[Canada] Ceridian adds RBC Royal Bank to PRPP partner program

Ceridian Canada has announced that it is adding RBC Royal Bank to its list of Pooled Registered Pension Plan (PRPP) and Voluntary Retirement Savings Plan (VRSP) providers to facilitate the implementation and administration of workplace savings plans aimed at SMEs, Yahoo reports.

PRPPs and VRSPs make it more affordable for small and mid-sized businesses to offer retirement savings programs to their employees. VRSPs create economies of scale and pool pension funds to help make implementing a plan more affordable.

Ceridian's payroll solution now reportedly integrates with the RBC VRSP administered by The Royal Trust Company and Manulife Financial, Great-West Life and Morneau Shepell, allowing for reduced pension plan administration costs and significant time-savings for businesses.

This PRPP provider collaboration makes the set-up of workplace savings plans easier, particularly for payroll deductions and contribution transfers to all small and mid-sized employers using Ceridian services. 

From a compliance standpoint, Ceridian's payroll solution alerts organisations of obligations they may be required to follow due to legislative changes.

"Ceridian is committed to helping small and mid-sized organisations offer their employees a comprehensive workplace savings plan," Dave MacKay - president of Ceridian - said. "Through our continued joint efforts with leading PRPP providers, we're making workplace savings plans more accessible, giving employees more opportunities to save for retirement and secure a comfortable future."

Source: Yahoo

(Quote via original reporting)

Ceridian Canada has announced that it is adding RBC Royal Bank to its list of Pooled Registered Pension Plan (PRPP) and Voluntary Retirement Savings Plan (VRSP) providers to facilitate the implementation and administration of workplace savings plans aimed at SMEs, Yahoo reports.

PRPPs and VRSPs make it more affordable for small and mid-sized businesses to offer retirement savings programs to their employees. VRSPs create economies of scale and pool pension funds to help make implementing a plan more affordable.

Ceridian's payroll solution now reportedly integrates with the RBC VRSP administered by The Royal Trust Company and Manulife Financial, Great-West Life and Morneau Shepell, allowing for reduced pension plan administration costs and significant time-savings for businesses.

This PRPP provider collaboration makes the set-up of workplace savings plans easier, particularly for payroll deductions and contribution transfers to all small and mid-sized employers using Ceridian services. 

From a compliance standpoint, Ceridian's payroll solution alerts organisations of obligations they may be required to follow due to legislative changes.

"Ceridian is committed to helping small and mid-sized organisations offer their employees a comprehensive workplace savings plan," Dave MacKay - president of Ceridian - said. "Through our continued joint efforts with leading PRPP providers, we're making workplace savings plans more accessible, giving employees more opportunities to save for retirement and secure a comfortable future."

Source: Yahoo

(Quote via original reporting)