Frequently Asked Questions

I already offer my employees to contribute to an RRSP with the Fonds through payroll deduction. Do I still need to set up a VRSP?

No. If you already offer your employees the option of contributing to an RRSP with the Fonds through payroll deduction, you do not have to set up a VRSP in your workplace.

Only employers who do not already offer a registered retirement plan or the possibility of contributing to a registered retirement savings plan or a tax-free savings account (TFSA) through payroll deduction are required to do so.

Are there certain conditions in the Voluntary Retirement Savings Plan Act that I must respect if I offer an RRSP with the Fonds with payroll deduction instead of a VRSP?

Yes. There are three simple requirements:

  1. Inform all your employees in writing. Let your employees know that you have chosen to offer them the possibility of contribution to an RRSP with the Fonds through payroll deduction as an alternative to the VRSP. Personalize our sample letter and file a copy of the letters sent.
  2. File your employees' responses. Your employees must sign and return this letter, indicating whether or not they intend to enrol in the Fonds’ payroll deduction plan. Keep this written proof in your files.
  3. Inform all new employees. Present this offer to all new employees and keep proof of having done so in your files.
Do employees who wish to opt out from this offer have to indicate their intention in writing?

Yes, the Commission des normes du travail recommends that you document pension plan opt-outs. File the responses in your records.

What is the deadline for communicating the information to my employees?

The deadlines are set out in the Act and depend on how many employees you have.

Number of Eligible Employees
20 or more December 31, 2016
10 to 19 December 31, 2017
5 to 9 By a date set by the government that may not be prior to January 1, 2018)
Less than 5 On a voluntary basis


Are employer contributions to an RRSP with the Fonds locked like they are with a VRSP?

No. The accumulated amounts are subject to the same redemption and purchase-by-agreement conditions as employee contributions.

Do you want to offer the payroll deduction option?

Your company has between 10 and 19 employees?
You only have




left to comply with the VRSP Act

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