MONTREAL, June 16, 2014 /CNW Telbec/ - Standard Life has been issued a
licence by the Autorité des marches financiers (AMF) to administer a
Voluntary Retirement Savings Plan (VRSP) in Québec starting July 1.
"The AMF's licence is an important step in the setup of our VRSP
offering. We've developed a clear and simple tool to help mainly small
and medium business employers offer a retirement income solution for
their employees," said Philippe Toupin, Vice-President, Group
Solutions. "There are still important steps to go through, such as
filing our registration document today with the Régie des rentes du
Québec and the Canada Revenue Agency, but we are confident that we will
receive all our approbations to launch our VRSP on July 1."
Québec was the first province to pass a 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 savings plan to their employees. Standard Life applauds the
government of Québec's leadership and continues to call on other
provincial and territorial finance ministers to develop similar
initiatives to ensure a suitable retirement to a majority of Canadians
Note to editors
Standard Life has long been concerned with financial security upon
retirement and has a long track record in retirement savings plan
innovation. In addition to the VRSP, Standard Life offers a large range
of retirement savings solution, such as Pension in a Box, designed specifically for the small and medium-sized enterprises.
About Standard Life
Standard Life provides long-term savings, investment and insurance
solutions to more than 1.4 million Canadians, including group
retirement and insurance plan members. It has 2,000 employees, and the
main operating subsidiaries in Canada are The Standard Life Assurance
Company of Canada and Standard Life Mutual Funds Ltd.
The Canadian operation of Standard Life plc, its parent company, is the
largest outside the United Kingdom. Headquartered in Scotland, Standard
Life plc has around six million customers worldwide and operates in the
UK, Canada, Europe, Asia and the Middle East.
Standard Life plc had $456 billion in assets under administration,
including $50 billion in Canada, as at March 31, 2014.
SOURCE: Standard Life
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