Great-West Life has received a license from the Office of the Superintendent of Financial Institutions (OSFI) in Canada, enabling it to administer pooled registered pension plans (PRPPs) through its subsidiary, London Life.
By delivering low-risk and low-cost employer-sponsored retirement plan options for small- to medium-sized businesses, the company believes that PRPPs will help improve the adequacy of retirement income for working Canadians.
The federal PRPP act, that is expected to be a harmonized map of federal and provincial laws offering PRPPs to all other employers, includes employers in federally regulated jurisdictions as well as employers and the self-employed in the territories.
The company said that its experience of working with small- to medium-sized businesses will allow it to offer these employers with a program that’s easy to implement and administer.
Great-West Life group retirement services senior vice-president Jeff Aarssen said, "Great-West Life respects the contributions small- to medium-sized businesses make to Canada and that’s why we want to help those business owners do what they do best.
"We want to make it as easy as possible for Canadian small business owners to set up their company’s PRPP so they’re free to focus on their day-to-day business."