Consultation on Streamlining the Administration and Supervision of Pooled Registered Pension Plans: Multilateral Agreement Respecting Pooled Registered Pension Plans
The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to participate in the consultation process regarding the Proposed Multilateral Agreement Respecting Pooled Registered Pension Plans (the “Proposed Agreement” or “Consultation”) which was released on July 15, 2015 by the Department of Finance. We believe this is an important step forward in the administration of the PRPP nationally.
PMAC has been an active supporter of the Federal PRPP legislation and has monitored the development of the Federal PRPP framework by participating throughout the Federal Department of Finance’s consultation process. We have provided numerous submissions and participated in focus groups. We commend the Federal government for making enhancements to Canadian’s retirement savings a top priority. We believe that in order to ensure PRPPs’ success nationally, provincial governments must adopt legislation locally in order to allow provincially regulated businesses to begin to offer PRPPs to employees as soon as possible. We commend the various provinces that have passed PRPP legislation along with those who are actively taking steps to introduce PRPP legislation.