Government of Saskatchewan
Tuesday, October 24, 2017
Financial and Consumer Affairs Authority

Saskatchewan has adopted, by reference, the federal government's rules with respect to the investment of pension plans.

Section 44 of The Pension Benefits Act, 1992 provides:
"Assets of a plan must be invested, and the investments must be made in accordance with the regulations".

Section 38 of The Pension Benefits Regulations, 1993 prescribes:
"(1) Notwithstanding the provisions of any plan or any instrument governing a plan, the assets of a plan must be invested and the investments made in accordance with this section and section 44 of the Act.
(2) The assets of a plan must be invested and the investments made in accordance with the regulations made pursuant to the Pension Benefits Standards Act, 1985 (Canada), as amended from time to time.
(3) For purposes of this section, any reference in the regulations made pursuant to the Pension Benefits Standards Act, 1985 (Canada) to the Superintendent is deemed to be a reference to the superintendent."

Subsection 38(1) ensures that the scope of the legislation includes the process followed to make investments, as well as, the securities in which a plan is invested.

The phrase "as amended from time to time" in subsection 38(2) means that each time the federal government amends the investment rules under the Pension Benefits Standards Regulations, 1985 with respect to investment rules, those amendments apply to plans subject to Saskatchewan legislation.

Sections 12, 13 and 14 of Schedule III of the Pension Benefits Standards Regulations, 1985 refer to the filing of documents with the "Superintendent". That reference is to the federal Superintendent of Financial Institutions. Subsection 38(3) ensures that plans registered in Saskatchewan file with the Superintendent Pensions of the Financial and Consumer Affairs Authority of Saskatchewan.

See the related documents below for more information on investing pension plan assets.



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