Are you ready for PRPPs?

Declining pension coverage, shrinking nest eggs and persistent financial instability have shifted Canadians’ retirement focus from enjoying freedom to financial survival.

So last year, the federal government introduced Pooled Registered Pension Plans (PRPPs), which are alternative retirement savings vehicles for Canadians.

And in August, the government pre-published its regulatory proposals.

The well-intentioned plans are meant to make saving for retirement easier.

Read: Government approves new PRPP legislation

However, many industry experts have expressed doubt over their efficacy. Others have argued they would be difficult to implement across all provinces, given the challenge of harmonizing all applicable rules and laws.

The Ontario government and insurance industry have locked horns over PRPPs. While the government is dragging its feet, the industry is lobbying for fast implementation.

The advice industry’s response to the low-cost pension plan has also been mixed, with some viewing PRPP participation as a threat to professional advice.

Read: PRPPs don’t undercut financial advice

Regardless, the plans may become critical tools in a not-so-distant future. Here’s everything advisors need to know.

Insurance industry call for action on PRPPs

Ontario backs away from PRPPs

Standard Life focuses on PRPPs

Business owners like pooled pension option

PRPP support “virtually unanimous”: CLHIA

PRPPs: New vehicle, same old problems

Feds roll out new pension option

And from our sister site, BenefitsCanada.com

Are PRPPs the gateway to compulsory pensions?

Portability, auto-enrollment keys to PRPP success