A new era - Manulife Pooled Registered Pension Plan receives federal approval
Oct. 7, 2014
A new era in workplace savings in Canada began on September 26 when Manulife’s Pooled Registered Pension Plan (PRPP) product was approved by the Canada Revenue Agency and the Office of the Superintendent of Financial Institutions for sale to federally regulated companies. As of October 1, Manulife’s federal PRPP workplace savings program can be purchased by federally regulated industries and employers or self-employed individuals based in Yukon, Nunavut, or Northwest Territories.
In September 2013, Manulife was the first to be licensed as an administrator for federal PRPPs. Now that our product has been approved for sale to federally regulated employers, the momentum continues to build across the country.
The PRPP offers a new and simplified means for small and medium-size businesses to offer a workplace savings program to their employees. The PRPP will help Canadians who work for smaller companies save for a more secure retirement while giving these employers another powerful tool to help build a loyal and motivated workforce.