TORONTO, Sept. 5, 2012 /CNW/ - Important new statistics on retirement
plan coverage were released today by OSFI's Office of the Chief
Actuary. These figures show slippage of the proportion of Canadian
workers covered by a Registered Pension Plan (RPP) over the past 10
years. While the overall percentage has dropped by 2% to 39% of all
paid workers, the biggest impact is on workers in the private sector,
where just 24% have RPP coverage, down from 28% a decade ago.
"These statistics underscore the urgent need for a policy that is
directed towards allowing Canadians with the opportunity to save for
retirement at the workplace. Pooled Registered Pension Plans clearly
fill this need," commented Frank Swedlove, president of the Canadian
Life and Health Insurance Association.
PRPPs are pooled, low-cost, professionally-managed and transferrable
pension plans that provide opportunities for the millions of Canadian
workers, including the self-employed, who do not currently have access
to any type of pension plan in the workplace.
Finance Ministers across the country agreed on the PRPP concept in late
2010. The federal government and Quebec have both taken action to move
forward with PRPPs, but legislation is needed in each province to
implement PRPPs on a national basis.
"The life insurance industry strongly urges all provinces to move as
swiftly as possible to introduce the necessary PRPP legislation that
will allow the 76% of Canadian private sector workers without a pension
plan to have access to one. It's the right thing to do," adds
About the CLHIA
The Canadian life and health insurance industry provides a wide range of
financial security products, including life insurance, annuities
(including RRSPs, RRIFs and pensions) and supplementary health
insurance, to about 26 million Canadians and their dependents.
Established in 1894, the CLHIA is a voluntary association whose member
companies account for 99 per cent of Canada's life and health insurance
SOURCE: Canadian Life and Health Insurance Association Inc.
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Janice Hilchie, Vice President, Government and International Relations (613) 230-0031