New pension plan for small businesses, self-employed

The provincial government has introduced a new pension plan for employees of small to mid-sized businesses and people who are self-employed.

A release says New Brunswick joined six other provinces Monday in offering the Pooled Registered Pension Plan, a defined contribution plan that offers retirement income for employees of small and mid-sized businesses, and those who are self-employed.

“We hope those eligible for a plan like this will take a look at the benefits it offers,” said Finance and Treasury Board Minister Ernie Steeves in the news release.

“For example, these plans can follow employees as they move around and/or in and out of the workforce. Contribution options are also flexible.”

The province says employers can enrol employees in the plan, or an employee can contact the plan administrator directly.

British Columbia, Manitoba, Nova Scotia, Ontario, Saskatchewan and Quebec are also the six provinces offering the plan.

More information about these plans is available online.

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