MONTREAL, May 9, 2013 /CNW Telbec/ - Standard Life welcomes a bill
establishing the Voluntary Retirement Savings Plans (VRSPs), as
introduced by the Minister of Labour, Employment and Social Solidarity
of Québec, Agnès Maltais. Standard Life considers the introduction of
the bill as an enabling action from government to ensure a suitable
retirement income for most Quebecers.
Charles Guay, President and Chief Executive Officer of Standard Life in
Canada, stated: "We believe this innovative solution might 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 the VRSP. Governments, financial institutions,
employers and workers will all benefit from working together for the
long-term, financial well-being of Quebecers."
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 recently introduced
another retirement savings solution 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
Following the adoption of Bill C-25 by the federal government last
December, Standard Life called on provincial and territorial finance
ministers to support Pooled Registered Pension Plans (PRPPs). Standard
Life advised the ministers that any legislation to be introduced should
include such measures as mandatory sponsorship and automatic
enrollment, and also be harmonized with the legislation of other
provinces and territories.
Note to editors
For more information about the Standard Life's expertise on issues
related to PRPPs, please visit www.standardlife.ca/prpp
About Standard Life
Standard Life plc is a leading long term savings and investment company
headquartered in Edinburgh, Scotland. Standard Life serves more than
six million customers worldwide and operates in United Kingdom, Europe,
North America and Asia, and globally with Standard Life Investments
In Canada, Standard Life is based in Montréal and has been doing
business for 180 years. Standard Life in Canada operates under the
corporate name of Standard Life Financial Inc., which wholly owns The
Standard Life Assurance Company of Canada and Standard Life Mutual
Funds Ltd. It is Standard Life plc's largest entity outside United
Kingdom, with some 2,000 employees, providing long term savings,
investment and insurance solutions to more than 1.4 million Canadians,
including group insurance and retirement plan members.
As of March 31, 2013, Standard Life plc had CAD$360 billion in managed
assets, including CAD$46 billion under management in Canada through
Standard Life Financial.
SOURCE: STANDARD LIFE
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