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Voluntary Retirement Savings Plans (VRSPs)

Many workers in Québec do not have access to a group 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 Voluntary Retirement Savings Plans Act This link will open in a new window..

A VRSP is a simple plan. Employers are not required to contribute, and employees are automatically enrolled when the plan is set up. Self-employed workers can also sign up for VRSPs by contacting an authorized administrator.


Useful information

VRSPs are mainly for employees who do not have access to a group retirement savings plan 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 are automatically enrolled in a VRSP and do not have to take any additional steps. Self employed workers and any other interested parties will also be able to sign up for VRSPs by contacting an authorized administrator.

Employers subject to the Voluntary Retirement Savings Plans Act must offer a VRSP or a group retirement savings plan by:

  • 31 December 2016, for employers with at least:
    • 5 eligible employees on 31 December 2015; and
    • 20 or more eligible employees on 30 June 2016;
  • 31 December 2017, for employers with at least:
    • 5 eligible employees on 31 December 2016; and
    • 10 or more eligible employees on 30 June 2017.
  • Until the date to be determined by the government, an employer with at least 10 eligible employees on 30 June of a given year will have to offer a VRSP as of 31 December of that year, at the latest, if the employer had at least 5 eligible employees on 31 December of the previous year.
  • As of the date to be determined by the government, an employer with at least 5 eligible employees on 31 December of a given year will have to offer a VRSP as of 31 December of the following year, at the latest.

Other employers can offer a VRSP on a voluntary basis.

Instead of a VRSP, employers can offer a group retirement savings plan that meets certain conditions. For more information, see section 45 of the Voluntary Retirement Savings Plans Act This link will open in a new window..

Worth knowing about...

The Commission des normes, de l'équité,de la santé et de la sécurité du travail This link will open in a new window. ensures that employers meet their obligation to offer a retirement plan that meets the conditions set out in the Voluntary Retirement Savings Plans Act.

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