Montreal-based Standard Life Assurance Company of Canada has 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 (OSFI).
This approval is the first step in the process that will allow Standard Life to offer its PRPP solution.
“This is particularly important to individuals working for small and medium sized enterprises and those who are self employed. Many of them do not currently have access to workplace retirement savings plans,” said Charles Guay, president and CEO of Standard Life in Canada, in a release.
The federal government adopted the Pooled Registered Pension Plans Act in June 2012. The act came into force in December 2012.
Standard Life has called on provincial and territorial finance ministers to support the federal initiative. Only four provinces — Alberta, Saskatchewan, Ontario and Quebec — have introduced or are expected to introduce enabling legislation in the near future.