June 2016

June 2016

Pensions - Pooled Registered Pension Plans

June 27, 2016 - The Pooled Registered Pension Plans (Saskatchewan) Act and The Pooled Registered Pension Plans (Saskatchewan) Regulations came into force on May 1, 2016.  In addition, amendments were made to The Pension Benefits Act, 1992 and The Pension Benefits Regulations, 1993 effective May 1, 2016. 

Effective June 15, 2016, the Government of Saskatchewan entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (the PRPP Agreement) with the Governments of Canada, Quebec, British Columbia and Nova Scotia. More on the PRPP Agreement can be found on our PRPP webpage.

The implementation of the PRPP framework impacts the financial institutions offering locking-in contracts and pension plans that are subject to Saskatchewan pension law and to pension plans registered. More information on this impact can also be found on our PRPP webpage.

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone:  (306) 787-7650
Fax:  (306) 798-4425

• Pooled Registered Pension Plans        

    
Pensions - Agreement Respecting Multi-Jurisdictional Pension Plans

June 2, 2016 - Representatives of the governments of Saskatchewan, British Columbia, Nova Scotia, Ontario and Quebec have signed the 2016 Agreement Respecting Multi-Jurisdictional Pension Plans (the 2016 Agreement), which comes into effect for these jurisdictions on July 1, 2016.  The 2016 Agreement provides a clear legal framework for the administration and regulation of multi-jurisdictional pension plans. Plan Administrators must review their plan documents, administrative practices and member communication items to ensure compliance with The Pension Benefits Act, 1992 and requirements of the 2016 Agreement. 

For more information, please contact:

Pensions Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone:  (306) 787-7650
Fax:  (306) 798-4425

• Multi-Jurisdictional Pension Plans