Standard Life receives a licence to provide a Voluntary Retirement Savings Plan in Québec

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 and Quebecers.

Note to editors

  1. Details about Standard Life's VRSP
  2. 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

For further information:

Anne-Julie Gratton
514 499-7999 or 1 877 499-9555, extension 8150

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