In December 2010, Canada’s Finance Ministers agreed on a framework for defined contribution Pooled Registered Pension Plans (PRPPs) to provide Canadians with a new, low-cost, efficiently managed, portable and accessible savings vehicle that will help them meet their retirement objectives.
Because PRPP members will “pool” their pensions through their administrators, costs will be lower.
And by providing this low-cost retirement savings opportunity for employees as well as the self-employed, PRPPs will play a key role in improving the range of retirement savings options available to Canadians.
This is especially important for millions of small business owners and their employees who will now have access to a private pension plan for the very first time.
Federal, provincial and territorial officials are working together to implement PRPPs as soon as possible, engaging with key stakeholders to ensure the framework for these new plans will meet the needs of employees, employers and those financial institutions that may offer PRPPs once they are implemented.
Bill C-25, the Pooled Registered Pension Plans Act received Royal Assent on June 28, 2012, which implements the federal portion of the PRPP framework. The PRPP framework will be fully in place across Canada pending provincial enabling legislation.
With the federal legislation in force, Provinces can now easily and seamlessly use it as a model for their respective frameworks so that the system can get up and running for Canadians on a timely basis.
Harper Government Takes Final Step in Development of Pooled Registered Pension Plans
Harper Government Finalizes Initial Tranche of Pooled Registered Pension Plans Regulations
Harper Government Publishes Pooled Registered Pension Plan Regulations
Provincial and Federal Governments Partner Toward Introduction of Pooled Registered Pension Plans
Harper Government Introduces the Pooled Registered Pension Plans Act
Pooled Registered Pension Plans: Building a Stronger Retirement Income System for Canadians
Framework for Pooled Registered Pension Plans
Harper Government Helping Canadians Save for Retirement
Speech by the Honourable Ted Menzies, Minister of State (Finance)
Contribute to the discussion
Interested Canadians are invited to submit their views on the implementation of the PRPP framework by email to prpp-consultations-rpac@fin.gc.ca.