MONTREAL, Aug. 1, 2012 /CNW Telbec/ - Standard Life launches a new website on the Pooled Registered Pension Plan (PRPP) and its Québec version, the Voluntary Retirement Savings Plan (VRSP). It's available at www.standardlife.ca/prpp.
While the industry is still waiting for a number of details to be determined by governments (including the criteria that will determine the administrative costs of such plans), Standard Life fully supports the PRPP and the VRSP and is developing products to address these initiatives. The new website is a first concrete step. It was developed to help advisors and Canadians find answers to many of the questions they may have regarding the PRPP and the VRSP. It will be updated regularly as the legislation and regulation evolve. Visitors will also be able to subscribe to receive news alerts as new information becomes available.
"Most of the questions we get are about the difference between the PRPP and other retirement savings plans. It's easy to get lost in the lingo... group RRSPs, group TFSAs, PRPPs and VRSPs, etc. Our website explains in plain English the difference between these options, and will help people make the right choices," stated Louise Pellerin-Lacasse, Vice-President, Product Development and Management at Standard Life.
The PRPP and its provincial equivalents will help address the gap in the retirement income system by providing employers, employees and the self-employed an accessible, large-scale and low-cost defined contribution pension option administered by professionals.
The PRPP and the VRSP will be part of Standard Life's complete line-up of workplace retirement programs that aim to help Canadians with long-term savings needs so that they can feel confident and optimistic about the future.
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.
SOURCE: STANDARD LIFE
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