PRPPs are also known in Quebec as Voluntary Retirement Savings Plans (RVERs).
According to a recent poll conducted by Leger Marketing on behalf of the Canadian Life and Health Insurance Association (CLHIA), 69% of SME employers in Quebec who do not currently offer a retirement plan of any kind are interested in providing RVERs. The poll also showed a large majority (74%) of SMEs in Quebec agree that all employers should be required to offer some form of retirement plan to employees.
Support for making it a requirement was strong in every region in Canada.
Even though it is not mandatory for employers to contribute to the RVERs in the current legislation, 60% of Quebec SME executives interested in providing RVERs to their employees said they will “look at ways their business could contribute to the plan over and above what the employee puts into it.”
Nearly two-thirds (62%) of survey participants in Quebec believe their employees will be interested in participating in RVERs.
Based on available Statistics Canada and industry data, more than 50% of private-sector workers do not have access to a workplace retirement plan. RVERs will give them the opportunity to participate, and at a low cost usually only realized by very large pension plans.Over 800 companies across Canada were surveyed in early December.