Registering and revoking standard contracts
The locked-in retirement accounts (LIRAs) and life income funds (LIFs) that are dealt with in this section are those subject to the Supplemental Pension Plans Act.
Main points to be aware of
Registration or amendment of a standard contract
The Régie des rentes du Québec has a general checklist available for you to use in registering or amending a standard contract for an LIRA or an LIF.
The checklist gives all the documents that you must enclose with the application and also indicates which information the Régie needs to determine the standard contract or amendment to register.
New fee schedule in effect since 21 March 2002
The fees that used to be applicable to register amendments to standard contracts for LIRAs and LIFs have been replaced by annual fees of 250 $ for each standard contract registered with the Régie.
The fees are payable on 31 December each year and additional fees of 10% of any unpaid balance are required for each complete month of delay. See the fee schedule.
Revoking a standard contract
The Régie can revoke the registration of a standard contract. In order to do so, the financial institution must attest to the Régie that:
- no contract in conformity with a standard contract is being processed
and
- no contract in conformity with a standard contract will be entered into.
Once a standard contract is revoked, the financial institution no longer has to pay the annual fees of 250 $. However, any overdue and unpaid fees are still owed.
To find out more...