MONTREAL, May 9, 2013 /CNW Telbec/ - Standard Life welcomes a bill establishing the Voluntary Retirement Savings Plans (VRSPs), as introduced by the Minister of Labour, Employment and Social Solidarity of Québec, Agnès Maltais. Standard Life considers the introduction of the bill as an enabling action from government to ensure a suitable retirement income for most Quebecers.
Charles Guay, President and Chief Executive Officer of Standard Life in Canada, stated: "We believe this innovative solution might provide individuals and employers with a clear and simple method. The voluntary feature values the employee's freedom of choice and the group feature promotes scale economies for participants. Compulsory membership for businesses will also favour the success of this action. Governments, financial institutions, employers and workers will all benefit from working together for the long-term, financial well-being of Quebecers."
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 recently introduced another retirement savings solution 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.
Following the adoption of Bill C-25 by the federal government last December, Standard Life called on provincial and territorial finance ministers to support Pooled Registered Pension Plans (PRPPs). Standard Life advised the ministers that any legislation to be introduced should include such measures as mandatory sponsorship and automatic enrollment, and also be harmonized with the legislation of other provinces and territories.
Note to editors
For more information about the Standard Life's expertise on issues related to PRPPs, please visit www.standardlife.ca/prpp
About Standard Life
Standard Life plc is a leading long term savings and investment company headquartered in Edinburgh, Scotland. Standard Life serves more than six million customers worldwide and operates in United Kingdom, Europe, North America and Asia, and globally with Standard Life Investments Ltd.
In Canada, Standard Life is based in Montréal and has been doing business for 180 years. Standard Life in Canada operates under the corporate name of Standard Life Financial Inc., which wholly owns The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd. It is Standard Life plc's largest entity outside United Kingdom, with some 2,000 employees, providing long term savings, investment and insurance solutions to more than 1.4 million Canadians, including group insurance and retirement plan members.
As of March 31, 2013, Standard Life plc had CAD$360 billion in managed assets, including CAD$46 billion under management in Canada through Standard Life Financial.
SOURCE: STANDARD LIFE
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