Mr. Speaker, Bill C-25 specifies that eligible administrators must be corporations that can assume a fiduciary duty, such as regulated financial institutions and public pension plans. In order to offer a PRPP, administrators would need to obtain a licence from the Superintendent of Financial Institutions. The criteria for this licence will be set out in the regulations, and will not require administrators to be a bank or insurance company.
In the House of Commons on January 30th, 2012. See this statement in context.