Manulife is one of the first companies in Canada to receive approval for its federal Pooled Registered Pension Plan (PRPP) product from the Canada Revenue Agency (CRA) and the Office of the Superintendent of Financial Institutions (OSFI).
"Now Canadians who work for federally regulated organizations can take advantage of a workplace retirement savings plan that meets their needs," said Marianne Harrison , SEVP and General Manager, Canadian Division, at Manulife.
"Given that PRPP is a new product in the marketplace, we knew that customers would want to be able to set-up a plan with a very easy eApplication, which is what we offer."
Manulife’s innovative eApplication allows a plan to be set up in as little as 20 minutes with no paper forms to sign. Plan administration is also easy and worry-free for employers.
Manulife tracks and administers plan additions and changes including employees joining or opting out, contribution rate changes and other account activities.
"Our Government believes Canadians deserve to live a secure and dignified retirement," says the Honourable Kevin Sorenson, Minister of State (Finance).
In September 2013, Manulife was the first Canadian company to be issued a license to be a PRPP administrator by the Office of the Superintendent of Financial Institutions (OSFI).