The Canadian Association of Pension Supervisory Authorities is seeking comment on a proposed agreement concerning the regulation of multi-jurisdictional pension plans.

CAPSA says it recognizes that there is an immediate need for a new regulatory framework for multi-jurisdictional pension plans that is in line with the current environment.

Its proposed agreement aims to set out a new, clear framework for the administration and regulation of multi-jurisdictional pension plans for consultation with pension stakeholders.

The proposed agreement addresses a number of complex issues in the regulation of multi-jurisdictional pension plans, including clarifying which jurisdiction’s legislation applies to specified matters covered under pension regulation.

It proposes to apply the rules of the jurisdiction where the plan is registered for matters affecting the entire plan, and the rules of the jurisdiction in which plan members are employed for matters affecting their entitlements.

The proposed agreement also addresses matters not contemplated in pension standards legislation, such as the allocation of assets among jurisdictions on plan wind up or asset transfer.

Comments are due by Jan. 30, 2009. Consultation sessions will be held in various locations across Canada in November and December. In addition, a separate but parallel consultation on the proposed agreement will be conducted in Quebec by the Régie des rentes du Quebec.

IE