Standard Life been issued a licence to administer a federal pooled registered pension plan.
Manulife Financial is the first Canadian company to be issued a license to administer federal pooled registered pension plans.
The 2013 Ontario budget proposes introducing pooled registered pension plans in the province.
Residents of Alberta will soon have the ability to invest in pooled registered pension plans.
Ottawa is urging the provinces to move forward on pooled registered pension plans (PRPPs), noting in this year’s federal budget that the federal PRPP regulatory framework has been fully implemented.
Saskatchewan Finance Minister Ken Krawetz announced yesterday in his budget address that his government intends to introduce pooled registered pension plan (PRPP) legislation in 2013.
When the B.C. legislature adjourned on March 14, the Pooled Registered Pension Plans Act, which was awaiting second reading, got a death sentence.
The federal government introduced pooled registered pension plans (PRPPs) because legislators were worried about the low levels of pension plan coverage in the private sector. Recent data from the Office of the Superintendent of Financial Institutions (OSFI) support those concerns.
Quebec is the only province to have mirrored the federal government’s move towards pooled registered pension plans (PPRPs). Immediately following the latest government election, the Quebec version was in question. But the new government party has announced plans to move ahead with the alternative savings system.
When the federal government introduced legislation to create pooled registered pension plans (PRPPs) for federally regulated employees in November 2011, it confidently predicted that the provinces would pass their own legislation making PRPPs available to provincially regulated employees. But so far, reaction to the PRPPs from provincial governments has been lukewarm at best.