Not exactly. They're a specific type of annuity that can be held by certain plans.
I should say that this is the first time that VPLAs have come up, although this is actually one of the consequential amendments. The main body of the rules are in regulation 8506, and this is regulation 8502. It's a type of annuity that can be held by certain types of plans, as opposed to a new type of registered plan.
I don't know if my colleague Max Baylor is here. He can provide a great deal more information on the design of VPLAs and how they work.