TORONTO, Dec. 10 /CNW/ - Scott Perkin, president of the Association of Canadian Pension Management (ACPM) today welcomed the McGuinty government's announcement to reform the Pension Benefits Act, building on the recommendations of the Ontario Expert Commission on Pensions.
"The recent report from the OECP identified several important issues that need to be addressed. We are pleased they have begun to address them with these proposals," Perkin said. "Yesterday's announcement by Finance Minister Dwight Duncan is an important step forward, and we look forward to participating in discussions regarding these reform proposals."
Perkin said that the Association believes every Canadian should have an adequate retirement income. "But this goal has been undermined because some Canadians simply aren't saving enough. They are intimidated by the amount they think they need to retire and many find the array of pension saving options overwhelming. Fewer employers are offering pension plans as current rules make it more and more difficult to do so," he said.
"Canada has a strong foundation for retirement income in the CPP, OAS and GIS. But reforms are needed to support the increased participation of Canadians and their employers in the process", he said. "We look forward to working with the federal and provincial governments and stakeholders to provide these solutions. There is no simple, easy fix but it is possible."
The Association of Canadian Pension Management is the informed voice of Canada's retirement income providers. Established more than three decades ago, ACPM has over the years gained a solid reputation as being an outspoken advocate for an effective and fully sustainable retirement income system in Canada.
ACPM's Individual and Executive Members are drawn from all of the various industry sectors across Canada. The Association promotes its vision for the development of a worldleading retirement income system in Canada by championing the following principles:
- Clarity in legislation, regulations and retirement income
- 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, firstname.lastname@example.org