Canada's life and health insurer, Industrial Alliance Insurance and Financial Services is planning to add the new Pooled Registered Pension Plan (PRPP) to its offerings as soon as it is launched by the federal government.

Addition of PRPP to group retirement plans line-up demonstrates the company’s commitment to expand its group savings and retirement business throughout Canada.

Industrial Alliance Group Savings and Retirement vice president Renee Laflamme said the company constantly updates its product offering to address customer requirements and also establish itself as a leader in the Canadian group retirement market.

Awaiting approval by the government, the PRPP is a new multi-employer group retirement plan designed to help Canadians save for retirement.

The plan is targeted for companies under federal jurisdiction who are capable of offering it to their employees on a voluntary basis.

Besides PRPP addition, the company also continues to support the government’s other initiatives to help Canadian workers save more for their retirement.

Established in 1892, Industrial Alliance Insurance and Financial Services is a provider of life insurance, health insurance, auto and home insurance, annuities, savings and retirement plans, mutual and segregated funds, publicly-traded securities, mortgage loans across Canada and US.