Nova Scotians will soon have a new option to save for their retirement.

On Wednesday, Finance and Treasury Board Minister Diana Whalen announced legislative changes to provide Nova Scotians access to pooled registered pension plans (PRPPs).

“All Nova Scotians deserve a pension option that allows them to retire with security and comfort, and pooled registered pension plans help achieve that,” she says. “This is an innovative way for small businesses to provide pension options to their employees, filling a need that was not available previously.”

PRPPs will also be available to employees without a participating employer and self-employed individuals.

The federal government passed legislation to enable PRPPs for federally-regulated industries in 2012. Federal regulations are now in place, and five insurance companies have been licensed to provide the plans.

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