Notice Regarding Pooled Registered Pension Plans (PRPPs)
The Government of Nova Scotia proclaimed in force the Pooled Registered Pension Plans Act effective May 4, 2016. In addition, Pooled Registered Pension Plans Regulations and consequential amendments to the Pension Benefits Regulations were made effective May 4, 2016.
This represents another step forward in implementing PRPPs in Nova Scotia. PRPPs will be able to be offered in Nova Scotia once a multilateral agreement has been entered into with the federal government and other participating provinces. It is anticipated that this agreement will be in place later this Spring.
Patti Trenholm has been appointed as the Acting Superintendent of Pooled Registered Pension Plans.
On June 15, 2016 the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, signed by Nova Scotia, the federal government, Quebec and other provinces that have put in place PRPP legislation came into effect. Under the agreement, the federal Office of the Superintendent of Financial Institutions (OSFI) will be responsible for licensing, registration and supervision of PRPPs. Employers in Nova Scotia can now offer PRPP’s as workplace savings plans for their employees.
PRPP Agreement (pdf)
The Act and Regulations can be viewed at: