The new product has been developed in response to Quebec’s new law, which made it mandatory for businesses located in Quebec with five or more eligible employees to offer a VRSP unless they already have another group retirement savings plan in place.
Effective from 1 July 2014, the new VRSP law offers flexibility to employers to provide a VRSP in phased manner over several years depending on the size of the company.
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Great-West Life’s VRSP enables employees to choose from clearly defined, understandable investment options.
If they don’t make an investment choice, their contributions will be directed into a target date fund that automatically diversifies and rebalances as employees near their anticipated retirement dates.
Great-West Life group retirement services regional vice-president Anthony Cardone said that the new product offers key mechanisms to enable retirement reform in Canada without disturbing existing employer-sponsored retirement plans.
"Our experience as a leading provider of group retirement services for Canadians will provide employers with a VRSP that’s simple to implement and administer – freeing them to focus on their day-to-day business."
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