Bill 22 - The Pooled Registered Pension Plans Act

BILL 22

The Pooled Registered Pension Plans Act

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

PART 1

DEFINITIONS AND APPLICATION

Definitions

1 The following definitions apply in this Act.

“administrator” has the same meaning as in the federal Act. (administrateur)

“common-law partner” means (conjoint de fait)

(a) in the case of the death of a member or former member, a person who, not being married to the member or former member, was cohabiting in a conjugal relationship with the member or former member at the time of the death of the member or former member and was cohabiting in a conjugal relationship with the member or former member for a continuous period of at least two years immediately before the death of the member or former member,

(b) in the case of the breakdown of a common-law partnership, a person who, not being married to the member or former member, was cohabiting in a conjugal relationship with the member or former member for a continuous period of at least two years immediately before the date of the breakdown of the common-law partnership, or

(c) in any other case, a person who, not being married to a member or former member at the particular time under consideration, is cohabiting in a conjugal relationship with the member or former member at that time and who has so cohabited for a continuous period of at least two years immediately before that time.

“common-law partnership” means the relationship between a member or former member and his or her common-law partner. (union de fait)

“Commission” means the Financial and Consumer Services Commission continued under the Financial and Consumer Services Commission Act. (Commission)

“designated jurisdiction” means Canada and any jurisdiction, other than the Province, designated in the federal regulations as a designated province. (autorité législative désignée)

“employee” has the same meaning as in the federal Act. (salarié)

“employer” has the same meaning as in the federal Act. (employeur)

“employment” has the same meaning as in the federal Act. (emploi)

“federal Act” means the Pooled Registered Pension Plans Act (Canada). (loi fédérale)

“federal regulations” means the regulations made under the federal Act. (réglementation fédérale)

“member” has the same meaning as in the federal Act. (participant)

“Labour and Employment Board” means the Labour and Employment Board established under the Labour and Employment Board Act. (Commission du travail et de l’emploi)

“Minister” means the Minister of Finance and includes a person designated by the Minister to act on behalf of the Minister. (ministre)

“multilateral agreement” has the same meaning as in the federal Act. (accord multilatéral)

“pooled registered pension plan” has the same meaning as in the federal Act. (régime de pension agréé collectif)

“provincial employment” means employment in the Province, other than (emploi provincial)

(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; and

(b) employment excluded by regulation.

“spouse” means either of two persons who (conjoint)

(a) are married to each other,

(b) are married to each other by a marriage that is voidable and has not been voided by a declaration of nullity, or

(c) have gone through a form of marriage with each other in good faith that is void and have cohabited within the preceding year.

“Superintendent” means the Superintendent of Pooled Registered Pensions Plans appointed under the Financial and Consumer Services Commission Act and includes persons to whom the Superintendent or the Commission has delegated powers and duties under section 6 or under the Financial and Consumer Services Commission Act. (surintendant)

“survivor” has the same meaning as in the federal Act. (survivant)

“Tribunal” means the Financial and Consumer Services Tribunal established under the Financial and Consumer Services Commission Act. (Tribunal)

“winding up” has the same meaning as in the federal Act. (liquidation)

Spouse and common-law partner claim a right or benefit

2 If a spouse and a common-law partner both claim a right or a benefit under this Act or the regulations, the spouse is entitled to the right or benefit, if he or she is otherwise eligible, unless there is a valid domestic contract between the member or the former member and the spouse, or a decree, order or judgment of a competent tribunal, that bars the spouse’s claim.

Place of employment

3 For the purpose of this Act,

(a) an employee is employed in the province or territory of Canada in which the establishment of his or her employer is located and to which the employee reports for work; and

(b) if an employee is not required to report for work to an establishment of his or her employer or is required to report to the employer’s establishments in multiple provinces or territories, the employee is deemed to be employed in the province or territory in which is located the establishment of his or her employer from which the employee’s remuneration is paid.

Application of this Act

4 Subject to the regulations, this Act does not apply in respect of a member unless the member

(a) is employed in provincial employment;

(b) is employed in the Province 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 member’s employer has not entered into a contract, referred to in section 29 of the federal Act, with an administrator to provide a pooled registered pension plan to the class of employees to which the member belongs;

(d) is a prescribed person or a member of a prescribed class of persons; or

(e) is a person to whom prescribed circumstances apply.

Application of federal Act

5( 1) Subject to this Act and the regulations, the provisions of the federal Act apply, with any necessary modification, with respect to pooled registered pension plans as though those provisions had been enacted as provisions of this Act.

5( 2) For the purpose of applying a provision of the federal Act under subsection (1), unless a contrary intention appears in this Act or the regulations, a reference to a word or expression set out in Column 1 of Schedule A is to be read as a reference to the corresponding word or expression in Column 2 of Schedule A.

5( 3) The prescribed provisions of the federal Act do not apply.

PART 2

SUPERINTENDENT

Delegation by the Superintendent

6( 1) The Superintendent or the Commission may delegate, in writing, to any person any of the Superintendent’s powers or duties under this Act, except the power of delegation.

6( 2) In a written delegation under subsection (1), the Superintendent or the Commission

(a) shall establish the manner in which the delegate is to exercise the delegated authority, and

(b) may impose on the delegate terms and conditions that the Superintendent or the Commission considers appropriate.

6( 3) A delegate shall

(a) exercise the delegated authority in the manner established in the delegation, and

(b) comply with the terms and conditions imposed in the written delegation.

6( 4) A person purporting to exercise a power or duty of the Superintendent by virtue of a delegation under subsection (1) shall produce evidence of his or her authority to exercise that power or duty when required to do so.

Non-compellability

7 None of the following persons is compellable to give evidence in any court or in any proceeding of a judicial nature concerning any information that comes to the knowledge of the person in the exercise of the powers or performance of the duties of that person under this Act:

(a) the Commission;

(b) a member of the Commission;

(d) a member of the Tribunal;

(e) a member of the Labour and Employment Board; and

(f) a person engaged by the Commission under section 18 of the Financial and Consumer Services Commission Act.

PART 3

APPEALS

Appeals to Tribunal

8( 1) If the Superintendent refuses to issue an administrator’s licence under subsection 11(1) of the federal Act, the applicant for a licence may, within 30 days after the day of Superintendent’s decision, appeal the decision to the Tribunal.

8( 2) An administrator may appeal a decision or order of the Superintendent to the Tribunal within 30 days after any of the following days:

(a) the day of the Superintendent’s decision to refuse to register a plan;

(b) the day of the Superintendent’s order requiring the administrator to transfer every pooled registered pension plan that the administrator administers and all of those plans’ assets under subsection 21(1) of the federal Act; or

(c) the day of the Superintendent’s decision to revoke a plan’s registration and cancel the plan’s certificate of registration.

8( 3) If a matter is appealed to the Tribunal, the Superintendent’s decision or order is stayed, pending the disposition of the matter by the Tribunal, unless the Tribunal directs otherwise.

Proceedings before the Tribunal

9( 1) The Superintendent is a party to a matter appealed to the Tribunal.

9( 2) In a matter appealed to the Tribunal under section 8, the appellant, the Superintendent and any other person who, in the opinion of the Tribunal, is interested in or affected by the proceedings have the right to be heard.

Orders and records of the Tribunal

10( 1) If a matter has been appealed to the Tribunal under section 8, after hearing and considering the matter the Tribunal may issue an order

(a) confirming the decision or order of the Superintendent,

(b) revoking the decision or order of the Superintendent and substituting the decision or order that, in its opinion, the Superintendent should have made, or

10( 2) The Tribunal shall in writing advise all parties to the proceeding of its disposition and the reasons for the disposition.

Entering decisions as judgments of the Court

11( 1) If the Tribunal determines that a person has failed or refused to comply with a decision or order of the Superintendent or the Tribunal without reasonable cause, the Tribunal may file a copy of the decision or order in The Court of Queen’s Bench of New Brunswick and the decision or order shall be entered and recorded in the Court, and when entered and recorded becomes a judgment of the Court that may be enforced as a judgment obtained by the Tribunal in the Court.

11( 2) All reasonable costs and charges attendant on the filing, entering and recording of a decision or order under subsection (1) are recoverable as if the amount had been included in the decision or order.

Referral of matters to the Labour and Employment Board

12( 1) The Tribunal may refer a matter to the Labour and Employment Board that, in the opinion of the Tribunal, involves a question of law or a question of mixed law and fact involving labour or employment law.

12( 2) If the Tribunal refers a matter to the Labour and Employment Board under subsection (1), the Tribunal shall

(a) state the question in writing, setting out the facts on which it is based, and

(b) file with the Labour and Employment Board the question together with additional information or material that the Tribunal considers relevant.

12( 3) The Labour and Employment Board shall consider and determine the question, and the decision of the Labour and Employment Board on the question is final and binding on the Tribunal and the parties and shall be deemed to be a part of the Tribunal’s decision.

12( 4) If the Labour and Employment Board hears a matter referred to it under this section, subsection 8(3) and sections 9 and 10 apply with the necessary modifications to the hearing.

12( 5) To the extent they are not inconsistent with the Labour and Employment Board Act, the practice and procedure established by the Tribunal apply with the necessary modifications to a hearing under this section.

Authority of Labour and Employment Board

13( 1) The Labour and Employment Board and each member and alternate member have all the powers, privileges and immunities conferred on a commissioner under the Inquiries Act.

13( 2) The Labour and Employment Board may receive and accept any evidence and information on oath, solemn affirmation, affidavit or otherwise as it in its discretion considers fit and proper, whether admissible as evidence in a court or not.

13( 3) The Labour and Employment Board may make rules governing its procedure.

Jurisdiction of the Labour and Employment Board

14( 1) The Labour and Employment Board has exclusive jurisdiction to exercise the powers conferred on it under this Act and to determine all questions of fact or law that arise in a matter before it.

14( 2) A decision, determination, direction, declaration, order, interim order or ruling of the Labour and Employment Board is final and conclusive and, except on the grounds of an excess of jurisdiction or a denial of natural justice, shall not be questioned or reviewed in any court, and no order shall be made or proceedings taken in any court, whether by way of injunction, declaratory judgment, order on judicial review or otherwise to question, review, prohibit or restrain the Labour and Employment Board or any of its proceedings.

14( 3) If a decision of the Labour and Employment Board is reviewed and set aside because of an excess of jurisdiction or a denial of natural justice, no costs shall be awarded against any party to the matter before the Labour and Employment Board.

Referral to The Court of Appeal

15( 1) Despite subsection 38(5) of the Financial and Consumer Services Commission Act, the Tribunal, on its own motion, may state a case in writing for the opinion of The Court of Appeal of New Brunswick on a question that, in the opinion of the Tribunal, is a question of law.

15( 2) The Court of Appeal of New Brunswick shall consider and determine the question or questions of law arising in the stated case and shall remit the matter to the Tribunal with the opinion of the Court, and the opinion of the Court on a question of law is final and binding on the Tribunal and the parties.

15( 3) No costs shall be awarded in a case stated under this section.

PART 4

POOLED REGISTERED PENSION PLANS

Protection of pooled registered pension plan funds

16( 1) Except as provided in this Act and the regulations, the following are exempt from execution, seizure or attachment and may not be assigned, charged, anticipated or given as security:

(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 withdrawn from a member’s pooled registered pension plan account in accordance with subsection 47(2) of the federal Act;

(d) funds transferred or used in accordance with subsection 50(1) or (3) or subsection 54(2) of the federal Act, and amounts earned by the transferred funds; and

(e) funds withdrawn from a member’s pooled registered pension plan account in accordance with the regulations.

16( 2) Any transaction purporting to assign, charge, anticipate or give as security funds or variable payments referred to in subsection (1) is void.

16( 3) Subsections (1) and (2) do not apply with respect to a transfer between a member or former member and the non-member spouse or common-law partner as a result of a breakdown of their relationship.

Transfer of pooled registered pension plan funds

17 A member is entitled to require the administrator to transfer the funds in the member’s pooled registered pension plan account to a prescribed retirement savings arrangement in accordance with the federal Act, this Act and the regulations.

Exemption from execution, seizure or attachment

18 Money payable under a pooled registered pension plan, including a refund of contributions with interest, is subject to execution, seizure or attachment or other process of law in satisfaction of an order for support or maintenance enforceable in the Province, but, other than in the case of a refund of contributions with interest, to a maximum of 50% of the payment unless otherwise ordered by a court of competent jurisdiction.

Division of benefits on breakdown of marriage or common-law partnership

19( 1) If a competent tribunal makes a decree, order or judgment in relation to the division of a benefit under a pooled registered pension plan on the breakdown of a marriage or common-law partnership, the value of accumulated contributions shall be determined in accordance with this Act and the regulations as of the date of the breakdown of the marriage or common-law partnership and shall be divided in accordance with the decree, order or judgment of the tribunal.

19( 2) The portion of the benefits to which a non-member spouse or common-law partner is entitled under a tribunal decree, order or judgment referred to in subsection (1) shall be transferred by the administrator

(a) to a pooled registered pension plan,

(b) to a pension plan with the consent of the administrator of that plan, or

19( 3) If the non-member spouse or common-law partner fails to direct the administrator in relation to the manner in which his or her entitlement is to be dealt with under subsection (2), the non-member spouse or common-law partner shall be deemed to have directed the administrator to purchase a deferred life annuity.

19( 4) If benefits under a pooled registered pension plan have been divided in accordance with subsection (1), the non-member spouse or common-law partner has no further right under the pooled registered pension plan and the member or former member’s benefits shall be revalued accordingly.

19( 5) If a domestic contract provides for the division of benefits under a pooled registered pension plan on the breakdown of the marriage or common-law partnership, the value of accumulated contributions shall be determined in accordance with this Act and the regulations as of the date of the breakdown of the marriage or common-law partnership and shall be divided in accordance with the domestic contract.

19( 6) A division of benefits under a pooled registered pension plan on the breakdown of the marriage or common-law partnership under a domestic contract shall not result in a reduction of the member’s value of accumulated contributions by more than 50%.

19( 7) Subsections (2), (3) and (4) apply with the necessary modifications to a division of benefits under subsection (5).

19( 8) The value of accumulated contributions for the purposes of this section that are not deferred pensions shall be determined as if the member had terminated employment on the date of the breakdown of the marriage or common-law partnership.

Division of pension on breakdown of marriage or common-law partnership

20( 1) If a competent tribunal makes a decree, order or judgment in relation to the division of a pension under a pooled registered pension plan on the breakdown of a marriage or common-law partnership, the value of accumulated contributions, taking into account any survivor rights under the pooled registered pension plan, shall be determined in accordance with this Act and the regulations as of the date of the breakdown of the marriage or common-law partnership and shall be divided in accordance with the decree, order or judgment of the tribunal.

20( 2) The value of accumulated contributions determined under subsection (1) that is to be attributed to the non-member spouse or common-law partner shall be transferred by the administrator

(a) to a pooled registered pension plan, or

(b) to a pension plan with the consent of the administrator of that plan, or

20( 3) If the value of accumulated contributions determined under subsection (1) has been divided in accordance with subsection (2), the non-member spouse or common-law partner has no further right under the pooled registered pension plan and the member’s pension shall be revalued accordingly.

20( 4) If the non-member spouse or common-law partner fails to direct the administrator in relation to the manner in which his or her entitlement is to be dealt with under subsection (2), the non-member spouse or common-law partner shall be deemed to have directed the administrator to purchase a deferred life annuity.

20( 5) If a domestic contract provides for the division of a pension under a pooled registered pension plan on the breakdown of the marriage or common-law partnership, the value of accumulated contributions, taking into account any survivor rights under the pooled registered pension plan, shall be determined as of the date of the breakdown of the marriage or common-law partnership in accordance with this Act and the regulations and shall be divided in accordance with the domestic contract.

20( 6) A division of a pension on the breakdown of the marriage or common-law partnership under a domestic contract shall not result in a reduction of the value of accumulated contributions of a former member’s pension by more than 50%.

20( 7) Subsections (2), (3) and (4) apply with the necessary modifications to a division of a pension under subsection (5).

Division of contributions on breakdown of marriage or common-law partnership

21( 1) If a member would not be entitled to a deferred pension on termination of employment and a competent tribunal makes a decree, order or judgment in relation to the division of the member’s contributions under a pooled registered pension plan or a domestic contract provides for the division of the member’s contributions under a pooled registered pension plan on the breakdown of the marriage or common-law partnership, the portion of the member’s contributions with interest to be attributed to the non-member spouse or common-law partner may be paid out in cash.

21( 2) The value of accumulated contributions, taking into account any survivor rights under the pooled registered pension plan, shall be determined in accordance with this Act and the regulations as of the date of the breakdown of the marriage or common-law partnership and shall be divided in accordance with the decree, order or judgment of the tribunal or in accordance with the domestic contract, as the case may be.

Division of benefits or contributions accrued between date of marriage or common-law partnership and date of breakdown

22 A division of benefits, including a pension, or contributions under sections 19, 20 and 21 applies only in relation to benefits or contributions accrued between the date of marriage or formation of the common-law partnership and the date of the breakdown of the marriage or common-law partnership.

Restrictions on division of benefits, pensions or contributions

23 The division of benefits, including pensions, or contributions under sections 19, 20 and 21 is limited by any restrictions imposed by this Act or the regulations in relation to the payment of money out of a pooled registered pension fund.

Revaluation of benefit or pension

24 Revaluation of a benefit, pension or contribution under sections 19, 20 and 21 shall be in accordance with the regulations.

Transfer to pension plans outside the Province

25 An administrator shall not make a transfer under section 19 or 20 to a pension plan that is not registered in the Province unless

(a) the pension plan is registered for persons employed in a province or territory of Canada that is designated by regulation as a province or territory in which there is in force legislation substantially similar to the Pension Benefits Act, and

(b) the non-member spouse or common-law partner is employed in that province or territory by an employer who is making contributions on behalf of him or her to the pension fund that is to receive the amount to be transferred.

Payment of sum in lieu of amount owing

26 If a decree, order or judgment or a domestic contract referred to in section 19, 20 or 21 provides for payment by the member or former member of a sum equal to and in lieu of the amount owing to the non-member spouse or common-law partner in relation to a pension or benefit, the administrator and the pension fund are not liable for any payments.

Entitlement of designated beneficiary

27( 1) Despite subsection 52(1) of the federal Act but subject to a division required by section 19, 20 or 21 of this Act, the funds in the pooled registered pension plan account of a deceased member or former member are to be paid to the designated beneficiary or to the estate or succession of the member or former member in accordance with subsection 52(2) of the federal Act if the survivor

(a) has waived his or her entitlement in accordance with subsection (2);

(b) has not revoked the waiver in accordance with subsection (3) and the member or former member has not revoked the waiver in accordance with subsection (3); and

27( 2) A person who is or may become entitled as a survivor to the funds in a member’s or former member’s pooled registered pension plan account may waive that entitlement by completing a waiver in a form provided by the Superintendent and providing it to the administrator.

27( 3) A waiver under subsection (2) may be revoked by the member or former member or the non-member spouse or common-law partner by completing a revocation in a form provided by the Superintendent and providing it to the administrator before the member’s or former member’s death.

PART 5

GENERAL

Extension of time limit

28 The Superintendent or the Tribunal may extend any time limit prescribed by this Act or the regulations before or after the expiration of the time period if satisfied that there are reasonable grounds for the extension, and may give the directions that the Superintendent or the Tribunal considers proper consequent on the extension.

Service of documents

29( 1) Any notice, order or other document under this Act or the regulations is sufficiently given, served or delivered if delivered personally or sent by registered mail addressed to the person to whom it is to be given, served or delivered at the person’s last known address.

29( 2) A notice, order or other document sent by registered mail in accordance with subsection (1) shall be deemed to be given, served or delivered on the fifth day after the day of mailing, unless the person to whom it is sent establishes that, acting in good faith, the person did not receive the notice, order or other document, or did not receive it until a later date, through absence, accident, illness or other cause beyond the person’s control.

Certificates of Superintendent

30( 1) A certificate purporting to be signed by the Superintendent stating that a report, request or notice was or was not received, served or given by the Superintendent and, if so received, served or given, the date on which it was received, served or given, is, without proof of the signature, office or appointment of the person purporting to have signed the certificate, admissible in evidence in any proceeding and, in the absence of evidence to the contrary, is proof of the facts stated in the certificate.

30( 2) A certificate referred to in subsection (1) shall not be received in evidence unless the party intending to produce it has before the proceeding given to the person against whom it is to be produced reasonable notice of the intention, together with a copy of the certificate.

30( 3) A person against whom a certificate referred to in subsection (1) is produced may, with leave of the Tribunal, require the attendance of the Superintendent for purposes of cross-examination.

Effect of defects in form and technical irregularity

31 No proceedings under this Act are invalid by reason of a defect in form or technical irregularity.

Rulings of Superintendent

32 A document purporting to contain or to be a copy of a ruling, decision or order of the Superintendent, and purporting to be signed by the Superintendent shall be accepted by any court as evidence of the ruling, decision or order without proof of the signature, office or appointment of the person purporting to have signed the document.

Forms filed with the Superintendent

33( 1) The Superintendent may establish forms for the purposes of any provision of this Act or the regulations.

33( 2) The Superintendent may establish the form and content of forms, including establishing whether a form is required to be signed, certified or made under oath or solemn declaration and any additional requirements respecting signatures.

33( 3) The Superintendent may, in forms, request personal information either directly from an individual to whom the information relates, or indirectly, from any other person authorized to complete the form.

33( 4) The Regulations Act does not apply to the forms established by the Superintendent or to the requirements referred to in subsection (2).

33( 5) If there is a conflict or an inconsistency between a form established by the Superintendent and this Act or a regulation made under this Act, this Act or the regulation made under this Act prevails.

Administration

34 The Commission is responsible for the administration of this Act.

Regulations

35( 1) The Lieutenant-Governor in Council may make regulations

(a) respecting the terms and conditions for issuing a licence under section 11 of the federal Act and the number and scope of pooled registered pension plans that may be offered by an administrator;

(b) respecting the method for recovering the costs related to the issuing and maintaining of licences mentioned in section 11 of the federal Act;

(d) exempting a multilateral agreement or any provision of that agreement from the application of subsection 7(1) of the federal Act;

(e) prescribing persons or classes of persons for the purposes of paragraph 4(d);

(f) prescribing circumstances for the purposes of paragraph 4(e);

(g) respecting the management and investment of funds in members’ pooled registered pension plan accounts, including the way in which the funds are to be held;

(h) respecting the process by which investment options are offered by an administrator and choices among those options are made;

(i) respecting investment options offered by an administrator;

(j) specifying the circumstances in which an administrator may change an investment choice made by a member;

(k) specifying the circumstances in which inducements may be given or offered by an administrator or demanded or accepted by an employer, and the types of inducements that may be given, offered, demanded or accepted;

(l) establishing criteria for determining whether a pooled registered pension plan is provided at low cost for the purposes of section 26 of the federal Act;

(m) respecting the manner and frequency of remittances from the employer to the administrator;

(n) respecting the setting of a contribution rate of 0% under subsection 45(2) of the federal Act;

(o) respecting the circumstances in which a member or an administrator is permitted to withdraw the funds in the member’s pooled registered pension plan account;

(p) prescribing the method of payment of funds from a member’s pooled registered pension plan account on retirement;

(q) prescribing the conditions on which transfers of moneys to a retirement savings arrangement, to another pooled registered pension plan or to a plan mentioned in subsection 54(2) of the federal Act and any subsequent transfers to a pooled registered pension plan of moneys so transferred are to be made;

(r) prescribing the conditions under which, on termination of employment of an employee, on termination of an employee’s membership in a pooled registered pension plan, on termination of a pooled registered pension plan or on the winding up of a pooled registered pension plan, funds in a pooled registered pension plan account may be held by the administrator of the pooled registered pension plan or transferred to the administrator of another pooled registered pension plan or to a retirement savings arrangement;

(s) for the purposes of section 47 of the federal Act, prescribing transactions or circumstances in which a member with a pooled registered pension plan account may, during his or her lifetime, withdraw or surrender all or part of that account or any interest in that account;

(t) defining “disability” for the purposes of paragraph 47(2)(a) of the federal Act;

(u) excluding employment from the definition of “provincial employment”;

(v) respecting variable payments;

(w) respecting the transfer of funds from a member’s pooled registered pension plan account by the administrator;

(x) respecting the distribution of the funds in pooled registered pension plan accounts of members of a pooled registered pension plan that is winding up;

(y) modifying or adapting provisions of the federal Act for the purposes of their application in accordance with this Act, including specifying circumstances in which provisions of the federal Act apply or setting conditions of or limitations on the application of the provisions;

(z) modifying or adapting provisions of the federal regulations for the purposes of their application in accordance with this Act, including specifying circumstances in which provisions of the federal regulations apply or setting conditions of or limitations on the application of the provisions;

(aa) respecting fees, including:

( i) establishing and imposing fees that shall be paid for the application for a licence under section 11 of the federal Act, for filing documents under subsection 12(2) of the federal Act with respect to the registration of a plan, for filing an information return under section 58 of the federal Act, and for any other purpose; and

( ii) prescribing the manner in which and the period within which those fees shall be paid;

(bb) prescribing provisions of the federal Act that do not apply;

(cc) respecting the division of pensions, pension benefits and contributions on the breakdown of a marriage or common-law partnership, including the valuation and revaluation of a pension, pension benefit or contribution under section 24;

(dd) respecting retirement savings arrangements prescribed for the purposes of paragraphs 19(2)(c) and 20(2)(c);

(ee) respecting the transfer of the funds in a pooled registered pension plan account to a retirement savings arrangement;

(ff) respecting the transfer of the value of accumulated contributions under a pooled registered pension plan to a pension plan, another pooled registered pension plan or a retirement savings arrangement;

(gg) respecting the withdrawal of the value of accumulated contributions of a retirement savings arrangement;

(hh) respecting the registration of a financial institution acting as a trustee for a retirement savings arrangement;

(ii) respecting records that shall be kept by a financial institution acting as a trustee for a retirement savings arrangement and the period of time for which the records shall be retained by the financial institution;

(jj) prescribing a province or territory as a province or territory of Canada in which there is in force legislation substantially similar to the Pension Benefits Act;

(kk) prescribing a province or territory as a designated jurisdiction;

(ll) defining words or expressions used in this Act but not defined;

(mm) respecting any other matter that may be necessary for the proper administration of this Act.

35( 2) The regulations may incorporate by reference provisions of the federal regulations.

35( 3) The regulations 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 in Canada,

(b) adopt the standard, code or rule mentioned in paragraph (a)

( 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 states at the date of adoption or as amended from time to time,

(d) delegate a matter to or confer discretion on the Superintendent.

PART 6

CONSEQUENTIAL AMENDMENTS AND COMMENCEMENT

Financial and Consumer Services Commission Act

36( 1) Section 1 of the Financial and Consumer Services Commission Act, chapter 30 of the Acts of New Brunswick, 2013, is amended

(a) in the definition “financial and consumer services legislation” by adding after paragraph (o) the following:

(o.1) the Pooled Registered Pension Plans Act,

(b) in the definition “regulator” by adding after paragraph (c) the following:

(c.1) the Superintendent of Pooled Registered Pension Plans appointed under paragraph 18(2)(e.1);

36( 2) Subsection 18(2) of the Act is amended by adding after paragraph (e) the following:

(e.1) a Superintendent of Pooled Registered Pension Plans;

Labour and Employment Board Act

37 Subsection 7(2) of the Labour and Employment Board Act, chapter 182 of the Revised Statutes, 2011, is amended by adding after paragraph (d) the following:

(d.1) the Pooled Registered Pension Plans Act,

Pension Benefits Act

38( 1) Subsection 3(1) of the Pensions Benefits Act, chapter P-5.1 of the Acts of New Brunswick, 1987, is amended by striking out “every pension plan” and substituting “every pension plan, other than a pooled registered pension plan under the Pooled Registered Pension Plans Act,”.

38( 2) Section 36 of the Act is amended

(a) in subsection (1)

( i) in subparagraph (a)(i) by striking out “or” at the end of the subparagraph;

( ii) by adding after subparagraph (a)(i) the following:

( i.1) to a pooled registered pension plan as defined in the Pooled Registered Pension Plans Act, or

(b) in subsection (2)

( i) in subparagraph (a.1)(ii) by striking out “or” at the end of the subparagraph;

( ii) by adding before paragraph (b) the following:

(a.2) make a transfer under subparagraph (1)(a)(i.1) to a pooled registered pension plan unless the transfer is done in accordance with the Pooled Registered Pension Plans Act and the regulations under that Act, or

Commencement

39 This Act or any provision of it comes into force on a day or days to be fixed by proclamation.

SCHEDULE A

Column 1		Column 2

	Canada Gazette...............		Royal Gazette
	designated province		designated jurisdiction
	époux (French version only)		conjoint
	Federal Court		The Court of Queen’s Bench of New Brunswick
	Governor in Council		Lieutenant-Governor-in Council
	Government of Canada		Government of New Brunswick
	Her Majesty in right of Canada		Government of New Brunswick
	included employment		provincial employment
	Minister		Minister
	Part II of the Inquiries Act		Inquiries Act
	Subsection 2(1) of the Pension Benefits Standards Act, 1985		Subsection 1(1) of the Pension Benefits Act
	Superintendent		Superintendent
	Statutory Instrument Act		Regulations Act
	that province		that jurisdiction