Setting up an SIPP
This section discusses the conditions for setting up a simplified pension plan (SIPP).
Important points to consider
Authorized financial institution
The financial institution that administers an SIPP must be an insurer, a bank, a savings and credit union or a trust company.
Registering a SIPP
To register a new SIPP, the financial institution must file an application for registration with the Régie des rentes du Québec. The application must be accompanied by the contract (see the standard contract in the form provided by the Régie).
Important!
Registering a new simplified pension plan should not be confused with a new employer joining an existing SIPP!
Employees outside Québec
Workers outside Québec cannot participate in an SIPP. However, they can be offered another type of plan.
Business under federal jurisdiction
A private enterprise under federal jurisdiction, such as banks, air transportation and telecommunications companies, cannot establish a simplified pension plan (SIPP) under the Supplemental Pension Plans Act (Québec) since that law does not apply to their workers. Such an enterprise can, however, set up a simplified pension plan that is subject to the Pension Standards Act, 1985 (Canada) because that law applies to those workers, both inside and outside Québec. For more information on this plan or the federal law, contact the Office of the Superintendent of Financial Institutions 
.
For any additional information, contact the Régie:
| By email |
(Be sure to select "Supplemental pension plans" as the subject of your message) |
| By regular mail: |
Information Officer
Direction des régimes de retraite
Régie des rentes du Québec
Case postale 5200
Québec (Québec) G1K 7S9 |
| By telephone |
|