Standard Life has launched a new website offering information on pooled registered pension plans (PRPPs) and their Quebec counterpart, voluntary retirement savings plans (VRSPs).
The site, which is available at standardlife.ca/prpp, will be updated as the legislation evolves, and visitors can subscribe to receive news alerts as new information becomes available.
“Most of the questions we get are about the difference between the PRPP and other retirement savings plans,” said Louise Pellerin-Lacasse, vice-president of product development and management with Standard Life. “It’s easy to get lost in the lingo—group RRSPs, group TFSAs, PRPPs and VRSPs, etc.”
The PRPP was introduced by the federal government as a way to address the gap in Canada’s retirement income system, by providing employers, employees and the self-employed an accessible, large-scale and low-cost DC pension option administered by professionals. So far, Quebec is the only province to enact provincial legislation for the new plan model.