Standard Life receives licence to provide a federal Pooled Registered Pension
MONTREAL, Sept. 20, 2013 /CNW Telbec/ - The Standard Life Assurance Company of
Canada ("Standard Life") has been issued a licence to administer a federal
Pooled Registered Pension Plan (PRPP).
The company was issued the licence by the Office of the Superintendent of
Financial Institutions (OSFI). This approval is the first step in the process
that will allow Standard Life to offer its PRPP solution and help millions of
Canadians save for a secure retirement.
"Using PRPPs to encourage savings by Canadians makes good sense," said Charles
Guay, President and CEO of Standard Life in Canada. "This is particularly
important to individuals working for small and medium sized enterprises and
those who are self employed. Many of them do not currently have access to
workplace retirement savings plans."
The Government of Canada adopted Bill C-25, the Pooled Registered Pension
Plans Act, in June 2012. The Act came into force in December 2012. Standard
Life has called on provincial and territorial finance ministers to support the
federal initiative. Only four provinces - Alberta, Saskatchewan, Ontario and
Québec - have introduced or are expected to introduce enabling legislation in
the near future.
About Standard Life
StandardLife provides long-term savings, investment and insurance solutions
to more than 1.4 million Canadians, including group retirement and insurance
plan members. Standard Life has been doing business in Canada for 180 years
and has approximately 2,000 employees. It operates under Standard Life
Financial Inc., which wholly owns The Standard Life Assurance Company of
Canada and Standard Life Mutual Funds Ltd.
Standard Life Financial is the largest business entity outside the United
Kingdom of StandardLifeplc, its parent company headquartered in Edinburgh,
Scotland. StandardLifeplc operates in the United Kingdom, Europe, North
America and Asia, and globally with Standard Life Investments Limited.
As of June 30, 2013, Standard Life plc had $372.5 billion in managed assets,
including $45.4billion under management in Canada through Standard Life
SOURCE STANDARD LIFE
Geoffrey King 514-499-7999, ext. 8150 firstname.lastname@example.org
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CO: STANDARD LIFE
-0- Sep/20/2013 15:19 GMT
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