Pooled Registered Pension Plan (PRPP)/
Voluntary Retirement Savings Plan (VRSP)

The new registered retirement plan.
It's simple. And it's coming soon.

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Important notes

  • “Standard Life” refers to “The Standard Life Assurance Company of Canada”.
  • The information on this website is up to date as of December 2013 and will be updated as more information becomes available. It is of general nature and, should you implement a PRPP/VRSP, you need to familiarize yourself with the rights and obligations you and your employees may have under the applicable legislation

What is a PRPP/VRSP?

Important note regarding the PRPP

On December 3, 2013, the National Assembly of Quebec passed Bill 39 that aims at creating the Quebec pooled registered pension plan version for Quebec salaried and self-employed workers, which is the Voluntary Retirement Savings Plan (VRSP).

The Voluntary Retirement Savings Plan Act will come into effect on July 1, 2014.

Quebec employers of a certain size will be required to offer gradually the VRSP to their employees if they do not already offer a group RRSP or TFSA or a registered pension plan, as follows:

  • Employers with at least 20 employees who are at least 18 years old and have one year of uninterrupted service ("eligible employees") on June 30, 2016 will have until December 31, 2016 to subscribe to a VRSP and automatically enroll their employees in the plan.
  • Employers with 10 to 19 eligible employees on June 30, 2017 will have until December 31, 2017 to subscribe to a VRSP and automatically enroll their employees in the plan.
  • Employers with 5 to 9 eligible employees will have until a date to be determined, but not prior to January 1, 2018, to subscribe to a VRSP and automatically enroll their employees in the plan.

More details in our January 2014 edition of Legislation matters.

The Pooled Registered Pension Plan (PRPP) is a low-cost pension plan developed by the federal government to help Canadians save for retirement. Effective since December 14, 2012, it will allow federally regulated entities* to voluntarily establish a PRPP for their employees. However, eligible administrators will only be entitled to offer the federal PRPP after they receive their license to be PRPP administrators and their plan documentation is registered by the Office of Superintendent of Financial Institutions Canada and by the Canada Revenue Agency.

The Voluntary Retirement Savings Plan Act will come into effect on July 1, 2014. Eligible administrators will only be entitled to offer the Quebec VRSP after they receive their license from the Autorité des marchés financiers to be VRSP administrators and their plan documentation is registered by the Régie des rentes du Québec and by the Canada Revenue Agency.

The rules that will apply to PRPPs in Alberta and in Saskatchewan will be patterned after the rules applying to federal PRPPs, except for certain technical rules and the regulations (still to come). We will provide more details once the corresponding regulations will be released.

As for the other provinces, it is not yet known what their pension solution will be.

* Additional information on federally regulated businesses and industries on the webpage of Labour Canada can also assist you.

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Choosing the right plan

Standard Life can help you choose the plan(s) that better suit(s) your needs. Here's how the PRPP and VRSP compare to other retirement savings and pension plans:

Comparison of group RRSP, group TFSA, Simplified Pension Plan (SPP in Quebec), VRSP and PRPP (PDF)

Comparing TFSAs, RRSPs, PRPPs / VRSPs and NRSPs (PDF)

Note: The above is based on the information provided in the Quebec Bill 39 (Voluntary Retirement Savings Plans Act), the federal Bill C-25 (Pooled Registered Pension Plans Act), the federal Pooled Registered Pensions Plans Regulations and the tax measures.

Moreover, see how you can reward your employees and save with a pension plan such as the PRPP or the VRSP.

In Quebec

Elsewhere in Canada

For more information about the PRPP/VRSP or other pension and savings options, contact our Business Centre:


Telephone: 1-877-231-8228, from 9 h to 18 h
Fax: 514-764-2310
email: questions@standardlife.ca

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Who am I?

To help you understand how the PRPP/VRSP affects you and what is expected of you, click on the option that applies.



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What’s new?

Legislation matters – PRPP/VRSP related issues

Other updates

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Our group savings and retirement solutions

Standard Life intends to offer the PRPP in 2014 as part of its group savings and retirement solutions as soon as our plan documentation is registered by the Office of Superintendent of Financial Institutions Canada and by the Canada revenue Agency (Note that we received our license to be a PRPP administrator from OSFI in 2013).

Standard Life intends to offer the VRSP starting July 1, 2014 as part of its group savings and retirement solutions as soon as we receive our license to be a VRSP administrator and our plan documentation is registered by the Régie des rentes du Québec for the VRSP and by the Canada revenue Agency.

For more information about the PRPP / VRSP or other group savings and retirement solutions, contact our Business Centre:


Telephone: 1-877-231-8228, from 9 h to 18 h
Fax: 514-764-2310
email: questions@standardlife.ca






Standard Life

Important notes

  • “Standard Life” refers to “Standard Life Assurance Company of Canada”.
  • The information on this website is up to date as of January 2014 and will be updated as more information becomes available. It is of general nature and, should you implement a PRPP/VRSP, you need to familiarize yourself with the rights and obligations you and your employees may have under the applicable legislation





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