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Over the next several years, workers without access to a workplace pension plan will be required to participate in a new savings vehicle but it’s not the Ontario Retirement Pension Plan (ORPP), reports Maclean’s.
While it’s called the voluntary retirement savings plan (VRSP), Quebec’s pension plan isn’t exactly “voluntary.”
“It too requires mandatory initial participation, and will impose a form of forced savings on the part of individuals deemed to be at risk of not being adequately prepared for retirement,” Maclean’s reports. “What is ‘voluntary’ is that although employees must be automatically enrolled, they can still opt out at a later time.”
Read more at Macleans.ca.
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