TORONTO, Dec. 16 /CNW/ - The Association of Canadian Pension Management (ACPM) is encouraged by
Minister Flaherty's announcement earlier today of Pooled Registered
Pension Plans (PRPP) as a means of expanding the range of retirement
savings options currently available to Canadians.
ACPM supports the PRPP in concept, stressing that it is one important
part of a broader solution that ACPM has endorsed for some time.
"ACPM has consistently advocated for innovative options for expanding
coverage for Canadians and has developed and shared our ideas with
governments. We are pleased to see this option being presented. We
need government to move forward with new retirement savings options to
benefit Canadians and this is certainly a good start. We look forward
to seeing a consensus coming from the Ministerial meeting in Kananaskis
on December 20th and commit ourselves to working with governments in
the days ahead in an effort to finalizing a viable framework for these
plans", said ACPM President Christopher Brown.
"The best case scenario would be for rules to be developed on a
pan-Canadian approach, to ensure these types of plans can operate on a
multi-jurisdictional basis and achieve the economies of scale necessary
to provide the maximum advantages to Canadians", added Mr. Brown.
Earlier this year, ACPM released its Five Point Plan, a comprehensive
plan that calls on governments to:
Remove Barriers to Group Coverage
Ensure Defined Benefit Plans Continue as Viable Options for Coverage
Enable More Innovation
Promote Simplicity in Administration
Increase Incentives to Save
"Minister Flaherty's announcement today is a solid start towards
implementing the recommendations in our Five Point Plan that will
ensure that every Canadian, including the self-employed and those
employed in small businesses, have the saving options that work best
for them and their families", stated Brown.
"Third pillar providers are best positioned to deliver increased
workplace coverage and ACPM believes multi-employer defined
contribution plans will be a successful part of the solutions for
improving Canada's retirement income system" said Mr. Brown.
To view the complete ACPM Five-Point Plan please visit www.acpm-acarr.com
The Association of Canadian Pension Management is the informed voice of
Canada's retirement income providers. Established more than three
decades ago, our members represent over 400 pension plans consisting of
more than 3 million plan members, with assets under management in
excess of $330 billion.
The Association promotes its vision for the development of a
world-leading retirement income system in Canada by championing the
Clarity in legislation, regulations and retirement income arrangements;
Balanced consideration of other stakeholders' interests;
Excellence in governance and administration.
SOURCE Association of Canadian Pension Management
For further information: For further information:
Vanessa Wilson, Communications Director, ACPM
416-964-1260, Ext. 223 or 416-817-1894 (cell) or firstname.lastname@example.org