Montreal-based Standard Life has been issued a licence by the Autorité des marches financiers (AMF) to administer a Voluntary Retirement Savings Plan (VRSP) in Quebec starting July 1.

“The AMF’s licence is an important step in the setup of our VRSP offering. We’ve developed a clear and simple tool to help mainly small and medium business employers offer a retirement income solution for their employees,” said Philippe Toupin, vice president, group solutions, in a release.

Quebec was the first province to pass legislation to help ensure a suitable retirement income for more Quebecers and to recognize that in order to be successful, it had to be mandatory for employers to offer a retirement savings plan to their employees.

Standard Life applauds the government of Quebec’s leadership and continues to call on other provincial and territorial finance ministers to develop similar initiatives to ensure a suitable retirement to a majority of Canadians and Quebecers.