Bill 50 2013

An Act to require the introduction of legislation to allow for pooled registered pension plans

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Requirement for Government bill

   1.  (1)  The Minister of Finance shall prepare and introduce in the Assembly a bill no later than,

  (a)  180 days after this Act receives Royal Assent, if the Assembly is in session on that 180th day; or

  (b)  the first day on which the Assembly is in session after the 180th day described in clause (a), if the Assembly is not in session on that 180th day.

Consultation

   (2)  In preparing the bill, the Minister of Finance shall consult with groups representing employers, employees and the financial services industry.

Contents of bill

   (3)  The bill shall provide as follows:

    1.  The bill shall provide a legal framework for pooled registered pension plans, which is similar to the framework provided by the Pooled Registered Pension Plans Act (Canada), for Ontario residents in respect of whom that Act does not apply.

    2.  A pooled registered pension plan mentioned in paragraph 1 shall be a defined contribution pension plan.

    3.  The bill shall provide for all transitional matters necessary for the effective implementation of the bill and for that purpose may allow the Lieutenant Governor in Council to make regulations.

    4.  The bill shall come into force on January 1 of the year that commences at least six months after the bill receives Royal Assent.

Commencement

   2.  This Act comes into force on the day it receives Royal Assent.

Short title

   3.  The short title of this Act is the Pooled Registered Pension Plans Act, 2013.

EXPLANATORY NOTE

The Bill requires the Minister of Finance to introduce a bill in the Assembly to allow for pooled registered pension plans.