Manitoba and Newfoundland and Labrador have joined the signatories of the ‘2020 Agreement Respecting Multijurisdictional Pension Plans,’ says a Canadian Association of Pension Supervisory Authorities (CAPSA) release. It takes effect July 1.
Manitoba and Newfoundland and Labrador have joined the signatories of the ‘2020 Agreement Respecting Multijurisdictional Pension Plans,’ says a Canadian Association of Pension Supervisory Authorities (CAPSA) release. It takes effect July 1.
With this, multi-jurisdictional pension plans across the country will now fall under the purview of the 2020 agreement. It lays out a comprehensive legal framework for the administration and regulation of multi-jurisdictional pension plans across the country, creating a unified approach to pension plan oversight.
Under the agreement, a single pension supervisory authority, known as the major authority, will have jurisdiction over the plan's supervision and regulatory powers. This authority is determined based on the jurisdiction where the majority of active plan members reside. If the multi-jurisdictional pension plan has participants in other jurisdictions, those regulators will assume the role of minor authorities, working collaboratively with the major authority. By centralizing supervision under the major authority, the agreement streamlines the regulatory process, ensuring consistency and enhancing protections for pension plan members.
For more information on the 2020 Agreement and its impact on multi-jurisdictional pension plans in Canada, visit the CAPSAwebsite.
