On 29 November 2024, the National Assembly passed the Act respecting the implementation of certain provisions of the Budget Speech of 12 March 2024 and amending other provisions 
(S.Q. 2024, chapter 39).
The Act amends the Supplemental Pension Plans Act and the Voluntary Retirement Savings Plans Act in order to finalize the legislative arrangements required for the implementation and administration of variable-payment life pension funds in those plans.
The purpose of the arrangements is to:
- clarify the distinct character of the variable-payment life pension funds;
- provide for the regulatory powers required to finalize the framework of the variable-payment life pension funds;
- specify the requirements regarding death benefits.
The amendments also make it possible for any person who can transfer amounts under tax rules to become a member of the VRSP, which will allow persons aged 71 and over who have retirement savings to receive variable-payment life pension funds.
The Voluntary Retirement Savings Plans Act also specifies that an authorization from the Autorité des marchés financiers is required for the implementation of variable-payment life pension funds.
The amendments to the Supplemental Pension Plans Act and the Voluntary Retirement Savings Plans Act come into force on a date to be determined by the government, because regulatory amendments remain necessary in order to provide variable-payment life pension funds, in particular to specify the benefit adjustment method and the information requirements.