The
draft Regulation to amend the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act was published on 6 March 2024 in the
Gazette officielle du Québec.
Its main purpose is to harmonize the provisions of the Regulation:
- regarding flexible pension plans, with the tax rules;
- regarding member-funded pension plans, with the provisions in force of the Supplemental Pension Plans Act and the Regulation respecting supplemental pension plans.
It also includes the following measures:
- raising the number of plan members and beneficiaries from 26 to 51 under which the employer may serve as pension committee, if the plan text so provides;
- providing for the exemption from the financial report audit for every plan whose market value of the assets is lower than $5 million, regardless of the number of plan members and beneficiaries.
Any person wishing to comment on the draft Regulation must do so in writing before 20 April 2024, to the address indicated in the notice of publication of the draft Regulation.
An English version of the draft Regulation is available on
Les Publications du Québec – Gazette officielle's website.