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Insurers now can offer low-cost PRPPs to small-business and self-employed workers, expanding retirement access in several provinces.
Standard Life, Great-West Life, and other insurers have received federal licences from OSFI to administer Pooled Registered Pension Plans (PRPPs), expanding retirement savings access for workers at small businesses, self-employed individuals, and federally regulated sector employees.
PRPPs, enabled by federal and provincial legislation, offer low-cost, portable retirement plans with shared administration to reduce fees.
The plans are now available in Nova Scotia, Saskatchewan, British Columbia, and Quebec, with more provinces expected to join.
This initiative aims to improve retirement security for Canadians lacking employer-sponsored pension options.
Las aseguradoras ahora pueden ofrecer PRPP de bajo costo a las pequeñas empresas y a los trabajadores por cuenta propia, ampliando el acceso a la jubilación en varias provincias.