On March 20, 2013, the Saskatchewan Government released its 2013 Budget.
The Budget included an announcement that the Government will introduce pooled registered pension plan (PRPP) legislation in 2013. On April 8, 2013, the Saskatchewan Government introduced Bill 92, The Pooled Registered Pension Plans (Saskatchewan) Act. The legislation closely mirrors federal legislation. PRPPs will be a voluntary option for employers with Saskatchewan employees, as well as for self-employed workers in the province.
The Budget also included an announcement that legislation will be introduced to permit the Saskatchewan Pension Plan to become a PRPP provider. The Saskatchewan Pension Plan is a public, voluntary defined contribution pension plan funded solely by member contributions. It was established in 1986 and is available to individuals in Saskatchewan as well as the rest of Canada. Bill 91, The Saskatchewan Pension Plan Amendment Act, 2013 (No. 2), which was also introduced on April 8, 2013, will permit the Saskatchewan Pension Plan to register a PRPP.
Also note that British Columbia Bill 16, which would have introduced PRPPs in British Columbia (as reported in our March 2013 News & Views), failed to pass before the Legislative Assembly adjourned on March 14, 2013, for the provincial election. Accordingly, legislation permitting PRPPs would have to be reintroduced by the next government in order for PRPPs to be permitted in British Columbia.