January 31, 2012
Federal Government News
Old Age Security
Small business, self
employed benefit from new registered retirement plan
Released by Robert
Pearsall, PA to MP Mark Strahl/file photo
in the House of Commons, Chilliwack-Fraser Canyon MP, Mark Strahl, urged
passage of Bill C-25: Pooled Registered Pension Plans Act.
"Hardworking Canadians, without a
private pension plan, have called for this type of retirement
savings vehicle." Strahl added, "Passage of this bill will mark a
significant step forward in securing their retirement."
Pooled Registered Pension Plans (PRPP) will allow small and medium
sized businesses, their employees and those who are self-employed to
pool their money to provide for accessible, straightforward and
administratively low-cost pension plan by reducing the legal and
administrative burden faced by employers. It is because of these
costs that 60 per cent of Canadians don't have access to a private
According to Strahl, PRPPs offer a number of benefits, including:
easy enrolment due to low
administrative cost and simple arrangement,
flexibility for employees and
employers in setting their contribution amounts; and
portability, allowing employees to
move their account as they change careers and employers.
"Millions of Canadians stand to benefit from access to this new
low-cost pension plan with the passage of this bill."
For more information, please visit:
For more information from Mark Strahl, visit:
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