Understanding VRSP: Voluntary Retirement Savings Plans
|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)|
(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.