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Regulation number	Title
2017, c.56	The Pooled Registered Pension Plans Act

Under section 35 of The Pooled Registered Pension Plans Act, the Lieutenant-Governor in Council makes the following Regulation:

Citation

1This Regulation may be cited as the General Regulation – The Pooled Registered Pension Plans Act.

Definitions

2(1)The following definitions apply in this Regulation.

“Act” means The Pooled Registered Pension Plans Act.(Loi)

“federal regulation” means the Pooled Registered Pension Plans Regulations made under the federal Act.(règlement fédéral)

“immediate life annuity” means a life annuity that complies with the provisions of section 23 of New Brunswick Regulation 91-195 under the Pension Benefits Act and the following provisions:(rente viagère immédiate)

(a) the life annuity commences periodic payments within one year after its purchase;

(b) the annuity contract provides for equal periodic payments or periodic payments that have been varied by reference to

(i) the amount of any pension payable under the Old Age Security Act (Canada),

(ii) the amount of any pension payable under either the Canada Pension Plan (Canada) or a provincial pension plan as defined in section 3 of the Canada Pension Plan (Canada),

(iii) the Consumer Price Index for Canada as published by Statistics Canada under the Statistics Act (Canada), or

(iv) the value of the assets held in a segregated fund; and

(c) the life annuity is issued by a person authorized to carry on a life insurance business in Canada.

“life annuity” means a deferred life annuity or an immediate life annuity.(rente viagère)

“life income fund” means a registered retirement income fund that complies with the provisions of section 22 of New Brunswick Regulation 91-195 under the Pension Benefits Act. (fonds de revenu viager)

“locked-in retirement account” means a registered retirement savings plan that complies with the provisions of section 21 of New Brunswick Regulation 91-195 under the Pension Benefits Act.(compte de retraite immobilisé)

“retirement savings arrangement” means(arrangement d’épargne-retraite)

(a) a life income fund,

(b) a locked-in retirement account, or

(c) a life annuity.

2(2)In the Act and this Regulation, “deferred life annuity” means a life annuity that complies with the provisions of section 23 of New Brunswick Regulation 91-195 under the Pension Benefits Act and the following provisions:

(a) the life annuity commences periodic payments no earlier than one year after its purchase;

(b) the annuity contract provides for equal periodic payments or periodic payments that have been varied by reference to

(i) the amount of any pension payable under the Old Age Security Act (Canada),

(ii) the amount of any pension payable under either the Canada Pension Plan (Canada) or a provincial pension plan as defined in section 3 of the Canada Pension Plan (Canada),

(iii) the Consumer Price Index for Canada as published by Statistics Canada under the Statistics Act (Canada), or

(iv) the value of the assets held in a segregated fund; and

(c) the life annuity is issued by a person authorized to carry on a life insurance business in Canada. (rente viagère différée)

Conflict with other regulations

3If there is a conflict between a provision of this Regulation and of any other regulation, this Regulation prevails, unless the other regulation expressly provides otherwise.

Application of federal Act

4(1)The following definitions in subsection 2(1) of the federal Act do not apply to the Act or this Regulation:

(a) “common-law partner”;

(b) “common-law partnership”;

(c) “designated province”;

(d) “included employment”;

(e) “Minister”;

(f) “spouse”; and

(g) “Superintendent”.

4(2)For the purposes of applying the federal Act in accordance with subsection 5(1) of the Act, the following provisions of the federal Act do not apply:

(a) section 1;

(b) subsection 2(2);

(c) section 4;

(d) subsection 6(3);

(e) section 8;

(f) subsection 10(1);

(g) section 37;

(h) section 38;

(i) section 53;

(j) section 63;

(k) section 66;

(l) section 72;

(m) section 73;

(n) subsections 75(8) and (9);

(o) paragraphs 76(1)(a) to (r) and (v);

(p) subsection 76(2);

(q) subsections 77(1) and (5) to (7);

(r) section 78; and

(s) sections 79 to 95.

4(3)For the purposes of applying the federal Act in accordance with subsection 5(1) of the Act,

(a) the definition “employee” in subsection 2(1) of the English version of the federal Act shall be read with “or mandatary” and “or mandator” omitted;

(b) paragraph 47(1)(a) and section 71 of English version of the federal Act shall be read with “or, in Quebec, null” omitted;

(c) “prestation” in paragraphs 50(1)c) and (3)c) and 54(2)c) of the French version of the federal Act shall be read as “rente”;

(d) “prestations” in the heading “Transfert des fonds et achat de prestations viagères” following section 53 of the French version of the federal Act shall be read as “rentes”;

(e) paragraph 57(1)(c) of the English version of the federal Act shall be read with “or mandatary” omitted;

(f) section 75 of the federal Act shall be read with the following changes:

(i) in subsection (1) of the English version in the portion preceding paragraph (a) “is guilty of” shall be read as “commits”;

(ii) in subsection (2) of the English version “offence under” shall be read as “offence referred to in”;

(iii) in subsection (3)

(A) the portion preceding paragraph a) of the French version shall be read with “par procédure sommaire” omitted;

(B) paragraph (a) of the English version shall be read with “summary” omitted;

(C) paragraph (b) of the English version shall be read with “summary” omitted;

(iv) in subsection (4) of the English version “found guilty” shall be read as “convicted”;

(v) with the following added after subsection (7):

75(7.1)A certificate referred to in subsection (5) or (7) shall not be received in evidence unless the party intending to produce it has before the proceeding given to the person against whom it is to be produced reasonable notice of the intention, together with a copy of the certificate.

75(7.2)A person against whom a certificate referred to in subsection (5) or (7) is produced may, with leave of the Tribunal, require the attendance of the Superintendent for the purposes of cross-examination.

(g) in subsection 77(2) of the federal Act “that the Minister or Superintendent reproduces or translates from a document produced by a person or body other than the Minister or Superintendent” shall be read as “that the Minister or Superintendent reproduces or translates, in whole or in part, from a standard, code or rule set by a provincial, national, international or other code or standard-making body or enacted by another jurisdiction in Canada”; and

(h) all necessary grammatical changes shall be made to the French version of the federal Act arising from the modifications to the federal Act that are referred to in Schedule A of the Act.

Application of the federal regulation

5(1)Except as otherwise provided in this Regulation, the provisions of the federal regulation apply, with any necessary modification, with respect to pooled registered pension plans as though those provisions had been enacted as provisions of this Regulation.

5(2)For the purpose of applying the federal regulation in accordance with subsection (1), unless a contrary intention appears in the Act or this Regulation, a reference to a word or expression set out in Column 1 of Schedule A is to be read as a reference to the corresponding word or expression in Column 2 of Schedule A and all necessary grammatical changes shall be made to the French version of the federal regulation.

5(3)For the purpose of applying the federal regulation in accordance with subsection (1), the following provisions of the federal regulation do not apply:

(a) in section 1,

(i) the definition of “Act”,

(ii) the definition of “deferred life annuity”,

(iii) the definition of “immediate life annuity”,

(iv) the definition of “life income fund”,

(v) the definition of “locked-in RRSP”,

(vi) the definition of “restricted life income fund”, and

(vii) the definition of “restricted locked-in savings plan”;

(b) section 6.1;

(c) section 6.2;

(d) section 38;

(e) section 39;

(f) section 40;

(g) section 41;

(h) section 42;

(i) section 47;

(j) section 48;

(k) section 50;

(l) section 51; and

(m) the Schedule.

5(4)For the purpose of applying the federal regulation in accordance with subsection (1), “as being likely to shorten” in section 35 of the federal regulation shall be read as “will shorten”.

5(5)For the purpose of applying the federal regulation in accordance with subsection (1) and for greater certainty, a reference to “these Regulations” in the federal regulation shall be read as a reference to “this Regulation”.

Application of the Pension Benefits Act

6(1)For the purposes of the Act and this Regulation, the following definitions in subsection 1(1) of the Pension Benefits Act apply, with any necessary modification, with respect pooled registered pension plans as though those definitions had been enacted as definitions in this Regulation:

(a) “assets”;

(b) “deferred pension”;

(c) “former member”;

(d) “normal retirement date”;

(e) “pension”;

(f) “pension benefit”;

(g) “pension fund”; and

(h) “pension plan”.

6(2)For the purposes of this Regulation, the definition “joint and survivor pension” in subsection 1(1) of the Pension Benefits Act applies, with any necessary modification, with respect to pooled registered pension plans as though that definition had been enacted as a definition in this Regulation.

Application of New Brunswick Regulation 91-195 under the Pension Benefits Act

7(1)Subject to subsection (2), the definition of “maximum unlocking amount” and the definition of “defined contribution plan” in section 2 of New Brunswick Regulation 91-195 under the Pension Benefits Act and paragraph 17(e), subsection 19(13.3) and sections 21, 22, 23, 24, 25.4, 27, 28, 29, 30, 31, 32, 33 and 34 of New Brunswick Regulation 91-195 under the Pension Benefits Act apply, with any necessary modification, with respect to pooled registered pension plans as though those provisions had been enacted as provisions of this Regulation.

7(2)For the purpose of applying a provision of New Brunswick Regulation 91-195 under the Pension Benefits Act referred to in subsection (1),

(a) section 17 of that Regulation shall be read with the following changes:

(i) in the portion preceding paragraph (a) “subsection 27(1) of the Act” shall be read as “section 57 of the federal Act, as that section applies for the purposes of the Act”;

(ii) in paragraph (e) in the portion preceding subparagraph (i) “any information to which the member or former member would be entitled under section 16” shall be read as “the information referred to in section 16 of New Brunswick Regulation 91-195 under the Pension Benefits Act, with any necessary modifications,”;

(b) subsection 19(13.3) of that Regulation shall be read with the following changes:

(i) “When the initial transfer referred to in subsection (12) is made on or after April 1, 2009, the” and shall be read as “The”;

(ii) “under subsection (12)” shall be read as “provided for in paragraph 23(1)(b)”;

(iii) “and effective on April 1, 2009, as amended from time to time” shall be read as “, as amended from time to time”;

(c) section 21 of that Regulation shall be read with the following changes:

(i) in subsection (1) in the definition of “owner” “the commuted value of whose benefit has been transferred in whole or in part into a retirement savings arrangement referred to in section 20” shall be read as “the value of whose accumulated contributions has been transferred in whole or part into a retirement savings arrangement referred to in section 8”;

(ii) in subsection (2)

(A) in the portion preceding paragraph (a)

(I) “Subject to section 19, the” shall be read as “The”;

(II) “locked-in retirement account referred to in paragraph 20(a)” shall be read as “locked-in retirement account referred to in paragraph 8(b)”;

(B) in paragraph (a)

(I) in subparagraph (i) “section 36 of the Act” shall be read as “section 17 of the Act or section 54 of the federal Act, as it applies for the purposes of the Act,”;

(II) in subparagraph (iii) “life or deferred life annuity” shall be read as “life annuity”;

(C) in paragraph (b) “life or deferred life annuity” shall be read as “life annuity”;

(D) in subparagraph (e)(ii) “notwithstanding section 20” shall be read as “despite section 8”;

(E) in subparagraph (f)(ii) “life annuity or deferred life annuity” shall be read as “life annuity”;

(F) in paragraph (h) “the commuted value of the owner’s benefits provided under” and “divided under section 44 of the Act” shall be read as “the value of the owner’s accumulated contributions under” and “divided under sections 19 to 24 of the Act” respectively;

(G) in paragraph (i) “section 44 of the Act or subsection 57(6) of the Act” shall be read as “sections 18 to 24 of the Act”;

(H) in paragraph (k) “paragraph (d) or (e), section 44 of the Act or subsection 57(6) of the Act” shall be read as “paragraph (d) or (e) or sections 18 to 24 of the Act”;

(iii) in subsection (4) “commuted value transferred” shall be read as “value of accumulated contributions transferred”;

(iv) in subsection (5)

(A) “subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act” shall be read as “section 17 of the Act”;

(B) “life or deferred life annuity that differentiates on the basis of the annuitant’s sex, unless the commuted value of the deferred pension transferred from the plan into the account was determined on transfer in a manner that differentiated, while the owner of the account was a member of the plan, on the basis of sex of the owner.” shall be read as “life annuity that differentiates on the basis of the annuitant’s sex.”;

(v) in subsection (6) “paragraph 20(a)” shall be read as “paragraph 8(b)”;

(vi) with the following added after subsection (6):

21(6.1)A financial institution registered under subsection 21(6) of New Brunswick Regulation 91-195 under the Pension Benefits Act shall be deemed to be registered under subsection (6).

(vii) in subsection (7) “paragraph 20(a)” shall be read as “paragraph 8(b)”;

(viii) in subsection (7.1) “paragraph 20(a)” shall be read as “paragraph 8(b)”;

(ix) in subsection (7.2) “paragraph 20(a)” shall be read as “paragraph 8(b)”;

(x) in subsection (7.3) “paragraph 20(a)” shall be read as “paragraph 8(b)”;

(xi) in subsection (8.1) “subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act” shall be read as “section 17 of the Act”;

(xii) in subsection (8.2) “subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act” shall be read as “section 17 of the Act”;

(xiii) in subsection (9) in the portion preceding paragraph (a) “subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act” shall be read as “section 17 of the Act”;

(xiv) in subsection (10) “subparagraph 36(1)(a)(ii) of the Act or subsection 36(1.1) of the Act” shall be read as “section 17 of the Act”;

(xv) subsections (13) and (14) are omitted;

(xvi) in subsection (15) in the portion preceding paragraph (a) “any provision of the Act or this Regulation” and “paragraph 20(a)” shall be read as “any other provision of this Regulation” and “paragraph 8(b)” respectively;

(xvii) in subsection (16)

(A) in the portion preceding paragraph (a) “paragraph 20(a)” shall be read as “paragraph 8(b)”;

(B) in paragraph (a) “the total assets held by the owner in all retirement savings arrangements referred to in section 20 would be commutable upon termination of employment if they were held in a pension fund under a pension plan that permitted payment of the commuted value of the pension benefit in accordance with section 34 of the Act, and” shall be read as “the adjusted value of total assets held by the owner in all retirement savings arrangements referred to in section 8, calculated in accordance with subsection (16.1), is less than 40% of the Year’s Maximum Pensionable Earnings for the calendar year in which the withdrawal is made, and”;

(C) in paragraph (b) “Canada Customs and Revenue Agency” shall be read as “Canada Revenue Agency”;

(xviii) with the following added after subsection (16):

21(16.1)For the purposes of subsection (16) and subject to subsection (16.2), the adjusted value of total assets is calculated using the following formula:

A = V × 1.0665-n

and where

A =	the adjusted value of total assets;

V =	the total assets held by the owner in all retirement savings arrangements referred to in section 8;

n =	the age of the owner on December 31 of the year in which the withdrawal is made.

21(16.2)For the purposes of subsection (16.1), “n” shall not be greater than 65.

21(16.3)A withdrawal authorized by subsection (16) may only be made if the spouse or common-law partner of the owner waives in writing any rights that the spouse or common-law partner of the owner may have in the assets under the Act or this Regulation.

(d) section 22 of that Regulation shall be read with the following changes:

(i) in subsection (1)

(A) in the portion preceding paragraph (a) “paragraph 20(b)” shall be read as “paragraph 8(a)”;

(B) in paragraph (b) “a life annuity” shall be read as “an immediate life annuity”;

(ii) in subsection (7) in the portion preceding paragraph (a) “life or deferred life annuity” shall be read as “life annuity”;

(iii) in subsection (8) “a life annuity” shall be read as “an immediate life annuity”;

(iv) in subsection (9) “life annuity or deferred life annuity” shall be read as “life annuity”;

(v) in subsection (11) “commuted value” shall be read as “value of accumulated contributions”;

(e) section 23 of that Regulation shall be read with the following changes:

(i) in subsection (1)

(A) in the portion preceding paragraph (a) “a life or deferred life annuity under subsection 33(1) of the Act, a deferred life annuity under paragraph 36(1)(b) or subsection 44(3), (7), (11) or (14) of the Act or a life or deferred life annuity referred to in paragraph 20(c)” shall be read as “a life annuity under section 17 of the Act, under subsection 19(3), 19(7), 20(4) or 20(7) of the Act or under subsection 54(2) of the federal Act, as it applies for the purposes of the Act, or a life annuity referred to in paragraph 8(c)”;

(B) in subparagraph (a)(iii) “life or deferred life annuity” shall be read as “life annuity”;

(C) in paragraph (b) in the portion preceding subparagraph (i) “subsections 19(12), (13), (13.1), (13.2) and (13.3), as the case may be” shall be read as “subsection 19(13.3)”;

(D) in paragraph (c) “section 44 or subsection 57(6) of the Act” shall be read as “sections 18 to 24 of the Act”;

(E) in paragraph (e) “subsection 33(2) or 57(6) or section 44 of the Act” shall be read as “sections 18 to 24 of the Act or section 25.4”;

(F) in paragraph (g)

(I) in the portion preceding subparagraph (i) “the financial institution that is a party to the contract” shall be read as “the administrator or the financial institution that is a party to the contract”;

(II) in subparagraph (i) “financial institution a waiver in accordance with subsection 41(4) of the Act or has provided a revocation in accordance with subsection 41(6) of the Act” and “section 41 of the Act” shall be read as “administrator or financial institution a waiver in accordance with subsection 13(3) or has provided a revocation in accordance with subsection 13(4)” and “section 13” respectively;

(III) in subparagraph (ii) “subsection 41(4) of the Act” and “subsection 41(6) of the Act” shall be read as “subsection 13(3)” and “subsection 13(4)” respectively”;

(G) paragraph (g.1) is omitted;

(H) in paragraph (j) “life or deferred life annuity” shall be read as “life annuity”;

(ii) in subsection (2)

(A) in the portion preceding paragraph (a) “on the basis of the annuitant’s sex unless” shall be read as “on the basis of the annuitant’s sex.”;

(B) paragraphs (a) and (b) are omitted;

(iii) in subsection (3) “life or deferred life annuities” shall be read as “life annuities”;

(iv) in subsection (5) “Act” shall be read as “Pension Benefits Act”;

(v) in subsection (6) “life or deferred life annuity” shall be read as “life annuity”;

(vi) in subsection (7) “life or deferred life annuity” shall be read as “life annuity”;

(f) section 24 of that Regulation shall be read with the following changes:

(i) “Sections 20 to 23” shall be read as “sections 8 and 21 to 23”;

(ii) “life or deferred life annuity” shall be read as “life annuity”;

(g) section 25.4 of that Regulation shall be read with the following changes:

(i) in the portion preceding paragraph (1)(a) “vary the terms of payment, in accordance with the request of a member, of a deferred pension under subsection 33(2) of the Act by making a payment or series of payments to the member out of the pension fund if” shall be read as “vary the terms of payment, in accordance with the request of a member, of a deferred pension by making a payment to the member out of the pension fund if”;

(ii) in subsection (2) “Subsections 43(6) and (7)” shall be read as “Subsections 43(6) and (7) of New Brunswick Regulation 91-195 under the Pension Benefits Act”;

(h) section 27 of that Regulation shall be read with the following changes:

(i) in subsection (1) in the portion preceding paragraph (a) “the commuted value of benefits” shall be read as “the value of accumulated contributions”;

(ii) in subsection (4) “the commuted value of benefits” and “subsection 1(1) of the Act” shall be read as “the value of accumulated contributions” and “section 1 of the Act” respectively;

(i) subsection 28(2) of that Regulation shall be read with the following changes:

(i) in the portion preceding the formula “commuted value of the benefit” and “section 44 of the Act” shall be read as “value of accumulated contributions” and “sections 19 to 24 of the Act” respectively;

(ii) in the description of variable “p” in the formula “commuted value of the benefit” shall be read as “value of accumulated contributions”;

(iii) in the description of variable “c” in the formula “commuted value of the benefit” and “29(1), (2), (3) or (4) as the case may be” shall be read as “value of accumulated contributions” and “29(1)” respectively;

(j) section 29 of that Regulation shall be read with the following changes:

(i) in subsection (1) in the portion preceding paragraph (a) “the commuted value of the benefit of a member or a former member that is a deferred pension” and “section 44 of the Act, the commuted value of the benefit” shall be read as “the value of accumulated contributions of a member or a former member that is a deferred pension” and “sections 19 to 24 of the Act, the value of accumulated contributions” respectively;

(ii) subsections (2), (3), (4) and (5) are omitted;

(k) section 30 of that Regulation shall be read with the following changes:

(i) in subsection (1)

(A) in the definition of “spouse’s portion” “commuted value of the benefit” shall be read as “value of accumulated contributions”;

(B) in the definition of “common-law partner’s portion” “commuted value of the benefit” shall be read as “value of accumulated contributions”;

(ii) in subsection (2)

(A) “commuted value of the benefit” shall be read as “value of accumulated contributions”;

(B) “divided under section 44 of the Act” shall be read as “divided under sections 19 to 24 of the Act”;

(C) “rate set out in paragraph 43(1)(b)” shall be read as “rate set out in subsection (2.2)”;

(D) “section 36 or 44 of the Act” shall be read as “section 17 of the Act or sections 19 to 24 of the Act”;

(iii) in subsection (2.1)

(A) “commuted value of the benefit” shall be read as “value of accumulated contributions”;

(B) “divided under section 44 of the Act” shall be read as “divided under sections 19 to 24 of the Act”;

(C) “rate set out in paragraph 43(1)(b)” shall be read as “rate set out in subsection (2.2)”;

(D) “section 36 or 44 of the Act” shall be read as “section 17 of the Act or sections 19 to 24 of the Act”;

(iv) with the following added after subsection (2.1):

30(2.2)For the purposes of subsections (2) and (2.1), the interest rate shall be calculated using the rate of return attributed to the pension fund or the part of the pension fund to which the contributions are made, less the rate that can reasonably be attributed to the expenses of administering the pension plan for that period that are not required to be paid by the employer.

(v) subsection (3) and (4) are omitted;

(l) section 31 of that Regulation shall be read with the following changes:

(i) in subsection (1)

(A) in the portion preceding paragraph (a) “commuted value of the benefit” and “divided under section 44 of the Act” shall be read as “value of accumulated contributions” and “divided under sections 19 to 24 of the Act” respectively;

(B) in paragraph (b) “sections 36 or 44 of the Act” shall be read as “section 17 of the Act or sections 19 to 24 of the Act”;

(ii) subsections (4) to (12) are omitted;

(m) the portion preceding paragraph 32(1)(a) of that Regulation shall be read with the following changes:

(i) “section 44 of the Act” shall be read as “sections 19 to 24 of the Act” wherever it appears;

(ii) “commuted value of the benefits” shall be read as “value of accumulated contributions”;

(iii) “subsections 44(2) and (10) of the Act” shall be read as “subsections 19(2) and 20(3) of the Act”;

(n) section 33 of that Regulation shall be read with the following changes:

(i) in the portion preceding paragraph (a) “divided under section 44” shall be read as “divided under sections 19 to 24”;

(ii) in paragraph (a) “commuted value of the benefit” shall be read as “value of accumulated contributions”;

(iii) in paragraph (b) “commuted value of the benefit determined under section 29” shall be read as “value of accumulated contributions determined in accordance with subsection 29(1)”; and

(o) section 34 of that Regulation shall be read with the following changes:

(i) “subsection 44(15) and section 45 of the Act” shall be read as “section 26 of the Act”;

(ii) “subsections 19(1) to (3) and (5) to (13.3) apply” shall be read as “section 54 of the federal Act, as it applies for the purposes of the Act, applies”;

(iii) “section 36 or under subsection 44(3), (7), (11) or (14) of the Act” shall be read as “section 17 of the Act or under subsection 19(3) or (7) or 20(4) or (7) of the Act”.

7(3)For the purpose of applying a provision of New Brunswick Regulation 91-195 under the Pension Benefits Act referred to in subsection (1) and for greater certainty, a reference to “this Regulation” in New Brunswick Regulation 91-195 under the Pension Benefits Act shall be read as a reference to “this Regulation”.

7(4)For the purpose of applying a provision of New Brunswick Regulation 91-195 under the Pension Benefits Act referred to in subsection (1) and for greater certainty, a reference to section 8 or any paragraph of it shall be read as a reference to that provision of this Regulation.

7(5)For the purpose of applying a provision of New Brunswick Regulation 91-195 under the Pension Benefits Act referred to in subsection (1) and for greater certainty, a reference to section 13 or any subsection of it shall be read as a reference to that provision of this Regulation.

Retirement savings arrangements

8For the purposes of section 17 of the Act and paragraphs 19(2)(c) and 20(2)(c) of the Act, the following retirement savings arrangements are prescribed:

(a) a life income fund;

(b) a locked-in retirement account; and

(c) a life annuity.

Retirement savings plans

9For the purposes of paragraphs 50(1)(b), 50(3)(b) and 54(2)(b) of the federal Act, as they apply for the purposes of the Act, the following retirement savings arrangements are retirement savings plans of the prescribed kind:

(a) a life income fund;

(b) a locked-in retirement account; and

(c) a life annuity.

Prescribed supervisory authorities

10The following supervisory authorities are prescribed for the purposes of the Act:

(a) the supervisory authorities listed in section 6.2 of the federal regulation, except the one for New Brunswick; and

(b) for Canada, the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act (Canada).

Designated provinces

11The following provinces are designated for the purposes of paragraph 25(a) of the Act:

(a) British Columbia;

(b) Manitoba;

(c) Nova Scotia;

(d) Ontario;

(e) Quebec; and

(f) Saskatchewan.

Life annuity resulting from transfer of funds

12A life annuity resulting from the transfer of funds from a pooled registered pension plan is a life annuity of the prescribed kind for the purposes of paragraphs 50(1)(c) and (3)(c) and 54(2)(c) of the federal Act, as they apply for the purposes of this Act.

Life annuity payable to a survivor

13(1)A life annuity shall be in the form of a joint and survivor pension payable during the lives of the member or former member and the member’s or former member’s spouse or common-law partner.

13(2)The amount of a life annuity payable to a survivor on the death of an annuitant shall not be less than 60% of the life annuity paid to the annuitant during their joint lives.

13(3)A member or former member who is entitled to a joint and survivor pension referred to in subsection (1) and the member’s or former member’s spouse or common-law partner may jointly waive that entitlement by completing a waiver in a form provided by the Superintendent and providing it before the purchase of the life annuity to the administrator or to the financial institution that is a party to the annuity contract.

13(4)The member or former member and the member’s or former member’s spouse or common-law partner may jointly revoke a waiver referred to in subsection (3) by completing a revocation in a form provided by the Superintendent and providing it before the purchase of the life annuity to the administrator or to the financial institution that is a party to the annuity contract.

Modification of licence terms and conditions

14For the purposes of applying the federal regulation in accordance with subsection 5(1), section 7 of the federal regulation shall be read as if the following were added after paragraph (d):

(d.1) the corporation holds a valid licence under the federal Act authorizing the corporation to be an administrator;

Modification of registration conditions

15For the purposes of applying the federal Act in accordance with subsection 5(1) of the Act, section 12 of the federal Act shall be read as if the following were added after subsection (3):

15(3.1)A plan that provides its members with a means of retirement savings must not be registered unless the plan is registered under the federal Act.

Commencement

16This Regulation comes into force on January 1, 2023.

SCHEDULE A

Column 1		Column 2

	époux (French version only)		conjoint
	Superintendent (as defined in the federal Act)		Superintendent (as defined in the Act)

N.B. This Regulation is consolidated to July 27, 2022.

2022-47 - General

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