The Office of the Superintendent of Financial Institutions (OSFI), has issued a licence to Great-West Life through its subsidiary, London Life, to administer pooled registered pension plans (PRPPs).

The federal PRPP act includes employers in federally regulated jurisdictions (e.g., banking, extra-provincial transport, aircraft transport, etc.) as well as employers and the self-employed in the territories.

The federal legislation is the first of what is expected to be a harmonized map of federal and provincial laws offering PRPPs to all other employers.

As of the date of this release, Alberta, Saskatchewan and Quebec have passed legislation and are developing regulations. Additionally, British Columbia has recently reintroduced legislation.

Related articles:

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required