Quebec election leads to pension limbo (Guest Commentary)

Voluntary pooled pension plans no longer coming into force in January
By Idan Shlesinger
|Canadian HR Reporter|Last Updated: 11/17/2012

The Quebec election has put a fly in the ointment of the province’s employer pension plan picture, and maybe for the entire country as well. The change in provincial government will likely delay the launch of the voluntary retirement savings plan (VRSP), Quebec’s version of the pooled registered pension plan (PRPP).

This means the only PRPP expected to be on offer in January 2013 is the federal one — a watered-down version that doesn’t actually require employers to offer a PRPP.

Last year, the federal government introduced Bill C-25, the proposed Pooled Registered Pension Plans Act. The intent was to fill the gap for the 50 per cent to 75 per cent of working Canadians who don’t have a company pension plan.