MONTREAL, June 13, 2012 /CNW Telbec/ - Québec's Minister of Employment and Social Solidarity, Julie Boulet, tabled Bill 80 yesterday in the National Assembly. Bill 80 lays the foundation for the Voluntary Retirement Savings Plan (VRSP) to become a reality in Québec, effective January 1st, 2013. With the financial security of Quebecers a topmost concern, Standard Life is committed to offering a VRSP to the majority of Quebecers who don't have access to a group savings and retirement program to help them save for retirement.
Standard Life has actively supported both the federal initiative for Pooled Registered Pension Plans (PRPP) and Québec's VRSP throughout their development and has provided its expertise related to the development and enhancement of the legislation during ongoing stakeholder consultations. While Québec is the leading province in implementing its own version of the PRPP, a number of details, including the criteria that will determine the administrative costs of the VRSP, remain to be determined.
As a long-time provider of retirement products and a firm believer in innovative solutions, Standard Life's goal will be to make the VRSP simple and straightforward for both employers and individuals.
"We applaud the efforts of the government of Québec for making this savings plan a reality. With an improved ability to save money, Quebecers will be better prepared to pursue their journey towards retirement. Standard Life understands the economic challenges and difficulties faced by individuals throughout their working careers and will be there to help them every step of the way," said Charles Guay, President and CEO of Standard Life in Canada.
The approach to retirement savings envisioned with the PRPP and VRSP, including auto-enrolment features, default contribution rates and default investment provisions, should prove to be an efficient means for individuals to achieve their retirement goals over the long term and to ensure that they make informed decisions about their future income.
About Standard Life
Standard Life plc is a leading long-term savings and investment company headquartered in Edinburgh, Scotland. Standard Life has around 6 million customers worldwide and operates in the United Kingdom, Europe, North America and Asia Pacific, and globally with Standard Life Investments Ltd.
In Canada, Standard Life has been doing business for almost 180 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 about 2,000 employees, it provides long-term savings, investment and insurance solutions to more than 1.4 million Canadians, including group benefit and retirement plan members.
As of March 31, 2012, Standard Life plc had C$330 billion in assets under administration, including C$42 billion in Canada through Standard Life Financial.
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