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
Standard Life 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
Standard Life Financial is the largest business entity outside the
United Kingdom of Standard Life plc, its parent company headquartered
in Edinburgh, Scotland. Standard Life plc 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 $45.4 billion under management in Canada through
Standard Life Financial.
SOURCE STANDARD LIFE
514-499-7999, ext. 8150
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