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Applicable laws

The Supplemental Pension Plans Act applies to locked-in retirement accounts (LIRAs) and life income funds (LIFs) whose funds either originate from a pension plan subject to the Act or a plan administered by the Commission administrative des régimes de retraite et d'assurances This link will open in a new window. (CARRA).

The Supplemental Pension Plans Act does not apply to LIRAs and LIFs whose funds originate from a pension plan under federal jurisdiction, which is the case for employers in the private, public and parapublic sectors whose activities are under federal jurisdiction (banks, interprovincial transport and telecommunication businesses, federal public service, etc.).

Neither the company's charter (federal or provincial), the member's province of residence nor the province where the plan is registered are relevant in determining the applicable jurisdiction.

An example to make it clearer - You have always lived in Québec. You worked in both a caisse and a bank and were a member of their respective pension plans. When you left those jobs, you transferred your benefits from these plans into 2 LIRAs, that is, 1 LIRA for the amounts from your caisse pension plan and another LIRA (or locked-in RRSP) for the amounts from the bank's pension plan. The first LIRA is subject to a provincial law, the Supplemental Pension Plans Act, while the second is subject to a federal law, the Pension Benefits Standards Act, 1985.

When the value of a member's acquired benefits are transferred into his or her pension plan, the administrator must ensure that transfer is carried out in conformity with the applicable law and that the instrument chosen respects legal requirements. The administrator must therefore indicate to the financial institution which law applies so that the amounts can be deposited in the appropriate instrument.

By the same token, a pension plan administrator or financial institution who receives a transfer must check with the original plan administrator to find out which law applies.

The Régie des rentes du Québec can only act as a back-up, and then only if it has the necessary information.

Main applicable laws

Provinces or Territories	Applicable Laws	Agencies
Alberta	Employment Pension Plans Act	Finance
British Columbia	Pension Benefits Standards Act	Financial Institutions Commission
Manitoba	The Pension Benefits Act	Manitoba Labour and Immigration – Office of the Superintendent – Pension commission
New Brunswick	Pension Benefits Act	Justice and Consumer Affairs - Office of the Superintendent of Pensions
Newfoundland and Labrador	Pension Benefits Act	Government Services
Nova Scotia	The Pension Benefits Act	Labour and advanced Education
Ontario	Pension Benefits Act	Financial Services Commission
Québec	Supplemental Pension Act	Régie des rentes du Québec
Saskatchewan	The Pension Benefits Act	Financial Services Commission - Pension Plan – Administrators / Members
Yukon, Northwest Territories and Nunavut	Pension Benefits Standards Act, 1985*	Office of the Superintendent of Financial Institutions

* This law also applies to pension plans offered by employers in the private sector whose activities fall under federal jurisdiction (banks, interprovincial transport and telecommunications companies, etc.).

Pension plans, LIRAs and LIFs are also subject to the Income Tax Act . The agency responsible for applying the Act is the Canada Revenue Agency This link will open in a new window. .

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Practical corner

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