Standard Life supports Minister Flaherty's new pension option

MONTREAL, Dec. 16 /CNW Telbec/ - The Standard Life Assurance Company of Canada is pleased that Finance Minister Flaherty will recommend a Pooled Registered Pension Plan (PRPP) to improve the range of retirement saving options for Canadians to provincial Finance Ministers next week.

"Pooled Registered Pension Plans could be a milestone to improve access to pension arrangements and encourage Canadians to save for retirement," said Joseph Iannicelli, President and Chief Executive Officer of Standard Life. "As one of the first companies to offer pension plans in Canada, Standard Life looks forward to working with governments and being part of this new development."

The PRPP framework would make it easier and more affordable for small employers to offer pension plans and, for the first time, give the self-employed the option to participate in a pension plan.

Mr. Iannicelli added: "Employers and employees would benefit from the expertise and experience of Canadian financial institutions in the role of administrators of PRPPs. The industry is highly regulated in matters of solvency and governance. As a result, Standard Life is ready to take on the additional role that PRPPs would bring."

Canada's life and health insurance industry currently administers 70 per cent of Canadian pension plans.

About Standard Life
Established in 1825, Standard Life is a leading provider of long-term savings and investment solutions to over 6 million customers worldwide. Headquartered in Edinburgh, Scotland, Standard Life has around 10,000 employees across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China. It had $311 billion in assets under administration, as of September 30, 2010. 

In 2006, after 80 years as a mutual company, The Standard Life Assurance Company demutualized and Standard Life plc was listed on the London Stock Exchange. Standard Life plc now has approximately 1.5 million shareholders in over 50 countries, including 13,000 in Canada. 

In Canada, Standard Life has been doing business for over 175 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 over 2,000 employees based in Montréal and in offices across Canada, it provides long-term savings, investment and insurance solutions to more than 1.3 million Canadians, including group insurance and retirement plan members. It had $38.2 billion of assets under administration, as at September 30, 2010.

SOURCE Standard Life

For further information: For further information:

Ann-Marie Gagné
Assistant Vice-President, External Communications and Public Affairs
514-499-7999, ext. 4600

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