GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Pooled Registered Pension Plans Regulations — 25
Information to be provided 25 For the purposes of subparagraph 57(1)(a)(ii) of the Act, a PRPP must provide (a) that each member and each employer shall be given on a website and, on request, directly to the member, a description of (i) each investment option in accordance with paragraph 23(c), (ii) the transfer options available to the member and the costs associated with those options, and (iii) any fees, levies and other charges that would be triggered by the member’s actions; (b) that each member shall, if the PRPP provides for variable payments, be given a statement no more than 18 months before and no fewer than 6 months before the day on which the member reaches 55 years of age, that indicates (i) the member’s right to elect to receive variable payments starting at 55 years of age, and (ii) how more information in relation to variable payments may be obtained; and (c) that each member will be given, on request, the details of any transactions that have occurred in the member’s account, including any fees, levies and other charges incurred.
Pooled Registered Pension Plans Regulations — 26
Prescribed information — written statement 26 For the purposes of subparagraph 57(1)(b) of the Act, the written statement must show (a) the member’s investment option; (b) for the year, the opening balance, any contributions, the change in the investments’ value — net of costs — and the closing balance; (c) for a member who elects to receive variable payments, (i) the date of birth used to determine the minimum variable payment, (ii) the date the variable payment began to be paid, (iii) the minimum and maximum allowable variable payments as well as the variable payment that the member is to receive, (iv) the investment options from which the variable payments were made and in what proportion they were made from each option, (v) the payment frequency over the year, (vi) an indication of how the member may change their election regarding the amount to be paid during the year and from which investment option the amount is to be paid, and (vii) a list of the transfer options available under subsection 50(1) of the Act; (d) a summary of any transactions in the year; (e) the name and a description of the benchmark that best reflects the composition of the member’s investment option as well as an explanation of the choice of that benchmark; (f) the performance history of the member’s investment option over 1, 3, 5 and 10 years compared to that of the benchmark; (g) the degree of risk associated with the investment option; (h) a statement that the investment option’s past performance is not necessarily an indication of its future performance; (i) any costs, expressed as a percentage or a fixed amount; (j) any fees, levies and other charges triggered by the member’s actions; (k) the member’s and employer’s contributions; and (l) the name of the member’s spouse or common-law partner or designated beneficiary, if any.
Pooled Registered Pension Plans Regulations — 27
Information return — prescribed information 27 For the purposes of subsection 58(1) of the Act, an information return of a PRPP must contain (a) a list of the investment options offered by the administrator that identifies the default option; (b) the performance history of each investment option; (c) any costs, expressed as a percentage or a fixed amount; (d) a list of any fees, levies and other charges triggered by a member’s actions; (e) a statement of the PRPP’s total assets and of the amounts held in each investment option; (f) a statement of the asset allocation in each investment option and a list of the investments held in each investment option; (g) the default contribution rate set by the administrator; (h) a list of the employers who are participating in the PRPP; (i) the number of members in the PRPP; (j) an auditor’s report on the PRPP’s assets; and (k) a certificate of the administrator or of any person who prepared, compiled or filed any information on their behalf that certifies that the information provided to the Superintendent is accurate.
Pooled Registered Pension Plans Regulations — 28
Notice — termination by employer 28 The notice required under section 19 of the Act is to be provided no more than 180 days and no less than 30 days before the effective date of termination of participation in the PRPP.
Pooled Registered Pension Plans Regulations — 29
Notice — termination by employee 29 The notice required under subsection 41(5) of the Act is to be in writing and shall include (a) the date of the notice and the employee’s date of birth and signature; and (b) a statement that the employee has decided to terminate their membership in the PRPP.
Pooled Registered Pension Plans Regulations — 30
Statement on termination or death 30 For the purposes of paragraphs 57(1)(d) and (e) of the Act, the statement must provide (a) for the current year, the opening balance, the contributions, the change in the investments’ value — net of costs — and the closing balance on the date of the termination or death; (b) the amount of any variable payments made from the account during that year; (c) a statement that the balance on the date of termination or death is not final and may change; (d) a summary of any transactions in that year; and (e) the transfer options available and information on how to transfer the funds.
Pooled Registered Pension Plans Regulations — 31
Employee contributions 31 An employer must remit employee contributions to the administrator no later than 30 days after the end of the period in respect of which the contributions were deducted.
Pooled Registered Pension Plans Regulations — 32
Employer contributions 32 An employer must remit employer contributions to the administrator at least monthly and no more than 30 days after the end of the period in respect of which the amount is required to be paid under the PRPP.
Pooled Registered Pension Plans Regulations — 33
Notice — breach of contract 33 The notice required under section 18 of the Act is to be provided no more than 60 days after the day on which the employer fails to comply with the provisions of the contract respecting the remittance of contributions.
Pooled Registered Pension Plans Regulations — 34
Exceptions — s. 47 of the Act 34 The provisions of a PRPP that are required by section 47 of the Act do not apply to (a) an account if the member who holds the account has ceased to be a resident of Canada for at least two years and is no longer employed by an employer that is participating in the PRPP; and (b) an amount withdrawn from a member’s account where the withdrawal is required (i) to reduce the amount of tax that would otherwise be payable by the member under Part X.1 of the Income Tax Act to the extent that the reduction cannot be achieved by a withdrawal from a registered retirement savings plan; or (ii) to avoid the revocation of the registration of the PRPP under the Income Tax Act .
Pooled Registered Pension Plans Regulations — 35
Disability 35 For the purposes of paragraph 47(2)(a) of the Act, disability means a mental or physical condition that a physician has certified as being likely to shorten considerably the life expectancy of a member.
Pooled Registered Pension Plans Regulations — 36
Prescribed age 36 The age of 55 years is prescribed for the purposes of section 48 of the Act as the age at which a member may elect to receive variable payments from the funds in their account.
Pooled Registered Pension Plans Regulations — 37
Payment amount 37 (1) A member who has elected to receive variable payments may decide the amount that they are to receive as a variable payment for any calendar year. Parameters (2) The payment shall be not less than the minimum amount determined under subsection 8506(5) of the Income Tax Regulations and, for any calendar year before the year in which the member reaches 90 years of age, not more than the amount determined by the formula C/F where C is the balance in the member’s account (a) at the beginning of the calendar year, or (b) if the balance at the beginning of the calendar year is zero, on the day on which the election was made; and F is the value, at the beginning of the calendar year, of an annual $1 payment, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the member reaches 90 years of age, established using an interest rate that is (a) for each of the first 15 years, not more than the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the month of November before the beginning of the calendar year; and (b) for any subsequent year, not more than 6%. Default amount (3) The minimum amount determined under subsection 8506(5) of the Income Tax Regulations is to be paid as a variable payment for a calendar year if (a) a member has not notified the administrator of the amount to be paid as a variable payment for the calendar year within 90 days after the day on which the statement required under paragraph 57(1)(b) of the Act is received; or (b) the amount determined by the formula set out in subsection (2) for that year is less than that minimum amount. Amount deemed to be zero (3.1) If, for the calendar year in which the variable payment is established, part of the account was composed of funds that had been held in a life income fund of the holder earlier in the calendar year in which the variable payment was established, the amount determined by the formula set out in subsection (2) is deemed to be zero in respect of that part of the account for that calendar year. Initial year (4) For the calendar year in which the variable payment is established, the amount to be paid is multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month. SOR/2015-60, s. 57; SOR/2017-145, s. 11(E)
Pooled Registered Pension Plans Regulations — 38
nds may be paid to the holder in a lump sum if the holder (i) certifies that the total value of all assets in all locked-in RRSPs, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer, a transfer under the Pension Benefits Standards Act, 1985 or a transfer from another PRPP is not more than 50% of the Year’s Maximum Pensionable Earnings, and (ii) obtains the consent of their spouse or common law partner, if any, and completes and gives a copy of Form 2 and Form 3 of the schedule to the financial institution with whom the contract or arrangement for the locked-in RRSP was entered into. Amount (2) The relevant amount for the purposes of paragraph (1)(e), 39(1)(f), 40(1)(k) or 41(1)(k) is the amount determined by the formula M + N where M is the total amount of the expenditures that the holder expects to make on the medical or disability-related treatment or adaptive technology during the calendar year; and N is the greater of zero and the amount determined by the formula P – Q where P is 50% of the Year’s Maximum Pensionable Earnings, and Q is two-thirds of the holder’s total expected income for the calendar year determined in accordance with the Income Tax Act , other than any amount withdrawn in the calendar year under paragraph (1)(e), 39(1)(f), 40(1)(k) or 41(1)(k). Lump sum (3) The locked-in RRSP shall provide that the funds may be paid to the holder in a lump sum if a physician certifies that, owing to mental or physical disability, the holder’s life expectancy is likely to be considerably shortened. SOR/2017-145, s. 12
Pooled Registered Pension Plans Regulations — 39
or the calendar year determined in accordance with the Income Tax Act — other than any amount withdrawn under this paragraph or paragraph 38(1)(e), 40(1)(k) or 41(1)(k) within the last 30 days before the day on which the certification is made — is less than 75% of the Year’s Maximum Pensionable Earnings, and (iii) if the holder obtains the consent of their spouse or common-law partner, if any, and completes and gives a copy of Form 1 and Form 2 of the schedule to the financial institution with whom the contract or arrangement for the restricted locked-in savings plan was entered into; and (g) provide that the holder of the restricted locked-in savings plan who has ceased to be a resident of Canada for at least two years may withdraw any amount from that plan. Lump sum (2) The restricted locked-in savings plan shall provide that the funds may be paid to the holder in a lump sum if a physician certifies that, owing to mental or physical disability, the holder’s life expectancy is likely to be considerably shortened. SOR/2015-60, s. 58; SOR/2017-145, s. 13
Pooled Registered Pension Plans Regulations — 41
sum if the holder (i) certifies that the total value of all assets in all locked-in RRSPs, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer, a transfer under the Pension Benefits Standards Act, 1985 or a transfer from another PRPP is not more than 50% of the Year’s Maximum Pensionable Earnings, and (ii) obtains the consent of their spouse or common law partner, if any, and completes and gives a copy of Form 2 and Form 3 of the schedule to the financial institution with whom the contract or arrangement for the life income fund was entered into; (k) provides that the holder of the life income fund may withdraw an amount from that fund up to the lesser of the amount determined by the formula set out in subsection 38(2) and 50% of the Year’s Maximum Pensionable Earnings minus any amount withdrawn in the calendar year under this paragraph or under paragraph 38(1)(e), 39(1)(f) or 40(1)(k) (i) if the holder certifies that they have not made a withdrawal in the calendar year under this paragraph or paragraph 38(1)(e), 39(1)(f) or 40(1)(k) other than within the last 30 days before the day on which the certification is made, (ii) if, (A) in the event that the value determined for M in subsection 38(2) is greater than zero, (I) the holder certifies that they expect to make expenditures on a medical or disability-related treatment or adaptive technology during the calendar year in excess of 20% of the holder’s expected income for that calendar year determined in accordance with the Income Tax Act , other than any amount withdrawn in the calendar year under this paragraph or paragraph 38(1)(e), 39(1)(f) or 40(1)(k), and (II) a physician certifies that the medical or disability-related treatment or adaptive technology is required, or (B) the holder’s expected income for the calendar year determined in accordance with the Income Tax Act –– other than any amount withdrawn under this paragraph or paragraph 38(1)(e), 39(1)(f) or 40(1)(k) within the last 30 days before the day on which the certification is made — is less than 75% of the Year’s Maximum Pensionable Earnings, and (iii) if the holder obtains the consent of their spouse or common law partner, if any, and completes and gives a copy of Form 1 and Form 2 of the schedule to the financial institution with whom the contract or arrangement for the life income fund was entered into; and (l) provides that the holder of the life income fund who has ceased to be a resident of Canada for at least two years may withdraw any amount from that fund. Lump sum (2) The life income fund shall provide that the funds may be paid to the holder in a lump sum if a physician certifies that, owing to mental or physical disability, the holder’s life expectancy is likely to be considerably shortened. SOR/2015-60, s. 60; SOR/2017-145, s. 15
Pooled Registered Pension Plans Regulations — 42
Prescribed life annuity 42 (1) For the purposes of paragraphs 50(1)(c) and (3)(c), 53(4)(c) and 54(2)(c) of the Act, the funds in a member’s account may be used to purchase (a) an immediate life annuity that provides that (i) subject to subsection 53(3) of the Act, no benefit provided under the annuity shall be transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null, and (ii) except in the case of the unexpired period of a guaranteed annuity when the annuitant is deceased, no benefit provided under the annuity shall be surrendered during the lifetime of their spouse or common-law partner and that any transaction appearing to do so is void or, in Quebec, null; or (b) a deferred life annuity that provides (i) for the conditions set out in subparagraphs (a)(i) and (ii), (ii) that if the annuitant dies prior to the day on which the annuity payments begin, the survivor is entitled, on the death of the annuitant, to an amount equal to the commuted value of the deferred life annuity, and (iii) that any amount to which the survivor is entitled shall be (A) transferred to a locked-in RRSP, (B) transferred to a PRPP, (C) transferred to a pension plan if the pension plan permits such a transfer and administers the benefit attributed to the transferred funds as if the benefit were that of a plan member, (D) used to purchase an immediate life annuity or a deferred life annuity, or (E) transferred to a life income fund or to a restricted life income fund. Commuted value of deferred life annuity (2) For the purposes of subsection (1), the commuted value of the deferred life annuity is to be determined in accordance with section 3500 (“Pension Commuted Values”) of the Standards of Practice of the Actuarial Standards Board , published by the Canadian Institute of Actuaries, as amended from time to time.
Pooled Registered Pension Plans Regulations — 43
Consent 43 (1) For the purposes of paragraph 64(1)(a) of the Act, the addressee must consent in writing, in paper or electronic form, or orally. Requirements — administrator (2) Before an addressee consents, the administrator must notify the addressee (a) of the addressee’s right to revoke their consent at any time; (b) of the addressee’s responsibility to inform the administrator of any changes the addressee makes to the designated information system including any changes made to the contact information for the designated information system; and (c) of the date when the consent takes effect. Revocation (3) Any revocation of consent must be done in writing, in paper or electronic form, or orally.
Pooled Registered Pension Plans Regulations — 44
Notice 44 If an electronic document is provided on a generally accessible information system, such as a website, the administrator must provide to the member written notice, in paper or electronic form, of the electronic document’s availability and location.
Pooled Registered Pension Plans Regulations — 45
Document considered provided 45 An electronic document is considered to have been provided to an addressee when it is entered into or made available on the information system designated by the addressee.
Pooled Registered Pension Plans Regulations — 46
Believed not to be received 46 (1) If an administrator has reason to believe that an addressee has not received an electronic document or the notice required under section 44, the administrator must mail a paper copy of the document to the addressee. No effect — electronic document reception (2) The mailing of a paper copy does not affect when the electronic document is considered to have been provided under section 45.
Pooled Registered Pension Plans Regulations — 47
Notice of objection 47 An administrator must sign and send two copies of the notice of objection referred to in subsection 37(1) of the Act by registered mail.
Pooled Registered Pension Plans Regulations — 48
Notice of appeal 48 A notice of appeal referred to in subsection 38(2) of the Act must be in the form referred to in section 337 of the Federal Courts Rules .
Pooled Registered Pension Plans Regulations — 49
Prescribed qualifications — termination report 49 For the purposes of subsection 62(9) of the Act, the termination report is to be prepared by an actuary who is a Fellow of the Canadian Institute of Actuaries, a person authorized to act as an accountant under the laws of a province or other professional advisor.
Pooled Registered Pension Plans Regulations — Pooled Registered Pension Plans Regulations
S.C. 2012, c. 16 * 51 These Regulations come into force on the day on which the Pooled Registered Pensions Plans Act , chapter 16 of the Statutes of Canada, 2012, comes into force but if they are registered after that day, they come into force on the day on which they are registered. * [Note: Regulations in force December 14, 2012, see SI/2012-102.]
Pooled Registered Pension Plans Regulations — 1
1 To ( insert name of financial institution )
Pooled Registered Pension Plans Regulations — 2
2 List of applicable locked-in plans: ( Please identify all locked-in registered retirement savings plans, life income funds, restricted locked-in savings plans or restricted life income funds that are held by the financial institution identified above and from which you intend to withdraw or transfer funds .) (a) (b) (c)
Pooled Registered Pension Plans Regulations — 3
3 Certification I, ( insert name ) , of ( insert street address ) , in the city of , in the province of , certify the following: I own the plan(s) identified in section 2. On the day on which I sign this certification ( select all that apply ) (A) Withdrawal for expenditures on medical or disability-related treatment or adaptive technology (a) My total expected income for the calendar year, determined in accordance with the Income Tax Act (excluding the withdrawal referred to in item G of the table to section 4 and any withdrawal made under paragraph 38 (1)(e), 39 (1)(f), 40 (1)(k) or 41 (1)(k) of the Pooled Registered Pension Plans Regulations within the last 30 days before the day on which this certification is made), is $ . (b) I submit a letter signed by a physician certifying that medical or disability-related treatment or adaptive technology is required. (c) I expect to make expenditures on the medical or disability-related treatment or adaptive technology specified in the physician’s certificate in the amount of $ , which is greater than 20% of my total expected income for the calendar year. (d) I have not made any other withdrawal, other than within the last 30 days before the day on which this certification is made, during the calendar year under paragraph 38 (1)(e), 39 (1)(f), 40 (1)(k) or 41 (1)(k) of the Pooled Registered Pension Plans Regulations . (B) Withdrawal based on low income My total expected income for the calendar year, determined in accordance with the Income Tax Act (excluding the withdrawal referred to in item G of the table to section 4 and any withdrawal made under paragraph 38 (1)(e), 39 (1)(f), 40 (1)(k) or 41 (1)(k) of the Pooled Registered Pension Plans Regulations within the last 30 days before the day on which this certification is made) is less than 75% of the Year’s Maximum Pensionable Earnings as defined in the Pooled Registered Pension Plans Act .
Pooled Registered Pension Plans Regulations — Pooled Registered Pension Plans Regulations
I, ( insert name ) , of ( insert street address ) , in the city of , in the province of , certify the following:
Pooled Registered Pension Plans Regulations — Pooled Registered Pension Plans Regulations
I own the plan(s) identified in section 2. On the day on which I sign this certification ( select all that apply )