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 draft regulations (the “Regulations”) under the Ontario Pooled Registered Pension Plans Act, 2015 (the “Act”).
As background, PMAC represents investment management firms registered to do business in Canada as portfolio managers. PMAC members manage investment portfolios for private individuals, foundations, universities and pension plans and the association has grown steadily to comprise over 200 members from across Canada.
General Comments
We commend the Ontario government as well as the Federal government for making enhancements to Canadian’s retirement savings a top priority in 2016.
We applaud the agreement in principal reached by Canada’s finance ministers to expand the Canada Pension Plan and believe that this national solution will address many of the gaps in Canadian’s retirement savings.
PMAC has been an active supporter of Federal pooled registered pension plan (“PRPP”) legislation and has monitored the on-going development of the PRPP framework across Canada. PMAC has availed itself of the opportunity to participate in various federal and provincial level consultations on this matter, including, most recently, on the Proposed Multilateral Agreement Respecting Pooled Registered Pension Plans in 2015 (the “Proposed PRPP Agreement”).