TORONTO, Dec. 21 /CNW/ - The Association of Canadian Pension Management (ACPM) is pleased by Minister Flaherty's announcement that the federal and provincial governments reached agreement on a framework for Pooled Registered Pension Plans (PRPPs). ACPM views the introduction of PRPPs as a very positive step in expanding pension coverage options for Canadians.
"PRPPs expand the options for coverage by targeting those Canadians who don't currently have access to workplace pension plans", said ACPM President Christopher Brown.
Mr. Brown stressed that "the PRPP rules need to be developed on a harmonized, pan-Canadian basis to ensure access to PRPPs and ease of administration across all provinces and territories".
"We urge governments to act quickly to make the legislative changes necessary for PRPPs to become a reality for Canadians and we look forward to working with governments to finalize a viable framework for these plans", added Brown.
Earlier this year, ACPM released its Five-Point Plan, Improving Retirement Income Coverage in Canada". It is a comprehensive plan designed to:
- Remove Barriers to Group Coverage
- Ensure Defined Benefit Plans Continue as Viable Options for Coverage
- Enable More Innovation
- Promote Simplicity in Administration
- Increase Incentives to Save
"The Federal-Provincial Ministerial framework is a solid start towards implementing the recommendations in our Five-Point Plan that will ensure that every Canadian, including the self-employed and those employed in small businesses, have the saving options that work best for them and their families", stated Mr. Brown.
To view the complete ACPM Five-Point Plan please visit www.acpm-acarr.com
The Association of Canadian Pension Management is the informed voice of Canada's retirement income providers. Established more than three decades ago, our members represent over 400 pension plans consisting of more than 3 million plan members, with assets under management in excess of $330 billion.
The Association promotes its vision for the development of a world-leading retirement income system in Canada by championing the following principles:
- Clarity in legislation, regulations and retirement income arrangements;
- Balanced consideration of other stakeholders' interests;
- Excellence in governance and administration.
For further information: For further information:
Vanessa Wilson, Communications Director, ACPM
416-964-1260, Ext. 223 or 416-817-1894 (cell) or [email protected]