 per cent of the value of the assets in the restricted life income fund, determined as of the family law valuation date.

Life income funds — s. 41 of the federal regulation

13. (1) For the purpose of the application of section 41 (Prescribed life income fund) of the federal regulation under this Regulation,

(a) the reference in paragraph 41 (1) (h) of the federal regulation to “survivor” shall be read as a reference to “surviving spouse”;

(b) paragraph 41 (1) (i) of the federal regulation does not apply;

(c) subparagraph 41 (1) (j) (i) of the federal regulation shall be read without the reference to “a transfer under the Pension Benefits Standards Act, 1985”;

(d) subparagraphs 41 (1) (j) (ii) and (k) (iii) of the federal regulation do not apply; and

(e) the reference in subsection 41 (1) of the federal regulation to paragraph 53 (4) (b) of the federal Act shall be read as a reference to clause 19 (2) (c) of the Pooled Registered Pension Plans Act, 2015.

(2) For the purpose of receiving a transfer of funds from a PRPP, a life income fund must meet the following conditions in addition to those set out in section 41 of the federal regulation, as it applies under this Regulation:

1. It must provide that in order to qualify as the surviving spouse under paragraph 41 (1) (h) of the federal regulation, a person must be either,

i. a spouse described in clause (a) of the definition of “spouse” in section 2 of the Act from whom the holder of the life income fund is not living separate and apart at the time of the holder’s death, or

ii. a spouse who meets the description in clause (b) of the definition of “spouse” in section 2 of the Act at the time of the holder’s death.

2. It must provide that in order to be paid the funds in the life income fund under paragraph 41 (1) (j) of the federal regulation the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the life income fund was entered into. The form must contain the following requirements:

i. It must require the holder to certify that the information the holder provides on the form is complete and accurate.

ii. It must require the holder to indicate whether the holder has a spouse as of the date of the application and, if so, whether the holder is living separate and apart from the holder’s spouse on that date.

iii. It must require that if the holder has a spouse from whom the holder is not living separate and apart as of the date of the application, the spouse must consent to the payment of funds.

3. It must provide that in order to withdraw an amount from the life income fund under paragraph 41 (1) (k) of the federal regulation, the holder must apply, on a form approved by the Superintendent, to the financial institution with which the contract or arrangement for the life income fund was entered into. The form must include the requirements described in subparagraphs 2 i, ii and iii with necessary modifications.

4. It must provide that the funds in the life income fund, or any interest or right in those funds, shall not be assigned, charged, anticipated or given as security except as permitted under this section or section 10 of the Act.

5. It must provide that the funds in the life income fund, or any interest or right in those funds, shall not be surrendered or withdrawn except as permitted under section 41 of the federal regulation.

6. It must provide that the funds in the life income fund, or any interest or right in those funds, are exempt from execution, seizure or attachment except as specified under section 12 of the Act.

7. It must provide that the value of the assets in the life income fund is subject to division in accordance with the terms of an order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

(3) An order 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 entitle the holder’s spouse or former spouse to the transfer of a lump sum that exceeds 50 per cent of the value of the assets in the life income fund, determined as of the family law valuation date.

Life annuities — s. 42 of the federal regulation

14. (1) For the purpose of the application of section 42 (Prescribed life annuity) of the federal regulation under this Regulation,

(a) subparagraph 42 (1) (a) (i) of the federal regulation does not apply;

(b) subparagraph 42 (1) (a) (ii) of the federal regulation shall be read without reference to “common-law partner”;

(c) the reference in subparagraph 42 (1) (b) (ii) of the federal regulation to “survivor” shall be read as a reference to “surviving spouse”;

(d) the reference in subparagraph 42 (1) (b) (iii) of the federal regulation to “survivor” shall be read as a reference to “spouse with an entitlement under subparagraph (ii)”; and

(e) the reference in subsection 42 (1) of the federal regulation to paragraph 53 (4) (c) of the federal Act shall be read as a reference to clause 19 (2) (d) of the Pooled Registered Pension Plans Act, 2015.

(2) In order to be purchased using the funds in a member’s account, an immediate life annuity must meet the following conditions in addition to those set out for immediate life annuities in section 42 of the federal regulation, as it applies under this Regulation:

1. It must provide that in order to qualify as the surviving spouse under subparagraph 42 (1) (b) (ii) of the federal regulation, a person must be either,

i. a spouse described in clause (a) of the definition of “spouse” in section 2 of the Act from whom the annuitant is not living separate and apart at the time of the annuitant’s death, or

ii. a spouse who meets the description in clause (b) of the definition of “spouse” in section 2 of the Act at the time of the annuitant’s death.

2. It must provide that no benefit provided under the immediate life annuity shall be assigned, charged, anticipated or given as security except as permitted under this section or section 10 of the Act.

3. It must provide that the benefits provided under the immediate life annuity are exempt from execution, seizure or attachment except as specified under section 12 of the Act.

4. It must provide that the payments under the immediate life annuity are subject to division in accordance with the terms of an order under Part I (Family Property) of the Family Law Act, a family arbitration award or a domestic contract.

(3) In order to be purchased using the funds in a member’s account, a deferred life annuity must meet the conditions in subsection (2), with necessary modifications, in addition to those set out for deferred life annuities in section 42 of the federal regulation, as it applies under this Regulation.

(4) An order 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 entitle the annuitant’s spouse or former spouse to a share that exceeds 50 per cent of the payments under the life annuity, determined as of the family law valuation date.

Family Law Matters

Application

15. Sections 16 to 31 of this Regulation relate to the family law matters governed by sections 16 to 20 of the Act.

Preliminary value of funds in member’s account

16. For the purposes of subsection 17 (1) of the Act, the preliminary value of the funds in a member’s account is the account balance plus any remittances the member’s employer owes to the administrator in respect of the member as of the family law valuation date. However, if that amount cannot be determined as of the family law valuation date, it must be determined as of the last day of the month immediately preceding the family law valuation date.

Overview of imputed value

17. For the purposes of subsection 17 (2) of the Act, the imputed value, for family law purposes, of the funds in a member’s account is determined in accordance with sections 18 and 19 of this Regulation.

“Starting date” for the imputed value

18. (1) If the imputed value is being determined for the period described in clause 17 (2) (a) of the Act, for the purposes of an order under Part I (Family Property) of the Family Law Act, a reference in section 19 of this Regulation to the “starting date” for the imputed value means the date of the spouses’ marriage.

(2) If the imputed value is being determined for the period described in clause 17 (2) (b) of the Act, for the purposes of a family arbitration award or domestic contract, a reference in section 19 of this Regulation to the “starting date” for the imputed value means the following date:

1. If Part I (Family Property) of the Family Law Act applies with respect to the spouses,

i. a date chosen jointly by the spouses, which cannot be earlier than the date on which their cohabitation began or later than the date of their marriage, or

ii. if the spouses do not jointly choose a date described in subparagraph i, the date of their marriage.

2. In any other case,

i. a date chosen jointly by the spouses, which cannot be earlier than the date on which the spouses’ cohabitation began, or

ii. if the spouses do not jointly choose a date described in subparagraph i, the date on which their cohabitation began.

Imputed value

19. (1) Where the starting date for the imputed value is on or after the date on which the member’s account was opened, the imputed value of the funds in a member’s account is the total of,

(a) if the account balance as of the starting date can be determined,

(i)   the difference between the preliminary value of the funds in the member’s account and the account balance as of the starting date, and

(ii)  any remittances owing by the employer to the administrator in respect of the member; or

(b) if the account balance as of the starting date cannot be determined,

(i) the difference between the preliminary value of the funds in the member’s account and the account balance as of the last day of the month immediately preceding the starting date, and

(ii) any remittances owing by the employer to the administrator in respect of the member.

(2) Where the starting date for the imputed value is before the date on which the member’s account was opened, the imputed value of the funds in a member’s account is equal to the preliminary value of the funds in the member’s account.

Application for statement of imputed value

20. (1) An application under subsection 17 (3) of the Act for a statement of imputed value must be made on a form approved by the Superintendent and must be accompanied by the material that is specified in the form.

(2) The application form must require the applicant to provide the following information and material:

1. Particulars identifying the PRPP and the administrator.

2. The name and contact information of the applicant and of the applicant’s spouse. The application must also indicate which spouse is the member of the PRPP.

3. The spouses’ date of marriage, if applicable. Proof of the date of marriage must be provided. The only acceptable forms of proof are a joint declaration, signed by the spouses, attesting to their date of marriage, a certified copy of their marriage certificate or a certified copy of a domestic contract indicating their date of marriage.

4. The date on which the spouses’ cohabitation began, if the starting date for determining the imputed value is not their date of marriage, if any. Proof of the date on which their cohabitation began must be provided. The only acceptable forms of proof are a joint declaration, signed by the spouses, attesting to that date or a certified copy of a domestic contract indicating that date.

5. The date, if any, chosen jointly by the spouses as the starting date for determining the imputed value, if it is not their date of marriage, if any, or the date on which their cohabitation began. Proof of the jointly-chosen date must be provided. The only acceptable forms of proof are a joint declaration, signed by the spouses, attesting to that date or a certified copy of a domestic contract indicating that date.

6.   The spouses’ family law valuation date. Proof of the family law valuation date must be provided. The only acceptable forms of proof are a joint declaration, signed by the spouses, attesting to their family law valuation date or a certified copy of a domestic contract indicating their family law valuation date.

Applications for statement of imputed value, two proposed valuation dates

21. (1) Despite section 20, if the family law valuation date has not been determined under the Act, an application under subsection 17 (3) of the Act for a statement of imputed value may be submitted under this section with two different proposed valuation dates on a form approved by the Superintendent and accompanied by the material that is specified in the form.

(2) The application form must require the applicant to provide the information and material in paragraphs 1 to 5 of subsection 20 (2).

(3) The applicant must provide a joint declaration, signed by the spouses, attesting that the family law valuation date has not been determined and attesting to the two proposed valuation dates.

(4) In an application under this section, each of the proposed valuation dates provided will be deemed to be the family law valuation date only for the purposes of preparing two proposed statements of imputed value under section 23.

(5) For the purposes of section 22, an application under this section shall be treated as two separate applications.

(6) Before making an application under section 25, the applicant must provide the administrator with a joint declaration, signed by the spouses, attesting to the family law valuation date as determined under the Act. The proposed statement of imputed value that was prepared using the family law valuation date is deemed to be the statement of imputed value for the purposes of the Act.

Maximum fee payable for application

22. The maximum fee that may be imposed by an administrator for an application for a statement of imputed value is $200.

Statement of imputed value — form and contents

23. (1) A statement of imputed value, to be provided under subsection 17 (6) of the Act, must be set out on a form approved by the Superintendent.

(2) Background information: The following background information must be included in the statement:

1. Particulars identifying the PRPP and the administrator.

2. The name and date of birth of each spouse. The statement must also indicate which spouse is the member of the PRPP.

3. The date on which the account of the spouse who is the member was opened.

4. The starting date used for determining the imputed value of the funds in the member’s account. The statement must indicate whether the starting date is the spouses’ date of marriage, the date on which their cohabitation began or another date chosen jointly by the spouses.

5. The spouses’ family law valuation date or, if applicable, the proposed valuation dates under section 21.

(3) Preliminary valuation: The preliminary value for family law purposes of the funds in the member’s account and the particulars of the information used to determine the preliminary value must be set out in the statement.

(4) Imputed value: The imputed value of the funds in the member’s account must be set out in the statement.

(5) Options for spouse: The statement must contain a description of the options available to an eligible spouse under section 19 of the Act for transferring a lump sum from the account. The statement must also indicate how the eligible spouse applies for a transfer and indicate the information that the spouse will be required to provide in such an application.

(6) General information: The following general information about the PRPP must be included in the statement:

1. An explanation of the provisions of the PRPP.

2. If applicable, particulars relating to the termination and winding up of the PRPP if the date of the PRPP’s termination is on or before the date of the statement of imputed value.

(7) A certificate of the administrator — certifying that the information in the statement is accurate, based on the information provided by the applicant and the information contained in the records of the PRPP — must be included in the statement.

Deadline for providing statement

24. For the purposes of subsection 17 (6) of the Act, the statement of imputed value must be given to both spouses within 60 days after the administrator receives the completed application, accompanied by the required documents and the application fee, if any.

Application for transfer of lump sum

25. (1) An application by an eligible spouse under section 19 of the Act for the transfer of a lump sum must be made on a form approved by the Superintendent and must be accompanied by the material that is specified in the form.

(2) The application form must require the applicant to provide the following information and material:

1. Particulars identifying the PRPP and the administrator.

2. The name and contact information of the applicant and of the applicant’s spouse.

3. Each spouse’s date of birth. Proof of the date of birth must be provided.

4. The applicant’s direction to the administrator to make a transfer described in subsection 19 (2) of the Act, specifying the type of transfer under that subsection, and the particulars required to enable the administrator to make the transfer.

5. A certified copy of a domestic contract, family arbitration award or court order setting out the family law valuation date and the information described in paragraphs 3 and 4 of subsection 19 (1) of the Act concerning the applicant’s entitlement to the transfer and the amount to be transferred. In the case of a family arbitration award or court order, the applicant must also certify that the award or court order is final and is not subject to appeal or review by a court.

Transfers to prescribed retirement savings plans

26. The following types of retirement savings plans are prescribed for the purposes of clause 19 (2) (c) of the Act as retirement savings plans into which a lump sum may be transferred:

1. Locked-in RRSPs that meet the conditions in subsection 10 (2) of this Regulation.

2. Restricted life income funds that meet the conditions in subsection 12 (2) of this Regulation.

3. Life income funds that meet the conditions in subsection 13 (2) of this Regulation.

Purchases of prescribed life annuities

27. The following types of life annuities are prescribed for the purposes of clause 19 (2) (d) of the Act as life annuities that may be purchased using a lump sum transferred from a member’s account:

1. Immediate life annuities that meet the conditions in subsection 14 (2) of this Regulation.

2. Deferred life annuities that meet the conditions in subsection 14 (3) of this Regulation.

Restrictions on transfer of lump sum

28. (1) The restrictions set out in this section are prescribed for the purposes of subsection 19 (3) of the Act as restrictions that apply with respect to the transfer of a lump sum under section 19 of the Act.

(2) The administrator is not required to make the transfer if, after the administrator gave the statement of imputed value to the spouses but before the eligible spouse gave the administrator the completed application for transfer, the funds in the member’s account ceased to be available for apportionment for family law purposes as a result of a transfer or otherwise.

(3) If the PRPP is being terminated and wound up and if the administrator receives the application for the transfer of a lump sum before any funds in the member’s account are distributed, the transfer is subject to the restrictions set out in subsection 62 (10) of the federal Act, as it applies for the purposes of the Act.

Deadline for making the transfer

29. (1) The lump sum must be transferred under subsection 19 (4) of the Act within 60 days after the administrator receives the completed application for the transfer, accompanied by the required documents.

(2) Despite subsection (1), if the transfer is subject to a restriction described in subsection 28 (3) of this Regulation on the termination and winding up of the PRPP, the deadline for transferring the lump sum is the same as the deadline for transferring the funds in the member’s account on the winding up.

Updating the imputed value re maximum percentage for transfer

30. (1) The imputed value of the funds in the member’s account must be updated in accordance with this section for the purposes of subsection 19 (6) of the Act.

(2) The imputed value of the funds in the member’s account accumulates interest from the family law valuation date to the beginning of the month in which the lump sum is to be transferred under section 19 of the Act.

(3) The rate of interest is calculated at such rate of return as can reasonably be attributed to the member’s account between the family law valuation date and the beginning of the month in which the lump sum is to be transferred under section 19 of the Act.

Adjustment of funds in member’s account after lump sum transfer

31. (1) For the purposes of subsection 19 (8) of the Act, the funds in the member’s account are to be adjusted in accordance with this section on the transfer of a lump sum under section 19 of the Act.

(2) The adjusted amount of the funds in the member’s account on the transfer of the lump sum is determined using the formula,

A – B

in which,

  “A” is the total of the account balance immediately before the transfer of the lump sum, and

  “B” is the amount of the lump sum that was transferred.

32. Omitted (provides for coming into force of provisions of this Regulation).

 

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