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Part II .

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Pooled Registered Pension Plans Regulations

made under

Section 20 of the

Pooled Registered Pension Plans Act

S.N.S. 2014, c. 37

O.I.C. 2016-111 (May 3, 2016, effective May 4, 2016), N.S. Reg. 88/2016

Table of Contents

Please note: this table of contents is provided for convenience of reference and does not form part of the regulations.

Click here to go to the text of the regulations .

Interpretation and Application

Citation

Definitions

Conflict with other regulations

Applicability of federal Act

Applicability of federal regulations

Requirement for spousal consent—commencement of variable payments

Transfers of Funds and Purchases of Life Annuities

Contracts that provide for life annuities

Joint and survivor annuities

Notice to spouse if member’s interest may be affected

Breakdown of Spousal Relationship

Definitions for Sections 11 to 17—division of pooled registered pension plan entitlement

Application of Sections 10 to 17

Matrimonial Property Act settlements

Separation date specified in court order or domestic contract

Information about pooled registered pension plan provided to spouse

Notice to member of spouse’s request

Transfer of proportionate share out of pooled registered pension plan account

Calculation of proportionate share of funds in a pooled registered pension plan account

Licensing and Registration

Modification of licence conditions

Modification of registration conditions

Interpretation and Application

Citation

1 These regulations may be cited as the Pooled Registered Pension Plans Regulations .

Definitions

2 In these regulations,

“Act” means the Pooled Registered Pension Plans Act ;

“approved form” means a form that the Superintendent has approved and requires to

be used, which the Superintendent may make available through the offices of the

Superintendent or on its website;

“deferred life annuity” means a deferred life annuity as defined in the Pension

Benefits Regulations ;

“domestic contract” means a written agreement referred to in and for the purpose of

Section 14 of the Act that provides for the division between a member and the

member’s spouse of the funds in the member’s pooled registered pension plan

account, and includes a marriage contract as defined in the Matrimonial Property

Act ;

“immediate life annuity” means an immediate life annuity as defined in the Pension

Benefits Regulations ;

“joint and survivor annuity” means an annuity payable during the joint lives of the

person entitled to the annuity and that person’s spouse and thereafter during the life

of the survivor of them;

“joint and survivor pension” means a joint and survivor pension as defined in the

Pension Benefits Act , and includes a joint and survivor benefit as described in that

Act;

“life annuity” means a life annuity as defined in the Pension Benefits Regulations ;

“LIF” or “life income fund” means a “LIF” or “life income fund” as defined in

Section 2 of the Pension Benefits Regulations ;

“LIRA” or “locked-in retirement account” means a “LIRA” or “locked-in retirement

account” as defined in

Section 2 of the Pension Benefits Regulations ;

“ Pension Benefits Regulations ” means the Pension Benefits Regulations made under

the Pension Benefits Act ;

“retirement savings arrangement” is a “retirement savings arrangement” as defined in

Section 2 of the Pension Benefits Regulations ;

“registered retirement savings arrangement” means either of the following

established in accordance with the Income Tax Act (Canada) and the regulations

made under that Act:

(

i) registered retirement savings plan;

(ii) registered retirement income fund.

Conflict with other regulations

3 If there is a conflict between these regulations and any other regulations, these regulations

prevail, unless the other regulations expressly provide that these regulations do not apply.

Applicability of federal Act

(1) The following

definitions in subsection 2(1) of the federal Act do not apply to the

Act or these regulations:

(

a) common-law partner;

(

b) common-law partnership;

(

c) designated province;

(

d) included employment;

(

e) Minister;

(

f) prescribed;

(

g) spouse;

(

h) Superintendent.

(2) For the purpose of applying the federal Act under subsection 4(1) of the Act, the

following provisions of the federal Act do not apply:

section 1, subsection 2(2),

section 4, subsection 6(3), sections 8, 10, 37, 53, 63, 72 and 73, subsections 75(9)

and 76(2), paragraphs 76(1)(

a) to (r), (

u) and (v), sections 78 and 79 to 95.

(3) For the purpose of applying the federal Act under subsection 4(1) of the Act, the

federal Act must be read with all of the following changes:

(a) “designated province” must be read throughout as “designated jurisdiction” as

defined in the Act;

(b) “included employment” must be read throughout as “Provincial employment”

as defined in the Act;

(

c) any provision that includes the following terms or phrases must be read with

the term or phrase omitted:

(i) “common-law partner”,

(ii) “common-law partner or former common-law partner”,

(iii) “or common-law partner”;

(

d) the definition of “survivor” in subsection 2(1) of the federal Act is replaced

with the following definition:

“survivor”, in relation to a deceased member, means the member’s spouse at

the time of the member’s death;

read as “the Province’s”;

(

f) section 71 of the federal Act must be read with “or, in Quebec, null” omitted;

(g) “ Statutory Instruments Act ” in

section 74 of the federal Act must be read as

“ Regulations Act ”.

Applicability of federal regulations

(1) These regulations adopt the federal regulations, and the federal regulations apply

with the necessary changes in details with respect to pooled registered pension plans

as though they had been enacted as provisions of these regulations, except as

otherwise stated in these regulations.

(2) For the purpose of applying the federal regulations under subsection (1), unless a

contrary intention appears in the Act or these regulations, a reference in a provision

of the federal regulations to a word or expression set out in Column 1 of the table in

subsection 4(2) of the Act must be read as a reference to the word or expression set

out opposite in Column 2 of the table.

(3) For the purpose of applying the federal regulations under subsection (1), the

following provisions of the federal regulations do not apply: sections 38, 39, 40, 41

and 42 and the

Schedule to the federal regulations.

(4) For the purpose of applying the federal regulations under subsection (1), the federal

regulations must be read with all of the following changes:

(

a) all of the following provisions must be read with “or common law partner”, “or

common-law partner”, “OR COMMON-LAW PARTNER” or “or Common-law Partner” omitted:

(

i) the

definitions of “child” and “related party” in

section 1,

(ii) paragraphs 6(

e) and (

f) and subsection 26(l);

(

b) the

definitions of “deferred life annuity”, “immediate life annuity” and “life

annuity” in

section 1 are replaced with the corresponding

definitions in these

regulations;

(c) “immediate or deferred life annuity” must be read as “immediate life annuity or

a deferred life annuity” as those terms are defined in these regulations.

Requirement for spousal consent—commencement of variable payments

(1) Except as provided in subsection (2), the election by a member to receive variable

payments from the funds in their account under

section 48 of the federal Act may

only be made if the member’s spouse has consented to the payments in accordance

with subsection (3).

(2) A member may elect to receive variable payments from the funds in their account if

the member’s spouse is living separate and apart from the member with no

reasonable prospect of resuming cohabitation on the date that the member makes the

election.

(3) The consent required by subsection (1) must be in writing and in an approved form.

Transfers of Funds and Purchases of Life Annuities

Contracts that provide for life annuities

7 An insurance contract that provides for an immediate life annuity or a deferred life annuity

resulting from the transfer of funds from a pooled registered pension plan account is an

immediate life annuity or a deferred life annuity of the prescribed kind for the purposes of

paragraphs 50(1)(

c) and 3(b), and 54(2)(

c) of the federal Act if the contract includes all of

the following terms:

(

a) that, except as permitted by subsection 12(3),

Section 13 and subsection 14(2)

of the Act or by these regulations, money transferred, including interest, will

not be assigned, charged, alienated or anticipated and is exempt from

execution, seizure or attachment;

(

b) that, under subsection 12(2) of the Act, any transaction purporting to assign,

charge, alienate or anticipate money transferred contrary to clause (

a) is void

and in contravention of these regulations;

(

c) that, except in the case of the unexpired period of a guaranteed annuity when

the annuitant is deceased, no benefit provided under the life annuity may be

surrendered during the lifetime of the annuitant’s spouse and that any

transaction appearing to do so is void;

(

d) that an order under

Section 14 of the Act dividing the funds in a life annuity, or

a domestic contract that provides for the division of the funds in a life annuity,

is not effective to the extent that it purports to entitle a spouse of the annuitant

to a share that exceeds 50% of the life annuity earned during the marriage or

cohabitation, as determined in accordance with

Section 14 of the Act and these

regulations;

(

e) that if the annuitant has a spouse at the time payments begin, the life annuity

will be in the form of a joint and survivor annuity, as required by subsection

8(1), unless the circumstances in subsection 8(5) apply;

(

f) that, for the purposes of purchasing an immediate life annuity, a determination

as to whether the annuitant has a spouse will be made on the date the life

annuity is purchased;

(

g) that the amount of the life annuity will be determined on a basis that does not

take into account the sex of the annuitant;

(

h) that in the case of a deferred life annuity, if the annuitant dies before the

payment of the first instalment of the life annuity is due, the survivor is

entitled, on the death of the annuitant, to an amount equal to the commuted

value of the deferred life annuity;

(

i) that in the case of deferred life annuity, any amount to which the survivor is

entitled may be

(

i) transferred to a LIRA,

(ii) transferred to a pooled registered pension plan,

(iii) transferred to a pension plan if the pension plan permits such a transfer

and administers the benefit attributed to the transferred funds as if the

benefit were that of a member of the pension plan,

(iv) used to purchase an immediate life annuity or a deferred life annuity, or

(

v) transferred to a LIF;

(

j) that the life annuity will be administered in accordance with

Section 8 if the

annuitant dies before payment of the first instalment of the life annuity is due.

Joint and survivor annuities

(1) If an annuitant has a spouse on the date that payment of the first instalment of the life

annuity is due, the benefit is a joint and survivor annuity.

(2) If an annuitant dies before the date that payment of the first instalment of the life

annuity is due, the survivor is entitled, on the death of the annuitant, to an amount

equal to the commuted value of the deferred life annuity in accordance with

subsection (4).

(3) The amount of a life annuity payable to a survivor on the death of an annuitant must

not be less than 60% of the life annuity paid to the annuitant during their joint lives.

(4) For the purposes of subsection (2), the commuted value of a deferred life annuity

must not be less than the value determined in accordance with

Section 3500 of the

Canadian Institute of Actuaries Standards of Practice .

(5) Despite subsections (1) to (3), those subsections do not apply to an annuitant who is

living separate and apart from their spouse, with no reasonable prospect of the

resumption of cohabitation, on the date that payment of the first instalment of a life

annuity is due, if any of the following apply:

(

a) the spouse delivers a written waiver to the administrator, in an approved form,

with respect to the life annuity before the date that payment of the first

instalment of the life annuity is due;

(

b) the spouse is not entitled to receive an amount in respect of the life annuity in

accordance with the terms of a written agreement for the division of the life

annuity, and the agreement is entered into before the date that payment of the

first instalment of the life annuity is due;

(

c) the spouse is not entitled to receive an amount in respect of the life annuity by

a court order issued before the date that payment of the first instalment of the

life annuity is due.

Notice to spouse if member’s interest may be affected

9 An administrator must provide a spouse who has submitted a request for information

about a member’s pooled registered pension plan under subsection 14(1) with at least 30

days’ advance notice of any transaction relating to the member’s interest in the pooled

registered pension plan as a result of any of the following:

(

a) the member’s death;

(

b) an election by the member to receive variable payments from the funds in their

account;

(

c) any direction given to the administrator by the member.

Breakdown of Spousal Relationship

Definitions for Sections 11 to 17—division of pooled registered pension plan entitlement

10 In this

Section and Sections 11 to 17,

“court order” means an order of the Supreme Court of Nova Scotia, or an equivalent

order of a court of competent jurisdiction made outside the Province and enforceable

in the Province, that provides for a division;

“division” means a division of the funds in a pooled registered pension plan account

between a member and their spouse in accordance with

Section 14 of the Act;

“pensionable service” means “pensionable service” as defined in

Section 234 of the

Pension Benefits Regulations ;

“domestic contract” means a written agreement that provides for a division referred

to in and for the purpose of

Section 14 of the Act;

“proportionate share” of the funds in a member’s pooled registered pension plan

account means the share of the funds to which the spouse of the member is entitled,

calculated in accordance with

Section 17;

“separation date” means the date a member’s spouse becomes entitled to a division.

Application of Sections 10 to 17

11 If a member’s spouse is entitled to an interest in the funds in the member’s pooled

registered pension plan account, the spouse’s proportionate share in the funds must be

calculated in accordance with Sections 10 to 17.

Matrimonial Property Act settlements

(1) Nothing in Sections 10 to 17 prevents the division of assets under

Section 13 of the

Matrimonial Property Act in settlement of the value of any funds in a pooled

registered pension plan account under the Act or these regulations that, because of

the termination of the marriage relationship, the person will lose the chance of

acquiring.

(2) Sections 10 to 17 do not apply if there is an unequal division of assets under the

Matrimonial Property Act in the circumstances described in subsection (1).

Separation date specified in court order or domestic contract

13 The separation date must be specified in any court order or domestic contract that

determines a division.

Information about pooled registered pension plan provided to spouse

(1) A spouse who claims an interest in the funds in their spouse’s pooled registered

pension plan account and who submits a request in an approved form to the

administrator for information about their spouse’s pooled registered pension plan, is

entitled to receive any information necessary from the administrator to determine the

value of the funds in the pooled registered pension plan account.

(2) An administrator must provide the information requested under subsection (1) no

later than 60 days after receiving the request.

(3) An administrator must provide updates to any information requested under

subsection (1) no more frequently than once each calendar year if the update is

requested by the spouse.

Notice to member of spouse’s request

(1) An administrator must send a notice in an approved form to any member whose

spouse submits a request under the following provisions:

(a) subsection 14(1), for a request for information about a pooled registered

pension plan;

(b) subsection 16(2), for a request to transfer their proportionate share.

(2) The notice in subsection (1) must be sent no later 30 days after the date the request is

submitted to the administrator or financial institution.

Transfer of proportionate share out of pooled registered pension plan account

(1) A transfer of a proportionate share of the funds in a pooled registered pension plan

account to the credit of a spouse must be made in accordance with the requirements

for transferring the funds of a pooled registered pension plan account under

section

54 of the federal Act and under this Section.

(2) A spouse who submits a request in an approved form to an administrator together

with a copy of the court order or domestic contract that determines the division of

the funds in a pooled registered pension plan account is entitled to transfer the

spouse’s proportionate share of the funds from the pooled registered pension plan

account in accordance with subsection 14(4) of the Act.

Calculation of proportionate share of funds in a pooled registered pension plan account

(1) The proportionate share of the funds in a member’s pooled registered pension plan

account must be calculated in accordance with the following formula:

proportionate share = P × (A ÷ B) × C

in which

P = the percentage of the funds to be credited to the member’s spouse under a court

order or domestic contract

A = years of membership, or parts thereof, in the pooled registered pension plan

during which contributions were made, and includes pensionable service in

respect of any pension benefits transferred into the pooled registered pension

plan account, accruing from the earliest of all of the following dates to the

separation date:

(

i) the date of the marriage,

(ii) the beginning of the domestic partnership,

(iii) the beginning of the cohabitation in a conjugal relationship that satisfies

the requirements in subclause 2(q)(iii) or (

v) of the Act

B = the total years of membership, or parts therefore [thereof], in a pooled

registered pension plan during which contributions were made, and includes

pensionable service in respect of any pension benefits transferred into the

pooled registered pension plan account to the separation date

C = the total of all of the following:

(

i) the contributions to the pooled registered pension plan to the credit of the

member as at the separation date,

(ii) the net investment returns that are allocated, or that are to be allocated, in

respect of those contributions to the date that the spouse’s proportionate

share is transferred from the pooled registered pension plan account

under subsection 16(2).

(2) The proportionate share of the funds in a member’s pooled registered pension plan

account must be paid from the plan to the member’s spouse.

Licensing and Registration

Modification of licence conditions

18 For the purposes of applying the federal regulations under subsection 5(1),

section 7 of the

federal regulations is modified by adding the following paragraph after paragraph (d):

(d.1) the corporation holds a licence under the federal Act;

Modification of registration conditions

19 For the purposes of applying the federal Act under subsection 4(1) of the Act,

section 12

of the federal Act is modified by adding the following subsection after subsection (3):

(3.1) A plan that provides its members with a means of retirement savings must not be

registered unless the plan is registered under the federal Act.