TORONTO, March 18, 2011 – The Canadian Life and Health Insurance Association (CLHIA) congratulates the Quebec government for showing leadership in improving Quebecers’ access to workplace retirement plans. The budget proposes “Voluntary Retirement Savings Plans” (VRSPs), based on the pooled registered pension plan (PRPP) framework recommended by Canada’s Finance Ministers late last year. All businesses would be required to offer VRSPs if no other workplace retirement plan is available.
“VRSPs will assure all working Quebecers have access to retirement savings plans,” said Frank Swedlove, CLHIA President. “VRSPs will provide a simple, low cost option to Quebecers, particularly those in small and medium sized businesses, to save for retirement through payroll deductions.”
CLHIA joins Quebec in encouraging all governments to bring forward legislative changes to implement a PRPP, including the federal government in next week’s budget.
Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. Canada’s life and health insurance industry currently administers over two thirds of Canadian pension plans.