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 Quebecers.
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 July 2014."
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 Funds Ltd.
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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