OSFI Issues Member Guides for PRPPs

The Office of the Superintendent of Financial Institutions (OSFI) has issued five Pooled Registered Pension Plan (PRPP) member guides for federally registered PRPPs. Under the Multilateral Agreement for PRPPs, OSFI is responsible for supervising all federally registered PRPPs that include members of jurisdictions that are subject to that agreement. The federal PRPP Act applies to such PRPPs instead of a provincial PRPP Act, subject to certain exceptions impacting individual benefits, such as locking-in requirements and the types of savings vehicles into which PRPP funds may be transferred. The new guides describe the general requirements for PRPPs as well the various requirements impacting individual benefits for federal, British Colombia, Saskatchewan, Ontario and Nova Scotia PRPP members. A guide for Manitoba members will follow.