2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans

Between

Canada, represented by the Minister of Finance;

British Columbia, represented by the Minister of Finance;

Nova Scotia, represented by the Minister of Finance and Treasury Board;

The government of Quebec, represented by the Minister of Finance and by the Minister responsible for Canadian Relations and the Canadian Francophonie;

The Autorité des marchés financiers, represented by the President and Chief Executive Officer;

and

Saskatchewan, represented by the Minister of Justice and Attorney General;

recitals

Whereas Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers and Saskatchewan (hereinafter referred to as the “parties”) entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “Agreement”) which came into effect on June 15, 2016, and a copy of which is attached as Annex 1;

Whereas Quebec and the Autorité des marchés financiers agree to be bound by only Parts I, with the exception of subsections 2(6) and (7), II, VI, and VII of the Agreement;

Whereas, in accordance with Section 18 of the Agreement,  Ontario wishes to become a party to the Agreement, as it will be amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “2017 Agreement”);

Whereas, in accordance with Section 18 of the Agreement, the parties unanimously consent to Ontario becoming a party to the Agreement, as it will be amended by the 2017 Agreement;

Whereas the parties unanimously consent to entering into the 2017 Agreement, in accordance with Section 21 of the Agreement;

Now, therefore, the parties agree as follows:

Additional Party

  1. The parties, in accordance with Section 18 of the Agreement, unanimously consent to Ontario becoming a party to the Agreement, as amended by the 2017 Agreement.

Amendments to the Agreement

  1. In the list of parties to the Agreement, appearing directly before the recitals to the Agreement:
    1. The word “and” is deleted; and
    2. The following words are included at the end of the list:

      and Ontario, represented by the Minister of Finance;

  1. The title of Part III in the section “Contents of Agreement” of the English version of the Agreement is replaced by the following:

part III plan registration

  1. The definitions “federal PRPP Act” and “voluntary retirement savings plan” in subsection 1(1) of the English version of the Agreement are replaced by the following, in alphabetical order:

    “federal PRPP Act” means the Pooled Registered Pension Plans Act (S.C. 2012, c. 16) and any subordinate legislation made under that Act, both as amended from time to time.

    “voluntary retirement savings plan” or “VRSP” means a plan registered under the VRSP Act.

  1. The title following section 2 of the English version of the Agreement is replaced with the following

part II licensing

  1. Subsection 9(3) of the Agreement is replaced by the following:

    (3) A decision that is made by the Superintendent under the authority of this Agreement and that relates to the application of a provincial PRPP Act that determines a matter addressed in Schedule C, subsection 11(4) or subsection 11(5) is deemed to be a decision of the supervisory authority of the applicable province and is not subject to judicial review under the Federal Courts Act (R.S.C., (1985) c. F-7), but instead is subject to the processes for review and appeal under the laws of that province.

  1. Subparagraph 11(1)(b)(ii) of the French version of the Agreement is replaced by the following:

    (ii) est un employé ou un travailleur indépendant ou, s’il n’est pas actuellement un employé ou un travailleur indépendant, le dernier emploi qu’il occupait ou le dernier travail qu’il effectuait et pour lequel il participait au RPAC était au Yukon, dans les Territoires du Nord-Ouest ou au Nunavut, et il contribuait au RPAC.

  1. Subsection 11(2) of French version of the Agreement is replaced by the following:

    (2) Pour l’application de cet article, « dernier emploi qu’il occupait »  ou « dernier travail qu’il effectuait » fait référence uniquement à un emploi ou à un travail indépendant dans une autorité législative liée par la présente partie.

  1. The Agreement is amended by adding the following after subsection 11(4):

    (5) Despite anything in the Agreement, the valuation or division of funds, on the breakdown of a spousal or common-law relationship,  in a PRPP member’s account or funds that have been transferred from a PRPP account is governed by the law of a jurisdiction that would otherwise apply to a member and their spouse, former spouse, common-law partner, or former common-law partner if this Agreement did not exist.

  1. Section 13 of the French version of the Agreement is replaced by the following:

    13.  Il est entendu que le présent accord ne s’applique pas aux dispositions de la Loi fédérale sur les RPAC ou des Lois provinciales sur les RPAC concernant les autorisations à obtenir  et les exigences  qui doivent être satisfaites pour conclure le présent accord, de le modifier ou d’y ajouter des Parties, ainsi que les dispositions concernant l’effet de l’accord.

  1. Subsection 14(2) of the French version of the Agreement is replaced by the following:

    (2)  Lorsqu’une décision du Surintendant fait l’objet d’une révision ou d’un appel  en vertu des lois d’une province tel qu’il est prévu en vertu du paragraphe 9(3), le Surintendant, sur demande,  communique à  l’organisme de surveillance de cette province le dossier dont il disposait lorsqu’il a pris cette décision.

  1. Section 15 of the French version of the Agreement is replaced by the following:

    15.  À la suite de la résiliation du présent accord ou du retrait d’une Partie, l’article 14 continue d’avoir effet aux seules fins de répondre aux demandes en cours.

  1. Section 18 of the Agreement is replaced with the following:

    18. A province may become a party

    • (a) with the unanimous consent of the parties; and
    • (b) if the province has executed a signature page that is substantially similar to those that form part of this Agreement, and has provided copies of that page to all parties.
  1. Section 19 of the Agreement is replaced with the following:

    19. This Agreement shall be to the benefit of and be binding upon the parties and the supervisory authorities, as of the date referred to, as the case may be, in paragraph (a) or (b) of section 17.

  1. Subsection 20(4) of the French version of the Agreement is replaced with the following:

    (4) Si une Partie autre que le Canada a transmis un avis aux autres parties de son intention de se retirer de l’accord, le Surintendant doit, dans un délai raisonnable et sous réserve de toute restriction législative, transmettre à l’organisme de surveillance de cette Partie les copies des documents concernant les RPAC touchés transmis au Surintendant en vertu de la Loi fédérale sur les RPAC par l’administrateur du régime qui sont nécessaires à la surveillance continue des RPAC et informer les organismes de surveillance des décisions administratives  prises par le Surintendant concernant les RPAC touchés.

  1. 16. Schedule A of the Agreement is amended by adding the following at the end of the list of “Provincial PRPP Acts”:

    Ontario

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

  1. Paragraphs (a), (b), (d) and (e) of Schedule B of the English version of the Agreement are replaced by the following:
    1. be an insurer holding a life insurance class licence issued under the Act respecting insurance (CQLR, chapter A-32) in conformity with the Regulation under the Act respecting insurance (CQLR, chapter A-32, r. 1), a trust company holding a licence issued under the Act respecting trust companies and savings companies (CQLR, chapter S-29.01) or an investment fund manager registered in accordance with Title V of the Securities Act (CQLR, chapter V-1.1);
    2. complete and file the application form for authorization to act as administrator of a VRSP;
    3. pay the required fees to the AMF in accordance with the Regulation respecting fees and costs payable for the issuance of an authorization under the Voluntary Retirement Savings Plans Act ( CQLR, chapter R-17.0.1, r. 2);
    4. provide the following information in accordance with the Regulation respecting applications for authorization and liability insurance coverage for administrators of voluntary retirement savings plans (CQLR, chapter R-17.0.1, r. 1):
      1. a confirmation that the amount by which the assets of the corporation exceed its liabilities is at least equal to the amount determined by regulation, or an irrevocable letter of credit or a suretyship, which letter or suretyship is in an amount determined by regulation and is issued by a financial institution licensed as an insurer, trust company or deposit institution under an Act of Canada or of a Canadian province or territory;
      2. a confirmation that the corporation holds liability insurance in accordance with the requirements determined by regulation;
  1. Paragraphs (d) and (g) of Schedule B of the French version of the Agreement are replaced by the following:
    1. payer les droits requis à l’Autorité en application du Règlement sur les droits et frais exigibles pour la délivrance d’une autorisation en vertu de la Loi sur les régimes volontaires d’épargne-retraite (RLRQ, chapitre R-17.0.1, r. 2);
    1. s’assurer que les représentants qui distribuent des RVER sont titulaires d’un certificat valide ou sont dûment inscrits pour offrir le produit financier (assurance ou valeurs mobilières).

Execution in Counterparts

  1. The 2017 Agreement may be executed in counterparts.

Execution in English and French

  1. The 2017 Agreement shall be executed in both English and French, each text being equally authoritative.

Effective Date

  1. This 2017 Agreement comes into force on March 31, 2017.  Upon its coming into force, and providing Ontario has signed a signature page agreeing to join the Agreement as amended by this 2017 Agreement, Ontario will become one of the parties, and its signed signature page will be included as Annex 2 to this 2017 Agreement.

Agreement Unaffected

  1. Except as set forth in the 2017 Agreement, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms.

2017 agreement amending the multilateral agreement respecting pooled registered pension plans and voluntary retirement savings plans

For Canada

in witness whereof, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Ottawa,

The       day of,      20.

______________________________
Minister of Finance

 

2017 agreement amending the multilateral agreement respecting pooled registered pension plans and voluntary retirement savings plans

For British Columbia

in witness whereof, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Victoria,

The       day of,      20.

______________________________
Minister of Finance

 

2017 agreement amending the multilateral agreement respecting pooled registered pension plans and voluntary retirement savings plans

For Nova Scotia

in witness whereof, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Halifax,

The       day of,      20.

______________________________
Minister of Finance and Treasury Board

 

2017 agreement amending the multilateral agreement respecting pooled registered pension plans and voluntary retirement savings plans

 

in witness whereof, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Québec,

The       day of,      20.

For the government of Quebec

______________________________
Minister of Finance

______________________________
Minister responsible for Canadian Relations and the Canadian Francophonie

For the Autorité des marchés financiers

______________________________
President and Chief Executive Officer

 

2017 agreement amending the multilateral agreement respecting pooled registered pension plans and voluntary retirement savings plans

For Saskatchewan

in witness whereof, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Regina,

The       day of,      20.

______________________________
Minister of Justice and Attorney General

Order in Council 1941/2016