MONTREAL, Sept. 20, 2013 /CNW Telbec/ - The Standard Life Assurance Company of Canada ("Standard Life") has been issued a licence to administer a federal Pooled Registered Pension Plan (PRPP).
The company was issued the licence by the Office of the Superintendent of Financial Institutions (OSFI). This approval is the first step in the process that will allow Standard Life to offer its PRPP solution and help millions of Canadians save for a secure retirement.
"Using PRPPs to encourage savings by Canadians makes good sense," said Charles Guay, President and CEO of Standard Life in Canada. "This is particularly important to individuals working for small and medium sized enterprises and those who are self employed. Many of them do not currently have access to workplace retirement savings plans."
The Government of Canada adopted Bill C-25, the Pooled Registered Pension Plans Act, in June 2012. The Act came into force in December 2012. Standard Life has called on provincial and territorial finance ministers to support the federal initiative. Only four provinces - Alberta, Saskatchewan, Ontario and Québec - have introduced or are expected to introduce enabling legislation in the near future.
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 has been doing business in Canada 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 is the largest business entity outside the United Kingdom of Standard Life plc, its parent company headquartered in Edinburgh, Scotland. Standard Life plc operates in the United Kingdom, Europe, North America and Asia, and globally with Standard Life Investments Limited.
As of June 30, 2013, Standard Life plc had $372.5 billion in managed assets, including $45.4 billion under management in Canada through Standard Life Financial.
SOURCE: STANDARD LIFE
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