The Canadian Federation of Independent Business (CFIB) and Standard Life have signed an agreement to create a retirement savings solution designed for the CFIB’s members, including one of the very first voluntary retirement savings plans (VRSPs) for an association.

“Through this new agreement, CFIB business members will be able to provide their employees with a unique retirement savings product tailored to the needs of small- and medium-size businesses,” says Martine Hébert, senior vice-president at the CFIB. “This agreement will help us finalize the technical components of this major project in order to make a VRSP solution available in Quebec in 2015.”

Quebec organizations with 20 or more employees will have to offer a VRSP by Dec. 31, 2016, unless they already have another group retirement savings plan in place.

“CFIB has built a solid reputation in the business arena throughout Canada,” says Philippe Toupin, vice‑president, group solutions, at Standard Life. “We believe this partnership is a key step forward to help more business leaders offer an attractive retirement savings solution to their employees.”

Their agreement will also expand to offer retirement savings solutions to other provinces where retirement savings legislation will be implemented.

CFIB is the largest federation of small- and medium-size businesses in Canada, with 109,000 members in all business areas and regions, including 24,000 members in Quebec.

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

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