TORONTO, Nov. 17, 2011 /CNW/ - The Canadian life and health insurance
industry welcomes today's tabling of legislation by the federal
government to implement Pooled Registered Pension Plans (PRPPs). "This
is great news for Canadian workers," says Frank Swedlove, President of
the Canadian Life and Health Insurance Association.
"Millions of Canadians don't have a pension plan at work, especially
those working for small and medium-sized businesses, and the
self-employed. PRPPs will give them the opportunity to save in the
workplace for their retirement through low-cost plans previously only
available to large businesses. And they will be attractive to
employers because they cut out almost all of the administrative burden
and costs that employers often associate with pension plans."
The life and health insurance industry encourages provincial governments
to introduce PRPP legislation as soon as possible so all Canadians will
benefit from this opportunity.
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. Canada's life and health insurance industry currently
administers over two thirds of Canadian pension plans.
SOURCE Canadian Life and Health Insurance Association Inc.
For further information:
Media enquiries: Wendy Hope, Vice President, External Relations - (613) 230-0031