WINNIPEG, March 4, 2014 /CNW/ - The Office of the Superintendent of
Financial Institutions (OSFI), has issued a license to Great-West Life
through its subsidiary, London Life, to administer pooled registered
pension plans (PRPPs).
Great-West Life believes PRPPs will help improve the adequacy of
retirement income for working Canadians by providing low-risk and
low-cost employer-sponsored retirement plan options for small- to
The federal PRPP act includes employers in federally regulated
jurisdictions (e.g., banking, extra-provincial transport, aircraft
transport, etc.) as well as employers and the self-employed in the
territories. The federal legislation is the first of what is expected
to be a harmonized map of federal and provincial laws offering PRPPs to
all other employers.
As of the date of this release, Alberta, Saskatchewan and Quebec have
passed legislation and are developing regulations. Additionally,
British Columbia has recently re-introduced legislation.
As a leading group retirement provider to Canadian businesses and an
active participant in pension reform discussions, Great-West Life is
committed to launching a best-in-class PRPP.
Great-West Life's experience working with small- to medium-sized
businesses will enable it to provide these employers with a program
that's easy to implement and administer.
"Great-West Life respects the contributions small- to medium-sized
businesses make to Canada and that's why we want to help those business
owners do what they do best," says Jeff Aarssen, Senior Vice-President
of Group Retirement Services for Great-West Life. "We want to make it
as easy as possible for Canadian small business owners to set up their
company's PRPP so they're free to focus on their day-to-day business."
About Great-West Life
Great-West Life is a leading provider of capital accumulation plans in
Canada, administering over 17,500* group retirement plans and over 1.3
million* member accounts. In the United States, Great-West Financial is
the fourth-largest group retirement plan record keeper based on total
participants, and Putnam Investments adds to the organization's North
American presence in this market.
* As at Dec. 31, 2013
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SOURCE: Great-West Life Assurance Company
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