Employees of small to mid-sized companies and people who are self-employed can sign up for a new pension plan.

New Brunswick announced this week it has become the latest province to offer the Pooled Registered Pension Plan.

The plan can offer retirement income for employees and the self-employed who do not have access to a pension in their workplace.

“They provide an additional low-cost option for small and mid-sized businesses in cases where a full pension plan may be too onerous or costly,” said a news release from the province.

Employees can be enrolled in the plan by their employer or can contact the plan administrator directly.

British Columbia, Manitoba, Nova Scotia, Ontario, Saskatchewan, and Quebec are also part of the plan, which is supervised and regulated by the federal Office of the Superintendent of Financial Institutions.

More details can be found by clicking here.