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Manitoba Finance
OSPC: Information for Industry & Plan Sponsors
Pooled Registered Pension Plans (PRPPs) in Manitoba
The Pooled Registered Pensions Plans (Manitoba) Act (PRPP Act) and Pooled Registered Pension Plans Regulation (PRPP Regulation) came into force on August 1, 2017. Manitoba entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (Multilateral Agreement) effective November 15, 2017.
The PRPP Act and PRPP Regulation set out the minimum standards that apply to Pooled Registered Pension Plans (PRPPs), and the rules and processes for establishing PRPPs in Manitoba. The PRPP Act and PRPP Regulation largely incorporate by reference the federal PRPP legislation.
The legislation allows licensed providers to offer PRPPs to employees of employers and self employed individuals.
The Multilateral Agreement provides that a corporation is exempt from the requirement to obtain a licence under provincial PRPP legislation if the corporation has a federal or a Quebec licence. In addition, a federally-licensed PRPP administrator that registers a PRPP under the federal PRPP legislation is exempt from the requirement to register that PRPP under the applicable provincial PRPP legislation. Therefore, insurance companies which have been granted a PRPP administrator's licence by the Office of the Superintendent of Financial Institutions (OSFI) will be able to offer PRPPs to Manitoba residents. Manitoba will by regulation only allow federally registered PRPPs to be offered in Manitoba.
Inquiries related to becoming a licensed PRPP administrator for Manitoba participants should be made to OSFI at 1-800-385-8647 or by email at information@osfi-bsif.gc.ca.
Pension Benefits Regulation, amendment 80/2017 came into force on August 1, 2017. The regulation allows transfers to and from PRPPs to Locked-in Retirement Accounts (LIRAs), Life Income Funds (LIFs) and Registered Pension Plans (RPPs).
Impact to Financial Institutions that issue LIRAs and LIFs and RPP administrators
The coming into force of the PRPP Act, PRPP Regulation and PBR 80/2017 will have an impact on financial institutions that issue LIRAs and LIFs and pension plan administrators.
Impact to Financial Institutions
The new LIRA and LIF addendum must be issued for any new LIRAs and LIFs issued on or after August 1, 2017. LIRA and LIF contracts issued prior to August 1, 2017 need not be amended but must be interpreted as if the LIRA or LIF addendum had been updated to the form in the new LIRA or LIF addendum.
Impact to Pension Plan Administrators
Pension plans must be amended to reflect PBR 80/2017 the next time the plan is amended. In the interim the plan must be administered in accordance with PBR 80/2017.
RELATED LINKS
- The Pooled Registered Pension Plans (Manitoba) Act
- Pooled Registered Pension Plans Regulation (Manitoba)
- Pension Benefits Regulation, amendment 80/2017 (Manitoba)
- Pooled Registered Pension Plans Act (Canada)
- Pooled Registered Pension Plan Regulation (Canada)
- Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plan
- Pooled Registered Pension Plans (Manitoba) Q&A
FORMS
- Schedule A - Waiver of 60% Joint Life Annuity Entitlement Under the Pooled Registered Pension Plans (Manitoba) Act
- Schedule B - Consent to Wirthdrawal by Non-Resident Under the Pooled Registered Pension Plans (Manitoba) Act
- Schedule C - Consent to Withdrawal as a Result of Disability Under the Pooled Registered Pension Plans (Manitoba) Act
- Schedule D - Waiver of Division After Death of Member Under the Pooled Registered Pension Plans (Manitoba) Act
- Schedule E - Waiver of Survivor Entitlement Under the Pooled Registered Pension Plans (Manitoba) Act
For information you may contact:
Office of the Superintendent - Pension Commission
824 - 155 Carlton Street
Winnipeg MB R3C 3H8
Phone: (204) 945-2740 in Winnipeg
1-800-282-8069, extension 2740 toll free
e-mail: pensions@gov.mb.ca