New Brunswick offers pooled registered pension plan for small & mid-sized businesses and self-employed

New Brunswick has joined with six other provinces as signatories in a multilateral agreement with the federal government to offer Pooled Registered Pension Plans. These pension plans have been created to benefit employees of businesses without a workplace pension plan as well as people who are self-employed.

For employees: This type of plan is a portable benefit, which can follow employees who move around to multiple jobs and/or those who are in and out of the workforce. For employers: A Pooled Registered Pension Plan holds the assets for many employees in multiple businesses thus, this pension plan is a lower-cost option for employers who may not be able to afford a full pension plan. There is no obligation for employers nor for all employees to contribute to the plan.