GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Pooled Registered Pension Plans Act — P-15.3 7
Force of law 7 (1) The provisions of a multilateral agreement, other than those exempted from the application of this subsection by regulation, have the force of law during the period that the agreement is in effect with respect to pooled registered pension plans and are enforceable during that period as if those provisions formed part of this Act. Inconsistency with agreement (2) The provisions of a multilateral agreement that have the force of law prevail over any provision of this Act and the regulations to the extent of any inconsistency or conflict between them.
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Review by Federal Court 8 (1) A decision of a prescribed supervisory authority of a designated province that is made under the authority of a multilateral agreement and that relates to the application of this Act is deemed to be a decision of a federal board, commission or other tribunal, as defined in subsection 2(1) of the Federal Courts Act , and is subject to judicial review under that Act. No review by Federal Court (2) A decision of the Superintendent that is made under the authority of a multilateral agreement and that relates to the application of the legislation of a designated province is deemed to be a decision of the prescribed supervisory authority of that province and is not subject to judicial review under the Federal Courts Act .
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Association of supervisory authorities 9 The Minister may, with the approval of the Governor in Council, enter into an agreement with any designated province respecting the establishment and operation in Canada of an association of supervisory authorities.
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Powers of Superintendent 10 (1) The Superintendent, under the direction of the Minister, is responsible for the control and supervision of the administration of this Act. Information and studies (2) The Superintendent may (a) conduct studies, surveys and research programs and compile statistical and other information relating to pooled registered pension plans and their operation; (b) disclose information collected under paragraph (a) or any of subsection 12(2) and sections 13 and 58 to any government agency or regulatory body; and (c) collect information from a prescribed supervisory authority of a designated province and disclose information to that authority for the purposes of implementing a multilateral agreement. Terms and conditions (3) Any approval, authorization, consent or permission of the Superintendent given under this Act may be subject to terms and conditions.
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Licensing of administrators 11 (1) The Superintendent may issue a licence authorizing a corporation to be an administrator if the prescribed conditions are satisfied. Terms and conditions (2) A licence issued under this section may be subject to terms and conditions.
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Registration of plan 12 (1) A plan that is to be administered by an administrator to provide members of the plan with a means of retirement savings may be registered by the Superintendent as a pooled registered pension plan, except (a) a pension plan as defined in subsection 2(1) of the Pension Benefits Standards Act, 1985 ; (b) an employees’ profit sharing plan or a deferred profit sharing plan as defined in sections 144 and 147, respectively, of the Income Tax Act ; (c) a registered retirement savings plan or a retirement compensation arrangement as defined in subsection 248(1) of the Income Tax Act or an arrangement to provide a retiring allowance as defined in that subsection; or (d) any other prescribed plan or prescribed arrangement. Duty of administrator to file documents (2) The administrator of a plan that wishes to have that plan registered must file with the Superintendent, in the form and manner that the Superintendent may direct, (a) a copy of the plan; (b) a copy of every document that creates or supports the plan; and (c) a declaration, signed by the administrator, that the plan complies with the provisions of this Act and the regulations. Registration of plan (3) Subject to subsection (4), the Superintendent must register a plan and issue a certificate of registration in respect of the plan if the administrator of the plan has filed the documents required under subsection (2). Refusal to register (4) The Superintendent may refuse to register a plan if the plan does not comply with the provisions of this Act and the regulations. Notification (5) If the Superintendent refuses to register a plan, he or she must notify the administrator of the particulars of the non-compliance. No members before registration (6) An administrator must not accept any members before the plan is registered.
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Filing of amendments 13 The administrator of a plan must file with the Superintendent, within 60 days after an amendment is made to any document referred to in subsection 12 (2), in the form and manner that the Superintendent may direct, a copy of the amendment and a declaration, signed by the administrator, that the plan as amended complies with the provisions of this Act and the regulations.
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Licence and registration 14 The administrator of a pooled registered pension plan must, before entering into a contract with any person with respect to the plan, provide proof to the person that it has a valid licence and that the plan is registered under this Act.
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Compliance with this Act 15 The administrator of a pooled registered pension plan must ensure that the plan complies with the provisions of this Act and the regulations.
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Duties of administrator 16 (1) The administrator of a pooled registered pension plan must, in accordance with the provisions of this Act and the regulations, administer the plan and its assets and file the required documents with the Superintendent. Coordinates (2) The administrator must inform the Superintendent, in the form and manner that the Superintendent may direct, of any change to the administrator’s name or the address of its Canadian head office within 30 days after the change.
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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 to be determined.
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Contract between administrator and employer 18 The administrator must notify the Superintendent if an employer fails to comply with the provisions of the contract between the employer and the administrator respecting the amounts and frequency of remittances to the administrator.
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Employer terminates participation 19 If an employer terminates their participation in a pooled registered pension plan, the administrator of the plan must, within the prescribed period, notify in writing the Superintendent and the members of the plan who are employees of the employer of the termination and the effective date of the termination.
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Superintendent may require meeting 20 (1) An administrator must hold a meeting, within the period specified by the Superintendent, to consider any matters set out in a written notice from the Superintendent requiring the administrator to hold a meeting. Participation by Superintendent, etc. (2) The Superintendent may (a) participate in the meeting; (b) require the administrator to invite members to attend the meeting; and (c) require any other interested persons to attend the meeting.
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Transfer of assets to designated entity 21 (1) If the administrator is insolvent or unable to act or the Superintendent is of the opinion that it is in the best interests of the members, the Superintendent may order the administrator to transfer every pooled registered pension plan that it administers and all of their assets to any entity that is designated by the Superintendent. Rights and obligations (2) The designated entity has, with respect to every pooled registered pension plan that is transferred to it, all the contractual rights and obligations of the administrator.
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Administration of plan and assets 22 (1) The administrator must administer the pooled registered pension plan and its assets as a trustee for the members. Standard of care (2) In the administration of the pooled registered pension plan and its assets, the administrator must exercise the degree of care that a reasonably prudent person would exercise in dealing with the property of another person and the diligence and skill that it possesses, or ought to possess, taking into account the administrator’s business. Pooling (3) The funds in members’ accounts may be pooled for the purposes of investing the assets of a pooled registered pension plan. Manner of investing (4) The administrator must invest the funds in members’ accounts 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 managers (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.
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Investment choices 23 (1) A pooled registered pension plan may permit a member to make investment choices from among the investment options offered by the administrator. Administrator’s duty (2) If a pooled registered pension plan permits a member to make investment choices, the administrator must offer investment options of varying degrees of risk and expected return that would allow a reasonable and prudent person to create a portfolio of investments that is appropriate for retirement savings. Default option (3) If a member does not make an investment choice referred to in subsection (1) within the prescribed period, the investment option chosen by the administrator as the default option will apply to the account of the member. The administrator will make all the decisions with respect to investing the funds in accounts to which the default option applies. Deemed compliance (4) With respect to an account in respect of which an investment choice is made by a member, if the administrator offers investment options in accordance with subsection (2) and the regulations, that administrator is deemed to comply with subsection 22 (4).
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Prohibition — inducements 24 Subject to the regulations, an administrator must not give, offer or agree to give or offer to an employer an inducement to enter into a contract with the administrator in respect of a pooled registered pension plan.
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Prohibition — investment options 25 The administrator must not change an investment choice made by a member except on the request of the member or in the circumstances specified in the regulations.
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Low-cost plan 26 An administrator must provide the pooled registered pension plan to its members at a low cost.
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Prohibition — employees in included employment 27 An employer must not offer a plan whose purpose is retirement savings to those of its employees who are employed in included employment, unless it is a plan registered under subsection 12 (1) or a plan or arrangement described in any of paragraphs (a) to (d) of that subsection.
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Obligation — non-discrimination 28 An employer that enters into a contract with an administrator to provide a pooled registered pension plan to a class of employees must provide it to all the members of that class.
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Contract between employer and administrator 29 The contract between the employer and the administrator must provide for the amounts in respect of employee contributions and employer contributions, if any, that must be remitted to the administrator and the frequency of those remittances, and for the consequences if the employer fails to comply with the provisions of the contract respecting those remittances.
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Employer not liable 30 An employer is not liable for the acts and omissions of the administrator.
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Amounts deemed to be held in trust 31 (1) An employer must ensure that it keeps separate and apart from its own money all of the following amounts that have not been remitted to the administrator: (a) amounts deducted by the employer from employees’ remuneration; (b) amounts of employer contributions; and (c) any other amounts required to be remitted to the administrator. The employer is deemed to hold those amounts in trust for members of the plan. If bankruptcy, etc., of employer (2) In the event of the winding-up, assignment or bankruptcy of an employer, an amount equal to the amount that by subsection (1) is deemed to be held in trust is deemed to be separate from and form no part of the estate in liquidation, assignment or bankruptcy, whether or not that amount has in fact been kept separate and apart from the employer’s own moneys or from the assets of the estate.
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Employer to provide information 32 An employer must provide the administrator with the information that is required by the administrator to comply with the terms of the plan and to discharge its duties under subsection 16 (1).
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Prohibition — inducements 33 Subject to the regulations, an employer must not demand, accept or offer or agree to accept any inducement from an administrator to enter into a contract with the administrator in respect of a pooled registered pension plan.
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Superintendent’s directions to administrators 34 (1) If, in the opinion of the Superintendent, an administrator, an employer or any person is, in respect of a pooled registered pension plan, committing or about to commit an act, or pursuing or about to pursue any course of conduct, that is contrary to safe or sound financial or business practices, the Superintendent may direct the administrator, employer or other person to (a) cease or refrain from committing the act or pursuing the course of conduct; and (b) perform those acts that, in the opinion of the Superintendent, are necessary to remedy the situation. Directions in the case of non-compliance (2) If, in the opinion of the Superintendent, a pooled registered pension plan or its administration does not comply with the provisions of this Act and the regulations, the administration of the plan does not comply with the plan itself, an employer has failed to comply with the provisions of the contract between the employer and the administrator or an administrator has failed to comply with the terms and conditions of its licence, the Superintendent may direct the administrator, the employer or any person to take any of the measures referred to in paragraphs (1)(a) and (b). Opportunity for representations (3) Subject to subsection (4), a direction under subsection (1) or (2) must not be issued unless the Superintendent gives the administrator, employer or other person a reasonable opportunity to make written representations. Temporary direction (4) If, in the opinion of the Superintendent, the length of time required for representations to be made under subsection (3) might be prejudicial to the interests of the members, the Superintendent may make a direction with respect to the matters referred to in subsection (1) or (2) that has effect for a specified period of not more than 15 days. Continued effect (5) A temporary direction under subsection (4) continues to have effect after the expiry of the specified period if no representations are made to the Superintendent within that period or, after representations have been made, if the Superintendent notifies the administrator, employer or other person that the Superintendent is not satisfied that there are sufficient grounds for revoking the direction.
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Additional directions 35 If the Superintendent issues a direction in respect of a pooled registered pension plan under section 34 , he or she may also issue a direction to the administrator to refrain from entering into any new contracts with employers or accepting any new members with respect to the plan.
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Revocation of registration 36 If the administrator of a pooled registered pension plan does not comply with a direction under section 34 or 35 , the Superintendent may — at least 60 days after the day on which the administrator is notified of the failure to comply with the direction — revoke the registration and cancel the certificate of registration in respect of the plan. In that case, the Superintendent must notify the administrator of the measures taken, including the date of the revocation and cancellation.
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Notice of objection 37 (1) An administrator may, within 60 days after the day on which the notification is provided under subsection 12 (5) or on which the revocation and cancellation referred to in section 36 occurs, send to the Superintendent a notice of objection setting out the reasons for the objection and all facts relevant to it. Reconsideration by Superintendent (2) On receipt of the notice, the Superintendent must, without delay, reconsider the refusal or the revocation and cancellation, as the case may be, and vary or confirm the action taken. The Superintendent must, without delay, notify the administrator of the decision.
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Appeal to Federal Court 38 (1) If an administrator has sent a notice of objection, the administrator may appeal to the Federal Court for an order referred to in paragraph (5)(b) (a) within 90 days after the Superintendent has confirmed the action taken under subsection 37 (2); or (b) not less than 90 days and not more than 180 days after the day on which the notice of objection was sent if the Superintendent has not notified the administrator that the Superintendent has varied or confirmed the action taken under subsection 37(2). Institution of appeal (2) An appeal to the Federal Court must be made by filing in the Registry of the Court, or by sending by registered mail addressed to it at Ottawa, three copies of a notice of appeal in prescribed form. Registry to transmit copies (3) On receipt of the copies of the notice of appeal, the Registry of the Court must transmit two copies to the Superintendent. Documents relevant to appeal (4) On receipt of a copy of the notice of appeal, the Superintendent must forward to the Registry of the Court copies of all documents relevant to the appeal. Disposal of appeal (5) The Federal Court may dispose of an appeal (a) by dismissing it and ordering the appellant to take any measures necessary to ensure that the pooled registered pension plan complies with the provisions of this Act and the regulations; or (b) by allowing it and ordering the Superintendent to register the pooled registered pension plan or to reinstate the registration of the plan, as the circumstances require, and issue a certificate of registration. Conditions (6) An order referred to in paragraph (5)(b) may include conditions imposed on the appellant that are conditions precedent to the registration or reinstatement of registration of the pooled registered pension plan.
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Full-time employees 39 (1) Every employee in a class of employees who is employed in included employment and is engaged to work on a full-time basis for an employer that provides a pooled registered pension plan to that class is a member of the plan, except for employees who terminate their membership under subsection 41 (5) or who object to becoming members of the plan because of their religious beliefs. Meaning of full-time basis (2) In this section, full-time basis means, in relation to an employee of a particular class, engaged to work throughout the year all or substantially all of the normally scheduled hours of work established for persons in that class of employees.
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Part-time employees 40 (1) Every employee in a class of employees who is employed in included employment and is engaged to work on a part-time basis for an employer that provides a pooled registered pension plan to that class is a member of the plan on and after the day on which the employee completes 24 months of continuous employment with the employer, except for employees who terminate their membership under subsection 41 (5) or who object to becoming members of the plan because of their religious beliefs. Regulations altering subsection (1) (2) The Governor in Council may make regulations extending the period of 24 months referred to in subsection (1). Meaning of continuous (3) In this section, continuous means, in relation to employment, without regard to periods of temporary interruption of the employment. Meaning of part-time basis (4) In this section, part-time basis means, in relation to an employee, engaged to work on other than a full-time basis.
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Advance notice to employees 41 (1) At least 30 days before entering into a contract with an administrator to provide a pooled registered pension plan to a class of employees, an employer must notify in writing each employee of that class of (a) its intention to enter into the contract; (b) any existing business relationships it has with the administrator of the plan; and (c) the right of any employee to object to being a member of the plan because of their religious beliefs. Notice of plan membership (2) As soon as feasible after the employer enters into the contract with the administrator to provide a pooled registered pension plan to a class of employees, either the administrator or the employer must notify in writing each employee of that class of their membership in the plan. The notice must (a) inform them of a member’s right to terminate their membership in the plan by notifying the employer within 60 days after receiving the notice; and (b) include the prescribed information. Contract must specify (3) The contract referred to in subsection (2) must specify whether it is the employer or the administrator who has the duty to provide the notification under that subsection. New employee (4) As soon as feasible after the employer hires an employee who is part of the class of employees who are members of the pooled registered pension plan, the notice referred to in subsection (2) must be provided to that employee. Membership termination (5) An employee may terminate their membership in a pooled registered pension plan by notifying the employer within 60 days after receiving notice under subsection (2).
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Religious objections 42 (1) An employee who objects to being a member of a pooled registered pension plan because of their religious beliefs must notify the employer. Employer’s duty (2) An employer that is notified by an employee under subsection (1) must, as soon as feasible, take any measure that is necessary to ensure that the employee does not become a member of the plan or, if the employee is already a member, that the employee’s membership is terminated.