GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
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 to be transferred to the new plan and must provide the notification referred to in subsection 41 (2) to the employees in that class. No membership termination (2) Despite subsection 41 (5), the employees who were members of the former pooled registered pension plan are not entitled to terminate their membership in the new pooled registered pension plan and the notice provided to them under subsection 41 (2) is not to include the information referred to in paragraph (a) of that subsection. Costs (3) The employer is responsible for all of the costs in relation to the transfer of assets from one pooled registered pension plan to another.
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 , may terminate their membership in the plan by notifying the administrator.
Pooled Registered Pension Plans Act — P-15.3 45
Contribution rates 45 (1) The contribution rates in respect of members of a pooled registered pension plan, and any increases to those rates, are set by the administrator. The administrator must inform members of the contribution rates and of any increases. Exception (2) Subject to the regulations, a member may, after notifying the administrator, set a contribution rate of 0%.
Pooled Registered Pension Plans Act — P-15.3 46
Deductions from remuneration 46 The employer may begin to deduct a member’s contributions to the pooled registered pension plan from the member’s remuneration no earlier than 61 days after the day on which the administrator or employer provides the notice referred to in subsection 41 (2).
Pooled Registered Pension Plans Act — P-15.3 47
Provisions respecting locking-in 47 (1) Subject to subsection (2) and any other provision of this Act and the regulations, a pooled registered pension plan must provide that (a) the funds in an account with the plan, or any interest or right in those funds, 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; (b) an interest or right in the funds in a member’s account is not capable of being surrendered; (c) a member is not permitted to withdraw the funds in their account; and (d) an administrator is not permitted to withdraw the funds from a member’s account. Optional provisions (2) A pooled registered pension plan may provide that (a) in the case of a disability as defined by the regulations, a member may withdraw the funds in their account; and (b) if the amount of funds in the member’s account is — subject to any other percentage that may be prescribed — less than 20% of the Year’s Maximum Pensionable Earnings for the year in which the member dies, in which the member provides the notification referred to in section 44 or in which the member is no longer employed by an employer that is participating in the plan, the funds in the account may be withdrawn by the member or survivor, as the case may be.
Pooled Registered Pension Plans Act — P-15.3 48
Election 48 A pooled registered pension plan may provide that a member who has reached the prescribed age that is fixed for the purposes of this section may elect to receive variable payments from the funds in their account.
Pooled Registered Pension Plans Act — P-15.3 49
Entitlement of survivor 49 In the case of the death of a member who had a spouse or common-law partner at the time at which variable payments commenced, the survivor is entitled to receive — subject to the regulations, the Income Tax Act and the Income Tax Regulations — variable payments from the funds in the member’s account.
Pooled Registered Pension Plans Act — P-15.3 50
Transfer or purchase of annuity 50 (1) At least once every year, or more frequently if the pooled registered pension plan permits, a member or their survivor who receives variable payments may elect (a) to transfer the funds in the member’s account to an account for the member or survivor, as the case may be, with a pooled registered pension plan or another pension plan, if that plan permits; (b) to transfer the funds in the member’s account to a retirement savings plan of the prescribed kind for the member or survivor, as the case may be; or (c) to use the funds in the member’s account to purchase an immediate or deferred life annuity of the prescribed kind for the member or survivor, as the case may be. Notification and effect to notification (2) A member or survivor must notify the administrator of their intention to make the election referred to in subsection (1) and the administrator must, without delay, take the necessary action to give effect to the notification. Transfer in case of death (3) The survivor may also, if he or she notifies the administrator of their intention to do so within 90 days after the death of the member or, in the case where the Superintendent permits a longer period under paragraph 57 (1)(e) for giving the statement referred to in that paragraph, within 60 days after the day on which the administrator gives that statement, (a) transfer the funds in the member’s account to an account for the survivor with a pooled registered pension plan or another pension plan, if that plan permits; (b) transfer the funds in the member’s account to a retirement savings plan of the prescribed kind for the survivor; or (c) use the funds in the member’s account to purchase an immediate or deferred life annuity of the prescribed kind for the survivor. Effect to notification (4) The administrator must, without delay, take the necessary action to give effect to the notification.
Pooled Registered Pension Plans Act — P-15.3 51
Cessation 51 Before an administrator may cease to make the variable payments referred to in section 48 and 49 , the administrator must offer the member or survivor who receives those variable payments the options set out in subsection 50 (1).
Pooled Registered Pension Plans Act — P-15.3 52
Entitlement of survivor 52 (1) In the case of the death of a member who had a spouse or common-law partner at the time of death, the survivor is entitled to the funds in the member’s account. Designated beneficiary or estate or succession (2) If a member dies without leaving a survivor, the funds in the member’s account are to be paid, subject to the Income Tax Act and the Income Tax Regulations , to the member’s designated beneficiary or, if there is none, to the member’s estate or succession. Surrender of funds in account (3) If a pooled registered pension plan provides that a member’s survivor may surrender their right or interest in the funds in the member’s account, in writing, to a beneficiary designated by the survivor who is the survivor’s or member’s dependant as defined in subsection 8500(1) of the Income Tax Regulations , the funds in the member’s account are to be paid to that designated beneficiary.
Pooled Registered Pension Plans Act — P-15.3 53
Meaning of provincial law relating to the distribution of property 53 (1) In this section, provincial law relating to the distribution of property means the law of a province relating to the distribution of property, in accordance with a court order or an agreement between them, (a) of spouses on divorce, annulment or separation; or (b) of former common-law partners on the breakdown of their common-law partnership. Funds in member’s account (2) Subject to subsection (3), the funds in the account of a member with a pooled registered pension plan are, on divorce, annulment, separation or breakdown of common-law partnership, subject to provincial law relating to the distribution of property. Power to transfer to spouse, etc. (3) A member of a pooled registered pension plan may transfer all or a portion of the funds in their account 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. Spouse, etc., must transfer (4) The spouse, former spouse, common-law partner or former common-law partner to whom all or a portion of the funds in a member’s account are transferred under subsection (3) must (a) transfer those funds to an account for him or her with a pooled registered pension plan or another pension plan, if that plan permits; (b) transfer those funds to a retirement savings plan of the prescribed kind for him or her; or (c) use those funds to purchase an immediate or deferred life annuity of the prescribed kind for him or her. 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 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 be distributed or administered in accordance with the court order or the agreement; and (b) a copy of the court order or the agreement. However, in the case of a court order, the administrator must not administer the member’s account in accordance with the court order until all appeals from that order have been finally determined or the time for appealing has expired. Notice (6) On receipt of a request referred to in paragraph (5)(a), the administrator must notify the non-requesting spouse, former spouse or former common-law partner of the request and must provide that person with a copy of the court order or agreement submitted in support of the request, but this requirement does not apply in respect of a request or an agreement received by the administrator in a form or manner that indicates that it was jointly submitted.
Pooled Registered Pension Plans Act — P-15.3 54
Who may transfer funds 54 (1) The following persons may, in accordance with subsection (2), transfer or use funds from their account with a pooled registered pension plan: (a) a member who is no longer employed by an employer that is participating in the plan; (b) a member who has provided the notice referred to in section 44 ; (c) a member of a plan that has been terminated under section 62 ; or (d) the survivor of a member. Transfer of funds (2) If the member or survivor, as the case may be, notifies the administrator within the prescribed time or, in the case where the Superintendent permits a longer period under paragraph 57 (1)(d) or (e) for giving the statement referred to in any of those paragraphs, within 60 days after the day on which the administrator gives that statement, the funds in the member’s account may be (a) transferred to an account for the member or the survivor, as the case may be, with a pooled registered pension plan or another pension plan, if that plan permits; (b) transferred to a retirement savings plan of the prescribed kind for the member or survivor, as the case may be; or (c) used to purchase an immediate or deferred life annuity of the prescribed kind for the member or survivor, as the case may be. Effect to notification (3) The administrator must, without delay, take the necessary action to give effect to the notification.
Pooled Registered Pension Plans Act — P-15.3 55
Transfer of funds at prescribed age 55 On or after January 1 of the year following the year in which a member reaches the prescribed age that is fixed for the purposes of this section, the administrator may transfer the funds in the member’s account with the pooled registered pension plan to a prescribed account.
Pooled Registered Pension Plans Act — P-15.3 56
Sex discrimination prohibited 56 The sex of a member or of their spouse, former spouse, common-law partner or former common-law partner must not be taken into account in determining the amount of any contribution required to be paid by the member under a pooled registered pension plan.
Pooled Registered Pension Plans Act — P-15.3 57
Provisions respecting information 57 (1) A pooled registered pension plan must provide (a) that each member and each employer that is participating in the plan will be given, in the prescribed circumstances and in the prescribed time and manner, (i) a written explanation of the provisions of the plan and of any applicable amendments to the plan, and (ii) any other information that is prescribed; (b) that 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 (i) the value of accumulated contributions made under the plan, expressed in the prescribed manner, by or in respect of the member since the member became a member, and (ii) any other information that is prescribed; (c) that each member of the plan, and their spouse or common-law partner may, once in each year, either personally or by an agent or mandatary authorized in writing for that purpose, request, in writing, copies of the documents or information filed with the Superintendent under subsection 12 (2), sections 13 and 58 , as well as any other prescribed documents, from the Canadian head office of the administrator; (d) that, if a member has provided notice under section 44 , has been provided notice under subsection 62 (4) 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, of the funds in their account 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; 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, of the funds in the member’s account within 30 days after the day on which the administrator received notice of the death or any longer period permitted by the Superintendent. Administrator’s duty (2) The administrator must, without delay, provide, on the payment of any reasonable fee that the administrator may fix, the documents requested under paragraph (1)(c).
Pooled Registered Pension Plans Act — P-15.3 58
Annual reporting requirements 58 (1) The administrator of a pooled registered pension plan must file with the Superintendent — annually or at any other intervals or times that the Superintendent directs — an information return relating to that plan, containing the prescribed information. Financial statements and other information (2) The administrator of a pooled registered pension plan must file with the Superintendent prescribed financial statements and any other prescribed information at any intervals or times that the Superintendent directs. Financial statements (3) Except as otherwise specified by the Superintendent, the financial statements must be prepared in accordance with generally accepted accounting principles, the primary source of which is the Handbook of the Chartered Professional Accountants of Canada . Form and manner of filings and time limit (4) Every document required to be filed under this section must be filed in the form and manner that the Superintendent may direct and, unless otherwise directed by the Superintendent, be filed within three months after the end of the year to which the document relates. 2012, c. 16, s. 58; 2017, c. 26, s. 62
Pooled Registered Pension Plans Act — P-15.3 59
Information to members 59 The administrator must provide to the members, at the time and in the manner specified by the Superintendent, any information that the Superintendent specifies.
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Information to Superintendent 60 The employer and the administrator must provide to the Superintendent, at the time and in the manner specified by the Superintendent, any information that the Superintendent specifies.
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Termination of pooled registered pension plan 61 Only the Superintendent or the administrator may terminate a pooled registered pension plan.
Pooled Registered Pension Plans Act — P-15.3 63
Designation of beneficiaries — provincial law 63 Except to the extent that they are inconsistent with this Act, any provisions of any provincial law respecting the designation of beneficiaries that would be applicable to a pension plan are deemed to apply to members who are employed in included employment as though that employment were not included employment.
Pooled Registered Pension Plans Act — P-15.3 64
Electronic communications 64 (1) Any requirement under this Act to provide a person with information, including information in a document, may be satisfied by the provision of an electronic document if (a) the addressee has consented and has designated an information system for the receipt of the electronic document; (b) the electronic document is provided to the designated information system; and (c) the information in the electronic document is accessible by the addressee and capable of being retained by the addressee, so as to be usable for subsequent reference. Meaning of information system (2) For the purposes of subsection (1), information system means a system used to generate, send, receive, store or otherwise process an electronic document. Revocation of consent (3) An addressee may revoke the consent referred to in paragraph (1)(a). Non-application (4) Subsections (1) and (3) do not apply (a) to any requirement under this Act to provide the Minister or the Superintendent with information; (b) to any requirement under this Act, imposed on the Minister or the Superintendent, to provide a person with information; or (c) to any requirement under this Act exempted, by regulation, from the application of those subsections. Communications by Minister or Superintendent (5) For greater certainty, the Minister and the Superintendent may use electronic means to communicate information, including information in a document, under this Act.
Pooled Registered Pension Plans Act — P-15.3 65
Signatures 65 A requirement under this Act for a signature is satisfied in relation to an electronic document if any prescribed requirements are met and if the signature results from the use by a person of a technology or a process that permits the following to be proven: (a) the signature resulting from the use by the person of the technology or process is unique to them; (b) the technology or process is used by the person to incorporate, attach or associate their signature to the electronic document; and (c) the technology or process can be used to identify its user.
Pooled Registered Pension Plans Act — P-15.3 66
Enforcement of direction 66 (1) A direction of the Superintendent may be made an order of the Federal Court and is enforceable in the same manner as such an order. Procedure (2) To make a direction of the Superintendent an order of the Federal Court, the Superintendent must file with the registrar of the Federal Court a certified copy of the direction, signed by the Superintendent, at which time the direction becomes an order of the court. Effect of variation or rescission (3) If a direction of the Superintendent that has been made an order of the Federal Court is rescinded or varied by a subsequent direction of the Superintendent, the order of the Federal Court is deemed to have been cancelled and the subsequent direction may be made an order of the court. Option to enforce (4) The Superintendent may, before or after one of his or her directions is made an order of the Federal Court, enforce the direction by his or her own action.
Pooled Registered Pension Plans Act — P-15.3 67
Application to Federal Court 67 (1) If an administrator, employer or other person has omitted to do anything under this Act that is required to be done by them or on their part or contravenes a provision of this Act or the regulations, the Superintendent may, in addition to any other action that the Superintendent may take, apply to the Federal Court for an order requiring the administrator, employer or other person to cease the contravention or to do anything that is required to be done, and on such an application the Federal Court may make that order and make any other order that it thinks fit. Appeal (2) An appeal from an order made under subsection (1) lies in the same manner as an appeal from any other order of the Federal Court.
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Superintendent may bring actions 68 In addition to any other action that the Superintendent may take in respect of a pooled registered pension plan, the Superintendent may institute against the administrator, employer or any other person any legal proceedings that a member could institute.
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Inspection 69 (1) The Superintendent or any person authorized in writing by the Superintendent may, for a purpose related to verifying compliance with this Act, (a) examine any book, record or other document, regardless of its physical form or characteristics, relating to a pooled registered pension plan or to any securities, obligations or other investments in which any assets of the pooled registered pension plan are invested; and (b) require the administrator of a pooled registered pension plan to furnish any information in any form that, in the Superintendent’s opinion, is necessary. Powers of Superintendent (2) The Superintendent has the same powers as those conferred on commissioners under Part II of the Inquiries Act with respect to the taking of evidence. Payment of expenses (3) If the Superintendent directs an administrator to pay the fees and expenses of persons appointed on a temporary basis from outside the public service for the purposes of an inspection under paragraph (1)(a), including their fees and expenses related to preparing a report to the Superintendent, the administrator must not pay those fees and expenses from the assets of the plan.
Pooled Registered Pension Plans Act — P-15.3 70
No action against person for withholding, etc. 70 No action lies against any person for withholding, deducting, paying or crediting any sum of money if they do so under this Act or in the belief that they are doing so under this Act.
Pooled Registered Pension Plans Act — P-15.3 71
Agreement in contravention of Act 71 Any agreement or arrangement that, in contravention of this Act, requires a person to not withhold, deduct, pay or credit an amount is void or, in Quebec, null.
Pooled Registered Pension Plans Act — P-15.3 72
Agreement to transfer, etc. 72 Subject to any other provision of this Act and the regulations, any agreement or arrangement to transfer, charge, anticipate or give as security any of the following is void or, in Quebec, null: (a) any funds in an account with a pooled registered pension plan or a right or interest in those funds; or (b) any funds withdrawn from a member’s account under section 54 or a right or interest in those funds.
Pooled Registered Pension Plans Act — P-15.3 73
Agreement to surrender 73 (1) Any agreement or arrangement to surrender any of the following is void or, in Quebec, null: (a) a right or interest in any funds in an account with a pooled registered pension plan; or (b) a right or interest in any funds withdrawn from a member’s accounts under section 54 . Exception (2) Subsection (1) does not apply to prevent the surrender of an interest or right made under subsection 52 (3).