As anticipated, since the federal Pooled Registered Pension Plans Act came into force December 14, 2012, several provinces have followed suit and tabled legislation to implement the new kind of portable deferred income plan, which is designed to provide retirement income to workers and self-employed persons who do not have access to an employer-sponsored retirement pension plan.
Although the proposed provincial laws are similar in spirit because they are subject to the requirements set out in the federal Act, some provinces like Quebec have added their own distinct requirements.
All these provincial retirement plans provide a simple, effective and low-cost way of improving pension coverage for employees of small and medium-sized businesses and the self-employed.
For more, read my latest post on Slaw.
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