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 an SIPP

To register a new SIPP, the financial institution must file an application for registration with Retraite Québec. The application must be accompanied by the contract (see the standard contract in the form provided by Retraite Québec).

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 usually 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 plan that is subject to the Pension Standards Act, 1985 (Canada) or the Pooled Registered Pension Plans Act because those federal laws apply to those workers, both inside and outside Québec. For more information on this matter, contact the Office of the Superintendent of Financial Institutions This link will open in a new window..

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The Gouvernement du Québec publishes its Web pages in French. Consistent with the Charter of the French Language and to inform stakeholders outside Québec, this page is also published in English.