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New Brunswick is the latest province to introduce legislation allowing for the creation of Pooled Registered Pension Plans (PRPP).
Known as the Pooled Registered Pension Plan Act and introduced Nov. 14, New Brunswick would “join other provinces … in enacting legislation similar to the Federal Act bearing the same name which was introduced in 2012. Like the Federal Act, which covers federally regulated employees, the NB Act would potentially provide access to Pooled Registered Pension Plans … to New Brunswick employees,” write Paul Smith and Dante Manna.
“In general, PRPPs are seen as a means of filling in gaps for employers that do not provide employment pension plans, by pooling contributions and distributing the associated costs across sectors. The regulatory framework enables third-party companies to seek licenses to provide PRPPs to multiple employers with investment and administrative management of the funds. Employer participation is voluntary and is open to smaller employers and the self-employed,” they continue.
More: NB Act aligns closely with federal scheme.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions=

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