Media Advisory - Interview Opportunity - Provincial Finance Leaders Address
Pension Reform in Canada; What Will it Take to Fix Canada'sPension System?

-- Commentary Available from Towers Watson --

TORONTO, June 15 /CNW/ - Yesterday, federal finance minister Jim Flaherty and provincial finance ministers from across Canada wrapped up a series of meetings on the Canada Pension Plan (CPP).  In the latest bid to address Canada's pension crisis - and much debated pension reform - leaders discussed nation-wide solutions to Canada's pension and retirement concerns, including a possible plan to increase mandatory CPP premiums. 

Through their work with clients and their research in connection to the ongoing government consultations, Towers Watson points to a number of issues they believe must form part of the discussion around the reform of Canada's pension system, including:

  • The importance of maintaining Canada's holistic three-pillar approach:
    1. Old Age Security (OAS) and Guaranteed Income Supplement (GIS) systems
    2. Canada Pension Plan (CPP)/Quebec Pension Plan (QPP)
    3. Private savings arrangements, including Registered Pension Plans (RPP)
  • Taking steps to reinforce the weakest pillar - RPPs
  • The appropriate role of government-sponsored plans in retirement savings; and
  • The broader impact of possible changes to Canada's system of bankruptcy priorities

Steps towards pension reform - background
The reform of Canada's private and public pension system has been a subject of much debate.  The Federal government released "Ensuring the Ongoing Strength of Canada's Retirement Income System" on Canada's public and private retirement income systems, and similar consultations have been conducted in Alberta, British Columbia, New Brunswick and Yukon.  In addition, there has been substantive review and revision of pension legislation currently being conducted by the federal government and the governments of Alberta, British Columbia, Manitoba, Ontario and Nova Scotia, as well as consultations on possible changes to the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP).  

Towers Watson consultants are available to provide insight and commentary relating to:

  • Flaherty's proposed changes for the CPP
  • The broader issue of pension reform in Canada
  • Pension fund surplus/deficit issues
  • Defined contribution arrangements
  • Managing pension risk
  • Pension plan design
  • Pension plan governance/compliance issues

About Towers Watson

Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of employee benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.com.

SOURCE Towers Watson

For further information: For further information:

or to schedule an interview, please contact:

Laura Snell (on behalf of Towers Watson)

Tel: 416-355-7406

Laura.Snell@ketchum.com

Emma Capombassis (on behalf of Towers Watson)

Emma.Capombassis@ketchum.com

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