CRA and OSFI have approved Manulife’s federal PRPP product.
“Given that PRPP is a new product in the marketplace, we knew that customers would want to be able to set-up a plan with a very easy eApplication, which is what we offer,” says Marianne Harrison, SEVP and general manager, Canadian Division, Manulife.
The firm’s eApplication allows a plan to be set up in about 20 minutes, with no paper forms to sign. Manulife tracks and administers plan additions and changes including employees joining or opting out, contribution rate changes and other account activities.
Next up, Manulife will finalize launch plans for the product so that it can be offered to federally-regulated businesses across Canada, including those within the Yukon, Northwest Territories and Nunavut. Employees in those areas are also eligible to participate in a PRPP, even if their employer has not yet implemented a formal plan.