101/2016

O.C. 262/2016

May 3, 2016

May 4, 2016

Pooled Registered Pension Plans Act

Pooled Registered Pension Plans Regulation

[includes amendments up to B.C. Reg. 4/2018, January 29, 2018]

101_2016_pit

Definition

In this regulation, BC Act means the Pooled Registered Pension Plans Act , S.B.C.

2014, c. 17.

Repealed

Repealed. [B.C. Reg. 4/2018, s. (b).]

Applied Act — registration of plans

For the purposes of its application under the BC Act,

section 12 (3) of

the applied Act must be read as if the reference to "Subject to subsection (4)"

were a reference to "Subject to subsections (3.1) and (4)".

For the purposes of its application under the BC Act,

section 12 of the

applied Act is modified by adding the following subsection:

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.

Application of federal regulations

Subject to the BC Act and this regulation, the provisions of the federal

regulations apply, with the changes the circumstances require, in respect of

pooled registered pension plans as though those provisions had been enacted as

provisions of this regulation.

Despite subsection (1), the following provisions of the federal

regulations do not apply:

the title;

section 1, the definition of "Act";

section 48 [notice of appeal] ;

section 50 [repeal] ;

section 51 [coming into force] .

For the purposes of their application under this regulation, provisions of

the federal regulations are modified as follows:

a reference to "Superintendent" must be read as a reference to

"superintendent";

a reference to "or common-law partner" or "or common law partner",

including references to those terms having different capitalization, must be

read without the reference to those words.

Subject to

section 6 of this regulation, for the purposes of its

application under this regulation, a reference to "the Act" in a provision of

the federal regulations must be read as if it were a reference to "the applied

Act".

Federal regulations — licence condition

For the purposes of its application under this regulation,

section 7 of the

federal regulations is modified by adding the following paragraph:

d.1

the corporation holds a licence under the federal Act; .

Federal regulations — limitation on transfer, charging, etc. of

pension money

For the purposes of its application under this regulation,

section 38 (1)

(

c) of the federal regulations must be read as follows:

provides that, subject to the BC Act and its regulations, the

funds

shall not be transferred, charged, assigned, given as security,

alienated or anticipated and that any transaction purporting to do so is

void, and

are exempt from execution, seizure or attachment; .

For the purposes of its application under this regulation,

section 39 (1)

(

c) of the federal regulations must be read as follows:

provide that, subject to the BC Act and its regulations, the

funds

shall not be transferred, charged, assigned, given as security,

alienated or anticipated and that any transaction purporting to do so is

void, and

are exempt from execution, seizure or attachment; .

For the purposes of their application under this regulation, sections 40

(1) (

i) and 41 (1) (

i) of the federal regulations must be read as

follows:

provides that, subject to the BC Act and its regulations, the

funds

shall not be transferred, charged, assigned, given as security,

alienated or anticipated and that any transaction purporting to do so is

void, and

are exempt from execution, seizure or attachment; .

For the purposes of its application under this regulation,

section 42 (1)

(a) (

i) of the federal regulations must be read as follows:

subject to the BC Act and its regulations, no benefit provided

under the annuity

shall be transferred, charged, assigned, given as security,

alienated or anticipated and that any transaction purporting to do

so is void, and

is subject to execution, seizure or attachment, and

Federal regulations — forms

For the purposes of its application under this regulation, Form 1 of the

federal regulations must be read as if

a reference to "the Pooled Registered Pension Plans

Act " were a reference to "the federal Pooled Registered Pension Plans

Act as applied by the Pooled Registered Pension Plans Act of

British Columbia", and

a reference to "the Pooled Registered Pension Plans

Regulations " were a reference to "the federal Pooled

Registered Pension Plans Regulations as applied by the

Pooled Registered Pension Plans Regulation of British

Columbia".

For the purposes of its application under this regulation, Form 2 of the

federal regulations must be read as if

a reference to "subsection 2(1) of the Pooled Registered

Pension Plans Act " were a reference to "section 1 of the

Pooled Registered Pension Plans

Act of British Columbia", and

a reference to "the Pooled Registered Pension Plans

Act and the Pooled Registered Pension Plans

Regulations " were a reference to "the Pooled Registered Pension Plans Act of

British Columbia".

For the purposes of its application under this regulation, Form 3 of the

federal regulations must be read as if a reference to "the Pooled

Registered Pension Plans Act " were a reference to "the federal

Pooled Registered Pension Plans

Act as applied by the Pooled

Registered Pension Plans Act of British

Columbia".

[Provisions relevant to the enactment of this regulation: Pooled Registered Pension Plans Act , S.B.C. 2014, c. 17,

section 11]