iAtoday

As of January 1, 2024, new provisions of the Act respecting the Québec Pension Plan will come into effect, changing the way Retraite Québec (RQ) disability benefits payable under the Québec Pension Plan (QPP) will be paid to disabled persons aged 60 to 65.

What is the impact on group insurance plans that offer disability insurance?

The Quebec government's changes to the disability pension have an impact on all group plans in the industry that offer disability insurance coverage.

To avoid any impact on its long-term disability plans and members, iA Financial Group will be sending a contract amendment to affected groups. This update is necessary to reflect the new provisions of the law.

Which groups will be affected?

The changes will affect group policyholders offering long-term disability insurance to members residing in Quebec, regardless of where the organization is based in Canada.

More specifically, the groups affected are those with a contract issued before January 2016.

Your clients with a contract issued after January 2016 already have a clause allowing direct reduction of a retirement pension. However, some contracts with customized reduction clauses could be affected.

What does this mean for members?

What are iA's next steps?

View the French version of the communiqué.

We will soon be sharing with you on the Advisor Centre the Frequently Asked Questions document that will be sent to group policyholders offering long-term disability insurance.