Industrial Alliance gets authorization to administer the federal Pooled Registered Pension Plan (PRPP)
QUEBEC CITY, March 11, 2014 /CNW Telbec/ - Industrial Alliance is pleased to announce that it was granted a licence by the Office of the Superintendent of Financial Institutions (OSFI) to administer the federal pooled registered pension plan (PRPP).
The PRPP is a new pension plan offered to Canadian companies and self-employed workers who operate under federal jurisdiction, as well as companies and self-employed workers in Yukon, Nunavut and the Northwest Territories. Industrial Alliance will be able to offer the PRPP as soon as the final administrative formalities are processed by government authorities.
Industrial Alliance's federal PRPP stands out from other group pension plans for its simplicity and low cost; employers have minimal responsibility for plan implementation and administration. It also stands out for its carefully selected investment options to help savers with their decisions. "The PRPP is a very beneficial solution for eligible Canadians who didn't have access to a group pension plan. We want to offer them tools to help them prepare better for retirement. It made perfect sense to enhance our offer by adding this new plan," said Renée Laflamme, Vice-President, Group Savings and Retirement.
The implementation of the federal PRPP comes as a result of the Pooled Registered Pension Plans Act, adopted by the government in June 2012. The Act is the end result of several years of consultation between the federal and Canadian provinces, which can also propose their provincial equivalent. At a time when the retirement savings level of Canadians is clearly insufficient, these new, simple, accessible and affordable pension plans will let Canadians secure a better financial future. By offering the federal PRPP, Industrial Alliance demonstrates its commitment to support government initiatives promoting the retirement savings of Canadians.
About Group Savings and Retirement
Group Savings and Retirement offers a wide range of products and services adapted to the needs of savings and retirement plan members. It offers savings products, such as defined contribution plans, as well as institutional money management services and disbursement products. It provides its plan members with a large choice of investment options, such as segregated funds and guaranteed interest investments. With regional offices across Canada, the Group Savings and Retirement sector is one of the largest group savings and retirement service providers in the country.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. operates in Canada and the United States. The Company offers life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups. Industrial Alliance is among the four largest life and health insurance companies in Canada and one of the largest publicly-traded companies in the country. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
SOURCE Industrial Alliance Insurance and Financial Services Inc.For further information:
Office: 418 684-5000, ext. 1660