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Products > Group Retirement > Plan types > VRSP

Understanding VRSP: Voluntary Retirement Savings Plans

VRSP video VRSP Advisor Guide
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.

 

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