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Voluntary Retirement Savings Plans (VRSPs)

Nearly half the workers in Québec do not have access to a retirement savings plan offered by their employers, making it more difficult for such workers to save enough for retirement.

However these workers now have access to voluntary retirement savings plans.

What is a VRSP?

VRSPs are group savings plans offered by employers and administered by authorized administrators. They are governed by the Act respecting voluntary retirement savings plans.

Useful information

VRSPs are mainly for employees who do not have access to a group retirement savings plan with source deductions offered by their employers. Employees must be 18 or over and have at least one year of uninterrupted service, as defined in the Act Respecting Labour Standards.

Employees will not have to take any steps to sign up; it will be done automatically. Self-employed workers and any other interested parties will also be able to sign up for VRSPs by contacting an authorized administrator.

Enterprises covered by the Act must offer a VRSP at the latest by:

  • 31 December 2016, if they have 20 or more eligible employees on 30 June 2016
  • 31 December 2017, if they have 10 to 19 eligible employees on 30 June 2017
  • the date determined by the government, which cannot be prior to 1 January 2018, if they have 5 to 9 eligible employees.

Other enterprises can offer a VRSP on a voluntary basis.

Your employer can now offer a VRSP.

Worth knowing about...

The Commission des normes du travail This link will open in a new window. ensures that your employer respects his or her obligations, particularly the obligation to offer a VRSP to his or her employees. However, you can choose to remain signed up or not to the VRSP.

See also:

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VRSP Calculator - Calculate the savings you accumulated in VRSPs.
VRSPs registered with Retraite Québec - Consult the list.