OSPC: Information for Industry & Plan Sponsors

Pooled Registered Pension Plans (PRPPs) in Manitoba


The Pooled Registered Pensions Plans (Manitoba) Act (PRPP Act) and Pooled Registered Pension Plans Regulation (PRPP Regulation) came into force on August 1, 2017.

The PRPP Act and PRPP Regulation set out the minimum standards that apply to Pooled Registered Pension Plans (PRPPs), and the rules and processes for establishing PRPPs in Manitoba.  The PRPP Act and PRPP Regulation largely incorporate by reference the federal PRPP legislation. 

The legislation will allow licensed providers to offer PRPPs to employees of employers and self employed individuals in Manitoba once Manitoba signs on to the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (Multilateral Agreement). 

The Multilateral Agreement provides that a corporation is exempt from the requirement to obtain a licence under provincial PRPP legislation if the corporation has a federal or a Quebec licence.  In addition, a federally-licensed PRPP administrator that registers a PRPP under the federal PRPP legislation is exempt from the requirement to register that PRPP under the applicable provincial PRPP legislation.  Therefore, insurance companies which have been granted a PRPP administrator’s licence by the Office of the Superintendent of Financial Institutions (OSFI) will be able to offer PRPPs to Manitoba residents.  Manitoba will by regulation only allow federally registered PRPPs to be offered in Manitoba.

Inquiries related to becoming a licensed PRPP administrator for Manitoba participants should be made to OSFI at 1-800-385-8647 or by email at information@osfi-bsif.gc.ca.

Pension Benefits Regulation, amendment 80/2017 came into force on August 1, 2017.  The regulation will allow transfers to and from PRPPs to Locked-in Retirement Accounts (LIRAs), Life Income Funds (LIFs) and Registered Pension Plans (RPPs) once Manitoba signs on to the Multilateral Agreement.  

 

Impact to Financial Institutions that issue LIRAs and LIFs and RPP administrators

The coming into force of the PRPP Act, PRPP Regulation and PBR 80/2017 will have an impact on financial institutions that issue LIRAs and LIFs and pension plan administrators.

Impact to Financial Institutions
The new LIRA and LIF addendum must be issued for any new LIRAs and LIFs issued on or after August 1, 2017.  LIRA and LIF contracts issued prior to August 1, 2017 need not be amended but must be interpreted as if the LIRA or LIF addendum had been updated to the form in the new LIRA or LIF addendum.

Impact to Pension Plan Administrators
Pension plans must be amended to reflect PBR 80/2017 the next time the plan is amended.  In the interim the plan must be administered in accordance with PBR 80/2017.

Note:  Until Manitoba signs on to the Multilateral Agreement, licensed providers cannot begin offering PRPPs to Manitobans, and transfers to and from PRPPs to LIRAs, LIFs and RPPS cannot be made. 

RELATED LINKS

FORMS

For information you may contact:

Office of the Superintendent - Pension Commission
1004 – 401 York Avenue
Winnipeg MB R3C 0P8
Phone: (204) 945-2740 in Winnipeg
1-800-282-8069, extension 2740 toll free
e-mail: pensions@gov.mb.ca

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