VRSP / PRPP Home
Voluntary Retirement Savings Plans (VRSP) and
Pooled Registered Pension Plans (PRPP)
Sun Life Financial makes it easy for you to build your business with VRSP / PRPP.
Sun Life Financial to offer VRSP: Making savings easier for Quebecers
Start the conversation with Voluntary Retirement Savings Plan (VRSP) - June 10, 2014
Sun Life Financial Small Business Centre in Quebec is now open!
News releases - April 16, 2014
Another step forward for Sun Life Financial's VRSP
GRS Matters - April 2, 2014
Sun Life Financial receives licence to offer Pooled Registered Pension Plans
|As the undisputed leader in providing group retirement plans to Canadians, Sun Life Financial knows how important it is to help employees save at work. Today we are using our strength and experience to address recent changes in pension-related legislation with products we are confident will lead the market – and will also give you a significant new opportunity to grow your business.
Pooled Registered Pension Plans (PRPP) are a new type of defined contribution pension plan that are being phased in across the country. They will make it possible for millions of Canadians who work for small- to medium-size companies, and who do not have a workplace retirement savings plan, to access cost effective retirement savings options.
The Voluntary Retirement Savings Plan (VRSP), which will be phased in over the next four years, will be the first provincial plan to launch. A new law, which takes effect on July 1, 2014, makes it mandatory for Quebec employers with five or more eligible employees to offer a VRSP to employees who do not currently have the opportunity to contribute to a registered retirement savings plan or tax-free savings account through payroll deduction and are not members of a registered pension plan provided by their employer. This means that one million employees in the province will soon need to be given access to a VRSP. And a Sun Life Financial VRSP will be the simple, effective choice for both employers and employees. This site will give you a good understanding of how the VRSP works – and how we can help you take advantage of this outstanding opportunity to build your business.
The Federal PRPP Act applies to employers in federally regulated jurisdictions (e.g., banking, telecommunications, inter-provincial transportation, etc.) as well as employers and the self-employed in the territories. The federal legislation does not require employers to offer a PRPP to its employees and, if an employer does choose to offer one, they are not required to make contributions to the plan. Sun Life Financial has applied for the required approvals and will offer a Federal PRPP once the registration is granted.
The provinces other than Quebec are in various stages of their PRPP planning. We’ll update this site regularly as developments progress – but we urge you to familiarize yourself with how PRPP works now so you’ll have a head start when your jurisdiction is ready to launch.