About VRSPs

Role of the AMF in VRSP offerings

The AMF has been designated to issue authorizations to life insurers, trust companies and investment fund managers, and to ensure their compliance with the criteria for maintaining this authorization.

A legal person that wishes to offer a VRSP must first obtain authorization from the AMF to act as administrator of the plan and then must register its plan with Retraite-Québec. 

Who will be authorized to provide a VRSP to businesses and individuals?

The following legal persons can apply to the AMF for authorization to act as plan administrators:

  • insurers carrying out life insurance business;
  • trust companies;
  • investment fund managers.

To obtain authorization, they must, in particular:

  • demonstrate that they have the operational capability required to administer large groups;
  • demonstrate their expertise in financial and retirement products;
  • provide a document attesting that their assets exceed their liabilities, or a letter of credit or a suretyship in an amount determined by regulation.

Retraite Québec

Retraite Québec This link will open in a new window is responsible for registering and supervising VRSPs.

The VRSP must be registered with Retraite-Québec before the administrator can provide it to Québec businesses, self-employed workers and any other persons wishing to save for retirement independently.

Commission des normes, de l'équité, de la santé et de la sécurité du travail

The Commission des normes, de l'équité, de la santé et de la sécurité du travail (CNESST) This link will open in a new window will ensure that employers covered by the legislation comply with their obligation to provide VRSPs to their employees .

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