Quebec’s Autorité des marches financiers (AMF) has granted a major player in the life market a licence to administer a Voluntary Retirement Savings Plan (VRSP) in that province starting July 1.
Quebec’s Autorité des marches financiers (AMF) has granted a major player in the life market a licence to administer a Voluntary Retirement Savings Plan (VRSP) in that province starting July 1.
“The AMF's licence is an important step in the setup of our VRSP offering,” says Philippe Toupin, Vice-President, Group Solutions, Standard Life. “We've developed a clear and simple tool to help mainly small and medium business employers offer a retirement income solution for their employees.”
Quebec was the first province to pass legislation to help ensure a suitable retirement income for more Quebecers, and to recognize that in order to be successful, it had to be mandatory for employers to offer a retirement saving plan to their employees, says Toupin.
“There are still important steps to go through,” he says, “but we are confident that we will receive all our approbations to launch our VRSP on July 1.”
Standard Life applauds the government of Quebec's leadership, adds Toupin, calling on other provincial and territorial finance ministers to develop similar initiatives to ensure “a suitable retirement to a majority of Canadians and Quebecers.”
Standard Life provides long-term savings, investment and insurance solutions to more than 1.4 million Canadians, including group retirement and insurance plan members. Consisting of about 2,000 employees, the main operating subsidiaries in Canada are The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd.
Standard Life plc had $456 billion in assets under administration, including $50 billion in Canada.
For more on VRSP, see 'Specialized website on VRSP coming.'
“The AMF's licence is an important step in the setup of our VRSP offering,” says Philippe Toupin, Vice-President, Group Solutions, Standard Life. “We've developed a clear and simple tool to help mainly small and medium business employers offer a retirement income solution for their employees.”
Quebec was the first province to pass legislation to help ensure a suitable retirement income for more Quebecers, and to recognize that in order to be successful, it had to be mandatory for employers to offer a retirement saving plan to their employees, says Toupin.
“There are still important steps to go through,” he says, “but we are confident that we will receive all our approbations to launch our VRSP on July 1.”
Standard Life applauds the government of Quebec's leadership, adds Toupin, calling on other provincial and territorial finance ministers to develop similar initiatives to ensure “a suitable retirement to a majority of Canadians and Quebecers.”
Standard Life provides long-term savings, investment and insurance solutions to more than 1.4 million Canadians, including group retirement and insurance plan members. Consisting of about 2,000 employees, the main operating subsidiaries in Canada are The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd.
Standard Life plc had $456 billion in assets under administration, including $50 billion in Canada.
For more on VRSP, see 'Specialized website on VRSP coming.'
