|By PR Newswire||
|April 24, 2014 06:12 PM EDT||
MONTRÉAL, April 24, 2014 /CNW Telbec/ - Standard Life Canada applauded Minister of State (Finance) Kevin Sorenson and the Federal government on consultations launched today on the framework for a new pension plan option.
"We congratulate Minister Sorenson and the Federal government on their leadership and their ongoing efforts to ensure as many Canadians as possible have access to a workplace pension plan. We support any dialogue that will contribute to the debate to strengthen the pension ecosystem," said Charles Guay, president and CEO of Standard Life Canada.
Standard Life has long been concerned with financial security upon retirement. Following the adoption of Bill C-25 by the federal government, Standard Life called on provincial and territorial finance ministers to support Pooled Registered Pension Plans (PRPPs). Standard Life advised the ministers that any legislation to be introduced should include such measures as mandatory sponsorship and automatic enrollment, and also be harmonized with the legislation of other provinces and territories. It welcomed the introduction of Voluntary Retirement Savings Plans (VRSP) in Québec which will be offered starting in July 1, 2014.
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. It has 2,000 employees, and the main operating subsidiaries in Canada are The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd.
The Canadian operation of Standard Life plc, its parent company, is the largest outside the United Kingdom. Headquartered in Scotland, Standard Life plc has around six million customers worldwide and operates in the UK, Canada, Europe, Asia and the Middle East.
Standard Life plc had $429.7 billion in assets under administration, including $48 billion in Canada, as at December 31, 2013.
SOURCE Standard Life