Administration of a simplified pension plan (SIPP)

Unlike a defined contribution plan or a defined benefit plan, in which a pension committee generally acts as plan administrator, the SIPP is administered by a financial institution.

The financial institution must be an insurer, a bank, a savings and credit union or a trust company. To register a new SIPP, the financial institution must file an application for registration with Retraite Québec. The application must be accompanied by a contract (see the standard contract in the form provided by Retraite Québec.

Retirement information committee

Some companies have a retirement information committee. Its role is not to administer the plan, but rather to inform members about the plan and to serve as an intermediary with the financial institution that manages the plan. A member of the plan may become a member of the information committee.

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