Standard Life been issued a licence to administer a federal pooled registered pension plan (PRPP).

The company was issued the licence by the Office of the Superintendent of Financial Institutions.

“Using PRPPs to encourage savings by Canadians makes good sense,” says Charles Guay, president and CEO of Standard Life in Canada. “This is particularly important to individuals working for small- and medium-size enterprises and those who are self-employed. Many of them do not currently have access to workplace retirement savings plans.”

The Government of Canada adopted Bill C-25, the Pooled Registered Pension Plans Act, in June 2012. The act came into force in December 2012.

Only four provinces—Alberta, Saskatchewan, Ontario and Quebec—have introduced or are expected to introduce enabling legislation in the near future.

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

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