Agreement Pooled registered pension plans (PRPPs) and Voluntary Retirement Savings Plan (VRSP)

This agreement, which came into force on June 15, 2016, enables Québec administrators of voluntary retirement savings plans (“VRSPs”) to be exempt from the requirement to obtain a licence to act as administrators of pooled registered pension plans (“PRPPs”) under federal legislation and legislation of the other provinces that are parties to the agreement. In addition, under the agreement, administrators who have obtained a licence from the Office of the Superintendent of Financial Institutions (“OSFI”) to provide a PRPP may apply to the Autorité des marchés financiers (the “AMF”) for authorization to act as administrators of VRSPs where they meet the conditions set out in the agreement.

Only certain sections of the agreement apply to Québec, including those concerning recognition to act as an administrator and the exchange of information among supervisory authorities. In addition, since a VRSP is separate from a federal or provincial PRPP, Retraite Québec alone is responsible for its registration and supervision.

Therefore, before registering its VRSP with Retraite Québec, an eligible financial institution that holds a PRPP licence issued by OSFI should refer to the section Applying for authorization for information on the formalities and conditions for obtaining authorization to act as a VRSP administrator. A holder of a VRSP authorization who wishes to provide its PRPP in provinces that are parties to the agreement is exempt from the requirement to obtain a PRPP licence; however, its PRPP must be approved by OSFI. In this case, supervision of the VRSPs is carried out by Retraite Québec and that of PRPPs by OSFI.

For more information about the Agreement, contact the AMF Information Centre.

The consolidated version of the Agreement below incorporates amendments made. Note that the consolidated version is not official and is provided for convenience of reference only.