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Quebec leads as first province in Canada to implement a pooled registered pension plan - called a Voluntary Retirement Savings Plan
July 16, 2014
/CNW/ - Manulife announced today that The Régie des rentes du Québec has approved its Voluntary Retirement Savings Plan (VRSP) product. That means
July 17, 2014
will mark the first time over a million Quebecers will have access to a workplace savings plan with a VRSP offered by Manulife.
"Our research shows that over 40 per cent of workers in
are without a workplace savings plan and Manulife's VRSP can help fill the gap," said
, Regional Vice President. "With Manulife's VRSP and its innovative, online eApplication process, organizations can offer a workplace savings plan to their employees that is simple, affordable and easy to maintain. Most of the administrative work is with Manulife, not the employer."
A recent Manulife study found that a majority of
small business owners feel they have an obligation to help employees save for retirement. A Manulife VRSP offers small businesses the chance to do this.
Manulife's VRSP will take the administration burden off the employer by:
Flexible sales approach
- Monitoring the eligibility of employees
- Automatically enrolling employees as they become eligible
- Sending an Employee Notification Package to each employee once they've been enrolled
- Collecting employees' instructions if they choose not to participate in the plan
- Collecting members' contribution rate instructions and communicating monthly to employers through the secure website
Manulife has developed two distinct sales models for its more than 2,200 group and life-licensed advisors in
to choose from when selling the VRSP.
The introduction model allows an advisor to reach out to clients about the VRSP, and then forward the contact information of all interested clients to Manulife to complete the sale. The full-service model enables an advisor to manage the entire application process with their clients. Advisors can select the model that meets their own specific needs, with compensation either way.