GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Pooled Registered Pension Plans Act — P-15.3 74
Non-application of Statutory Instruments Act 74 The Statutory Instruments Act does not apply to a direction issued by the Superintendent under this Act.
Pooled Registered Pension Plans Act — P-15.3 77
Incorporation by reference 77 (1) A regulation made under this Act may incorporate by reference a document produced by a person or body other than the Minister or the Superintendent. Reproduced or translated document (2) A regulation may incorporate by reference a document that the Minister or Superintendent reproduces or translates from a document produced by a person or body other than the Minister or Superintendent, with any adaptations of form or reference that will facilitate its incorporation. Jointly produced document (3) A regulation may incorporate by reference a document that the Minister or Superintendent produces jointly with a provincial or government agency for the purpose of harmonizing the regulation with other laws. Scope of incorporation (4) A document may be incorporated by reference as it exists on a particular date or as it is amended from time to time. Defence (5) No person may be convicted of an offence or subjected to a penalty for the contravention of a regulation if a document that is relevant to the offence or contravention is incorporated by reference in the regulation unless it is proved that, at the time of the alleged contravention, the document was reasonably accessible to the person or reasonable steps had been taken to ensure that the document was accessible to the public. Registration and publication (6) For greater certainty, a document that is incorporated by reference in a regulation is not required to be transmitted for registration or published in the Canada Gazette by reason only that it is incorporated by reference. Exception (7) A regulation that is specifically applicable to one pooled registered pension plan or one employer may not incorporate by reference a document produced by the employer or administrator or any person related to either of them, including any body corporate that — within the meaning of subsections 2(2), (4) and (5) of the Canada Business Corporations Act — is affiliated with either of them or is the holding body corporate or a subsidiary of either of them.
Pooled Registered Pension Plans Act — P-15.3 78
Annual report 78 The Superintendent must, as soon as feasible after the end of each fiscal year, submit to the Minister a report on the operation of this Act during that year, and the Minister must cause the report to be laid before each House of Parliament on any of the first 15 days on which that House is sitting after the day the Minister receives it.
Pooled Registered Pension Plans Act — P-15.3 Order in Council
Order in Council * 95 This Act comes into force on a day to be fixed by order of the Governor in Council. * [Note: Act in force December 14, 2012, see SI/2012-102.]
Pooled Registered Pension Plans Act — P-15.3 159
159 (1) The definition member in subsection 2(1) of the Pooled Registered Pension Plans Act is replaced by the following: member means a person who holds an account with, or who is entitled to receive a variable life payment under, a pooled registered pension plan. ( participant ) (2) Subsection 2(1) of the Act is amended by adding the following in alphabetical order: variable life payment means a periodic amount that a member is entitled to receive under a pooled registered pension plan and that varies as a function of factors that include (a) the amount or rate of return attributable to the investment of the assets of the fund from which the payment is made; and (b) the rate of mortality of the pool of persons who are entitled to receive payments from that fund. ( paiement viager variable ) variable life payment credit , in relation to a member, means the aggregate value at a particular time of the variable life payments that the member is entitled to receive under a pooled registered pension plan, calculated in the prescribed manner. ( somme des paiements viagers variables )
Pooled Registered Pension Plans Act — P-15.3
member means a person who holds an account with, or who is entitled to receive a variable life payment under, a pooled registered pension plan. ( participant )
Pooled Registered Pension Plans Act — P-15.3 (a)
variable life payment means a periodic amount that a member is entitled to receive under a pooled registered pension plan and that varies as a function of factors that include (a) the amount or rate of return attributable to the investment of the assets of the fund from which the payment is made; and (b) the rate of mortality of the pool of persons who are entitled to receive payments from that fund. ( paiement viager variable )
Pooled Registered Pension Plans Act — P-15.3
variable life payment credit , in relation to a member, means the aggregate value at a particular time of the variable life payments that the member is entitled to receive under a pooled registered pension plan, calculated in the prescribed manner. ( somme des paiements viagers variables )
Pooled Registered Pension Plans Act — P-15.3 160
160 Section 3 of the Act is replaced by the following: Purpose 3 The purpose of this Act is to provide a legal framework for the establishment and administration of a type of pension plan that is accessible to employees and self-employed persons and that pools funds to achieve lower costs in relation to investment management and plan administration.
Pooled Registered Pension Plans Act — P-15.3 3
Purpose 3 The purpose of this Act is to provide a legal framework for the establishment and administration of a type of pension plan that is accessible to employees and self-employed persons and that pools funds to achieve lower costs in relation to investment management and plan administration.
Pooled Registered Pension Plans Act — P-15.3 161
161 Section 4 of the Act is replaced by the following: Application of Act 4 This Act applies in respect of a member of a pooled registered pension plan who (a) is employed, other than in one of the territories, in included employment by an employer that participates in the plan; (b) is employed in included employment in a territory or is a self-employed person in a territory; or (c) is part of a prescribed class of members.
Pooled Registered Pension Plans Act — P-15.3 4
Application of Act 4 This Act applies in respect of a member of a pooled registered pension plan who (a) is employed, other than in one of the territories, in included employment by an employer that participates in the plan; (b) is employed in included employment in a territory or is a self-employed person in a territory; or (c) is part of a prescribed class of members.
Pooled Registered Pension Plans Act — P-15.3 162
162 Section 17 of the Act is replaced by the following: Records 17 An administrator of a pooled registered pension plan must keep records that are sufficient to allow a member’s share of the assets of the plan, as well as a member’s variable life payments and variable life payment credit, to be determined.
Pooled Registered Pension Plans Act — P-15.3 17
Records 17 An administrator of a pooled registered pension plan must keep records that are sufficient to allow a member’s share of the assets of the plan, as well as a member’s variable life payments and variable life payment credit, to be determined.
Pooled Registered Pension Plans Act — P-15.3 163
163 Subsections 22(4) and (5) of the Act are replaced by the following: Manner of investing (4) The administrator must invest the funds in members’ accounts and in a variable life payment fund, and must do so in a manner that a reasonable and prudent person would apply in respect of a portfolio of investments appropriate for retirement savings. Investment manager (5) The administrator is entitled to engage the services of any investment manager it chooses for the purposes of investing the funds in members’ accounts or in a variable life payment fund.
Pooled Registered Pension Plans Act — P-15.3 164
164 Subsection 23(1) of the Act is replaced by the following: Investment choices 23 (1) A pooled registered pension plan may permit a member to make investment choices with respect to funds in their account from among the investment options offered by the administrator.
Pooled Registered Pension Plans Act — P-15.3 23
Investment choices 23 (1) A pooled registered pension plan may permit a member to make investment choices with respect to funds in their account from among the investment options offered by the administrator.
Pooled Registered Pension Plans Act — P-15.3 165
165 Section 25 of the Act is replaced by the following: Prohibition — investment choices 25 The administrator must not change an investment choice made by a member under section 23 except on the request of the member or in the circumstances specified in the regulations.
Pooled Registered Pension Plans Act — P-15.3 25
Prohibition — investment choices 25 The administrator must not change an investment choice made by a member under section 23 except on the request of the member or in the circumstances specified in the regulations.
Pooled Registered Pension Plans Act — P-15.3 166
166 (1) Subsection 43(1) of the Act is replaced by the following: Transfer of assets to new plan 43 (1) An employer that provides a pooled registered pension plan to a class of employees and enters into a contract with an administrator to provide a new pooled registered pension plan to that class must cause the assets of the former plan, other than any assets in a variable life payment fund, to be transferred to the new plan and must provide the notification referred to in subsection 41(2) to the employees in that class. (2) Subsection 43(3) of the Act is replaced by the following: Costs (3) The employer is responsible for all of the costs in relation to the transfer of assets under subsection (1) from one pooled registered pension plan to another.
Pooled Registered Pension Plans Act — P-15.3 43
Transfer of assets to new plan 43 (1) An employer that provides a pooled registered pension plan to a class of employees and enters into a contract with an administrator to provide a new pooled registered pension plan to that class must cause the assets of the former plan, other than any assets in a variable life payment fund, to be transferred to the new plan and must provide the notification referred to in subsection 41(2) to the employees in that class.
Pooled Registered Pension Plans Act — P-15.3 167
167 Section 44 of the Act is replaced by the following: Termination of membership 44 A member of a pooled registered pension plan, other than one who has become a member under section 39 or 40 or who is entitled to receive variable life payments under the plan, may terminate their membership in the plan by notifying the administrator.
Pooled Registered Pension Plans Act — P-15.3 44
Termination of membership 44 A member of a pooled registered pension plan, other than one who has become a member under section 39 or 40 or who is entitled to receive variable life payments under the plan, may terminate their membership in the plan by notifying the administrator.
Pooled Registered Pension Plans Act — P-15.3 168
168 (1) Paragraph 47(1)(a) of the Act is replaced by the following: (a) the funds in a member’s account with the plan and a member’s variable life payments, as well as any interest or right in those funds or payments, are not capable of being transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null; (2) Paragraphs 47(1)(c) and (d) of the Act are replaced by the following: (c) a member is not permitted to withdraw the funds in their account or in a variable life payment fund; (d) an administrator is not permitted to withdraw the funds from a member’s account or from a variable life payment fund; and (e) a member’s variable life payments, as well as an interest or right in those payments, are not capable of being surrendered or, subject to section 51.6 and subsection 62(12), commuted.
Pooled Registered Pension Plans Act — P-15.3 169
o an account with the pooled registered pension plan, if the plan provides for such an election; (b) transfer their variable life payment credit to another pooled registered pension plan or another pension plan, if that other plan permits; (c) transfer their variable life payment credit to a retirement savings plan of the prescribed kind for the member; or (d) use their variable life payment credit to purchase an immediate or deferred life annuity of the prescribed kind for the member. Superintendent may direct winding-up 51.7 If a variable life payment fund has been terminated under section 51.5 and the Superintendent is of the opinion that no action or insufficient action has been taken to wind up the fund, the Superintendent may direct the administrator to distribute the assets of the fund, and may direct that any expenses incurred in connection with that distribution be paid out of the fund, and the administrator must comply with any such direction without delay.
Pooled Registered Pension Plans Act — P-15.3 51.1
Fund and payments 51.1 Subject to the regulations, a pooled registered pension plan may (a) provide for the establishment, as part of the plan, of a variable life payment fund from which variable life payments are to be paid; and (b) provide that a member who has reached the prescribed age fixed for the purposes of this paragraph may, in order to receive variable life payments, elect to transfer any funds in their account to the variable life payment fund.
Pooled Registered Pension Plans Act — P-15.3 51.2
Conditions on election 51.2 A member referred to in paragraph 51.1(b) may elect to transfer funds to the variable life payment fund only if the prescribed conditions are met.
Pooled Registered Pension Plans Act — P-15.3 51.3
No accounts in fund 51.3 A variable life payment fund does not contain individual accounts for members and, for greater certainty, a reference in this Act to a member’s account is not to be construed as referring to funds held within a variable life payment fund.
Pooled Registered Pension Plans Act — P-15.3 51.4
Transfer from variable life payment fund 51.4 Subject to section 51.6 and subsection 62(12), the administrator may transfer or permit the transfer of any part of the assets of a variable life payment fund to any other pension plan, including another pooled registered pension plan or a pension plan not under federal legislative authority, only with the Superintendent’s permission.
Pooled Registered Pension Plans Act — P-15.3 51.5
Termination 51.5 (1) This section applies with respect to the termination of a variable life payment fund in the case where the pooled registered pension plan is not being terminated. Declaration by Superintendent (2) In the prescribed circumstances, the Superintendent may declare a variable life payment fund to be terminated as of the date that the Superintendent considers appropriate. Notification — employers and members (3) An administrator must, not less than 60 and not more than 180 days before the day on which it terminates a variable life payment fund, provide written notification of the termination to each employer that participates in the plan, each member of the plan and the spouse or common-law partner of each member. The notice must specify the date of the termination. Non-application (4) Subsection (3) does not apply with respect to a spouse or common-law partner of a person who is entitled to receive variable life payments (a) as a result of the person being a survivor of a deceased member; or (b) under section 53 as the result of divorce, annulment, separation or breakdown of a common-law partnership. Notification — Superintendent (5) An administrator must, not less than 60 and not more than 180 days before the day on which it terminates a variable life payment fund, notify the Superintendent of the termination. The notice must specify the date of the termination and be in the form and manner directed by the Superintendent. Termination report (6) On the termination of a variable life payment fund, the administrator must file with the Superintendent, in the form and manner that the Superintendent may direct, a termination report that contains the prescribed information and that is prepared by a person having the prescribed qualifications. Approval of termination report (7) Assets of the variable life payment fund must not be used or transferred for any purpose until the Superintendent has approved the termination report, except that the administrator of the plan may make variable life payments, as they fall due, to the members entitled to receive them.
Pooled Registered Pension Plans Act — P-15.3 51.6
Transfer or purchase on termination 51.6 On the termination of a variable life payment fund under section 51.5, a member who was receiving variable life payments from the fund is entitled to (a) transfer, for the purpose of making an election to receive variable payments under section 48, their variable life payment credit to an account with the pooled registered pension plan, if the plan provides for such an election; (b) transfer their variable life payment credit to another pooled registered pension plan or another pension plan, if that other plan permits; (c) transfer their variable life payment credit to a retirement savings plan of the prescribed kind for the member; or (d) use their variable life payment credit to purchase an immediate or deferred life annuity of the prescribed kind for the member.
Pooled Registered Pension Plans Act — P-15.3 51.7
Superintendent may direct winding-up 51.7 If a variable life payment fund has been terminated under section 51.5 and the Superintendent is of the opinion that no action or insufficient action has been taken to wind up the fund, the Superintendent may direct the administrator to distribute the assets of the fund, and may direct that any expenses incurred in connection with that distribution be paid out of the fund, and the administrator must comply with any such direction without delay.
Pooled Registered Pension Plans Act — P-15.3 170
170 (1) Subsection 53(2) of the Act is replaced by the following: Funds in member’s account (2) Subject to subsection (3), the funds in the account of a member of a pooled registered pension plan — and, subject to subsection (4.1) and the regulations, a member’s variable life payments and variable life payment credit — are, on divorce, annulment, separation or breakdown of common-law partnership, subject to provincial law relating to the distribution of property. Non-application of Act (2.1) A member’s variable life payments and variable life payment credit that are subject to provincial law relating to the distribution of property under this section are not subject to the provisions of this Act relating to the valuation or distribution of variable life payments and variable life payment credits, as the case may be. (2) Section 53 of the Act is amended by adding the following after subsection (4): Power to assign (4.1) A member of a pooled registered pension plan may assign all or part of their variable life payments or variable life payment credit to their spouse, former spouse, common-law partner or former common-law partner, effective as of divorce, annulment, separation or breakdown of the common-law partnership, as the case may be. However, a subsequent spouse or common-law partner of the assignee is not entitled to any variable life payments or variable life payment credit under the plan in respect of that assigned portion. (3) The portion of subsection 53(5) of the Act before paragraph (b) is replaced by the following: Duty of administrator (5) On divorce, annulment, separation or breakdown of a common-law partnership, if a court order or an agreement between the parties provides for the distribution of property between a member and their spouse, former spouse or former common-law partner, the administrator must determine and administer the member’s account, their variable life payments and their variable life payment credit in the prescribed manner and in accordance with the court order or the agreement, on receipt of (a) a written request from either the member or their spouse, former spouse or former common-law partner that all or part of the funds in the member’s account, of their variable life payments or of their variable life payment credit be distributed or administered in accordance with the court order or the agreement; and (4) The portion of subsection 53(5) of the English version of the Act after paragraph (b) is replaced by the following: However, in the case of a court order, the administrator must not administer the member’s account, their variable life payments or their variable life payment credit in accordance with the court order until all appeals from that order have been finally determined or the time for appealing has expired.
Pooled Registered Pension Plans Act — P-15.3 171
171 Subsection 54(1) of the Act is amended by adding the following after paragraph (b): (b.1) a member who, while receiving variable life payments under the plan, retains an account with the plan and who notifies the administrator of their intention to transfer or use the funds in their account;
Pooled Registered Pension Plans Act — P-15.3 172
172 (1) The portion of paragraph 57(1)(b) of the Act before subparagraph (i) is replaced by the following: (b) that, other than with respect to variable life payments, each member of the plan will be given, in the prescribed circumstances and manner, and within 45 days after the end of each year or any longer period specified by the Superintendent, a written statement showing (2) Paragraphs 57(1)(d) and (e) of the Act are replaced by the following: (d) that, if a member has provided notice under section 44 or paragraph 54(1)(b.1) or is no longer employed by an employer that is participating in the plan, the administrator must give to the member a statement in the prescribed form within 30 days after the day on which the notice was provided or the employee’s employment with the employer ceased, or any longer period permitted by the Superintendent; (d.1) that, if the plan is terminated under section 62, the administrator must give to the member a statement in the prescribed form within 30 days after the plan’s date of termination — or, if the member was receiving variable life payments under the plan, within 120 days after that date — or any longer period permitted by the Superintendent; and (e) that, in the case of a member’s death, the administrator must give — to the survivor, if there is one, to the member’s designated beneficiary, if the administrator has been notified of the designation and there is no survivor, or, in every other case, to the executor or administrator of the member’s estate or to the liquidator of the member’s succession — a statement in the prescribed form within 30 days after the day on which the administrator received notice of the death or any longer period permitted by the Superintendent.
Pooled Registered Pension Plans Act — P-15.3 173
173 The Act is amended by adding the following after section 57: Variable life payment fund 57.1 (1) A pooled registered pension plan with a variable life payment fund must provide that each person who is receiving variable life payments from the fund will be given the prescribed information in the prescribed circumstances and manner, within the prescribed period or any longer period permitted by the Superintendent. Information — termination of variable life payment fund (2) A pooled registered pension plan with a variable life payment fund must provide that, if the fund is terminated under section 51.5, the administrator must, within 120 days after the termination or any longer period permitted by the Superintendent, give to each person who is receiving variable life payments from the fund a statement in the prescribed form that contains the prescribed information.