Features

The fact that fewer workers are covered by a workplace pension plan, particularly in the private sector, the repeated downturn in financial market conditions in the past few years and the increasing life expectancy are the main factors that led to the creation of the VRSP. The VRSP came into effect on July 1, 2014.

• Mandatory for employers
• Voluntary for employees
• Choice of contribution rate/amount
• Contribution limit
• Right to withdraw accumulated amounts