Statement by the Canadian Chamber of Commerce on tabling of Pooled Registered Pension Plans legislation

OTTAWA, Nov. 17, 2011 /CNW/ - Today, the federal government fulfilled its commitment to move Pooled Registered Pension Plans (PRPPs) forward. The legislation introduced today, has the potential to benefit the estimated 60 per cent of Canadians who have either no, or insufficient, retirement savings. The Canadian Chamber of Commerce believes PRPPs - with simple and straightforward rules and processes - will give many businesses the flexibility and tools they need to help their employees save for retirement. PRPPs will also provide individuals and the self-employed with additional retirement savings options.

The following comments received from some of our SME members indicate how PRPPs could benefit smaller employers:

"As an SME that does not presently have any retirement pension plan options for its employees, but is definitely interested in an opportunity to do so (in a manner) that would be effective and efficient, the PRPP is a great option."

"…this (PRPPs) would be a great option to attract new talent to our business. A pension plan draws a lot of the skilled people that we need to the larger corporations and this would be a nice edge to add to a great business."

PRPPs represent a significant development for the millions of Canadians who have either no, or insufficient, retirement savings and we look forward to reviewing the government's legislation and work with the provinces and territories following suit.

The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 420 chambers of commerce and boards of trade, representing 192,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at www.chamber.ca  or follow us on Twitter @CdnChamberofCom.


SOURCE Canadian Chamber of Commerce, The

For further information:

Émilie S. Potvin
Director, Public Affairs & Media Relations
Office: 613.238.4000 (231)
Cell.: 613.797.1860
epotvin@chamber.ca

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Canadian Chamber of Commerce, The

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