Manulife Financial is the first Canadian company to be issued a licence to administer federal pooled registered pension plans (PRPPs).

The company was issued its licence to be a PRPP administrator by the Office of the Superintendent of Financial Institutions (OSFI).

In December 2012, the Government of Canada finalized the Pooled Registered Pension Plans Act regulations, marking the creation of a new workplace retirement savings plan.

The OSFI approval is the first step in enabling Manulife Financial to administer PRPPs.

“I congratulate Manulife on being the first out of the gate to receive official approval to administer PRPPs,” says Kevin Sorenson, Minister of State for Finance.

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

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