Pooled Registered Pension Plans Act

Pooled Registered Pension Plans Act 17 2014 May 29, 2014 1922970521/14017/tlc14017_f E3tlc14017 Definitions 1 1 In this Act: applied Act means the federal Act as it applies under this Act; applied regulations means the federal regulations that are incorporated by reference by the regulations; designated province means a province designated in the federal regulations, and includes Canada; federal Act means the Pooled Registered Pension Plans Act , S.C. 2012, c. 16, except its consequential and related amendments, spent provisions and commencement provision; federal regulations means the Pooled Registered Pension Plans Regulations, SOR/2012-222; pension legislation means an Act or subordinate legislation, of Canada or a province, that deals with pension standards; pension plan , except in references to pooled registered pension plans, means a pension plan that is registered under the pension legislation of a province or Canada; provincial employment means employment in British Columbia, other than a employment on or in connection with the operation of any work, undertaking or business that is within the legislative authority of the Parliament of Canada, or b employment excluded by regulation; spouse means a spouse within the meaning of subsection (2); superintendent means the Superintendent of Pensions appointed under the Pension Benefits Standards Act ; survivor , in relation to a deceased member, means the member's spouse at the time of the member's death. 2 Persons are spouses for the purposes of this Act on any date on which one of the following applies: a they i are married to each other, and ii have not been living separate and apart from each other for a continuous period longer than 2 years; b they have been living with each other in a marriage-like relationship for a period of at least 2 years immediately preceding the date. Application of this Act 2 1 This Act does not apply in respect of a member of a pooled registered pension plan unless the member is an individual who a is employed in provincial employment, or b is, in British Columbia, i employed on or in connection with the operation of any work, undertaking or business that is within the legislative authority of the Parliament of Canada, but only if the person's employer has not entered into a contract, referred to in section 29 [contract between employer and administrator] of the federal Act, with an administrator, as defined in the federal Act, to provide a pooled registered pension plan to the class of employees of which the person is a member, or ii self-employed. 2 A person must not open an account, nor offer to open an account, in a pooled registered pension plan for an individual described in subsection (1) (a) or (b) unless the person holds a licence issued under section 11 [licensing of administrators] of the applied Act. Application of federal Act 3 1 Subject to this Act and the regulations, the provisions of the federal Act 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 Act. 2 For the purposes of applying, under subsection (1), a provision of the federal Act, unless a contrary intention appears in this Act or the regulations, a reference in the provision to a word or expression set out in Column 1 of the following table is to be read as a reference to the word or expression set out opposite it in Column 2: Table Column 1 Column 2 Federal Court Supreme Court Governor in Council Lieutenant Governor in Council Her Majesty in right of Canada the government of British Columbia included employment provincial employment Minister minister, as defined in the Interpretation Act Part II of the Inquiries Act Part 3 of the Public Inquiry Act subsection 2 (1) of the Pension Benefits Standards Act, 1985 section 1 (1) of the Pension Benefits Standards Act Superintendent superintendent 3 Despite subsection (1), the following provisions of the federal Act do not apply: a section 1 [short title] ; b the definitions of "common-law partner", "common-law partnership", "designated province", "included employment", "Minister", "spouse", "Superintendent" and "survivor" in section 2 (1) [interpretation] ; c section 2 (2) [meaning of spouse or common-law partner] ; d section 4 [application] ; e section 6 (3) [tabling agreement] ; f section 8 [review by Federal Court] ; g section 38 [appeal to Federal Court] ; h section 53 [divorce, annulment, separation or breakdown of common-law partnership] ; i section 63 [designation of beneficiaries — provincial law] ; j section 67 (2) [application to Federal Court] ; k section 72 [agreement to transfer] ; l section 73 [agreement to surrender] ; m section 74 [non-application of Statutory Instruments Act ] ; n section 75 (9) [who may lay an information] ; o section 76 (1) (b) [power to designate provinces] ; p section 76 (2) [regulations respecting included employment] ; q section 77 (1), (2) and (4) to (7) [incorporation by reference] ; r section 78 [annual report] . 4 For the purposes of its application under this Act, section 6 (4) [publication — Gazette] of the federal Act must be read as follows: 4 The minister must cause to be published in the Gazette a a notice of the date on which a multilateral agreement comes into effect with respect to pooled registered pension plans; b a notice of the date on which an amendment to a multilateral agreement comes into effect with respect to pooled registered pension plans; and c if the government of British Columbia withdraws from a multilateral agreement or a multilateral agreement terminates, a notice of the effective date of the withdrawal or termination. 5 For the purposes of its application under this Act, section 10 (1) [powers of Superintendent] of the federal Act must be read without the reference to "under the direction of the Minister". 6 For the purposes of their application under this Act, sections 49 [entitlement of survivor] , 52 (1) [entitlement of survivor] and 57 (1) (c) [provisions respecting information] of the federal Act must be read without the references to "or common-law partner". 7 For the purposes of its application under this Act, section 56 [sex discrimination prohibited] of the federal Act must be read without the reference to "common-law partner or former common-law partner". 8 A reference in a provision of the applied Act to "this Act" must be read as if it were a reference to this Act. 9 A reference in a provision of this Act or the applied Act to "the regulations" must be read as if it were a reference to the regulations under this Act or to the applied regulations, as applicable. Reference aids 4 In this Act and the regulations, if a reference to a provision of the federal Act or the federal regulations, whether or not the provision is incorporated under this Act, is followed by italicized text in square brackets that is or purports to be descriptive of the subject matter of the provision, the text in square brackets a is not part of this Act or the regulations, and b is to be considered to have been added editorially for convenience of reference only. Acting superintendent 5 The superintendent may designate a person who, in the absence of the superintendent, may exercise the powers and perform the duties of the superintendent. Personal liability protection 6 1 In this section, protected individual means an individual who is or was any of the following: a the superintendent; b a person designated under section 5; c an individual acting on behalf of or under the direction of the superintendent. 2 Subject to subsection (3), no legal proceeding for damages lies or may be commenced or maintained against a protected individual because of anything done or omitted a in the exercise or intended exercise of any power under this Act, or b in the performance or intended performance of any duty under this Act. 3 Subsection (2) does not apply to a protected individual in relation to anything done or omitted in bad faith. 4 Subsection (2) does not absolve the government from vicarious liability arising out of anything done or omitted by a protected individual for which the government would be vicariously liable if this section were not in force. Objections and appeals under multilateral agreements 7 1 Subject to the terms of a multilateral agreement, for the purposes of a reconsideration, review or appeal of a decision of the supervisory authority of a designated province that a is made under the authority of a multilateral agreement, and b relates to the application of this Act, the decision is deemed to be a decision of the superintendent and is subject to reconsideration, review or appeal in accordance with this Act. 2 Subject to the terms of a multilateral agreement, for the purposes of a reconsideration, review or appeal of a decision of the superintendent that a is made under the authority of a multilateral agreement, and b relates to the application of the legislation of a designated province, the decision is deemed to be a decision of the supervisory authority under the legislation of the designated province and is subject to reconsideration, review or appeal in accordance with that legislation. Appeal to Financial Services Tribunal 8 1 If an administrator has sent a notice of objection under section 37 (1) [notice of objection] of the applied Act, the administrator may appeal to the Financial Services Tribunal, continued under the Financial Institutions Act , for an order under subsection (4) of this section a within 90 days after the superintendent has, under section 37 (2) [reconsideration by superintendent] of the applied Act, confirmed the action taken, or b if the superintendent has not notified the administrator under section 37 (2) of the applied Act, not less than 90 days nor more than 180 days after the day the notice of objection was sent. 2 Sections 242.1 (7), 242.2 and 242.3 of the Financial Institutions Act apply in relation to an appeal under subsection (1) of this section. 3 An administrator that, under subsection (1), appeals a reconsideration decision must provide a copy of the notice of appeal to the superintendent at the same time that notice is provided to the Financial Services Tribunal. 4 Despite subsection (2), on an appeal under this section, the Financial Services Tribunal may only a dismiss the appeal and order the appellant to take any measures necessary to ensure that the pooled registered pension plan complies with the provisions of this Act and the regulations, or b allow the appeal and order the superintendent to register the pooled registered pension plan or to reinstate the registration of the plan, as the circumstances require, and issue a certificate of registration. 5 An order under subsection (4) (b) may include conditions imposed on the appellant that are conditions precedent to the registration or reinstatement of registration of the pooled registered pension plan. Limitation on transfer, assignment, etc. of pension money 9 1 Subject to this Act and the regulations, the following must not be transferred, charged, assigned, given as security, alienated or anticipated and are exempt from execution, seizure or attachment: a funds in a member's pooled registered pension plan account; b variable payments from a member's pooled registered pension plan account; c funds from a pooled registered pension plan account withdrawn under a provision, authorized by section 47 (2) of the applied Act, of a pooled registered pension plan; d funds from a pooled registered pension plan account transferred or used under section 50 (1) [transfer or purchase of annuity] or (3) [transfer in case of death] of the applied Act or under section 54 (2) [transfer of funds] of the applied Act, and amounts earned by the transferred funds; e funds from a pooled registered pension plan account withdrawn under the regulations. 2 A transaction purporting to transfer, charge, assign, give as security, alienate or anticipate funds contrary to subsection (1) is void. 3 Subsections (1) and (2) do not apply to an agreement or court order providing for a transfer between a member and a spouse or former spouse because of a breakdown of their relationship. 4 Despite subsection (1) (b), (c) and (e), a a variable payment, b funds from a pooled registered pension plan account withdrawn under a provision, authorized by section 47 (2) of the applied Act, of a pooled registered pension plan, and c funds from a pooled registered pension plan account withdrawn under the regulations may be attached by a notice of attachment under section 15 [notice of attachment] of the Family Maintenance Enforcement Act , an order of garnishment under section 18 (2) [garnishment] of that Act, an attachment order under section 24 [attachment orders] of that Act, a preservation order or a forfeiture order under Part 18.1 of the Securities Act , or in furtherance of any other process to enforce an order under the Securities Act . 5 A transaction purporting to effect a withdrawal, contrary to the provisions of a pooled registered pension plan required by section 47 (1) (c) or (d) [locking in] of the applied Act, from a pooled registered pension plan account is void. 6 If this Act requires an amount to be withheld, deducted, paid or credited, an agreement or arrangement, made by the person on whom the requirement is imposed, not to withhold, deduct, pay or credit the amount is void. Offences 10 If a person is convicted of an offence under this Act, the court, in addition to any punishment it may impose, may order the person to comply with the provisions of this Act or the regulations. Power to make regulations 11 1 The Lieutenant Governor in Council may make regulations referred to in section 41 of the Interpretation Act . 2 Without limiting subsection (1), the Lieutenant Governor in Council may make regulations as follows: a modifying or adapting provisions of the applied Act for the purposes of their application under this Act, including, without limitation, by specifying circumstances in which provisions of the applied Act apply or setting conditions of or limitations on the application of the provisions; b modifying or adapting provisions of the applied regulations for the purposes of their application under this Act, including, without limitation, by specifying circumstances in which provisions of the applied regulations apply or setting conditions of or limitations on the application of the provisions; c respecting fees, including, without limitation, i establishing and imposing fees that must be paid in respect of the application for a licence under section 11 [licensing of administrators] of the applied Act, for filing documents under section 12 (2) [duty of administrator to file documents] of the applied Act in respect of the registration of a plan or for filing an information return under section 58 [annual reporting requirements] of the applied Act, and ii prescribing the manner in which and the period within which those fees must be paid; d defining, for the purposes of this Act, a word or expression used but not defined in this Act; e excluding employment from the definition of "provincial employment"; f for any purpose for which regulations are contemplated by this Act. 3 Regulations under this Act may be made by incorporating by reference provisions of the federal regulations. 4 Regulations under this Act may a adopt a standard, code or rule i set by a provincial, national, international or other code or standard making body, or ii enacted as or under a law of another jurisdiction, b adopt the standard, code or rule i in whole, in part or with any changes the Lieutenant Governor in Council considers appropriate, or ii as it stands at a particular date, as it stands at the date of adoption or as amended from time to time, c be different for different classes of person, employee, employer, employment or circumstances, and d delegate a matter to or confer discretion on the superintendent. Consequential and Related Amendments 12-28 [Note: See Table of Legislative Changes for the status of sections 12 to 30.] Section(s)  Affected Act 12-16  Family Law Act 17-21  Family Maintenance Enforcement Act 22  Law and Equity Act 23  Pension Benefits Standards Act , R.S.B.C. 1996, c. 352 24-27  Pension Benefits Standards Act , S.B.C. 2012, c. 30 28  Wills, Estates and Succession Act Amendments to this Act 29 Section(s)  Affected Act 29  Pooled Registered Pension Plans Act Repeals 30 Section(s)  Affected Act 30  Pooled Registered Pension Plans Act Commencement 31 This Act comes into force by regulation of the Lieutenant Governor in Council.