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Manulife Licensed To Offer PRPPs


Manulife Financial is the first Canadian company to be issued a license to administer federal pooled registered pension plans (PRPPs). The company was issued its license to be a PRPP administrator by the Office of the Superintendent of Financial Institutions (OSFI). The OSFI approval is the first step in enabling Manulife to introduce its PRPP aimed at helping more Canadians to save for their future. Once final registration of its PRPP product is received from OSFI and the Canada Revenue Agency, the product can be offered to federally-regulated businesses across Canada and to any business or self-employed individuals within the Yukon, Northwest Territories, and Nunavut. Employees of businesses in these areas are also eligible to participate in a PRPP even if their employer has not yet implemented a formal plan. The provinces of Saskatchewan and Alberta have also passed their own PRPP acts. The next step for these provinces will be to develop the regulations necessary for the legislation to be implemented. Once other provinces release their own PRPP legislation, Manulife will offer plans to their residents, businesses, and self-employed individuals. "Today's approval marks an important first step in enabling many more businesses to help their employees put money away for their retirement," says Sue Reibel, senior vice-president, group benefits and retirement solutions, at Manulife. "We are hopeful that the federal government's efforts will serve as a model for all provinces to move forward with their own PRPP legislation, in an effort to provide more Canadians with access to workplace retirement savings plans."

Courtesy of Benefits and Pensions Monitor website News Alerts

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