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Order in Council 1716/2017

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 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 (the “ LGIC ”), 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 pursuant to the approval of the LGIC provided through O.C. 1941/2016, the Minister, on behalf of Ontario, entered into the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (“Original PRPP Agreement”), as amended by the 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (“First PRPP Amending Agreement”), with Canada, British Columbia, Nova Scotia, Québec, the Autorité des marchés financiers (“ AMF ”) and Saskatchewan, effective March 31, 2017;

and

whereas the Original PRPP Agreement, as amended by the First PRPP Amending Agreement (collectively referred to as the “ PRPP Agreement”) contemplates additional jurisdictions entering into to the Agreement, subject to the unanimous consent of the parties;

and

whereas the Pooled Registered Pension Plans (Manitoba) Act (Manitoba) came into force on August 1, 2017;

and

whereas subject to approval of the LGIC, Manitoba would be prescribed as a designated jurisdiction pursuant to the Act;

and

whereas the parties to the PRPP Agreement anticipate entering into a subsequent amending agreement entitled Second 2017 Agreement Amending the Multilateral Agreement Respecting Pooled Registered Pension Plans and Voluntary Retirement Savings Plans (“Second PRPP Amending Agreement”), in order to provide the requisite consent for Manitoba to become a party and to revise the PRPP Agreement accordingly;

and

whereas Manitoba wishes to become a party to the PRPP Agreement, as it will be amended by the Second PRPP Amending Agreement;

and

whereas it is desirable, for purposes of harmonization of the PRPP legislative schemes across the country, for Manitoba to become a party to the PRPP Agreement, as it will be amended by the Second PRPP Amending Agreement;

therefore :

Approval is hereby granted to the Minister to enter into, on behalf of Ontario, the PRPP Agreement, as it will be amended by the Second PRPP Amending Agreement, with Manitoba, upon execution by the Minister of the Second PRPP Amending Agreement, substantially in the form of the attached draft.

This order is effective on the day a regulation pursuant to the Act comes into effect, prescribing Manitoba as a designated jurisdiction.

Agreement (Draft) – Order in Council 1716/2017

The link to the final agreement published in the Ontario Gazette ( Vol 150-43 page 3596) is provided below. This is for informational purposes only and not a legal part of the Order in Council:

PRPP Final Agreement

Ministry of Finance

Approved and Ordered:

August 30, 2017

Updated: March 28, 2023

Published: December 13, 2017