Prince George, B.C. – It wasn’t included in his budget speech Tuesday but Finance Minister Mike de Jong has announced that British Columbians will have an additional way to save money for retirement through Pooled Registered Pension Plans (PRPPs).  They make well-regulated and low-cost pension plans available to the thousands of people who do not currently have access to pension plans.

The apparent lack of inclusion of PRPPs was cited by the Canadian Federation of Independent Business as something that was missing from the provincial budget.  However, Bill 9 re-introduces legislation that enables employees of small- and medium-sized businesses, as well as the self-employed, to join pension plans administered by regulated financial institutions.  The provincial legislation substantially adopts the federal legislation to ensure that B.C.'s participation in the PRPP plan doesn’t duplicate the administrative process.

The legislation enables any B.C. worker to join a PRPP, even if their employer does not set up a PRPP or if they are self-employed.