Human Resources Legislative Update
Five PRPP-Licenced Insurers Now Registered for Implementation
Date: October 7, 2014
On October 7, 2014, the federal government announced that the following five insurance companies have been given licences under the federal Pooled Registered Pension Plan (“PRPP”) framework and have been registered with the Office of the Superintendent of Financial Institutions and the Canada Revenue Agency: Sun Life, Great West Life, Manulife, Standard Life and Industrial-Alliance.
As previously reported, the federal PRPP legislation and the second and final tranche of regulations made under the Pooled Registered Pension Plans Act (“Act”) came into force on December 14, 2012. Registration and licencing of eligible insurance companies was the final step necessary for the plan administrators to implement and offer federal PRPPs.
Background information on PRPPs is available in our article, Federal Government Publishes Pooled Registered Pension Plan Regulations.