On September 9, 2015, the Nova Scotia Department of Finance and
Treasury Board opened a consultation on draft Regulations for
Pooled Registered Pension Plans (PRPPs). The draft Regulations and
an FAQ are posted online. PRPPs are
voluntary retirement savings plans in which employees and employers
may choose to pool contributions and administration costs with
other participants. Employers and employees decide how much they
contribute to the plan. Third party administrators must be licensed
in order to provide PRPPs and several insurance companies are
currently licensed federally.
The Nova Scotia Legislature passed the PRPP Act in the
fall of 2014 (for more information on the PRPP Act, see a
here) but it has not yet been proclaimed in force as
regulations still need to be finalized. In the PRPP Act,
the Nova Scotia government largely adopted the federal Pooled
Registered Pension Plans Act (Canada); similarly, the proposed
Regulations largely mirror the federal Regulations. The differences
between the proposed Regulations and the federal regulations
Different definition of spouse (as adopted in the Nova Scotia
Different options for where the funds in a PRPP may be transferred
- The options are consistent with those under the Nova Scotia
Pension Benefits Act, which allows transfers to certain
locked-in retirement savings arrangements including a locked-in
retirement account (LIRA), life income fund (LIF) or life annuity.
Conditions for life annuities are similar to those under the new
Pension Benefits Regulations, including the requirement of
a joint and survivor annuity if the member has a spouse.
Limitations on the options are also consistent with expected
amendments to the Pension Benefits Act and
Regulations that would allow transfers between registered
pension plans and PRPPs. Unlike the federal regulations, the
proposed Nova Scotia Regulations do not allow transfer to a
locked-in registered retirement savings plan (RRSP).
In addition to meeting the requirements under the federal
legislation, an administrator must register all of their PRPPs
under the federal Act before they can be licensed in Nova
information on the federal PRPP requirements is available on the
Canada Revenue Agency's website.
Written comments on the proposed Nova Scotia Regulations may be
submitted by October 9, 2015 to: novascotia.ca or Finance Treasury Board,
Pension Regulation Division, PO Box 2531, Halifax, NS, B3J 3N5.
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