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Wednesday, April 26, 2017
Financial and Consumer Affairs Authority

Pooled Registered Pension Plans

A Pooled Registered Pension Plan (PRPP) is a type of pension plan that is similar to a defined contribution plan; however, employer contributions are not mandatory and a PRPP Administrator must be a Canadian corporation. A PRPP pools contributions from members of many different employers together to achieve lower investment and administration costs. 

The PRPP Agreement and Regulations / Supervision of PRPPs

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.  Effective March 31, 2017, the Government of Ontario entered into the PRPP Agreement. The PRPP Agreement provides for the efficient regulation and supervision of pooled registered pension plans across Canada, and addresses how conflicts will be resolved in situations where there are differences between jurisdictions’ PRPP legislation. 

The PRPP Agreement provides that a corporation is exempt from the requirement to obtain a licence under provincial PRPP legislation if the corporation has a federal or a Quebec licence.  In addition, a federally-licensed PRPP administrator that registers a PRPP under the federal PRPP legislation is exempt from the requirement to register that PRPP under the applicable provincial PRPP legislation. Therefore, the insurance companies which have been granted a PRPP administrator’s licence by OSFI will be able to offer PRPPs to Saskatchewan residents.  OSFI is responsible for the regulation and supervision of all PRPPs that provide benefits to Saskatchewan workers.

Any inquiry related to become a licensed PRPP administrator, registering a PRPP, or amending a PRPP to allow for Saskatchewan participants should be made to the OSFI (Ph:1-800-385-8647).  

Impact to Financial Institutions that Issue LIRA and pRRIF Contracts and to Pension Plan Administrators

The coming into force of the PRPP Act and PRPP Regulations, as well as the amendments to the PBA and PBR, have an immediate impact on financial institutions and pension plan administrators.  To assist financial institutions and pension plan administrators in understanding this impact, we have prepared a guide, “Financial Institution and Pension Plan Administrator Guide:  The Pooled Registered Pension Plans (Saskatchewan) Act” (See related publications below).  The impact, in summary, is as follows:

  • Impact to Financial Institutions
    • Contracts for locked-in retirement accounts (LIRAs) and prescribed registered retirement income funds (pRRIFs) will need to be amended to ensure compliance with the PBA and PBR, specifically, sections 29 and 29.1 of the PBR.
    • Financial Institutions may wish to establish contracts for the newly created products found in the PRPP Act and PRPP Regulations.  These are called pooled retirement savings account contracts (“PRSAs” - please see section 16 of the PRPP Regulations) and pooled retirement income account contracts (“PRIAs” - please see section 17 of the PRPP Regulations)
  •  Impact to Pension Plan Administrators
    • Pension plans may, but are not required to, allow plan members the option to transfer pension entitlements to a pooled registered pension plan (PRPP) on termination of membership, retirement, death or plan termination.  In the event that this option is desired, pension plan contracts will need to be amended.

Questions related to this impact on Saskatchewan LIRAs, pRRIFs and pension plans, please contact our office (Ph: 306-787-7650).  In addition, questions related to Saskatchewan PRSAs and PRIAs should be directed to our office.



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