Laws and regulations applicable to supplemental pension plans
Supplemental pension plans (SPP) are subject to the Income Tax Act , which is monitored by the Canada Revenue Agency .
Many SPPs are also subject to a provincial or federal pension plan act and are therefore monitored by another agency.
SPPs monitored by Retraite Québec
These SPPs include plans offered by employers in the private and municipal sectors, and certain plans in the parapublic sector, whose activities fall under provincial jurisdiction. They are subject to the Supplemental Pension Plans Act and the regulations concerning supplemental pension plans.
SPPs administered by Retraite Québec
These SPPs are pension plans for public or parapublic organizations in Québec. The plans apply to employees in the Québec public service, the health and education systems, the Sûreté du Québec, peace officers, elected municipal officials, judges of the Court of Québec, etc.
Each of the plans is subject to a Québec law specific to the employees affected. For more details on the subject, contact Retraite Québec.
SPPs supervised by a monitoring agency in Canada having a similar mandate to that of Retraite Québec
Where a pension plan includes workers in Québec and also in other provinces or territories, the plan may be monitored by another agency having a similar mandate to that of Retraite Québec. In such a case, the agency must ensure, on behalf of Retraite Québec, that the rights of Québec workers are in conformity with the Supplemental Pension Plans Act.
Below is the list of the agencies having a similar mandate to that of Retraite Québec as well as their respective laws.
Note 1 : 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.).
SPPs in the private sector under federal jurisdiction
These SPPs are plans from private organizations whose activities fall under federal jurisdiction. Those plans apply to employees in banks, interprovincial transport or telecommunications companies, etc. They are subject to the Pension Benefits Standards Act, 1985 and are monitored by the Office of the Superintendent of Financial Institutions .
SPPs in the public sector under federal jurisdiction
These plans apply to employees in the federal public service, the Canadian Forces, the Royal Canadian Mounted Police, etc. Each of the plans is subject to a specific federal law and administered by a specific organization according to the category of employees affected. For more details on the subject, contact the Government of Canada .
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