Ottawa, October 24, 2012
The Honourable Ted Menzies, Minister of State (Finance), announced that finalized regulations to address provisions of the Pooled Registered Pension Plans Act (Bill C-25) will be published in the Canada Gazette today. The regulations were pre-published in the Canada Gazette on August 11 for a 30-day public comment period prior to their final approval by the Government.
“These regulations, which were developed in close collaboration with provincial-territorial officials, are the outcome of extensive consultations with Canadians from across the country, including associations representing small businesses, employees, pension funds and financial institutions,” said Minister Menzies. “With these regulations now finalized, our Government has taken another important step towards offering a new large-scale and low-cost pension option.”
Specifically, today’s regulations address provisions of the Pooled Registered Pension Plans Act respecting:
A second and final tranche of regulations under the Pooled Registered Pension Plans Act (PRPP Act) will follow at the earliest opportunity. Once the second tranche is finalized, the PRPP Act and regulations will be brought into force.
PRPPs will be available to millions of Canadians currently without a workplace pension plan once provinces implement their respective PRPP legislation.
Office of the Minister of State (Finance)
Department of Finance