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VRSP

The following events led the Quebec government to establish the Voluntary Retirement Savings Plan to allow two million Quebecers to finally have access to a private group retirement plan.

  • The governments address the issue

    The governments address the issue

    The federal and provincial governments begin researching ways to facilitate access to retirement savings because:

    Financial markets are severely stressed
     Life expectancy is increasing
    Few private-sector workers have access to a pension plan

  • Creation of a working group

    Creation of a working group

    The Canadian government establishes a joint federal-provincial working group to examine retirement income adequacy.

  • Working group report

    Working group report

    The working group submits its summary report to the provincial and federal ministers of Finance.

  • Agreement among Finance ministers

    Agreement among Finance ministers

    The Finance ministers agree on a framework for establishing the PRPP.

  • Quebec announcement

    Quebec announcement

    Quebec announces its commitment to create the VRSP, the Quebec equivalent of the PRPP.

  • Introduction of PRPP legislation

    Introduction of PRPP legislation

    The federal government introduces the Pooled Registered Pension Plans Act, which mainly governs PRPPs for employees with jobs under federal jurisdiction. 

  • Publication of tax rules

    Publication of tax rules

    The federal government releases its proposed PRPP tax rules.

  • Announcement regarding the creation of the VRSP

    Announcement regarding the creation of the VRSP

    The Government of Quebec announces that it has created the VRSP effective January 1, 2013.

  • Submission of the VRSP bill

    Submission of the VRSP bill

    In Quebec, the VRSP bill is submitted to the National Assembly.

  • The PRPP bill is adopted.

    The PRPP bill is adopted.

    Bill C-25, the Pooled Registered Pension Plans Act, is adopted by the House of Commons in Ottawa.

  • VRSP bill put on hold

    VRSP bill put on hold

    The VRSP bill dies on the Order Paper because elections are called in Quebec.  

  • Coming into force of Bill C-25

    Coming into force of Bill C-25

    The federal PRPP comes into force on December 14, 2012. 

  • New VRSP bill submitted

    New VRSP bill submitted

    In Quebec, a new VRSP bill is submitted to the National Assembly. The target date of entry into force is January 1, 2014.

  • VRSP Act adopted

    VRSP Act adopted

    Bill 39, the Voluntary Retirement Savings Plans Act, is passed at the Quebec National Assembly and the date of entry into force is set for July 1, 2014.

  • Coming into force of VRSP Act

    Coming into force of VRSP Act

    The voluntary retirement savings plan (VRSP) comes into force on July 1, 2014.

  • Implementing a VRSP in businesses with 20 or more eligible employees

    Implementing a VRSP in businesses with 20 or more eligible employees

    Businesses with 20 or more eligible employees must offer a VRSP no later than December 31,
    2016.

  • Implementing a VRSP in businesses with 10 to 19 eligible employees

    Implementing a VRSP in businesses with 10 to 19 eligible employees

    Businesses with 10 to 19 eligible employees must offer a VRSP no later than December 31,
    2017.

Before the VRSP was created, about 50% of Quebec workers did not have access to a group retirement plan and 30% of workers had no personal retirement savings.

The VRSP is a retirement savings vehicle available to all Quebecers. It enables them to benefit from an easy way to save for retirement. Employers who do not offer any other group retirement savings vehicle and who are referred to in the Voluntary Retirement Savings Plans Act must set up a VRSP and automatically enrol all their targeted employees.

In addition to increasing Quebecers’ level of retirement savings, the Government of Quebec wants to allow them to benefit from economies of scale for management fees and give them access to simplified investment options.

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