Human Resources Legislative Update
Saskatchewan Introduces PRPP Legislation
Date: April 12, 2013
On April 8, 2013, the government of Saskatchewan introduced Bill 92, The Pooled Registered Pension Plans (Saskatchewan) Act.
If passed, Bill 92 would authorize pooled registered pension plans (“PRPPs”) to be made available to provincially regulated employees and self-employed persons in Saskatchewan. Subject to the legislation and any supporting regulations, the requirements set out in the federal Pooled Registered Pension Plans Act (“Federal Act”) would apply, with necessary modifications, to the Saskatchewan PRPPs. Bill 92 also provides for the powers of the superintendent of the PRPPs, appeal procedures, division on spousal breakdown and the enforcement of maintenance orders, payment of benefits to a designated person and offence provisions.
As previously reported, the Federal Act came into force on December 14, 2012.
On April 8, 2013, Bill 91, An Act to amend The Saskatchewan Pension Plan Act (No. 2) was introduced. It would, if passed, permit the trustees of the Saskatchewan Pension Plan to apply to be a licenced PRPP administrator in Saskatchewan.
Note: Both Bills 91 and 92 passed and received Royal Assent on May 15, 2013. The Bills should be consulted for coming into force information.
For information regarding the PRPPs, see our prior blog posts.