TORONTO, Dec. 3, 2013 /CNW/ - The Canadian life and health insurance
industry congratulates the Government of Quebec on passing today its
timely and innovative approach to pooled registered pension plans
(PRPPs). Quebec's version, called Voluntary Retirement Savings Plans
(VRSPs), will require all companies in the province with five or more
full-time employees to offer a workplace retirement plan.
"VRSPs will have a profound effect on the retirement savings of
Quebecers by giving almost all workers easy access to a low-cost
workplace retirement plan," said Frank Swedlove, President of the
Canadian Life and Health Insurance Association. "In taking this
approach Quebec is demonstrating great leadership in Canada, and we
believe that Quebecers will be well ahead of their counterparts in
other provinces in retirement savings in the years to come," he added.
Quebec joins Ottawa, Alberta and Saskatchewan in passing PRPP
legislation. The industry encourages other provinces to move as quickly
as possible. Ontario announced a public consultation late last week.
"Given its predominance in pension regulation, we strongly urge Ontario
to fast track its legislation to ensure its workers can also benefit
from access to workplace retirement plans as soon as possible," noted
Mr. Swedlove. "PRPPs should not be tied up in discussions on CPP and
QPP. Any delays in the implementation of PRPPs affects the ability of
workers to build up the necessary capital for retirement."
About the CLHIA
The Canadian life and health insurance industry provides a wide range of
financial security products, including life insurance, annuities and
supplementary health insurance, to almost 27 million Canadians. The
industry administers more than two-thirds of pension plans for Canada's
small and medium-sized businesses and the vast majority of group RRSPs.
Established in 1894, the CLHIA is a voluntary association whose member
companies account for 99 per cent of Canada's life and health insurance
SOURCE: Canadian Life and Health Insurance Association Inc.
For further information:
Media enquiries contact: Wendy Hope, Vice President, External Relations (613) 230-0031