Industrial Alliance was granted a licence by the Office of the Superintendent of Financial Institutions to administer the federal pooled registered pension plan (PRPP).

The PRPP is a new pension plan offered to Canadian companies and self-employed workers who operate under federal jurisdiction, as well as companies and self-employed workers in Yukon, Nunavut and the Northwest Territories.

Industrial Alliance will be able to offer the PRPP as soon as the final administrative formalities are processed by government authorities.

“The PRPP is a very beneficial solution for eligible Canadians who didn’t have access to a group pension plan,” says Renée Laflamme, vice-president, group savings and retirement. “We want to offer them tools to help them prepare better for retirement. It made perfect sense to enhance our offer by adding this new plan.”

The implementation of the federal PRPP comes as a result of the Pooled Registered Pension Plans Act, adopted by the government in June 2012.

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

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