Life and health insurance industry congratulates Quebec government on introduction of VRSPs

MONTREAL, May 8, 2013 /CNW/ - The Canadian life and health insurance industry congratulates the government of Quebec for their introduction today of legislation to implement VRSPs in the Province.

"We are pleased that the Quebec government continues to demonstrate its strong commitment to providing its workforce with the tools they need to be financially secure in retirement," said Yves Millette, Senior Vice President, Quebec Affairs for the Canadian Life and Health Insurance Association (CLHIA). "We are particularly delighted that they have retained the requirement in the legislation for companies with five or more employees to offer a retirement plan and we encourage other provinces to follow their excellent example," he added.

While the CLHIA is still reviewing the details of the legislation, the life and health insurance industry believes that this is a major win for Quebec workers and their employers. "Not only will Quebecers be able to save where it is easiest -- at the workplace -- but small and medium-sized companies will also soon have access to simple, low-cost pension plans that, previously, only the largest of companies were able to offer," emphasized Mr. Millette.

About the CLHIA

The Canadian life and health insurance industry provides a wide range of financial security products, including life insurance, annuities and supplementary health insurance, to almost 27 million Canadians. The industry administers more than two-thirds of pension plans for Canada's small and medium-sized businesses and the vast majority of group RRSPs. Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business.

SOURCE: Canadian Life and Health Insurance Association Inc.

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