2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

Between

Canada, represented by the Minister of Finance;

British Columbia, represented by the Minister of Finance;

Nova Scotia, represented by the Minister of Finance and Treasury Board;

The government of Quebec, represented by the Minister of Finance and by the Minister responsible for Canadian Relations and the Canadian Francophonie;

The Autorité des marchés financiers, represented by the President and Chief Executive Officer;

Saskatchewan, represented by the Minister of Justice and Attorney General;

Ontario, represented by the Minister of Finance;

and

Manitoba, represented by the Minister of Finance;

Recitals

Whereas Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers and Saskatchewan entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “Agreement”), which came into effect on June 15, 2016;

Whereas Quebec and the Autorité des marchés financiers agree to be bound by only Parts I, with the exception of Subsections 2(6) and (7), II, VI, and VII of the Agreement;

Whereas Ontario became a party to the Agreement, as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “First 2017 Agreement”), on March 31, 2017;

Whereas Manitoba became a party to the Agreement, as amended by the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “Second 2017 Agreement”) attached as Annex 1), on November 15, 2017;

Whereas any subsequent mention of the Agreement means the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans as amended by the First 2017 Agreement and the Second 2017 Agreement;

Whereas, in accordance with Section 18 of the Agreement, New Brunswick wishes to become a party to the Agreement as it will be amended by the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “2023 Agreement”);

Whereas, in accordance with Section 18 of the Agreement, Canada, British Columbia, Nova Scotia, Quebec, the Autorité des marchés financiers, Saskatchewan, Ontario, and Manitoba (hereinafter referred to as “the parties”) unanimously consent to New Brunswick becoming a party to the Agreement, as it will be amended by the 2023 Agreement;

Whereas the parties unanimously consent to entering into the 2023 Agreement, in accordance with Section 21 of the Agreement;

Now, therefore, the parties agree as follows:

Additional Party

  1. The parties, in accordance with Section 18 of the Agreement, unanimously consent to New Brunswick becoming a party to the Agreement, as amended by the 2023 Agreement.

Amendments to the Agreement

  1. In the list of parties to the Agreement appearing directly before the recitals to the Agreement:
    1. The word “and” is deleted; and
    2. The following words are included at the end of the list:

    and New Brunswick, represented by the Minister of Finance and Treasury Board;

  2. Schedule A of the Agreement is amended by adding the following at the end of the list of “Provincial PRPP Acts”:
    New Brunswick
    The Pooled Registered Pension Plans Act, S.N.B. 2017, c. 56
  3. Section 9 of the Agreement is amended by adding the following:

    (1.1) Despite Subsection 9(1), the Superintendent shall not exercise the powers of a supervisory authority of a province with respect to:

    1. approving or authorizing unlocking or financial hardship withdrawals from retirement savings plans or locked-in accounts, or
    2. receiving or approving template contracts and any subsequent amendments thereto for retirement savings plans or locked-in accounts, or
    3. establishing or maintaining a list of the financial institutions for which template contracts are approved for retirement savings plans or locked-in accounts and the retirement savings plan or locked-in account contracts that are approved for these financial institutions.

Execution in Counterparts

  1. The 2023 Agreement may be executed in counterparts.

Execution in English and French

  1. The 2023 Agreement shall be executed in both English and French, each text being equally authoritative.

Effective Date

  1. The 2023 Agreement comes into force on May 1, 2023.  Upon its coming into force, and providing New Brunswick has signed a signature page agreeing to join the Agreement (as amended by the 2023 Agreement), New Brunswick will become one of the parties, and its signed signature page will be included as Annex 2 to the 2023 Agreement.

Agreement Unaffected

  1. Except as set forth in the 2023 Agreement, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms.

2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

For Canada

In Witness Whereof, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Ottawa,
The () day of (), 20().

[Original to be Signed by]
Minister of Finance

2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

For British Columbia

In Witness Whereof, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Victoria,
The () day of (), 20().

[Original to be Signed by]
Minister of Finance

2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

For Nova Scotia

In Witness Whereof, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Halifax,
The () day of (), 20().

[Original to be Signed by]
Minister of Finance and Treasury Board

2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

In Witness Whereof, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Québec,
The () day of (), 20().

For the government of Quebec

[Original to be Signed by]
Minister of Finance

[Original to be Signed by]
Minister responsible for Canadian Relations and the Canadian Francophonie

For the Autorité des marchés financiers

[Original to be Signed by]
President and Chief Executive Officer

2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

For Saskatchewan

In Witness Whereof, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Regina,
The () day of (), 20().

[Original to be Signed by]
Minister of Justice and Attorney General

2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

For Ontario

In Witness Whereof, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Toronto,
The () day of (), 20().

[Original to be Signed by]
Minister of Finance

2023 Agreement Amending The Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans

For Manitoba

In Witness Whereof, the undersigned, being duly authorized, has signed the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans.

Signed at Winnipeg,
The () day of (), 20().

[Original to be Signed by]
Minister of Finance

Multilateral Agreement Respecting Pooled Registered Pension Plans And Voluntary Retirement Savings Plans
- For New Brunswick

New Brunswick hereby agrees to become a party to the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, and the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans);

In Witness Whereof, the undersigned, being duly authorized, has signed the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, the Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans, and the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans).

Effective May 1, 2023.

Signed at Fredericton,
The () day of, () 20().

[Original to be Signed by]
Minister of Finance and Treasury Board

Order in Council 390/2023