Ontario has been added to a federal-provincial agreement designed to streamline oversight of pooled registered pension plans (PRPPs) and voluntary retirement savings plans (VRSPs), according to an announcement from the Office of the Superintendent of Financial Institutions (OSFI).
OSFI on Friday published an updated version of an agreement between the federal government and several provinces (British Columbia, Nova Scotia, Quebec, and Saskatchewan) that aims to facilitate OSFI’s oversight of these retirement savings schemes.
The original agreement, which was signed in June 2016, has been amended to add Ontario to deal, along with some changes to clarify the terms of the agreement.
The amended arrangement essentially delegates responsibility for licensing, registering and supervising PRPPs that come under both federal and provincial jurisdiction to OSFI, the federal regulator notes.
Other provincial governments may be added to the agreement once they have their own PRPP legislation in place, the OSFI announcement says.