CFIB and Standard Life join forces to create one of the first VRSP for an association
MONTRÉAL, Aug. 21, 2014 /CNW Telbec/ - The Canadian Federation of Independent Business (CFIB) and Standard Life in Canada announced today that they have signed an agreement to create a retirement savings solution designed for CFIB's members, including one of the very first voluntary retirement savings plans (VRSP) for an association which will be offered to Quebec's business leaders.
"Through this new agreement, CFIB business members will be able to provide their employees with a unique retirement savings product tailored to the needs of small and medium-sized businesses," said Martine Hébert, Senior Vice-President at CFIB. "This agreement will help us finalize the technical components of this major project in order to make a VRSP solution available in Quebec in 2015. Business leaders will then be able to sponsor such a plan well before the initial December 31, 2016 deadline under Quebec's Act."
"CFIB has built a solid reputation in the business arena throughout Canada. We believe this partnership is a key step forward to help more business leaders offer an attractive retirement savings solution to their employees," stated Philippe Toupin, Vice‑President, Group Solutions at Standard Life.
CFIB and Standard Life also emphasized that saving for retirement is a major challenge for all Canadians. Their agreement will also expand to offer retirement savings solutions to other provinces where retirement savings legislation will be implemented. Other provincial and territorial governments are invited to follow in Quebec's footsteps and quickly enact regulatory legislation enabling more Canadian workers to benefit from new voluntary retirement savings plans options.
CFIB is the largest federation of small and medium-sized businesses in Canada, with 109,000 members in all business areas and regions, including 24,000 members in Quebec.
About Standard Life
Standard Life provides long-term savings, investment and insurance solutions to more than 1.4 million Canadians, including group retirement and insurance plan members. It has 2,000 employees, and the main operating subsidiaries in Canada are The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd.
Its parent company, Standard Life plc, has its headquarter in Scotland and operates in the UK, Canada, Europe, Asia and the Middle East.
SOURCE Canadian Federation of Independent Business