MONTREAL, Dec. 16 /CNW Telbec/ - The Standard Life Assurance Company of
Canada is pleased that Finance Minister Flaherty will recommend a
Pooled Registered Pension Plan (PRPP) to improve the range of
retirement saving options for Canadians to provincial Finance Ministers
"Pooled Registered Pension Plans could be a milestone to improve access
to pension arrangements and encourage Canadians to save for
retirement," said Joseph Iannicelli, President and Chief Executive
Officer of Standard Life. "As one of the first companies to offer
pension plans in Canada, Standard Life looks forward to working with
governments and being part of this new development."
The PRPP framework would make it easier and more affordable for small
employers to offer pension plans and, for the first time, give the
self-employed the option to participate in a pension plan.
Mr. Iannicelli added: "Employers and employees would benefit from the
expertise and experience of Canadian financial institutions in the role
of administrators of PRPPs. The industry is highly regulated in matters
of solvency and governance. As a result, Standard Life is ready to take
on the additional role that PRPPs would bring."
Canada's life and health insurance industry currently administers 70 per
cent of Canadian pension plans.
About Standard Life
Established in 1825, Standard Life is a leading provider of long-term
savings and investment solutions to over 6 million customers
worldwide. Headquartered in Edinburgh, Scotland, Standard Life has
around 10,000 employees across the UK, Canada, Ireland, Germany,
Austria, India, USA, Hong Kong and mainland China. It had $311 billion
in assets under administration, as of September 30, 2010.
In 2006, after 80 years as a mutual company, The Standard Life Assurance
Company demutualized and Standard Life plc was listed on the London
Stock Exchange. Standard Life plc now has approximately 1.5 million
shareholders in over 50 countries, including 13,000 in Canada.
In Canada, Standard Life has been doing business for over 175 years.
Standard Life Financial Inc., which wholly owns The Standard Life
Assurance Company of Canada and Standard Life Mutual Funds Ltd., is
Standard Life plc's largest operation outside the UK. With over 2,000
employees based in Montréal and in offices across Canada, it provides
long-term savings, investment and insurance solutions to more than 1.3
million Canadians, including group insurance and retirement plan
members. It had $38.2 billion of assets under administration, as at
September 30, 2010.
SOURCE Standard Life
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