TORONTO, Dec. 14, 2012 /CNW/ - The Canadian life and health insurance
industry urges federal, provincial and territorial Finance Ministers in
their meetings early next week to support the implementation of PRPPs
across the country as quickly as possible.
"It's only a matter of fairness -- why should only those working for
governments and large corporations have access to pensions?" said Frank
Swedlove, President of the Canadian Life and Health Insurance
Association. "PRPPs provide a great opportunity for all Canadians to
save for retirement at the workplace."
PRPPs will make it easier and more cost‐effective for small employers to
offer pension plans and, for the first time, gives the self-employed
the option to participate in such plans. They are simple, low-cost
defined contribution pension plans that can be offered to all Canadian
employers and their employees by regulated financial institutions. The
federal government has passed the PRPP framework legislation and Quebec
intends to introduce legislation in the spring. "We urge all provinces
to move quickly and decisively to introduce PRPP legislation to give
their workers every opportunity to save for retirement," added
About the CLHIA
Established in 1894, the CLHIA is a voluntary association whose member
companies account for 99 per cent of Canada's life and health insurance
business. The industry provides a wide range of financial security
products such as life insurance, annuities (including RRSPs, RRIFs and
pensions) and supplementary health insurance to more than 26 million
Canadians. It also holds $574 billion of assets in Canada and employs
about 139,000 Canadians.
SOURCE: Canadian Life and Health Insurance Association Inc.
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Wendy Hope, Vice President, External Relations (613) 230-0031