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ARTICLE · 05 DECEMBER 2016

Ontario's Pooled Registered Pension Plans Act Takes Effect

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On November 8, 2016, Ontario Pooled Registered Pension Plans Act, 2015 ("PRPP Act") and its regulations came into force. We previously commented on this anticipated legislation here.

CanadaEmployment and HR
Kyle Lambert
Kyle Lambert
Lyndsay Wasser
Lyndsay Wasser
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On November 8, 2016, Ontario Pooled Registered Pension Plans Act, 2015 ("PRPP Act") and its regulations came into force. We previously commented on this anticipated legislation here.

The new Act establishes the Pooled Registered Pension Plan ("PRPP") as another tool for Ontario workers – both employees and self-employed – to save for retirement. As a voluntary and relatively low-cost scheme, PRPPs may also be a helpful option for small and medium-sized businesses, for whom the operation of a full pension plan may be too onerous.

PRPPs are a form of defined contribution pension plan that are administered by an approved financial institution – typically banks and insurance companies.  Once an employee has a PRPP account, all contributions are credited to the employee's account. The funds in the employee's account are pooled with the other funds in the same PRPP.

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