Pooled registered pension plans now can be offered to Canadian businesses and employees working in federally regulated industries as well as residents of Canadian territories.
Great-West Life, Industrial Alliance, Manulife Financial, Standard Life and Sun Life Financial are now registered to manage PRPPs, the last requirement before the plans could be offered, Kevin Sorenson, Canadian minister of state (finance), said Tuesday in a statement on the Canada Department of Finance website.
PRPPs are privately administered defined contribution plans, which do not require a sponsoring employer.
The Canadian government is pushing PRPPs to enhance retirement savings for Canadians after it rejected calls last year by some provinces to expand the C$226.8 billion (US$202.9 billion) Canada Pension Plan, Ottawa. Ontario is moving ahead with creating its own supplemental pension fund to the CPP.
