Canada Gazette, Part I, Volume 157, Number 14: GOVERNMENT NOTICES

April 8, 2023

BANK OF CANADA

Statement of financial position as at February 28, 2023 (unaudited)

Amounts are in millions of dollars.

Totals

Assets and Liabilities and Deficiency
Item Amount
Assets 393,686
Liabilities and Deficiency 393,686

Assets

Cash and foreign deposits
Item Amount
Cash and foreign deposits 28
Loans and receivables
Item Amount
Securities purchased under resale agreements n/a
Advances to members of Payments Canada n/a
Other receivables 2
Total loans and receivables 2
Investments
Item Amount
Government of Canada treasury bills n/a
Government of Canada bonds — carried at amortized cost 105,024
Government of Canada bonds — carried at fair value through profit and loss 225,727
Canada Mortgage Bonds 8,115
Other bonds 8,958
Securities lent or sold under repurchase agreements 13,554
Other securities n/a
Shares in the Bank for International Settlements (BIS) 493
Total investments 361,871
Derivatives — Indemnity agreements with the Government of Canada
Item Amount
Derivatives — Indemnity agreements with the Government of Canada 30,640
Capital assets
Item Amount
Property and equipment 518
Intangible assets 103
Right-of-use leased assets 43
Total capital assets 664
Other assets
Item Amount
Other assets 481

Liabilities and Deficiency

Bank notes in circulation
Item Amount
Bank notes in circulation 115,018
Deposits
Item Amount
Government of Canada 57,909
Members of Payments Canada 200,549
Other deposits 9,366
Total deposits 267,824
Securities sold under repurchase agreements
Item Amount
Securities sold under repurchase agreements 11,607
Other liabilities
Item Amount
Other liabilities 317
Total liabilities
Item Amount
Total liabilities 394,766
Deficiency
Item Amount
Share capital 5
Statutory and special reserves 100
Investment revaluation reserve 455
Actuarial gains reserve 445
Accumulated deficit (2,085)
Total deficiency (1,080)

I declare that the foregoing statement is correct according to the books of the Bank.

Ottawa, March 21, 2023

Coralia Bulhoes
Chief Financial Officer and Chief Accountant

I declare that the foregoing statement is to the best of my knowledge and belief correct, and shows truly and clearly the financial position of the Bank, as required by section 29 of the Bank of Canada Act.

Ottawa, March 21, 2023

Tiff Macklem
Governor

DEPARTMENT OF FINANCE

PENSION BENEFITS STANDARDS ACT, 1985

Effective date for the 2023 Agreement Amending the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans

Notice is hereby given, pursuant to paragraph 6.1(4)(a) of the Pension Benefits Standards Act, 1985, that the effective date for the 2023 Agreement Amending the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans is July 1, 2023.

The Honourable Chrystia Freeland, P.C., M.P.
Minister of Finance

DEPARTMENT OF FINANCE

PENSION BENEFITS STANDARDS ACT, 1985

2023 Agreement Amending the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans

The signatories of this agreement are as follows:

The governments of

ALBERTA, herein acting and represented by the President of Treasury Board and Minister of Finance;

BRITISH COLUMBIA, herein acting and represented by the Minister of Finance;

NEW BRUNSWICK, herein acting and represented by the Minister of Finance and Treasury Board;

NOVA SCOTIA, herein acting and represented by the Minister of Finance and Treasury Board;

ONTARIO, herein acting and represented by the Minister of Finance;

QUEBEC, herein acting and represented by the Minister of Finance and the Minister responsible for Canadian Relations and the Canadian Francophonie;

SASKATCHEWAN, herein acting and represented by the Minister of Justice and Attorney General; and

CANADA, herein acting and represented by the Minister of Finance.

RECITALS

Now therefore, the parties agree as follows:

PART I ADDITIONAL PARTIES TO THE AGREEMENT AS AMENDED BY THE 2023 AGREEMENT

SECTION 1. ADDITIONAL PARTIES

Manitoba and Newfoundland and Labrador

1. The parties, in accordance with section 20 of the Agreement, unanimously consent to the governments of Manitoba and Newfoundland and Labrador becoming parties to the Agreement as amended by this 2023 Agreement.

PART II AMENDMENTS TO THE AGREEMENT

SECTION 2. SIGNATORIES TO THE AGREEMENT

Addition of Manitoba

2. (1) In the list of parties to the Agreement appearing immediately before the Recitals to the Agreement, the following words are added after British Columbia and before New Brunswick:

MANITOBA, herein acting and represented by the Minister of Finance;

Addition of Newfoundland and Labrador

(2) In the list of parties to the Agreement appearing immediately before the Recitals to the Agreement, the following words are added after New Brunswick and before Nova Scotia:

NEWFOUNDLAND AND LABRADOR, herein acting and represented by the Minister of Digital Government and Service NL and the Minister for Intergovernmental Affairs;

SECTION 3. AGREEMENT COMING INTO FORCE

Effective date for Manitoba and Newfoundland and Labrador

3. Section 19 of the Agreement is amended by replacing it with the following:

SECTION 19 COMING INTO FORCE

Effective date

19. This Agreement shall come into force:

PART III EXECUTION AND COMING INTO FORCE

SECTION 4. COMING INTO FORCE

Effective date

4. This 2023 Agreement shall come into force on July 1, 2023. Upon its coming into force, and providing the governments of Manitoba and Newfoundland and Labrador have each signed a signature page agreeing to join the Agreement as amended by this 2023 Agreement, Manitoba and Newfoundland and Labrador will become parties to the Agreement, and their signed signature pages are included as Schedule 2 to this 2023 Agreement.

SECTION 5. COUNTERPARTS

Execution in counterparts

5. This 2023 Agreement may be executed in one or more counterparts.

SECTION 6. EXECUTION IN ENGLISH AND IN FRENCH

Authentic texts

6. This 2023 Agreement shall be executed in the English and French languages, each text being equally authoritative.

SECTION 7. AGREEMENT UNAFFECTED

Agreement unaffected

7. Except as set forth in this 2023 Agreement, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms.

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for Alberta, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Edmonton, Alberta,

the 28th day of March, 2023.

The Honourable Travis Toews
President of Treasury Board and Minister of Finance

Approved pursuant to the Government Organization Act:

Mary MacDonald March 17, 2023
Intergovernmental Relations,
Executive Council

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for British Columbia, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Victoria, British Columbia,

the 22nd day of February, 2023.

The Honourable Katrine Conroy
Minister of Finance

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant-Governor in Council for New Brunswick, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Fredericton, New Brunswick

the 23rd day of March, 2023.

The Honourable Ernie Steeves
Minister of Finance and Treasury Board

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Governor in Council for Nova Scotia, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Halifax, Nova Scotia,

the 28th day of February, 2023.

The Honourable Allan MacMaster
Minister of Finance and Treasury Board

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for Ontario, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Toronto, Ontario,

the 28th day of March, 2023.

The Honourable Peter Bethlenfalvy
Minister of Finance

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Government of Quebec, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Québec, Quebec,

the 23rd day of March, 2023.

The Honourable Eric Girard
Minister of Finance

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Government of Quebec, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Québec, Quebec,

the 30th day of March, 2023.

The Honourable Jean-François Roberge
Minister responsible for Canadian Relations and the Canadian Francophonie

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for Saskatchewan, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Regina, Saskatchewan,

the 17th day of March, 2023.

The Honourable Bronwyn Eyre
Minister of Justice and Attorney General

2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Governor in Council for Canada, has signed this 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Ottawa, Ontario,

the 30th day of March, 2023.

The Honourable Chrystia Freeland
Minister of Finance

SCHEDULE 1

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

The signatories of this Agreement are as follows:

The governments of

ALBERTA, herein acting and represented by the President of Treasury Board and Minister of Finance;

BRITISH COLUMBIA, herein acting and represented by the Minister of Finance;

NEW BRUNSWICK, herein acting and represented by the Minister of Finance and Treasury Board;

NOVA SCOTIA, herein acting and represented by the Minister of Finance and Treasury Board;

ONTARIO, herein acting and represented by the Minister of Finance;

QUEBEC, herein acting and represented by the Minister of Finance and the Minister responsible for Canadian Relations and the Canadian Francophonie;

SASKATCHEWAN, herein acting and represented by the Minister of Justice and Attorney General; and

CANADA, herein acting and represented by the Minister of Finance.

RECITALS

PART I GENERAL PROVISIONS

SECTION 1. DEFINITIONS & SCHEDULES

Definitions

1. (1) For the purposes of this Agreement, unless the context indicates a different meaning:

“active member”
means, in relation to a pension plan, a person who:
  • (a) is accruing benefits under the plan; or
  • (b) is no longer accruing benefits under the plan, but who is deemed by the terms of the plan or the pension legislation that would apply to the person if this Agreement did not exist to have the same status as an active member of the plan as a person determined under clause (a); (“participant actif”)
“pension legislation”
means, in relation to a jurisdiction, the legislation identified in Schedule A in respect of that jurisdiction and any subordinate legislation made under that legislation, all as amended or substituted from time to time; (“loi sur les régimes de retraite”)
“pension plan”
means, in respect of a jurisdiction, any plan that is subject to the jurisdiction’s pension legislation; and (“régime de retraite”)
“pension supervisory authority”
means the government ministry, department, office, unit or agency of a jurisdiction that has supervisory or regulatory powers with respect to pension plans under the pension legislation of the jurisdiction. (“organisme de surveillance”)

Schedules

(2) The following attached Schedules form part of this Agreement:

SECTION 2. APPLICATION

General application

2. (1) Subject to subsection (2) and section 26, this Agreement applies to any pension plan that would, if this Agreement and any other agreement respecting the supervision of pension plans did not exist, be subject to registration with a pension supervisory authority under the pension legislation of more than one jurisdiction that is subject to this Agreement.

Restriction

(2) This Agreement does not apply to a pension plan if the pension supervisory authority that would be designated as the major authority for the plan under this Agreement is not subject to this Agreement.

Plan provision not effective

(3) This Agreement applies in respect of a pension plan despite any conflicting provision in any document that creates or supports the pension plan.

PART II MAJOR AUTHORITY

SECTION 3. DETERMINATION OF THE MAJOR AUTHORITY

One major authority

3. (1) One pension supervisory authority having jurisdiction over a pension plan shall be the major authority for the plan.

Plurality of active members

(2) Except as provided in sections 5 and 26, the major authority for a pension plan shall be the pension supervisory authority of the jurisdiction with the plurality of active members of the plan, as determined in accordance with subsection (3) and considering only those jurisdictions whose pension legislation would, if this Agreement and any other agreement respecting the supervision of pension plans did not exist, require the plan to be registered with the pension supervisory authority of that jurisdiction.

Determination of plurality

(3) The jurisdiction that, among those referred to in subsection (2), has the plurality of active members of a pension plan shall be determined using the most recent periodic information return that has been filed with a pension supervisory authority in relation to the plan’s fiscal year end, or if an application to register a new pension plan is received by a pension supervisory authority, determined using the information set out in the application, and on the following basis:

Equal number of active members

(4) Where the major authority for a pension plan cannot be determined by applying subsections (2) and (3) because two or more jurisdictions have authority over an equal number of active members of the plan, the major authority for the plan shall be, of those jurisdictions, the authority whose main office is in closest proximity to the main office of the administrator of the plan. For the purposes of this subsection:

Status as major authority

(5) A pension supervisory authority that becomes the major authority for a pension plan in accordance with this Agreement shall remain the major authority for the plan until the authority loses its status as major authority in accordance with this Agreement.

Minor authorities

(6) Once a pension supervisory authority becomes the major authority for a pension plan, any other pension supervisory authority to which this Agreement extends and that has supervisory or regulatory powers with respect to the plan becomes a minor authority for the plan.

New pension plan registration

(7) Where a pension supervisory authority receives an application to register a pension plan, that authority shall determine whether it is the major authority for the plan within the meaning of this Agreement, and if necessary and as soon as possible thereafter, that authority shall notify the plan administrator as to the relevant authority with which the plan should or may be registered and shall notify the relevant authority about the plan to be registered.

SECTION 4. ROLE OF THE MAJOR AUTHORITY

Interpretation

4. (1) For the purposes of this section:

Role of major authority

(2) The major authority for a pension plan shall:

Exceptions

(3) Despite clause (b) of subsection (2):

Decisions and recourse

(4) Any decision that may be made by the major authority for a pension plan that applies the provisions of the pension legislation of a minor authority’s jurisdiction as described in clause (b) of subsection (1) of section 6 is subject to the following rules:

Continued role of major authority

(5) Exercise of a recourse from a decision referred to in this section does not have the effect of preventing or releasing the major authority from continuing to fulfill its responsibilities with respect to the pension plan as set out in subsection (2).

Enforcement of decisions

(6) The major authority shall enforce any decision referred to in this section once that decision is no longer open to any further recourse, as well as any decision resulting from such recourse that is no longer open to any further recourse.

Communication with major authority

(7) A person shall be entitled to communicate with the major authority for a pension plan in the same manner that the person would be entitled to communicate with a pension supervisory authority under the legislation that would apply to the person if this Agreement did not exist.

Representative

(8) Where a person having any rights or benefits under a pension plan has designated another person or an association that represents people with rights or benefits under the plan to act on his or her behalf with respect to the major authority for the plan, such authority shall, to the extent permitted by law, communicate with that other person or association and, upon request, provide that other person or association with the information and documents to which the person is entitled.

SECTION 5.
LOSS OF MAJOR AUTHORITY STATUS

Loss of major authority status

5. (1) The major authority for a pension plan shall lose its status in that regard on the date described in subsection (2) where, according to the most recent periodic information return that has been filed with the major authority in relation to the plan’s fiscal year end, the number of active members of the plan employed in relation to the major authority’s jurisdiction, as determined under subsection (3) of section 3 as of the plan’s fiscal year end, is:

Date of loss of major authority status

(2) The major authority for a pension plan loses its status in that regard:

New major authority

(3) When the major authority for a pension plan loses its status in that regard in accordance with subsection (2), the pension supervisory authority for the jurisdiction having, as determined in accordance with subsection (1), the plurality of active members of the plan becomes the plan’s new major authority if that new major authority is subject to this Agreement.

Cancellation of change of major authority

(3.1) Despite subsections (1), (2) and (3), the major authority for a pension plan shall not lose its status in that regard under this section if, before the applicable date described in subsection (2), a periodic information return is filed with the major authority in relation to the fiscal year end of the plan immediately preceding the applicable date described in subsection (2), and that periodic information return indicates that the major authority’s jurisdiction is the jurisdiction with the plurality of active members of the plan, as determined in accordance with subsection (3) of section 3.

Equal number of active members

(4) Where the new major authority for a pension plan cannot be determined in accordance with subsection (3) because two or more jurisdictions have authority over an equal number of active members of the plan, the major authority for the plan shall be, of those jurisdictions, the authority whose main office is in closest proximity to the main office of the administrator of the plan. For the purposes of this subsection:

Transitional rules

(5) Where the major authority for a pension plan loses its status in that regard in accordance with this section:

Notice by major authority

(6) Where the major authority for a pension plan receives from the administrator of the plan the information described in clauses (a), (b) or (c) of subsection (1), it shall:

Subsequent notice by major authority

(6.1) Where the major authority for a pension plan receives from the administrator of the plan a periodic information return described in subsection (3.1), the major authority shall, as soon as possible after receipt of the periodic information return, notify the pension plan administrator and each minor authority for the plan that such periodic information return has been filed with the major authority, and that as a result, the major authority shall not lose its status in that regard on the date described in the notice provided under clause (a) of subsection (6).

Notice by new major authority

(7) The pension supervisory authority that replaces another authority as major authority for a pension plan shall, as soon as possible after assuming its functions, inform the pension plan administrator and each of the plan’s minor authorities of the date on which it assumed the functions of major authority.

Notice by plan administrator

(8) The administrator of a pension plan that receives from the plan’s major authority notice of the information provided for in clause (a) of subsection (6), in subsection (6.1) or in subsection (7) shall:

PART III APPLICABLE LAW

SECTION 6. APPLICABLE LEGISLATION

Applicable pension legislation

6. (1) While a pension supervisory authority is the major authority for a pension plan in accordance with this Agreement:

Funding rule transition on change of major authority

(2) Despite clause (a) of subsection (1) and subject to subsection (4), when a pension supervisory authority becomes the major authority for a pension plan in accordance with this Agreement, if the funding of any benefit provided under the plan has been based on actuarial valuation reports filed in respect of the plan with a pension supervisory authority, the funding of those benefits shall continue to be subject to the pension legislation that applied immediately before the major authority assumed its functions in respect of the plan until such time as a new actuarial valuation report is due to be filed in respect of the plan with the major authority in accordance with the pension legislation of the major authority’s jurisdiction.

Definitions

(3) For the purposes of subsection (4):

“alternative funding arrangement”
means a fund or financial instrument that is described in the pension legislation of a jurisdiction and is permitted under that legislation to supplement, support or otherwise satisfy the funding requirements for a pension plan under that legislation, where in the absence of such fund or financial instrument additional contributions would be required to be made to the pension fund of the plan in order to satisfy the funding requirements for the plan under that legislation; (“instrument financier”)
“new major authority”
means a pension supervisory authority that becomes the major authority for a pension plan in accordance with this Agreement; and
“prior authority”
means a pension supervisory authority with which a pension plan is registered immediately before a pension supervisory authority becomes the major authority for the plan in accordance with this Agreement.

Alternative funding arrangement exceptions

(4) Despite clause (a) of subsection (1), when a pension supervisory authority becomes the new major authority for a pension plan, if the pension legislation of the prior authority’s jurisdiction permitted the use of an alternate funding arrangement, but the pension legislation of the new major authority’s jurisdiction does not permit the use of that alternate funding arrangement, then:

Annuity discharge requirements

(5) The requirements of the pension legislation that governs a person’s benefits under a pension plan must be satisfied in order for the purchase of an annuity from an insurance company to constitute a final payment of those benefits and to discharge the liability to pay those benefits to the person under that pension legislation. For the purposes of subsection (6), any such requirements set out in a jurisdiction’s pension legislation shall be referred to as “annuity discharge requirements”.

Funding rule exceptions for annuity discharges

(6) Despite subsection (5), where in relation to a pension plan both the pension legislation of the major authority’s jurisdiction and the pension legislation of a minor authority’s jurisdiction set out annuity discharge requirements, the annuity discharge requirements of the pension legislation of the major authority’s jurisdiction shall apply to the plan instead of any corresponding annuity discharge requirements of the pension legislation of the minor authority’s jurisdiction in respect of the following matters:

SECTION 7. DETERMINATION OF BENEFITS BY FINAL LOCATION

Deemed applicability of pension legislation

7. For the purposes of determining the benefits accrued by a person under a pension plan, the person’s entire benefit accrual shall be deemed to have been subject to the pension legislation that applied to the person:

SECTION 8. PENSION PLAN INVESTMENTS

Deadline for compliance

8. Despite any other provision of this Agreement, any investment by a pension plan that is held on the date a pension supervisory authority becomes the major authority for the plan and that, although it complies with the pension legislation that applied to the plan on the day preceding that date, does not comply with the pension legislation that applies to the plan’s investments from that date, shall be brought into compliance with the latter legislation within five years from that date.

SECTION 9. PENSION BENEFITS GUARANTEE FUND

Pension benefits guarantee fund

9. Subject to sections 10 to 17, this Agreement shall not affect the application or administration of the Pension Benefits Guarantee Fund set out under the pension legislation of Ontario or any similar fund established under any other pension legislation.

PART IV PENSION PLAN ASSET ALLOCATION INTO JURISDICTIONAL PORTIONS

SECTION 10. APPLICABLE SITUATIONS

Applicable situations

10. (1) Subject to subsections (2) to (4), the assets of a pension plan shall be allocated into portions in accordance with this Part when:

No allocation required – defined contribution pension plan

(2) Where a pension plan only provides benefits that are determined with reference to amounts credited to the individual accounts of persons under the plan, the assets of the plan need not be allocated into portions in accordance with this Part if the liability for benefits accrued under the plan equals the assets of the plan on the effective date of the relevant event described in subsection (1).

No allocation required – pension plan with insufficient assets on full wind up

(3) In a situation described in clause (e) of subsection (1), where a report filed with the major authority for a pension plan indicates that on the effective date of the wind up of the plan, the assets of the plan would be insufficient to pay all the benefits and other amounts payable on the wind up of the plan, the assets of the plan need not be allocated into portions in accordance with this Part:

Distribution of remaining assets

(4) Where the requirements of subsection (3) have been satisfied and all the benefits and other amounts payable on the wind up of the pension plan have been paid, any assets remaining in the plan shall be used in the following manner:

SECTION 11. ALLOCATION OF ASSETS

Allocation into portions

11. (1) For the purposes of this Part, the assets of a pension plan shall be allocated into portions as of the date of allocation, each portion being related to the liability for benefits and other amounts accrued under the plan that is subject to a jurisdiction’s pension legislation, as determined in accordance with this section.

Standard allocation methodology

(2) Subject to section 12, the portion of a pension plan’s assets that is subject to a jurisdiction’s pension legislation as of the date of allocation shall be equal to the sum of the amounts referred to in section 13 as of the date of allocation, determined with respect to the benefits and other amounts described in section 13 that are subject to that jurisdiction’s pension legislation and applying the requirements of sections 14 to 16.

Other allocation methodology

(3) The major authority for a pension plan may permit the assets of the plan to be allocated into the portions described in subsection (1) in a manner other than that required by subsection (2) or section 12 if:

SECTION 12. PLAN WITH MORE THAN ONE PARTICIPATING EMPLOYER

Plan with more than one participating employer

12. (1) This section applies to a pension plan that has more than one participating employer and, in accordance with the pension legislation of the major authority’s jurisdiction:

Allocation of assets into employer shares

(2) For the purposes of an asset allocation under this Part involving a pension plan described in subsection (1), the assets of the plan that have been determined and accounted for separately in relation to an employer as of the date of allocation shall be allocated to that employer as an employer share if the plan characteristics described in clause (a) of subsection (1) respecting the employer:

Allocation of employer shares into portions

(3) Any employer share allocated in accordance with subsection (2) shall be further allocated into portions in the manner provided for in section 11, and used in the manner provided for in section 17, as if the employer share consisted of the assets of a separate pension plan for that employer.

Allocation of remaining assets into portions

(4) For the purposes of an asset allocation under this Part involving a pension plan described in subsection (1), any assets of the plan not allocated to an employer share in accordance with subsection (2) shall be allocated into portions in the manner provided for in section 11, and used in the manner provided for in section 17, without considering the liabilities described in clause (b) of subsection (1) related to an employer for which an employer share has been allocated under this section.

SECTION 13. DETERMINATION OF PORTIONS FOR ASSET ALLOCATION

Determination of portions

13. (1) The assets of a pension plan that are to be allocated into portions in accordance with subsection (2) of section 11 shall be allocated into portions as of the date of allocation in accordance with the levels of priority of allocation set out in this section.

Contributions and similar amounts

(2) First, allocate assets of the pension plan equal to the sum of the following contributions and amounts, to the extent that such contributions and amounts are still credited to the account of a person having benefits under the plan on the date of allocation:

Core liabilities

(3) Second, allocate assets of the pension plan equal to the sum of the following liability amounts, subject to the requirements of subsections (5) and (5.1):

Other liabilities

(4) Third, allocate assets of the pension plan equal to the value of benefits accrued under the plan, other than those referred to in subsection (3), by any person who, on the date of allocation, is entitled to receive payment of the benefit on that date or a later date, but who is not in receipt of payment of the benefit as of the date of allocation, subject to the requirements of subsections (5) and (5.1).

Excluded benefits from certain levels of priority of allocation

(5) Unless the benefits are guaranteed by an insurance company, the benefit liabilities under subsections (3) and (4) shall not include the value of the following benefits:

Deemed excluded benefits

(5.1) For the purposes of clause (b) of subsection (5), a benefit is deemed to be permitted to be excluded from the pension plan’s reported going concern liabilities if that benefit is payable only upon the full or partial wind up of the plan or upon the withdrawal of the employer as described in clause (c) of subsection (1) of section 10, unless the benefit relates to a partial wind up of the plan or the withdrawal of an employer with an effective date that precedes the date of the allocation.

Balance of assets

(6) Fourth, for the purposes of an asset allocation in any situation other than that described in clause (c), (d) or (e) of subsection (1) of section 10:

Balance of assets for certain asset allocations

(7) Fourth, for the purposes of an asset allocation in a situation described in clause (c), (d) or (e) of subsection (1) of section 10:

SECTION 14. RULES OF APPLICATION

Alternative funding arrangements

14. (1) For the purposes of this Part, the assets of a pension plan include any alternative funding arrangement described in section 6 that exists in relation to the plan at the time the assets of the plan are allocated into portions in accordance with this Part.

Determining value of benefits and assets

(2) For the purposes of sections 11 to 13, except subsection (6) of section 13, the value of the benefits and other amounts payable under a pension plan and the assets of the plan shall be determined as if the pension plan were wound up on the date of allocation.

SECTION 15. REDUCTION METHOD

15. (Revoked)

SECTION 16. INSUFFICIENCY OF ASSETS

Insufficiency of assets

16. If, at one of the levels of priority of allocation established by section 13, the assets of a pension plan that have yet to be allocated to a portion described in subsection (2) of section 11 are less than the total value of the benefits and other amounts that rank equally in that level of priority of allocation, the available plan assets shall be allocated to the portions pro rata to the total value of the benefits and other amounts that rank equally in that level of priority of allocation.

SECTION 17. USE OF ASSETS FOLLOWING ALLOCATION

Use of allocated assets

17. (1) Where an asset allocation for a pension plan is made under this Part in any situation other than that described in clause (c), (d) or (e) of subsection (1) of section 10, each portion of the assets of the plan allocated in accordance with sections 11 to 16 shall be utilized in conformity with the pension legislation applicable to the benefits and other amounts related to that portion.

Use of allocated assets for certain asset allocations

(2) Where an asset allocation for a pension plan is made under this Part in a situation described in clause (c), (d) or (e) of subsection (1) of section 10, each portion of the assets of the plan allocated in accordance with sections 11 to 16 shall be utilized, in conformity with the pension legislation applicable to the benefits and other amounts related to that portion, to satisfy payment of those benefits and other amounts arising from the wind up of the plan or the withdrawal of the employer, as the case may be. In addition, any remaining assets related to that portion shall be distributed in accordance with that pension legislation, if so required under that legislation. No assets of the plan allocated to one portion shall be utilized to satisfy payment of the benefits and other amounts related to another portion on the wind up of the plan or the withdrawal of the employer, as the case may be.

Use of remaining allocated assets

(3) Where a situation described in clause (c) or (d) of subsection (1) of section 10 occurs and the assets of a pension plan that have been allocated to a portion in accordance with sections 11 to 16 have been utilized to fully satisfy payment of the benefits and other amounts related to that portion that arise from the partial wind up of the plan or the withdrawal of the employer, as the case may be, and any other assets related to that portion have been distributed as required by the pension legislation applicable to the benefits and other amounts related to that portion, any remaining assets related to that portion shall remain in the pension fund of the plan and be commingled with the other assets therein.

PART V RELATIONS BETWEEN AUTHORITIES

SECTION 18. COOPERATION

Reciprocal obligations

18. The pension supervisory authorities that are subject to this Agreement shall:

PART VI EXECUTION AND COMING INTO FORCE OF AGREEMENT

SECTION 19. EXECUTION AND COMING INTO FORCE

Effective date

19. This Agreement shall come into force:

SECTION 20. ADDITIONAL PARTIES

Unanimous consent

20. (1) A government may become party to this Agreement with the unanimous consent of the parties to this Agreement.

Effects

(2) This Agreement shall enure to the benefit of and be binding upon a government that becomes party to this Agreement, the government’s jurisdiction and the jurisdiction’s pension supervisory authority as of the date referred to in section 19.

SECTION 21. WITHDRAWAL

Written notice

21. (1) A party to this Agreement may withdraw from this Agreement by giving written notice to all other parties to this Agreement. Such notice shall be signed by a person authorized by the laws of the withdrawing party’s jurisdiction to sign this Agreement.

Waiting period

(2) The withdrawal shall take effect on the first day of the month following expiry of a period of eighteen months following the date on which the notice was transmitted. The withdrawal shall affect only the withdrawing party, and this Agreement shall remain in force for all other parties to this Agreement.

Minor authority

(3) Where, upon expiry of the eighteen month period referred to in subsection (2), the pension supervisory authority for the withdrawing party’s jurisdiction acts as a minor authority with respect to a pension plan, the major authority for the plan shall provide, upon request, that minor authority with copies of all relevant records, documents and other information concerning the plan in the major authority’s possession.

Major authority

(4) Where, upon expiry of the eighteen month period referred to in subsection (2), the pension supervisory authority for the withdrawing party’s jurisdiction acts as the major authority for a pension plan, such authority shall:

Notice by major authority

(5) The pension supervisory authority that becomes a pension plan’s new major authority in accordance with subsection (4) shall, as soon as possible after assuming its functions, inform the plan administrator and each of the plan’s minor authorities of the date on which it assumed the functions of major authority.

Notice by plan administrator

(6) The administrator of a pension plan that receives from the plan’s new major authority notice of the information provided for in subsection (5) shall transmit such information:

Decisions and recourse

(7) Despite sections 4 and 6, where a pension supervisory authority becomes a pension plan’s new major authority in accordance with subsection (4):

SECTION 22. AMENDMENT

Unanimous consent

22. This Agreement may be amended with the unanimous written consent of each of the parties to this Agreement.

SECTION 23. COUNTERPARTS

Execution in counterparts

23. This Agreement or any amendment to this Agreement may be executed in counterparts.

SECTION 24. EXECUTION IN ENGLISH AND IN FRENCH

Authentic texts

24. This Agreement and any amendment to this Agreement shall be executed in the English and French languages, each text being equally authoritative.

PART VII IMPLEMENTATION AND TRANSITIONAL PROVISIONS

SECTION 25. REPLACEMENT

Prior agreements

25. Subject to sections 27 and 28, as of the date referred to in section 19, this Agreement replaces the agreement entitled “Memorandum of Reciprocal Agreement” and any similar agreement respecting the application of pension legislation to pension plans that has been made between the governments that are party to this Agreement or between the ministries, departments, offices, units or agencies of such governments.

SECTION 26. TRANSITION

Preliminary measure

26. (1) Where this Agreement comes into force on a date referred to in section 19, and on that date a pension plan first becomes subject to this Agreement:

Equal number of active members

(2) Where the major authority for a pension plan cannot be determined by applying clause (b) of subsection (1) because two or more jurisdictions have authority over an equal number of active members of the plan, the major authority for the plan shall be, of those jurisdictions, the authority whose main office is in closest proximity to the main office of the administrator of the plan. For the purposes of this subsection:

Notice by major authority

(3) The pension supervisory authority that becomes a pension plan’s major authority in accordance with this section shall, as soon as possible after assuming its functions, inform the plan administrator and each of the plan’s pension supervisory authorities of the date on which it assumed the functions of major authority.

Decisions and recourse

(4) Despite sections 4 and 6, where a pension supervisory authority becomes a pension plan’s major authority in accordance with this section:

New party to this Agreement after July 1, 2020

(5) Despite sections 4 and 6, if this Agreement comes into force after July 1, 2020, in respect of a government that was not party to this Agreement before that date, and a pension plan is, on the date this Agreement comes into force in respect of that party, already subject to this Agreement:

PART VIII FINAL AND SPECIAL PROVISIONS

SECTION 27. REPLACEMENT OF 2016 AGREEMENT

2016 agreement

27. As of July 1, 2020, this Agreement replaces the agreement entitled “2016 Agreement Respecting Multi-jurisdictional Pension Plans” which came into force on July 1, 2016, in respect of the governments of British Columbia, Nova Scotia, Ontario, Quebec and Saskatchewan. The application of that agreement is limited to matters referred to in section 28.

SECTION 28. ADDITIONAL TRANSITIONAL RULE

Pending matters under 2016 agreement

28. Despite section 27, any matter related to a pension plan that was subject to the agreement entitled “2016 Agreement Respecting Multi-jurisdictional Pension Plans” on June 30, 2020, and that was still pending on that date before a pension supervisory authority that was subject to that agreement, an administrative body or a court continues to be subject to the requirements of that agreement.

SECTION 29. WITHDRAWAL FROM AGREEMENT

29. (Revoked)

SCHEDULE A PENSION LEGISLATION

Alberta

1. Employment Pension Plans Act, S.A. 2012, c. E-8.1.

British Columbia

2. Pension Benefits Standards Act, S.B.C. 2012, c. 30.

Manitoba

3. The Pension Benefits Act, C.C.S.M., c. P32.

New Brunswick

4. Pension Benefits Act, S.N.B. 1987, c. P-5.1.

Newfoundland and Labrador

5. Pension Benefits Act, 1997, S.N.L. 1996, c. P-4.01.

Nova Scotia

6. Pension Benefits Act, S.N.S. 2011, c. 41.

Ontario

7. Pension Benefits Act, R.S.O. 1990, c. P.8.

Quebec

8. Supplemental Pension Plans Act, C.Q.L.R., c. R-15.1.

Saskatchewan

9. The Pension Benefits Act, 1992, S.S. 1992, c. P-6.001.

Federal jurisdiction

10. Pension Benefits Standards Act, 1985, R.S.C. 1985 (2nd supp.), c. 32.

SCHEDULE B MATTERS COVERED BY INCORPORATED LEGISLATIVE PROVISIONS

SECTION 1. MAJOR AUTHORITY’S PENSION LEGISLATION

Major authority’s pension legislation

1. The pension legislation applicable to a pension plan shall be the pension legislation of the jurisdiction of the major authority for the plan in the following areas of pension legislation:

Registration of pension plans

1. Legislative provisions respecting:

Registration of pension plan amendments

2. Legislative provisions respecting:

Pension plan administrators

3. Legislative provisions respecting:

Pension plan administrators’ duties

4. Legislative provisions respecting:

Pension plan records

5. Legislative provisions respecting:

Funding of ongoing pension plans

6. Legislative provisions respecting the following requirements related to the funding of ongoing pension plans (but not for the situations described in clauses (c), (d) and (e) of subsection (1) of section 10 of this Agreement):

Pension fund investments

7. Legislative provisions respecting:

Pension fund assets

8. Legislative provisions respecting:

Provision of information

9. Legislative provisions respecting:

Plan membership

10. Legislative provisions respecting:

Appointment of pension plan administrator

11. Legislative provisions respecting:

SECTION 2. MAJOR AUTHORITY’S POWERS

Major authority’s powers

2. Where the pension legislation of the major authority’s jurisdiction applies to a pension plan in accordance with section 1 of this Schedule, the following areas of the pension legislation of the major authority’s jurisdiction shall, for the purposes of the plan and all jurisdictions that are subject to this Agreement in respect of the plan, also apply in respect of the application of the pension legislation described in section 1 of this Schedule:

Powers of examination, investigation or inquiry

1. All powers of examination, investigation or inquiry given to the major authority.

Orders, directions, approvals or decisions

2. The issuance of, or proposal to issue, orders, directions, approvals or decisions by the major authority, and any modification as may be made to such an order, direction, approval or decision by the authority, an administrative body or a court.

Reconsideration or review

3. The rights of the plan or a person affected by an order, direction, approval or decision of the major authority, an administrative body or a court to have the order, direction, approval or decision reconsidered or reviewed by the authority, an administrative body or a court.

Offences and penalties

4. The offences and penalties that may be applied where the plan or a person is found to have contravened the terms of the applicable pension legislation.

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for Alberta, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Edmonton,

the 14th day of May, 2020.

The Honourable Travis Toews
President of Treasury Board and Minister of Finance

Approved pursuant to the Government Organization Act:

Coleen Volk
Intergovernmental Relations,
Executive Council

May 14, 2020

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for British Columbia, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Victoria,

the 29th day of April, 2020.

The Honourable Carole James
Minister of Finance

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant-Governor in Council for New Brunswick, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Fredericton,

the 12th day of May, 2020.

The Honourable Ernie L. Steeves
Minister of Finance and Treasury Board

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Governor in Council for Nova Scotia, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Halifax, N.S.,

the 5th day of May, 2020.

The Honourable Karen Lynn Casey
Minister of Finance and Treasury Board

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for Ontario, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at City of Toronto,

the 28th day of April, 2020.

The Honourable Rod Phillips
Minister of Finance

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Government of Quebec, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Québec,

the 27th day of May, 2020.

The Honourable Eric Girard
Minister of Finance

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Government of Quebec, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Québec,

the 12th day of May, 2020.

The Honourable Sonia LeBel
Minister responsible for Canadian Relations and the Canadian Francophonie

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Lieutenant Governor in Council for Saskatchewan, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Saskatoon,

the 11th day of May, 2020.

The Honourable Don Morgan
Minister of Justice and Attorney General

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized by the Governor in Council for Canada, has signed this 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Ottawa,

the 13th day of May, 2020.

The Honourable William Francis Morneau
Minister of Finance

SCHEDULE 2

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS AS AMENDED BY THE 2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

The Government of Manitoba hereby agrees to become a party to the 2020 Agreement Respecting Multi-jurisdictional Pension Plans as amended by the 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

IN WITNESS WHEREOF, the undersigned, being duly authorized by the pension legislation for Manitoba, has signed the 2020 Agreement Respecting Multi-jurisdictional Pension Plans as amended by the 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

Signed at Winnipeg, Manitoba,

the 24th day of March, 2023.

The Honourable Cliff Cullen
Minister of Finance

2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS AS AMENDED BY THE 2023 AGREEMENT AMENDING THE 2020 AGREEMENT RESPECTING MULTI-JURISDICTIONAL PENSION PLANS

The Government of Newfoundland and Labrador hereby agrees to become a party to the 2020 Agreement Respecting Multi-jurisdictional Pension Plans as amended by the 2023 Agreement Amending the 2020 Agreement Respecting Multi-jurisdictional Pension Plans.

IN WITNESS WHEREOF,

Signed at St. John’s, Newfoundland and labrador,

the 6th day of March, 2023.

The Honourable Sarah Stoodley
Minister of Digital Government and Service NL

Signed pursuant to the Intergovernmental Affairs Act, R.S.N.L. 1990, c. I-13

Signed at St. John’s, Newfoundland and labrador,

the 13th day of March, 2023.

The Honourable Andrew Furey
Minister for Intergovernmental Affairs

EXPLANATORY NOTE

(This note is not part of the Order.)

Proposal

Pursuant to section 6.1(1) of the Pension Benefits Standards Act, 1985 (PBSA), this Order authorizes the Minister of Finance to enter into the 2023 Agreement Amending the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans (2023 Amending Agreement) with the designated provinces in order to clarify and simplify the regulation of multi-jurisdictional pension plans across Canada.

Objective

To amend the 2020 Agreement Respecting Multi-Jurisdictional Pension Plans (the 2020 Agreement) to enable the governments of Manitoba and Newfoundland and Labrador to join the 2020 Agreement.

Background

The PBSA and its regulations, the Pension Benefits Standards Regulations, 1985 (PBSR), set out the legislative and regulatory requirements for private sector pension plans sponsored by employers in industries that are federally regulated, such as navigation and shipping, banking, inter-provincial transportation and communications, as well as employment in the Yukon, the Northwest Territories and Nunavut. All provinces except Prince Edward Island have similar pension benefits standards legislation regulating pension plans and the members of such plans in their respective jurisdictions.

Some pension plans have members in more than one jurisdiction, which makes the plan subject to the pension benefits standards legislation of multiple jurisdictions. Such a situation can arise when a plan sponsor has employees who work in both federally and provincially regulated areas of employment (e.g., an airline that offers the same pension plan to all its employees would have pilots under federal pension jurisdiction and head office employees under provincial pension jurisdiction).

The requirements of the various pension benefits standards legislation in Canada are broadly similar, but differences exist. Without an agreement that sets out how different jurisdictions’ pension legislation will apply, such plans face practical and legal difficulties in complying with the applicable requirements of different jurisdictions. In addition, there are areas, such as the allocation of assets on plan termination and wind up, where cooperation between jurisdictions is required.

Starting in 1968, most jurisdictions relied on reciprocal agreements to clarify the application of each jurisdiction’s legislation. These allowed multi-jurisdictional plans to register with only one pension regulator but required that regulator to apply the pension legislation of each applicable jurisdiction.

Recognizing the continued regulatory problems faced by multi-jurisdictional pension plans, the Canadian Association of Pension Supervisory Authorities (CAPSA) worked with the federal government and provinces to develop a multilateral agreement to clarify and simplify the regulation of multi-jurisdictional pension plans across Canada.

Those efforts resulted in the release of a draft agreement in 2008. Following public consultations, a revised version of that agreement was entered into by the governments of Ontario and Quebec and came into effect between those jurisdictions on July 1, 2011.

In 2016, British Columbia, Saskatchewan, Ontario, Quebec and Nova Scotia entered into a revised agreement, which came into effect on July 1, 2016. In 2017, CAPSA held public consultations on potential funding and asset allocation requirements, which resulted in the 2020 Agreement.

In 2020, Canada entered into the 2020 Agreement with British Columbia, Alberta, Saskatchewan, Ontario, Quebec, New Brunswick, and Nova Scotia. Under the PBSA, the Minister of Finance has the authority, subject to Governor in Council approval, to enter into agreements with designated provinces under PBSR, in respect of pension plans with members in both federally regulated and provincially regulated employment.

Manitoba and Newfoundland and Labrador are the only Canadian jurisdictions with pension legislation that were not party to the 2020 Agreement.

Implications

The 2023 Amending Agreement will add Manitoba and Newfoundland and Labrador to the 2020 Agreement.

The 2020 Agreement sets out an approach for the application of federal and provincial pension legislation for multi-jurisdictional pension plans. Adding Manitoba and Newfoundland and Labrador would clarify and simplify the regulation of multi-jurisdictional pension plans across Canada. It would also improve equity among members of these plans by subjecting them to the same funding standards.

The 2020 Agreement includes four main components:

  1. Registration: Under the 2020 Agreement, multi-jurisdictional pension plans are only required to register with the jurisdiction that has the plurality of active members.
  2. Application of legislation with a plurality of plan members: Under the 2020 Agreement, for key requirements that apply to a plan as a whole (e.g., funding requirements for ongoing plans and investment rules) only the legislative requirements of the jurisdiction with the plurality of active members apply. For all other areas (e.g., plan member benefits), each jurisdiction’s own legislative requirements continue to apply.
  3. Calculation of accrued benefits for plan members that change jurisdiction of employment: Under the 2020 Agreement, where a plan member changes jurisdiction of employment over the course of plan membership, the member’s ultimate plan benefits will be calculated in accordance with the pension legislation of the member’s final jurisdiction of employment.
  4. Asset Allocation: The 2020 Agreement sets out asset allocation rules for the termination and wind up of a multi-jurisdictional pension plan.

Pursuant to section 6.1 of the PBSA, the 2023 Amending Agreement and a notice that it will come into force on July 1, 2023, will be published in the Canada Gazette, Part 1. Additionally, the 2023 Amending Agreement will be tabled in each House of Parliament once all participating parties have signed.

Consultation

The 2023 Amending Agreement and the 2020 Agreement were drafted by a CAPSA working group, in consultation with the federal government and all provinces with pension benefits standards legislation. In 2017, CAPSA held public consultations on proposed changes to the 2016 agreement and received submissions from representatives of plan sponsors, retirees and active members as well as pension industry professionals. The 2020 Agreement reflects the results of this consultation. The only changes made by the 2023 Amending Agreement are to enable the governments of Manitoba and Newfoundland and Labrador to join the 2020 Agreement.

Contact

Kathleen Wrye
Director, Pensions Policy
Financial Crimes and Security Division
Department of Finance Canada
90 Elgin Street, 13th Floor
Ottawa, Ontario K1A 0G5
Email: re-pension@fin.gc.ca

DEPARTMENT OF FINANCE

POOLED REGISTERED PENSION PLANS ACT

Effective date for the 2023 Agreement amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans

Notice is hereby given, pursuant to paragraph 6(1)(a) of the Pooled Registered Pension Plans Act, that the effective date for the 2023 Agreement amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans is May 1, 2023.

The Honourable Chrystia Freeland, P.C., M.P.
Minister of Finance

DEPARTMENT OF FINANCE

POOLED REGISTERED PENSION PLANS ACT

2023 Agreement amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

Between

Canada, represented by the Minister of Finance;

British Columbia, represented by the Minister of Finance;

Nova Scotia, represented by the Minister of Finance and Treasury Board;

The government of Quebec, represented by the Minister of Finance and by the Minister responsible for Canadian Relations and the Canadian Francophonie;

The Autorité des marchés financiers, represented by the President and Chief Executive Officer;

Saskatchewan, represented by the Minister of Justice and Attorney General;

Ontario, represented by the Minister of Finance;

and

Manitoba, represented by the Minister of Finance;

RECITALS

Whereas Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers and Saskatchewan entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “Agreement”), which came into effect on June 15, 2016;

Whereas Quebec and the Autorité des marchés financiers agree to be bound by only Parts I, with the exception of Subsections 2(6) and (7), II, VI, and VII of the Agreement;

Whereas Ontario became a party to the Agreement, as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “First 2017 Agreement”), on March 31, 2017;

Whereas Manitoba became a party to the Agreement, as amended by the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “Second 2017 Agreement”) attached as Annex 1), on November 15, 2017;

Whereas any subsequent mention of the Agreement means the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans as amended by the First 2017 Agreement and the Second 2017 Agreement;

Whereas, in accordance with Section 18 of the Agreement, New Brunswick wishes to become a party to the Agreement as it will be amended by the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “2023 Agreement”);

Whereas, in accordance with Section 18 of the Agreement, Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers, Saskatchewan, Ontario, and Manitoba (hereinafter referred to as “the parties”) unanimously consent to New Brunswick becoming a party to the Agreement, as it will be amended by the 2023 Agreement;

Whereas the parties unanimously consent to entering into the 2023 Agreement, in accordance with Section 21 of the Agreement;

Now, therefore, the parties agree as follows:

Additional Party

1. The parties, in accordance with Section 18 of the Agreement, unanimously consent to New Brunswick becoming a party to the Agreement, as amended by the 2023 Agreement.

Amendments to the Agreement

2. In the list of parties to the Agreement appearing directly before the recitals to the Agreement:

(1) The word “and” is deleted; and

(2) The following words are included at the end of the list:

and New Brunswick, represented by the Minister of Finance and Treasury Board;

3. Schedule A of the Agreement is amended by adding the following at the end of the list of “Provincial PRPP Acts”:

New Brunswick

The Pooled Registered Pension Plans Act, S.N.B. 2017, c. 56

4. Section 9 of the Agreement is amended by adding the following:

(1.1) Despite Subsection 9(1), the Superintendent shall not exercise the powers of a supervisory authority of a province with respect to:

Execution in Counterparts

5. The 2023 Agreement may be executed in counterparts.

Execution in English and French

6. The 2023 Agreement shall be executed in both English and French, each text being equally authoritative.

Effective Date

7. The 2023 Agreement comes into force on May 1, 2023. Upon its coming into force, and providing New Brunswick has signed a signature page agreeing to join the Agreement (as amended by the 2023 Agreement), New Brunswick will become one of the parties, and its signed signature page will be included as Annex 2 to the 2023 Agreement.

Agreement Unaffected

8. Except as set forth in the 2023 Agreement, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms.

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLAN

For Canada

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Ottawa, Ontario,

the 30th day of March, 2023.

The Honourable Chrystia Freeland
Minister of Finance

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLAN

For British Columbia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Victoria, British Columbia,

the 22nd day of February, 2023.

The Honourable Katrine Conroy
Minister of Finance

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLAN

For Nova Scotia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Halifax, Nova Scotia,

the 30th day of March, 2023.

The Honourable Allan MacMaster
Minister of Finance and Treasury Board

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLAN

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Québec, Quebec,

the 23rd day of March, 2023.

For the government of Quebec

The Honourable Eric Girard
Minister of Finance

The Honourable Jean-François Roberge
Minister responsible for Canadian Relations and the Canadian Francophonie

For the Autorité des marchés financiers

Louis Morisset
President and Chief Executive Officer

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLAN

For Saskatchewan

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Regina, Saskatchewan,

the 17th day of March, 2023.

The Honourable Bronwyn Eyre
Minister of Justice and Attorney General

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Ontario

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Toronto, Ontario,

the 28th day of March, 2023.

The Honourable Peter Bethlenfalvy
Minister of Finance

2023 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Manitoba

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Winnipeg, Manitoba

the 24th day of March, 2023.

The Honourable Cliff Cullen
Minister of Finance

ANNEX 1

SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

Between

Canada, represented by the Minister of Finance;

British Columbia, represented by the Minister of Finance;

Nova Scotia, represented by the Minister of Finance and Treasury Board;

The government of Quebec, represented by the Minister of Finance and by the Minister responsible for Canadian Relations and the Canadian Francophonie;

The Autorité des marchés financiers, represented by the President and Chief Executive Officer;

Saskatchewan, represented by the Minister of Justice and Attorney General;

and

Ontario, represented by the Minister of Finance;

RECITALS

Whereas Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers and Saskatchewan entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans which came into effect on June 15, 2016;

Whereas Quebec and the Autorité des marchés financiers agree to be bound by only Parts I, with the exception of subsections 2(6) and (7), II, VI, and VII of that agreement;

Whereas Ontario became a party to the Agreement, as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “First 2017 Agreement”) attached as Annex 1), on March 31, 2017;

Whereas any subsequent mention of the Agreement means the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans as amended by the First 2017 Agreement;

Whereas, in accordance with Section 18 of the Agreement, Manitoba wishes to become a party to the Agreement as it will be amended by the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “Second 2017 Agreement”);

Whereas, in accordance with Section 18 of the Agreement, Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers, Saskatchewan, and Ontario (hereinafter referred to as “the parties”) unanimously consent to Manitoba becoming a party to the Agreement, as it will be amended by the Second 2017 Agreement;

Whereas the parties unanimously consent to entering into the Second 2017 Agreement, in accordance with Section 21 of the Agreement;

Now, therefore, the parties agree as follows:

Additional Party

1. The parties, in accordance with Section 18 of the Agreement unanimously consent to Manitoba becoming a party to the Agreement, as amended by the Second 2017 Agreement.

Amendments to the Agreement

2. In the list of parties to the Agreement appearing directly before the recitals to the Agreement:

(1) The word “and” is deleted; and

(2) The following words are included at the end of the list:

3. Schedule A of the Agreement is amended by adding the following at the end of the list of “Provincial PRPP Acts”:

Manitoba

Execution in Counterparts

4. The Second 2017 Agreement may be executed in counterparts.

Execution in English and French

5. The Second 2017 Agreement shall be executed in both English and French, each text being equally authoritative.

Effective Date

6. The Second 2017 Agreement comes into force on November 15, 2017. Upon its coming into force, and providing Manitoba has signed a signature page agreeing to join the Agreement (as amended by the Second 2017 Agreement), Manitoba will become one of the parties, and its signed signature page will be included as Annex 2 to the Second 2017 Agreement.

Agreement Unaffected

7. Except as set forth in the Second 2017 Agreement, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms.

SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Canada

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Ottawa,

the 19th day of October, 2017.

The Honourable William Francis Morneau
Minister of Finance

SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For British Columbia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Victoria,

the 16th day of October, 2017.

The Honourable Carole James
Minister of Finance

SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Nova Scotia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Halifax,

the 21st day of September, 2017.

The Honourable Karen Casey
Minister of Finance and Treasury Board

SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Québec,

the 16th day of October, 2017.

For the government of Quebec

The Honourable Carlos Leitão
Minister of Finance

The Honourable Jean-Marc Fortier
Minister responsible for Canadian Relations and the Canadian Francophonie

For the Autorité des marchés financiers

Louis Morrisset
President and Chief Executive Officer

SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Saskatchewan

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Regina,

the 22nd day of August, 2017.

The Honourable Gordon Wyant
Minister of Justice and Attorney General

SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Ontario

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Toronto,

the 28th day of September, 2017.

The Honourable Charles Sousa
Minister of Finance

ANNEX 1

2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

Between

Canada, represented by the Minister of Finance;

British Columbia, represented by the Minister of Finance;

Nova Scotia, represented by the Minister of Finance and Treasury Board;

The government of Quebec, represented by the Minister of Finance and by the Minister responsible for Canadian Relations and the Canadian Francophonie;

The Autorité des marchés financiers, represented by the President and Chief Executive Officer;

and

Saskatchewan, represented by the Minister of Justice and Attorney General;

RECITALS

Whereas Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers and Saskatchewan (hereinafter referred to as the “parties”) entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “Agreement”) which came into effect on June 15, 2016, and a copy of which is attached as Annex 1;

Whereas Quebec and the Autorité des marchés financiers agree to be bound by only Parts I, with the exception of subsections 2(6) and (7), II, VI, and VII of the Agreement;

Whereas, in accordance with Section 18 of the Agreement, Ontario wishes to become a party to the Agreement, as it will be amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “2017 Agreement”);

Whereas, in accordance with Section 18 of the Agreement, the parties unanimously consent to Ontario becoming a party to the Agreement, as it will be amended by the 2017 Agreement;

Whereas the parties unanimously consent to entering into the 2017 Agreement, in accordance with Section 21 of the Agreement;

Now, therefore, the parties agree as follows:

Additional Party

1. The parties, in accordance with Section 18 of the Agreement, unanimously consent to Ontario becoming a party to the Agreement, as amended by the 2017 Agreement.

Amendments to the Agreement

2. In the list of parties to the Agreement, appearing directly before the recitals to the Agreement:

(1) The word “and” is deleted; and

(2) The following words are included at the end of the list:

3. The title of Part III in the section “Contents of Agreement” of the English version of the Agreement is replaced by the following:

PART III PLAN REGISTRATION

4. The definitions “federal PRPP Act” and “voluntary retirement savings plan” in subsection 1(1) of the English version of the Agreement are replaced by the following, in alphabetical order:

“federal PRPP Act”
means the Pooled Registered Pension Plans Act (S.C. 2012, c. 16) and any subordinate legislation made under that Act, both as amended from time to time.
“voluntary retirement savings plan” or “VRSP”
means a plan registered under the VRSP Act.

5. The title following section 2 of the English version of the Agreement is replaced with the following

PART II LICENSING

6. Subsection 9(3) of the Agreement is replaced by the following:

(3) A decision that is made by the Superintendent under the authority of this Agreement and that relates to the application of a provincial PRPP Act that determines a matter addressed in Schedule C, subsection 11(4) or subsection 11(5) is deemed to be a decision of the supervisory authority of the applicable province and is not subject to judicial review under the Federal Courts Act (R.S.C., (1985) c. F-7), but instead is subject to the processes for review and appeal under the laws of that province.

7. Subparagraph 11(1)(b)(ii) of the French version of the Agreement is replaced by the following:

8. Subsection 11(2) of French version of the Agreement is replaced by the following:

(2) Pour l’application de cet article, « dernier emploi qu’il occupait » ou « dernier travail qu’il effectuait » fait référence uniquement à un emploi ou à un travail indépendant dans une autorité législative liée par la présente partie.

9. The Agreement is amended by adding the following after subsection 11(4):

(5) Despite anything in the Agreement, the valuation or division of funds, on the breakdown of a spousal or common-law relationship, in a PRPP member’s account or funds that have been transferred from a PRPP account is governed by the law of a jurisdiction that would otherwise apply to a member and their spouse, former spouse, common-law partner, or former common-law partner if this Agreement did not exist.

10. Section 13 of the French version of the Agreement is replaced by the following:

13. Il est entendu que le présent accord ne s’applique pas aux dispositions de la Loi fédérale sur les RPAC ou des Lois provinciales sur les RPAC concernant les autorisations à obtenir et les exigences qui doivent être satisfaites pour conclure le présent accord, de le modifier ou d’y ajouter des Parties, ainsi que les dispositions concernant l’effet de l’accord.

11. Subsection 14(2) of the French version of the Agreement is replaced by the following:

(2) Lorsqu’une décision du Surintendant fait l’objet d’une révision ou d’un appel en vertu des lois d’une province tel qu’il est prévu en vertu du paragraphe 9(3), le Surintendant, sur demande, communique à l’organisme de surveillance de cette province le dossier dont il disposait lorsqu’il a pris cette décision.

12. Section 15 of the French version of the Agreement is replaced by the following:

15. À la suite de la résiliation du présent accord ou du retrait d’une Partie, l’article 14 continue d’avoir effet aux seules fins de répondre aux demandes en cours.

13. Section 18 of the Agreement is replaced with the following:

18. A province may become a party

14. Section 19 of the Agreement is replaced with the following:

19. This Agreement shall be to the benefit of and be binding upon the parties and the supervisory authorities, as of the date referred to, as the case may be, in paragraph (a) or (b) of section 17.

15. Subsection 20(4) of the French version of the Agreement is replaced with the following:

(4) Si une Partie autre que le Canada a transmis un avis aux autres parties de son intention de se retirer de l’accord, le Surintendant doit, dans un délai raisonnable et sous réserve de toute restriction législative, transmettre à l’organisme de surveillance de cette Partie les copies des documents concernant les RPAC touchés transmis au Surintendant en vertu de la Loi fédérale sur les RPAC par l’administrateur du régime qui sont nécessaires à la surveillance continue des RPAC et informer les organismes de surveillance des décisions administratives prises par le Surintendant concernant les RPAC touchés.

16. Schedule A of the Agreement is amended by adding the following at the end of the list of “Provincial PRPP Acts”:

Ontario

17. Paragraphs (a), (b), (d) and (e) of Schedule B of the English version of the Agreement are replaced by the following:

18. Paragraphs (d) and (g) of Schedule B of the French version of the Agreement are replaced by the following:

Execution in Counterparts

19. The 2017 Agreement may be executed in counterparts.

Execution in English and French

20. The 2017 Agreement shall be executed in both English and French, each text being equally authoritative.

Effective Date

21. This 2017 Agreement comes into force on March 31, 2017. Upon its coming into force, and providing Ontario has signed a signature page agreeing to join the Agreement as amended by this 2017 Agreement, Ontario will become one of the parties, and its signed signature page will be included as Annex 2 to this 2017 Agreement.

Agreement Unaffected

22. Except as set forth in the 2017 Agreement, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms.

2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Canada

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Ottawa,

the 8th day of December, 2016.

The Honourable William Francis Morneau
Minister of Finance

2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For British Columbia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Victoria,

the 6th day of December, 2016.

The Honourable Michael de Jong
Minister of Finance

2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Nova Scotia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Halifax,

the 13th day of December, 2016.

The Honourable Randy Delorey
Minister of Finance and Treasury Board

2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Québec,

the 14th day of December, 2016.

For the government of Quebec

The Honourable Carlos Leitão
Minister of Finance

The Honourable Jean-Marc Fournier
Minister responsible for Canadian Relations and the Canadian Francophonie

For the Autorité des marchés financiers

Louis Morrisset
President and Chief Executive Officer

2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Saskatchewan

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Regina,

the 13th day of December, 2016.

The Honourable Gordon Wyant
Minister of Justice and Attorney General

ANNEX 1

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

Between

Canada, represented by the Minister of Finance;

British Columbia, represented by the Minister of Finance;

Nova Scotia, represented by the Minister of Finance and Treasury Board;

The government of Quebec, represented by the Minister of Finance and by the Minister responsible for Canadian Relations and the Canadian Francophonie;

The Autorité des marchés financiers, represented by the President and Chief Executive Officer;

and

Saskatchewan, represented by the Minister of Justice and Attorney General;

RECITALS

(1) Whereas each party to this Agreement is authorized by its laws to be bound by this Agreement;

(2) Whereas Quebec and the Autorité des marchés financiers agree to be bound by only Parts I, with the exception of subsections 2(6) and (7), II, VI, and VII of this Agreement;

(3) Whereas a pooled registered pension plan may be subject to the legislation of more than one party;

(4) Whereas to establish an efficient and low cost regulatory environment for pooled registered pension plans, the parties, other than Quebec and the Autorité des marchés financiers as provided in this Agreement, intend to specify the law that applies to pooled registered pension plans that are otherwise subject to the federal Pooled Registered Pension Plans Act and the pooled registered pension plan legislation of at least one province and allow, to the extent provided in this Agreement, a single supervisory authority to exercise with respect to any such pooled registered pension plans all of the licensing, registration and supervisory powers to which such pooled registered pension plans are subject;

(5) Whereas the laws of the parties allow for entering into an Agreement respecting any matter relating to pooled registered pension plans that are subject to the federal Pooled Registered Pension Plans Act and the pooled registered pension plan legislation of at least one province, including the reciprocal application of legislative provisions and administrative powers of the supervisory authorities concerned;

(6) Now, therefore, the parties agree as follows:

Contents of Agreement

PART I DEFINITIONS AND APPLICATION OF THIS AGREEMENT

PART II LICENSING

PART III REGISTRATION

PART IV SUPERVISION

PART V APPLICABLE LAW

PART VI RELATIONS BETWEEN PARTIES AND SUPERVISORY AUTHORITIES

PART VII EXECUTION, AMENDMENTS TO, WITHDRAWAL FROM AND COMING INTO FORCE OF AGREEMENT

PART I DEFINITIONS AND APPLICATION OF THIS AGREEMENT

Definitions

1. (1) For the purposes of this Agreement, unless the context indicates a different meaning:

“AMF”
means Autorité des marchés financiers.
“federal PRPP Act”
means the Pooled Registered Pension Plans Act, S.C. 2012, c. 16, and any subordinate legislation made under that Act, both as amended from time to time.
“federal PRPP licence”
means a licence issued by the Superintendent in accordance with section 11 of the federal PRPP Act authorizing a corporation to be an administrator of a pooled registered pension plan.
“federally-licensed administrator”
means the holder of a federal PRPP licence or an entity designated by the Superintendent under subsection 21(1) of the federal PRPP Act.
“federally-registered PRPP”
means a PRPP that has been registered in accordance with section 12 of the federal PRPP Act.
“member”
means a person who holds an account with a PRPP.
“party”
means a signatory to this Agreement as authorized to enter into it by the federal PRPP Act, a provincial PRPP Act or, in the case of Quebec and the AMF, the laws of Quebec.
“pooled registered pension plan” or “PRPP”
means a pooled registered pension plan that is required to be registered under the federal PRPP Act or a provincial PRPP Act as applicable.
“provincial PRPP Act”
means the legislation of a province listed in Schedule A and any subordinate legislation made under that Act, both as amended from time to time.
“Superintendent”
means the Superintendent of Financial Institutions appointed under section 5 of the Office of the Superintendent of Financial Institutions Act (R.S.C. (1985), c. 18 (3rd Supp.)).
“supervisory authority”
means the government ministry, department or agency of a party that has supervisory powers with respect to PRPPs under its laws and, in Quebec, the AMF with respect to a VRSP licence.
“voluntary retirement savings plan” or VRSP
means a plan registered under the VRSP Act.
“VRSP Act”
means the Voluntary Retirement Savings Plans Act, (CQLR, chapter R-17.0.1), and any subordinate legislation made under that legislation, both as amended from time to time.
“VRSP administrator”
means the holder of a VRSP licence.
“VRSP licence”
means an authorization issued by the AMF under section 29 of the VRSP Act.

Schedules

(2) The following Schedules form part of this Agreement:

Application of this Agreement

2. (1) Subject to subsections (4) and (5), this Agreement applies in respect of a PRPP that is required to be registered under the federal PRPP Act and one or more provincial PRPP Acts and any related matters, including its registration and supervision, the issuance of a licence authorizing a corporation to be an administrator of a PRPP, and the law applicable to a PRPP, its administrators, members and their spouse or common law partner, survivors and other beneficiaries (or the equivalent in the respective jurisdiction), and the employers offering it.

(2) This Agreement applies, to the extent that it provides for it, in respect of the issuance of a VRSP licence.

(3) Only Parts I, with the exception of subsections 2(6) and (7), II, VI and VII of this Agreement apply with regards to a VRSP licence.

(4) This Agreement does not apply in respect of a PRPP that prohibits individuals in respect of whom the federal PRPP Act applies from becoming members of the PRPP.

(5) For greater certainty, this Agreement does not apply in respect of a PRPP that is only registered provincially.

(6) This Agreement applies despite any conflicting provision in any document that creates or supports a PRPP.

(7) Where any provision of this Agreement conflicts with any provision of the federal PRPP Act or a provincial PRPP Act, this Agreement prevails to the extent of the conflict.

PART II LICENCES

Licensing Requirements

3. (1) A corporation that holds a federal PRPP licence or a VRSP licence is exempt from the requirement to obtain a licence under the applicable provincial PRPP Act.

(2) A corporation is exempt from the requirement to obtain a licence under the federal PRPP Act if the corporation holds a VRSP licence.

(3) The AMF shall issue a VRSP licence to a corporation that holds a federal PRPP licence if the requirements listed in Schedule B are met.

(4) For greater certainty, this Agreement does not prohibit a provincial supervisory authority from issuing a PRPP licence under its provincial PRPP Act.

Suspension or Revocation of a VRSP Licence

4. Despite subsections 3(1) and (2), a VRSP administrator that has its VRSP licence revoked by the AMF is no longer exempt from the requirement to obtain a licence under the federal PRPP Act or the applicable provincial PRPP Act.

5. The AMF shall notify the Superintendent as soon as practicable if it has suspended or revoked the VRSP licence of a VRSP administrator, where that VRSP administrator administers a federally-registered PRPP and does not hold a federal PRPP licence.

PART III PLAN REGISTRATION

Registration Requirements

6. (1) A federally-licensed administrator that has a PRPP registered under the federal PRPP Act is exempt from the requirement to have that PRPP registered under the applicable provincial PRPP Act.

(2) A VRSP administrator that has a PRPP registered under the federal PRPP Act is exempt from the requirement to have that PRPP registered under a provincial PRPP Act.

(3) For greater certainty, this Agreement does not prohibit a provincial supervisory authority from registering a PRPP under its PRPP Act.

(4) For greater certainty, any corporation that has a PRPP registered under the federal PRPP Act is subject to the powers of the Superintendent in respect of a federally-licensed administrator.

(5) For greater certainty, a federally-registered PRPP and a VRSP are distinct plans.

Notification

7. The Superintendent shall notify the AMF as soon as practicable if, in relation to a federally-registered PRPP administered by a VRSP administrator, the Superintendent has ordered the VRSP administrator to transfer the federally-registered PRPP and all of its assets to an entity designated by the Superintendent, or has terminated the federally-registered PRPP.

PART IV SUPERVISION

Role of the Superintendent

8. The Superintendent shall supervise all federally-registered PRPPs that are subject to this Agreement.

9. (1) With respect to the supervision of a federally-registered PRPP, the Superintendent shall exercise the powers of a supervisory authority of a province as set out in and in accordance with this Agreement.

(2) The Superintendent shall determine any matter or question related to supervision and related to the exercise of its powers pursuant to this Agreement.

(3) A decision that is made by the Superintendent under the authority of this Agreement and that relates to the application of a provincial PRPP Act that determines a matter addressed in Schedule C or in subsection 11(4) is deemed to be a decision of the supervisory authority of the applicable province and is not subject to judicial review under the Federal Courts Act (R.S.C., (1985) c. F-7), but instead is subject to the processes for review and appeal under the laws of that province.

PART V APPLICABLE LAW

Application of the Federal PRPP Act

10. Subject to section 11, the provisions of the federal PRPP Act apply to a federally-registered PRPP, including in respect of all members, and their spouses or common law partners, survivors and other beneficiaries (or the equivalent in the respective jurisdiction), its administrator, the Superintendent, and the employer offering the PRPP, instead of the provisions of a provincial PRPP Act in respect of corresponding matters that would otherwise apply if this Agreement did not exist.

Exceptions

11. (1) The following legislation applies in respect of a member of a federally-registered PRPP, and their spouse, common law partner, survivor or other beneficiary (or the equivalent in the respective jurisdiction), in relation to a matter referred to in Schedule C or addressed under subsection (4):

(2) For the purposes of this section, “last employed” or “last self-employed” refers only to employment or self-employment in jurisdictions bound by this Part.

(3) Where legislation referred to in subsection (1) applies in respect of amounts in a member’s account, it applies in relation to the entire balance of the member’s account.

(4) For greater certainty, the provisions of a provincial PRPP Act in relation to which there are no corresponding matters addressed under the federal PRPP Act apply notwithstanding anything in this Part.

12. The provisions of the federal PRPP Act are adapted to the extent necessary to give effect to this Part.

13. For greater certainty, this Agreement does not apply to provisions of the federal PRPP Act or a provincial PRPP Act regarding authorities and requirements for entering into this Agreement, amending it, or adding parties to it as well as provisions regarding the effect of the Agreement.

PART VI RELATIONS BETWEEN PARTIES AND SUPERVISORY AUTHORITIES

Requests for assistance

14. (1) Each supervisory authority shall:

(2) Where a decision of the Superintendent is being subjected to a review or appeal process under the laws of a province as provided for under subsection 9(3), the Superintendent shall, upon request, provide to the supervisory authority of the province the record that was before the Superintendent in making that decision.

Survival

15. Following the termination of this agreement or following the withdrawal of a party, section 14 shall survive only for the purposes of responding to pending requests.

Information on policy developments

16. Subject to any rules concerning Cabinet confidences and solicitor-client privilege, and any other confidentiality rule applicable to a party, each party shall provide to each other on a timely basis relevant information on policy developments in relation to the federal PRPP Act, a provincial PRPP Act, or the VRSP Act as applicable.

PART VII EXECUTION, AMENDMENTS TO, WITHDRAWAL FROM AND COMING INTO FORCE OF AGREEMENT

Effective Date

17. This Agreement comes into force:

Additional Parties

18. A province may become a party:

Effects

19. This Agreement shall be to the benefit of and be binding upon the parties and the supervisory authorities, as of the date referred to, as the case may be, in clause (a) or (b) of section 17.

Withdrawal from Agreement

20. (1) A party may withdraw from the Agreement by giving at least 12 months’ written notice to all the other parties to the Agreement and to the administrators of federally-registered PRPPs affected by the withdrawal. Upon expiry of the period indicated in the notification, the withdrawing party shall cease to be a party to the Agreement.

(2) Despite subsection (1), Canada shall provide written notice to all other parties at least 18 months prior to withdrawal.

(3) Once a party has notified the other parties that it intends to withdraw from the Agreement, but before the withdrawal takes effect, that party’s supervisory authority shall work with any other supervisory authorities that would be affected to facilitate the transfer of supervisory responsibilities in respect of PRPPs affected by the withdrawal.

(4) If a withdrawing party, other than Canada, has notified the other parties that it intends to withdraw from this Agreement, the Superintendent shall, in a reasonable time and subject to any legislative restrictions, provide to that party’s supervisory authority copies of documents relating to the affected PRPPs that have been filed with the Superintendent pursuant to the federal PRPP Act by the plan administrator that are necessary for the continued supervision of those PRPPs and shall inform the supervisory authority of any administrative decisions taken by the Superintendent concerning the affected PRPPs.

(5) If Canada has notified the other parties that it intends to withdraw from this Agreement, the Agreement shall be terminated at the end of the period referred to in subsection (2).

Amendments

21. (1) This Agreement may be amended with the unanimous written consent of the parties.

(2) Despite subsection (1), the portions of Schedule A or B applicable to a specific party is amended at the initiative of that party.

(3) Notice of an amendment to Schedule A or B shall be provided to all other parties.

Execution in Counterparts

22. This Agreement and any amendment to this Agreement may be executed in counterparts.

Execution in English and French

23. This Agreement and any amendment to this Agreement shall be executed in both English and French, each text being equally authoritative.

SCHEDULE A

Provincial PRPP Acts

British Columbia

Pooled Registered Pension Plans Act, S.B.C. 2014, c. 17

Nova Scotia

Pooled Registered Pension Plans Act, S.N.S. 2014, c. 37

Saskatchewan

The Pooled Registered Pension Plans (Saskatchewan) Act, S.S. 2013, c.P-16.101

SCHEDULE B

Requirements to be met under the VRSP Act for the AMF to Issue a VRSP Licence to the Holder of a Federal PRPP Licence

In order to obtain a licence to act as administrator pursuant to the VRSP Act, a corporation must:

SCHEDULE C

Matters for the Purposes of Subsection 11(1)

For the purposes of subsection 11(1), a matter is any of the following:

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Canada

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Ottawa,

The 10 day of June, 2016.

The Honourable William Francis Morneau
Minister of Finance

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For British Columbia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Victoria,

The 9th day of June, 2016.

The Honourable Michael de Jong
Minister of Finance

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Nova Scotia

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Halifax,

The 7 day of June, 2016.

The Honourable Randy Delorey
Minister of Finance and Treasury Board

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

IN WITNESS WHEREOF, the undersigned, being duly authorized, agree to be bound by Parts I, with the exception of subsections 2(6) and (7), II, VI and VII of the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Québec,

The 15th day of June, 2016.

For the government of Quebec

The Honourable Carlos Leitão
Minister of Finance

The Honourable Jean-Marc Fournier
Minister responsible for Canadian Relations and the Canadian Francophonie

For the Autorité des marchés financiers

Louis Morrisset
President and Chief Executive Officer

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Saskatchewan

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Regina,

The 26 day of, May 2016.

The Honourable Gordon Wyant
Minister of Justice and Attorney General

2.7 ANNEX 2

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS, AS AMENDED BY THE 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Ontario

Ontario hereby agrees to become a party to the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans;

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Effective March 31, 2017.

Signed at Toronto,

The 9th day of January, 2017.

The Honourable Charles Sousa
Minister of Finance

2.8 ANNEX 2

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS AS AMENDED BY THE 2017 AGREEMENT AND THE SECOND 2017 AGREEMENT AMENDING THE MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For Manitoba

Manitoba hereby agrees to become a party to the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans and the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans;

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans and the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Effective November 15, 2017.

Signed at Winnipeg,

The 2nd day of October, 2017.

The Honourable Cameron Friesen
Minister of Finance

2.9 ANNEX 2

MULTILATERAL AGREEMENT RESPECTING POOLED REGISTERED PENSION PLANS AND VOLUNTARY RETIREMENT SAVINGS PLANS

For New Brunswick

New Brunswick hereby agrees to become a party to the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, and the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans);

IN WITNESS WHEREOF, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, and the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans).

Effective May 1, 2023.

Signed at Fredericton, New Brunswick,

the 23rd day of March, 2023.

The Honourable Ernie Steeves
Minister of Finance and Treasury Board

EXPLANATORY NOTE

(This note is not part of the Order.)

Proposal

Pursuant to subsection 6(1) of the Pooled Registered Pension Plans Act (PRPP Act), this Order provides approval to the Minister of Finance to enter into the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (2023 Amending Agreement) with the designated provinces.

Objective

To amend the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (the Agreement) to enable the Government of New Brunswick to join the Agreement.

Background

The federal PRPP Act applies to pooled registered pension plans (PRPPs) that are linked to employment that falls under federal jurisdiction. Areas of employment that fall under federal jurisdiction include work in connection with navigation and shipping, banking, inter-provincial transportation and communications, and work in Yukon, the Northwest Territories and Nunavut.

PRPPs are an accessible, large-scale, and low-cost pension option for employers, employees, and the self-employed. A PRPP is administered by a corporation that holds a PRPP administrator license. The Office of the Superintendent of Financial Institutions (OSFI) is responsible for supervising PRPPs offered to areas of employment under federal jurisdiction.

Self-employed individuals and employers in provincially regulated jurisdictions may also join a PRPP if their respective province has PRPP legislation in place. British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Nova Scotia have passed PRPP legislation. Quebec has passed similar legislation called the Voluntary Retirement Savings Plans Act.

To streamline the registration, licensing, and supervision of PRPPs, the federal PRPP Act allows the Minister of Finance, subject to Governor in Council approval, to enter into a multilateral agreement with provinces that have passed similar legislation.

Under the Agreement, with the exception of Québec, the signatory provinces fully delegate to OSFI all aspects of the supervision of PRPPs as it relates to plan members working in provincially regulated sectors. Quebec is a signatory to the sections of the Agreement that relate to the recognition of PRPP administrator licenses. OSFI recognizes a license issued by the Autorité des marchés financiers (AMF), while the AMF issues a Voluntary Retirement Savings Plan (VRSP) license to a PRPP license holder. The AMF registers and supervises VRSPs.

The Agreement streamlines supervision by ensuring that plan administrators only need to deal with one supervisor (i.e., OSFI) for the administrator licensing, plan registration, and ongoing plan supervision. Under the Agreement, the federal Act and regulator would cover plan-wide matters while provincial Acts and regulators would continue to cover matters of provincial members’ individual benefits. For OSFI, it already licenses and supervises any PRPP that has at least one member that falls under federal jurisdiction. For provincial supervisors, the Agreement eliminates the need to license PRPPs and to supervise them with respect to the powers that have been delegated to OSFI through the Agreement. For PRPPs, the Agreement removes the need to be licensed and supervised by the pension supervisors of each jurisdiction with PRPP legislation that is a party to the Agreement.

Effective June 15, 2016, the Minister of Finance entered into the Agreement with British Columbia, Saskatchewan, Quebec, and Nova Scotia. Ontario joined the Agreement on March 31, 2017, and Manitoba joined on November 15, 2017. New Brunswick’s PRPP legislation is now in force and regulatory amendments to the Pooled Registered Pension Plans Regulations have been made to designate New Brunswick as a province with whom the Minister can enter into the Agreement.

Implications

The Agreement helps make an attractive retirement savings option available to millions of Canadians – roughly 60 per cent – who do not have access to a workplace pension plan. Additional provinces, such as New Brunswick, who join the Agreement, will facilitate the creation of large PRPPs with members across multiple jurisdictions, thereby increasing the number of Canadians with workplace pension plans and generating economies of scale and reducing costs.

In addition to amendments to the Agreement to include New Brunswick, the Agreement has also been amended to clarify that OSFI will not exercise the powers of a provincial authority with respect to certain activities (e.g., requests to access funds in locked-in accounts where funds originate from a PRPP).

Consultation

In December 2010, Canada’s Finance Ministers agreed on a framework for PRPPs to provide Canadians with a low-cost, efficiently managed, portable, and accessible savings vehicle that will help them meet their retirement objectives. The federal PRPP legislative framework was therefore developed in consultation with the provinces, which were also involved in the drafting of the Agreement.

The financial sector, which includes licensed PRPP administrators, has been a strong advocate of a harmonized PRPP supervisory framework across Canada. The current signatory provinces and OSFI have been consulted and support New Brunswick entering the Agreement as well as updates to the Agreement regarding clarification of OSFI responsibilities. Comments from signatory provinces, New Brunswick, and OSFI were taken into account in drafting the 2023 Amending Agreement.

Contact

Kathleen Wrye
Director, Pensions Policy
Financial Crimes and Security Division
Department of Finance Canada
90 Elgin Street, 13th Floor
Ottawa, Ontario K1A 0G5
Email: re-pension@fin.gc.ca

ENVIRONMENT AND CLIMATE CHANGE CANADA

SPECIES AT RISK ACT

Description of Marbled Murrelet critical habitat in the Shoal Harbour Bird Sanctuary

The Marbled Murrelet (Brachyramphus marmoratus) is listed as threatened on Schedule 1 of the Species at Risk Act and is a migratory bird protected under the Migratory Birds Convention Act, 1994. In Canada, the Marbled Murrelet is found only on Canada’s Pacific coast. The Marbled Murrelet is a small seabird that spends much of its time at sea close to shore. Marbled Murrelets are secretive and nest as solitary pairs at low densities, typically in old-growth forests within 50 km of the sea.

The latest amended recovery strategy for the Marbled Murrelet identifies marine critical habitat for the species in a number of areas, including within a federally protected area.

Notice is hereby given that, pursuant to subsection 58(2) of the Species at Risk Act, subsection 58(1) of that Act applies, 90 days after this publication, to the marine critical habitat of the Marbled Murrelet identified in the amended recovery strategy for that species — that is included on the Species at Risk Public Registry — that is found within the Shoal Harbour Bird Sanctuary described in the schedule to the Migratory Bird Sanctuary Regulations made pursuant to the Migratory Birds Convention Act, 1994.

April 8, 2023

Sarah Wren
Director
Species at Risk Act Implementation
Canadian Wildlife Service

PRIVY COUNCIL OFFICE

Appointment opportunities

We know that our country is stronger — and our government more effective — when decision-makers reflect Canada’s diversity. The Government of Canada has implemented an appointment process that is transparent and merit-based, strives for gender parity, and ensures that Indigenous peoples and minority groups are properly represented in positions of leadership. We continue to search for Canadians who reflect the values that we all embrace: inclusion, honesty, fiscal prudence, and generosity of spirit. Together, we will build a government as diverse as Canada.

We are equally committed to providing a healthy workplace that supports one’s dignity, self-esteem and the ability to work to one’s full potential. With this in mind, all appointees will be expected to take steps to promote and maintain a healthy, respectful and harassment-free work environment.

The Government of Canada is currently seeking applications from diverse and talented Canadians from across the country who are interested in the following positions.

Current opportunities

The following opportunities for appointments to Governor in Council positions are currently open for applications. Every opportunity is open for a minimum of two weeks from the date of posting on the Governor in Council appointments website.

Governor in Council appointment opportunities
Position Organization Closing date
Director Asia-Pacific Foundation of Canada  
Director Atomic Energy of Canada Limited  
Director Bank of Canada  
Chairperson Business Development Bank of Canada  
Director Business Development Bank of Canada  
Director Canada Council for the Arts  
Director Canada Deposit Insurance Corporation  
Director Canada Foundation for Sustainable Development Technology  
Director Canada Post Corporation  
Director Canada Revenue Agency  
Director Canadian Commercial Corporation  
Member Canadian Cultural Property Export Review Board  
Director Canadian Energy Regulator  
Chief Commissioner Canadian Human Rights Commission  
Pay Equity Commissioner Canadian Human Rights Commission  
Member Canadian Human Rights Tribunal  
Member Canadian Institutes of Health Research  
President Canadian Institutes of Health Research  
Member Canadian International Trade Tribunal  
Secretary Canadian Intergovernmental Conference Secretariat  
Trustee Canadian Museum of Immigration at Pier 21  
Permanent Member Canadian Nuclear Safety Commission  
President Canadian Nuclear Safety Commission  
Member Canadian Radio-television and Telecommunications Commission  
Member Canadian Statistics Advisory Council  
Director Canadian Tourism Commission  
Chairperson Canadian Transportation Accident Investigation and Safety Board  
Member Canadian Transportation Accident Investigation and Safety Board  
Member Canadian Transportation Agency  
Chairperson Export Development Canada  
Director Export Development Canada  
Director First Nations Financial Management Board  
Commissioner First Nations Tax Commission  
Deputy Administrator Fund for Railway Accidents Involving Designated Goods  
Member Historic Sites and Monuments Board of Canada  
Commissioner International Commission on the Conservation of Atlantic Tunas  
President International Development Research Centre  
Commissioner International Joint Commission  
Chairperson Military Grievances External Review Committee  
Vice-Chairperson Military Grievances External Review Committee  
Chairperson National Advisory Council on Poverty  
Member National Advisory Council on Poverty  
Member (Children’s Issues) National Advisory Council on Poverty  
Commissioner National Battlefields Commission  
Chairperson National Capital Commission  
Member National Capital Commission  
Member National Farm Products Council  
Vice-Chairperson National Farm Products Council  
Director National Gallery of Canada  
Member Net-Zero Advisory Body  
Canadian Representative North Atlantic Salmon Conservation Organization  
Canadian Representative North Pacific Anadromous Fish Commission  
Conflict of Interest and Ethics Commissioner Office of the Conflict of Interest and Ethics Commissioner  
Public Sector Integrity Commissioner Office of the Public Sector Integrity Commissioner  
Member Pacific Pilotage Authority  
Member Patented Medicine Prices Review Board  
Vice-Chairperson Patented Medicine Prices Review Board  
Commissioner Public Service Commission  
President Public Service Commission  
Member Royal Canadian Mounted Police Management Advisory Board  
Principal Royal Military College of Canada  
Deputy Administrator Ship-source Oil Pollution Fund  
Member Standards Council of Canada  
Chief Executive Officer VIA Rail Canada Inc.  
Chief Executive Officer Windsor-Detroit Bridge Authority