Finance committee  Subclause 41(5) is the provision with respect to opting out. Within that same section, whether it be for economic reasons or for whatever reason the employee may have, they have the right to opt out within 60 days.

Finance committee  Yes, I have a couple of points. One is that in every circumstance when an employee is giving notice, they have 60 days in which to opt out of the plan. There is a provision—and Lynn might be able to help me out with exactly which one it is—that sets out that, subject to the regul

Finance committee  In the initial period, if a member wants to opt out initially, it's forever. But the frequency and duration will be specified in regulation and be subject to further consultation with stakeholders.

Finance committee  But it's contemplated in the act for that reason.

Finance committee  The purpose of this amendment is.... Just by way of background, in the initial defined benefit or defined contribution context, it's the employer who is the sponsor of these plans. In the PRPP context, we're taking that responsibility away from the employer and putting it on the

Finance committee  We will have detailed regulations in this respect that will set up the criteria for determining low cost, and these will be monitored regularly—by the Superintendent of Financial Institutions, in this case, who is the supervisor. It is also a condition of their licensing requirem

Finance committee  In the extreme, if they're not made in the terms of their licence, OSFI has powers to deal with that. That's like an—

Finance committee  That will be elaborated.

Finance committee  The intention of the clause is indeed to prohibit inducements for the reasons you cite, but recognizing that there are circumstances where you wouldn't want to prohibit employers from achieving lower costs to members for entering into such an agreement. Those cases are, for examp

Finance committee  Yes.

Finance committee  Those details will be elaborated in the regulations.

Finance committee  There are a few things in the act that fit together to make that...in addition to the broader principles that have been elaborated. One that's new and different from RRSPs, for example, is that administrators will be licensed, and they need to be licensed in accordance with how t

Finance committee  That regulation is intended to...or it is under development, but the intention there is that there are some inducements or what we call cross-selling or tied selling that can be beneficial to all. So if an administrator is offering both a health policy as well as a plan, a PRPP,

Finance committee  That's right. It would give the regulation-making authority.

Finance committee  Yes.