[Canada] Return of lump-sum contributions to Quebec workers’ fund

In Canada, the Fonds de solidarité FTQ has announced that shareholders will be able to resume lump-sum contributions in the 2024-25 fiscal year, Yahoo reports.

The announcement came at its annual meeting as the Quebec workers' fund manager celebrates its 40th anniversary. 

The lump-sum payments are reportedly intended to allow more people to save for retirement after contributions were suspended during the pandemic.

Janie Béïque - CEO of the fund manager - says reinstating lump-sum contributions next year will allow it to reach even more Quebecers seeking to ensure dignity in retirement.

Around 40 per cent of retirees in Quebec receive the federal Guaranteed Income Supplement, which is reserved for low-income people.

The fund manager says it intends to sign up 100,000 new shareholders who have no savings or an income below the provincial average, in the next five years.

Typically Quebecers have been able to buy fund shares - eligible for the Registered Retirement Savings Plan - via lump-sum payments, preauthorised withdrawals or payroll deductions at unionised companies or government bodies.

Source: Yahoo

In Canada, the Fonds de solidarité FTQ has announced that shareholders will be able to resume lump-sum contributions in the 2024-25 fiscal year, Yahoo reports.

The announcement came at its annual meeting as the Quebec workers' fund manager celebrates its 40th anniversary. 

The lump-sum payments are reportedly intended to allow more people to save for retirement after contributions were suspended during the pandemic.

Janie Béïque - CEO of the fund manager - says reinstating lump-sum contributions next year will allow it to reach even more Quebecers seeking to ensure dignity in retirement.

Around 40 per cent of retirees in Quebec receive the federal Guaranteed Income Supplement, which is reserved for low-income people.

The fund manager says it intends to sign up 100,000 new shareholders who have no savings or an income below the provincial average, in the next five years.

Typically Quebecers have been able to buy fund shares - eligible for the Registered Retirement Savings Plan - via lump-sum payments, preauthorised withdrawals or payroll deductions at unionised companies or government bodies.

Source: Yahoo