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Order in Council 390/2023

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas

section 6 of the Pooled Registered Pension Plans Act (Canada) (the “federal Act”) provides that the federal Minister of Finance, with the approval of the Governor General in Council, may enter into an agreement with two or more designated provinces respecting any matter relating to pooled registered pension plans that are subject to the legislation of at least one designated province that is a party to the agreement;

And

whereas the Ontario Pooled Registered Pension Plans Act, 2015 (the “Act”) which incorporates

section 6 of the federal Act by reference with modifications, similarly permits the Ontario Minister of Finance (the “Minister”), with the approval of the Lieutenant Governor in Council, to enter into an agreement with two or more designated jurisdictions respecting any matter relating to pooled registered pension plans that are subject to the legislation of at least one designated jurisdiction that is a party to the agreement;

And

whereas

section 2 of the Act provides that a “designated jurisdiction” means any jurisdiction in Canada, including Canada itself, that is prescribed as a jurisdiction in which there is in force legislation substantially similar to the Act;

And

whereas Canada, British Columbia, Nova Scotia, Québec, Manitoba, Saskatchewan and New Brunswick are prescribed as designated jurisdictions for the purposes of the Act;

And

whereas in Québec, pooled registered pension plans are referred to as “voluntary retirement savings plans”, governed by the Voluntary Retirement Savings Plans Act (Québec) (the “VRSP Act”);

And

whereas pursuant to

section 109 of the VRSP Act, the Autorité des marches financiers (the “ AMF ”) is responsible for the administration of certain parts of the VRSP Act;

And

whereas Québec has indicated that, pursuant to

section 127 of the VRSP Act, in order to enter into an agreement respecting voluntary retirement savings plans with another jurisdiction in Canada, the AMF is required to be a party to the agreement;

And

whereas in addition to the legislative authority set out in

section 6 of the federal Act, as incorporated by reference in the Act, Ontario may enter into agreements with provincial regulators as an incident of the Crown’s powers as a natural person;

And

whereas Canada, British Columbia, Nova Scotia, Québec, the AMF and Saskatchewan entered into the “Multilateral Agreement Respecting Pooled Registered Pension Plan and Voluntary Retirement Savings Plans” which came into effect June 15, 2016 (the “Agreement”).

And

whereas Ontario and Manitoba became parties to the Agreement, as amended by the First and Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans on March 31, 2017, and November 15, 2017 respectively.

And

whereas the Agreement contemplates additional jurisdictions entering into the Agreement, subject to the unanimous consent of the parties;

And

whereas , New Brunswick wishes to become a party to the Agreement as it will be amended by the 2023 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (hereinafter referred to as the “2023 Agreement”);

And

whereas the Minister wishes to enter into the 2023 Agreement;

Therefore :

Approval is hereby granted, and the Minister of Finance is authorized to enter into an agreement, on behalf of the Crown, substantially in the form attached “2023 Agreement” with a representative of one or more of the designated jurisdictions.

The order is effective on the day the order is made.

2023 Agreement

Previous Agreements

Ministry of Finance

Approved and Ordered:

March 23, 2023

Updated: May 01, 2023

Published: May 01, 2023