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
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
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
SPPs monitored by a supervisory agency in Canada having a similar mandate to that of Retraite Québec
Where a pension plan has workers whose rights are subject to the
Supplemental Pension Plans Act and workers whose rights are subject to another provincial or federal law, it may be under the supervision of another agency having a similar mandate to that of
Retraite Québec. In such a case, the other agency must ensure, on behalf of
Retraite Québec, that the rights of Québec workers are in conformity with the
Supplemental Pension Plans Act. That agency takes its mandate from an
agreement entered into between different government authorities that specifies how various pension plan legislation must be applied.
Below is the list of the agencies having a similar mandate to that of
Retraite Québec as well as their respective laws.
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