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ARTICLE · 26 MARCH 2012

Québec’s 2012-13 Budget: The Next Step Towards Pooled Registered Pension Plans

McCarthy Tétrault
McCarthy Tétrault
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McCarthy Tétrault

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Yesterday, Québec tabled its 2012-13 Budget (Budget). The Budget and its accompanying paper, Quebecers and Their Retirement: Accessible Plans for All, made a number of announcements regarding the implementation of new "voluntary retirement savings plans" (VRSPs). VRSPs appear to be Québec’s version of pooled registered pension plans.

CanadaEmployment and HR
Randy Bauslaugh
Randy Bauslaugh
Claire Ezzeddin
Claire Ezzeddin
Mark Firman
Mark Firman
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Yesterday, Québec tabled its 2012-13 Budget (Budget). The Budget and its accompanying paper, Quebecers and Their Retirement: Accessible Plans for All, made a number of announcements regarding the implementation of new "voluntary retirement savings plans" (VRSPs). VRSPs appear to be Québec's version of pooled registered pension plans. They were first announced last year in Québec's 2011-12 Budget. (McCarthy Tétrault's commentary on last year's budget is available here.)

Among other things, the Budget announced the following:

1.The Québec government will introduce VRSPs effective January 1, 2013.

2.Employers with five or more employees (each of whom has had at least one year of uninterrupted service) will have to offer a VRSP by January 1, 2015, unless they already offer all their employees the opportunity to contribute to a retirement savings plan. Employers with fewer than five employees may, but do not have to, offer a VRSP.

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