An overview of Voluntary Retirement Savings Plans (in Quebec) and Pooled Registered Pension Plans

The Pooled Registered Pension Plans (PRPP) Act was approved by the Federal Government in 2012. It laid the groundwork for similar plans to be established provincially which will give millions of Canadians employed by small- and mid-size businesses access to a low-cost retirement savings option – if the businesses they work for do not already offer a workplace retirement savings plan. Quebec's Voluntary Retirement Savings Plan (VRSP) is the first provincial plan to launch in Canada.

The Sun Life Financial VRSP is designed to help Quebecers prepare for retirement through workplace savings by providing retirement benefits that will supplement any other retirement income they may receive. Contributions to the plan and investment earnings on those contributions accumulate and remain tax-sheltered until benefits are paid out in retirement.

The benefit paid at retirement depends on the amount of contributions accumulated, investment earnings, the type of retirement benefit chosen, retirement age and the interest rates in effect at that time.

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. Sun Life has applied for the required approvals and will offer a Federal PRPP once the registration is granted.

Learn more about how these plans can work for your business and your employees, by selecting your jurisdiction from the drop-down menu below. For details on these plans, visit the FAQs or go to Contracts.

Learn more by jurisdiction:

In all cases, if there is any discrepancy between the information provided in the Learn more and FAQ sections and the contract, the wording in the contract will govern.

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