Pooled Registered Pension Plan (PRPP)
PRPP is a retirement savings option for individuals. According to the CRA, as of January 1, 2013, individuals can participate in a PRPP if they have a SIN and if they:
- are employed or self-employed in the Northwest Territories, Nunavut or Yukon;
- work in a federally regulated business or industry for an employer who chooses to participate in a PRPP; or
- live in a province that has the required provincial standards legislation in place.
How does someone enroll?
If an employer is participating in a PRPP, the employer can enroll employees. If not, people can enroll through a bank or insurance company. Once enrolled, a PRPP account is created with the individual's SIN. Much like other retirement savings plans, the individual chooses the contribution amounts.