Office of the Superintendent - Pension Commission

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.  

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

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