Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans

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Summary:

On May 1, 2023, New Brunswick joined the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (PRPP Agreement), already in place between Canada, British Columbia, Nova Scotia, Quebec, Saskatchewan, Ontario, and Manitoba. The PRPP Agreement aims to streamline regulation and supervision of Pooled Registered Pension Plans (PRPPs) that are subject to federal and provincial legislation. The agreement delegates responsibility for licensing, registering, and supervising PRPPs to the Office of the Superintendent of Financial Institutions (OSFI).