Montreal-based Standard Life Financial Inc. has launched a new website on the Pooled Registered Pension Plan (PRPP) and its Quebec version, the Voluntary Retirement Savings Plan (VRSP). It’s available at www.standardlife.ca/prpp.
While the industry is still waiting for a number of details to be determined by governments (including the criteria that will determine the administrative costs of such plans), Standard Life says it fully supports the PRPP and the VRSP and is developing products to address these initiatives.
The new website is a first concrete step. It was developed to help advisors and Canadians find answers to many of the questions they may have regarding the PRPP and the VRSP. It will be updated regularly as the legislation and regulation evolve. Visitors will also be able to subscribe to receive news alerts as new information becomes available.
“Most of the questions we get are about the difference between the PRPP and other retirement savings plans. It’s easy to get lost in the lingo… group RRSPs, group TFSAs, PRPPs and VRSPs, etc. Our website explains in plain English the difference between these options, and will help people make the right choices,” says Louise Pellerin-Lacasse, vice president, product development and management at Standard Life.
The PRPP and its provincial equivalents will help address the gap in the retirement income system by providing employers, employees and the self-employed an accessible, large-scale and low-cost defined contribution pension option administered by professionals.
The PRPP and the VRSP will be part of Standard Life’s complete line-up of workplace retirement programs.