Voluntary Retirement Savings Plan (VRSP)

The VRSP is a type of group pension plan introduced by the Quebec government to help Quebecers save for retirement. Self-employed workers, business owners and associates are eligible. Talk to your account manager.

The advantages of the VRSP for self-employed workers and employees

Like RRSP, contributions to a VRSP are tax deductible and your investments grow tax-free until retirement.

  • When contributions are deducted at the source, participants benefit from tax savings.
  • Contribution rates are solely based on members’ ability to save.
  • Since plan fees are low, savings within a VRSP grow faster.
  • Enrollment is easy, as employees are enrolled by their employer.
  • Employee contributions are not locked-in, which is useful should an unexpected need arise.
  • The funds paid into the VRSP belong to the participant, even if they change employers.

How the VRSP benefits employers

Offering a VRSP can help increase your employee retention rate and reduce the costs related to high turnover. By offering this option to your employees, you help ensure their financial security after retirement.

  • We will walk you through the process of setting up a VRSP.
  • Employee contributions are not subject to Quebec payroll taxes, but are deductible from the company’s taxable revenue.
  • The plan has low administration and management fees.
  • It's easy to set up and administer VRSP payroll deductions and contributions for your business.

Useful Articles

Comparing a VRSP to a Group RRSP
5 key questions about the VRSP
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