News & Updates
Quebec publishes regulatory changes for variable payment life pension funds effective January 2026
January 13, 2026
Amendments to the Quebec Regulation respecting supplemental pension plans (“Regulation”) with respect to variable payment life pension funds (“VPLPFs”) came into effect on January 1, 2026.
The purpose of the amendments to the Regulation is to regulate the establishment of VPLPFs under a pension plan as well as the pensions paid from the plan fund. Key amendments to the Regulation with respect to VPLPFs include:
- Expanded disclosure requirements when registering a plan with a VPLPF or amendment relating to a VPLPF.
- Pension plans must specify actuarial assumptions related to mortality for VPLPFs.
- Pension committees must prepare financial reports for each VPLPF, including statements of changes in net assets and pension adjustment reports with details such as reference rates, periodic increase rates, beneficiary demographics, investment policy targets, asset values, and actuarial assumptions.
- Eligibility age and conditions, reference rates, pension options, death benefits, payment frequency, adjustment terms, calculation methods, fee allocation, annual adjustments, etc. must be stated in the plan provisions for VPLPFs.
- The implementation of procedures for transferring assets between VPLPFs, terminating or winding up VPLPFs, and distributing assets to beneficiaries.
- A requirement to provide annual statements with details on pension amounts, adjustments, reference rates, fund returns, and death benefit options. In addition, notices are required when payment begins, when funds are terminated, and when beneficiaries must choose payment methods.
In addition to the amendments with respect to VPLPFs, the amendments to the Regulation also amend certain fees payable to Retraite Québec, including fees to locate untraceable persons, which have increased from $20 to $30.
Click on ‘More information’ below to view the amendments to the Regulation:
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