Resources

How to set up a VRSP

Setting up a VRSP is simple. Here are the five steps to follow to implement the plan.

Step 1 – Notify employees

As the employer, you must:

  • Notify your employees in writing at least 30 days before you enter into a VRSP contract with London Life. Our VRSP specialists can provide you with a template that has all the information you need.
  • Once you notify your employees, VRSP legislation requires that we wait at least 30 days before we implement the plan in your workplace.
  • If you want confirmation whether your employees who work in, or outside, Quebec are eligible under the plan, you may contact the Commission des normes, de l’équité, de la santé et de la sécurité du travail at 1-844-838-0808.

Step 2 – Complete participation agreement

Once the 30-day waiting period is complete, you may:

  • Fill out the participation agreement and return it to your VRSP specialist by mail, fax or email. Use the date field in the participation agreement to select the plan’s effective date, which is at least 30 days after you notified your employees in writing.
  • Two separate letters will be mailed from London Life including:
    1. Your Access ID as plan administrator
    2. Password confirmation – you’ll then be prompted to change it by choosing your own password

Step 3 – Enrol employees

You’ll receive:

  • A welcome email from your customer service specialist, which will provide you with information on how to enrol your eligible employees* and how to complete the implementation process

* Eligible employees are those at least 18 years old and have been working for you for one year or more. If you’re not sure an employee is eligible under the plan, you may contact the Commission des normes, de l’équité, de la santé et de la sécurité du travail at 1-844-838-0808. Other employees can ask, in writing, to join.

Step 4 – Welcome packages for employees

Once you’ve enrolled your employees:

They’ll receive a welcome package from your customer service specialist in the mail that includes:

  • Information about how the plan works
  • Instructions on how they can choose and change their contribution amount and information on when a default contribution amount applies
  • Their investment options

Before you start the employee’s contributions through payroll deductions, they have 60 days to opt out of the plan, starting from the date the welcome package was mailed. If they choose to opt out, they’ll be required to send their opt-out form to you for your records, and you’ll need to confirm this information with your customer service specialist.

Step 5 – Input contribution information

Fill out the pre-authorized chequing form and return it to your customer service specialist by mail, fax or email.

Let us know if payroll contributions will be deducted from more than one bank account, which will allow us to set up your online contribution feature to meet your needs.

Contributions begin after the 60-day opt-out period ends. The email you received in Step 3 contains detailed contribution instructions.

For each pay period, use our online contributions feature on GRS Access to:

  • Enter or edit how much each employee is contributing
  • Submit online contributions for your members, which will allow us to debit the total contribution amount from your bank account and deposit them to the employees’ VRSP accounts.

You’re done – your plan is now set up. You’ll receive a financial statement regarding the plan on a quarterly basis, which will also be available to you online, along with other information and reports about the plan. Members will also be mailed statements annually showing their personal account information.

Frequently asked questions

The answers are based on the Voluntary Retirement Savings Plans Act (VRSP) and only apply to the London Life VRSP for individuals working in Quebec and for businesses and industries located in Quebec.

The basics

Employer deadlines and responsibilities

Employer rules

Employee rules

Employer contributions

Employee contributions

Investment options

Getting started

Glossary

Advisor resources

London Life VRSP resources

How to set up a VRSP in five easy steps

VRSP sponsor brochure tells employers what they need to know about the VRSP, including details about the available investment options

VRSP prospecting brochure is a condensed version of the VRSP sponsor brochure to email or hand out to your prospects

VRSP advisor guide helps you learn about the VRSP

Investment brochure outlines investment choices for those who want one simple option or to build their own investment portfolio

Prospecting letter helps you succeed in the VRSP market

Resources for our traditional group retirement and savings plans

Interested in selling one of our traditional plans?

Our product and services brochure describes our traditional group retirement and savings plans

Build your business with confidence brochure shows why doing business with us means success for you and your clients