The Office of the Superintendent of Financial Institutions (OSFI), has issued a license to Winnipeg –based Great-West Life Assurance Co. through its subsidiary, London Life, to administer pooled registered pension plans (PRPPs).
The federal PRPP act includes employers in federally regulated jurisdictions (e.g., banking, extra-provincial transport, aircraft transport, etc.) as well as employers and the self-employed in the territories. The federal legislation is the first of what is expected to be a harmonized map of federal and provincial laws offering PRPPs to all other employers.
As of the date of this release, Alberta, Saskatchewan and Quebec have passed legislation and are developing regulations. Additionally, British Columbia has recently re-introduced legislation.
As a leading group retirement provider to Canadian businesses, Great-West Life says it is committed to launching a best-in-class PRPP.
Great-West Life believes PRPPs will help improve the adequacy of retirement income for working Canadians by providing low-risk and low-cost employer-sponsored retirement plan options for small- to medium-sized businesses.
“Great-West Life respects the contributions small- to medium-sized businesses make to Canada and that’s why we want to help those business owners do what they do best,” says Jeff Aarssen, senior vice president of group retirement services for Great-West Life.
“We want to make it as easy as possible for Canadian small business owners to set up their company’s PRPP so they’re free to focus on their day-to-day business.”