Standard Life and the Canadian Federation of Independent Business (CFIB) are offering a new retirement savings solution called PrimaPension, which is designed to meet the requirements of small and mid-size enterprises (SMEs) and their employees.

It will be distributed through Nexim Canada, a CFIB and Standard Life partner, and will help SMEs implement an RRSP or a voluntary retirement savings plan (VRSP). Employees enrolling in PrimaPension will also benefit from life insurance policy coverage based on age and assets held in their accounts.

Read: Standard Life to offer VRSPs for CFIB members

“In Quebec, under the new VRSP Act, SMEs with five or more employees are required to offer a retirement savings solution to their employees,” states Martine Hébert, senior vice-president and national French spokesperson at CFIB. “Although employers’ obligations will become effective as of 2016 and on different dates based on their business size, we are pleased to be able to make immediately available to CFIB business members a product specifically designed for them.”

“More than half of SMEs in Canada do not provide their employees with a retirement savings solution, as they are often put off by the complex administration of such a program,” explains Philippe Toupin, vice-president, group solutions, with Standard Life. “The solution we have developed can be easily set up by employers and will help more workers access an attractive retirement savings program.”

PrimaPension, which also includes the pooled registered pension plans, will be available in other Canadian provinces where retirement plan regulations will permit.

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

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