TORONTO, Aug. 17 /CNW/ - The Pension Investment Association of Canada
(PIAC) is pleased that Federal and Provincial Finance Ministers have held
preliminary meetings to discuss pension reform. PIAC urges governments to
strive for harmonization of pension rules across Canada to resolve the
legislative and administrative barriers that are hampering the existing
PIAC has also called on the various governments to eliminate the
quantitative investment rules and move to the prudent person standard, which
is in line with the approach taken by most other developed countries.
"While we need government to address the retirement income situation for
those many Canadians who do not have a pension plan, governments should also
make sure that changes are made to help ensure that existing pension coverage
does not decrease further." says PIAC's Chair, Gayle McDade.
"Pension reviews undertaken by four provinces and the federal government
over the past few years have provided a valuable starting point for this
PIAC has been the national voice for Canadian pension funds since 1977.
Senior investment professionals employed by PIAC's member funds are
responsible for the oversight and management of over $890 billion in assets on
behalf of millions of Canadians. PIAC's mission is to promote sound investment
practices and good governance for the benefit of pension plan sponsors and
To view all of PIAC's submissions, please visit www.piacweb.org, under
Submissions to Government.
For further information:
For further information: PIAC Contact: Peter Waite, Pension Investment
Association of Canada (PIAC), 39 River Street, Toronto, ON, M5A 3P1, Tel:
(416) 640-0264, Fax: (416) 646-9460, firstname.lastname@example.org, www.piacweb.org