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New pension plan helps working Quebecers save for retirement: simple, easy-to-administer VRSP supported by RBC


2 million Quebecers can benefit from new workplace group savings plan


MONTREAL, September 10, 2014 -  If you work in Quebec and you don’t have access to a workplace pension plan, you may be one of approximately two million Quebecers who can benefit from Quebec’s new Voluntary Retirement Pension Plan (VRSP) that The Royal Trust Company – a wholly owned subsidiary of RBC – is now licensed to offer.

As of July 1, 2014 the Quebec government began phasing in VRSPs, with mandatory participation by employers with five or more eligible employees. As a licensed VRSP provider, The Royal Trust Company can administer the plan on behalf of employers, making it possible for organizations of any size – including self-employed entrepreneurs – to benefit from a simple retirement savings option.

“We know how important group savings options such as these are in helping to ensure that employees can have a financially secure retirement,” said Martin Thibodeau, President, Quebec, RBC. “We also understand how effective these options are for small businesses who want to retain and attract the talent they need. We congratulate the Quebec government for being the first in Canada to introduce and to mandate such a workplace pension plan.”


  • Quebec’s version of the federal Pooled Registered Pension Plan (PRPP), the VRSP is a simple, easy-to-administer workplace group savings plan that Quebec businesses can offer their employees
  • VRSPs are a low-cost option for Quebec employers that require less administration than classic retirement plans and can help with employee retention
  • Businesses of any size can implement a VRSP plan
  • Self-employed business owners who do not currently participate in a pension plan have the opportunity to participate in a VRSP – a first for many of these hard working Quebecers
  • Participation in VRSPs is mandatory for employers with five or more eligible employees and who do not already offer a group savings plan for all of their eligible employees
  • Businesses were able to enroll in VRSPs as of July 1, 2014, with full implementation being introduced in phases as follows:
    • Organizations with 20 or more eligible employees must comply by December 31, 2016
    • Those with 10 to 19 eligible employees must comply by December 31, 2017
    • Those with five to nine eligible employees will have to comply at a future date, which will be no earlier than January 1, 2018

The Royal Trust Company is licensed by the Autorité des marchés financiers as the administrator for the RBC PRPP/VRSP. This administrator’s role is being supported by the existing RBC Group Advantage services for businesses in Quebec. These services – along with RBC’s current Group Retirement Savings Plan, Deferred Profit Sharing Plan and Group Investment Accounts – are also offered across Canada, to ensure the best plan is put into place for employers to assist their employees in saving for their retirement.

More information is available at

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Media contact:
Raymond Chouinard, RBC Media Relations, 514 874-6556