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Understanding VRSP: Voluntary Retirement Savings Plans

VRSP video
VRSP Overview video (YouTube) Advisor guide

A Manulife VRSP is your opportunity to maintain client relationships, establish new ones, and cross-sell other financial products.

Don’t let the competition reach your clients first
Competition for Voluntary Retirement Savings Plan (VRSP) market share will be fierce! Don’t let another advisor – or a local bank branch – take care of setting up this part of your business customer’s portfolio. Talk to your business owner clients and prospects today about the advantages of setting up a VRSP with Manulife.

A business growth opportunity you can’t ignore
Life-licensed and group-licensed advisors can take advantage of this unique opportunity. For a temporary time frame VRSPs can be sold by life-licensed advisors. These new workplace savings plans can represent a tremendous growth opportunity for advisors by giving you:

  • A steady stream of revenue from each small business plan sold
  • Access to high-value business prospects (e.g. owners and executives) to cross-sell other group products
  • A wealth of new individual contacts whose needs may include individual life, health and wealth products

The VRSP will be mandatory for Quebec employers who do not currently offer a workplace savings plan as set out in the chart below.

Criteria and deadline for offering a VRSP

Number of Eligible Employees Eligible Employee count as of Deadline
20 + June 30, 2016 December 31, 2016
10-19 June 30, 2017 December 31, 2017
5-9 To be determined Exact date to be determined by the provincial government (not before January 1, 2018)
1-4 - Not mandatory
(participation is voluntary)

Eligible employees are defined as employees 18 years of age or older and who have at least one year of uninterrupted service.


FAQ for advisors
VRSP - Comparison Chart