Standard Life is ready to offer its VRSP to Quebecers in July 2014
MONTREAL, Dec. 4, 2013 /CNW Telbec/ - Standard Life welcomes Quebec's
leadership by adopting bill 39, allowing a fast implementation by the
Quebec government of the Voluntary Retirement Savings Plans (VRSPs).
Standard Life considers the adoption of the bill as an enabling action
from government to ensure a suitable retirement income for more
Charles Guay, President and Chief Executive Officer of Standard Life in
Canada, notes: "We believe this solution will provide individuals and
employers with a clear and simple retirement savings method. The
voluntary feature values the employee's freedom of choice and the group
feature promotes economies of scale for participants. Compulsory
membership for businesses will be a significant contributor to the
success of VRSPs. We are ready to offer VRSPs to Quebecers, starting
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 introduced earlier
this year another retirement savings solution, Pension in a Box,
designed specifically for the small and medium-sized enterprises that
represent 99% of Québec businesses. The majority of these businesses do
not offer any type of plan to their employees.
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. Standard Life in Canada has been
doing business for 180 years and has approximately 2,000 employees. It
operates under Standard Life Financial Inc., which wholly owns The
Standard Life Assurance Company of Canada and Standard Life Mutual
Standard Life Financial Inc. is the largest operation outside the United
Kingdom of Standard Life plc, its parent company headquartered in
Edinburgh, Scotland. Standard Life plc has around 6 million customers
worldwide and operates in the UK, Canada, Europe, Asia, the Middle East
and globally with Standard Life Investments Ltd.
Standard Life plc had $396 billion in assets under administration,
including $46.1 billion in Canada through Standard Life Financial Inc.
(at September 30, 2013).
SOURCE: Standard Life
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