Voluntary retirement savings plan (VRSP)

For employers with Quebec-based employees

It’s a smart business decision to set up a workplace savings plan if your Quebec-based employees don’t already have one. You can set up a Voluntary Retirement Savings Plan (VRSP) that:

  • Helps plan members save for retirement
  • Helps you attract and retain employees
  • Is easy to set up and manage
  • Lets you decide if you want to contribute to the plan or not

With a VRSP, we administer the plan for you. That means you have fewer fiduciary duties and obligations compared to other plans.

It is a simplified Defined Contribution Pension Plan that is designed for small and medium-sized businesses.

A Manulife VRSP is simple to set up and administer

The role for you as an employer will be minimal with fewer responsibilities than traditional plans require:

  • Simply notify your employees 30 days before you set up a VRSP with Manulife
  • Complete the online application in as little as 20 minutes—there’s no paperwork
  • Decide if you want to contribute to the plan, how much and how often
  • Save plan members money with low investment management fees
  • Maximize participation with automatic enrolment as soon as employees are eligible
  • Work with an experienced and trusted Canadian provider of group retirement solutions for employers
  • Integrate your VRSP with payroll
Access to frequently asked questions
  • A low cost solution to plan participants by pooling the assets from several companies
  • Easy to understand and administer
  • Employers are not required to contribute but can choose to do so if they wish
  • Employer contributions will not be subject to payroll taxes
  • Employer contributions are also a deductible salary expense and may be deducted from income for tax purposes

In Quebec an employer is required to set up a VRSP if they do not currently offer a workplace savings plan and have a specific number of eligible employees. Eligible employees are defined as employees with one year of uninterrupted service with the company and are at least 18 years of age.

A Quebec employer, based on the number of eligible employees, must set up a VRSP by the date outlined

Number of eligible employees


20 +



Eligible employee count as of



June 30, 2016



Date plan must be set up



December 31, 2016



Number of eligible employees


10 - 19



Eligible employee count as of



June 30, 2017



Date plan must be set up



December 31, 2017



Number of eligible employees


5 - 9



Eligible employee count as of



To be determined



Date plan must be set up



Exact date yet to be determined by the government (Date will not be before January 1, 2018)



Before you get started

Provincial regulations have stated that you need to notify your employees of your intent to set up a VRSP at least 30 days before entering into a contract with Manulife. Use the template letter below, add your company logo, and send a copy of the letter to each employee.


Step 1

Click Launch the eApplication Button


Step 2

Register now


Step 3

Receive confirmation email with link to eApplication


Step 4

Complete eApplication

Speak to your Manulife representative to discuss group benefit plan options to help meet your business needs.

Contact a representative