Ontario Regulation 49/23 make adjustments to the Pooled Registered Pension Plans (PRPPs) Act, 2015. This regulation amends Ontario Regulation 359/16, which delineates general provisions under the PRPPs Act. The key amendments introduced by Regulation 49/23 include:

The Expansion of Jurisdictional Oversight: The first amendment modifies a reference in Ontario Regulation 359/16 by substituting “Nova Scotia” with “New Brunswick, Nova Scotia” in paragraph 2 of subsection 5(1). This change reflects an expanded jurisdictional oversight for pooled registered pension plans, recognizing New Brunswick’s inclusion alongside Nova Scotia in the regulatory framework.

The Designation of New Brunswick Oversight Authority: The second amendment establishes a new oversight authority for New Brunswick. It designates the Superintendent of Pooled Registered Pension Plans, appointed under the Financial and Consumer Services Commission Act (New Brunswick), as the responsible authority for overseeing PRPPs within the province. This designation ensures a clear and designated regulatory body for pension plan management in New Brunswick.

The Modification of Multilateral Agreement Exemptions: The third amendment revises the exemptions related to the “Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.” The regulation updates which provisions of this agreement are exempt from certain federal requirements. Specifically, sections 5, 7, 14, and 16, as well as subsections 20(3) and (4), are now exempt from subsection 7(1) of the federal Act. This adjustment impacts the administration and regulation of PRPPs and voluntary retirement savings plans by exempting these provisions from certain federal rules.

Ontario Regulation 49/23 refines the regulatory framework for pooled registered pension plans by broadening jurisdictional oversight to include New Brunswick, establishing a new oversight authority in that province, and adjusting specific exemptions under a multilateral agreement. These updates are designed to enhance the efficiency and clarity of pension plan regulation across the involved jurisdictions.

Ontario (49/2023), April 8, 2023