TORONTO, Aug. 30 /CNW/ - Scott Perkin, president of the Association of
Canadian Pension Management (ACPM) today welcomed the McGuinty
government's announcement to proceed with the second phase of reforms to
the Ontario Pension Benefits Act, building on the
recommendations of the Arthurs Report.
"We applaud Minister Duncan on his leadership on pension reform and for
acting on the recommendations in the Arthurs report in a timely manner,"
Mr. Perkin added: "While this second phase of reform announcements
contains some much needed improvements to the current legislation,
additional work is needed to provide clarity to the proposals. We
welcome the opportunity to participate in this process. ACPM has long
advocated for the need for a better legislative environment to maintain
current defined benefit (DB) plans and to encourage the formation of new
DB plans. This position is a core recommendation in our "Five Point
Plan", designed to expand and improve retirement income coverage in
Ontario and throughout Canada."
The ACPM "Five Point Plan", released in June 2010, details five key
areas that need to be addressed by governments to improve retirement
income coverage in Canada. "The five points -- remove barriers to
group coverage, ensure defined benefit plans continue as viable options
for coverage, enable more innovations, promote simplicity in
administration and increase incentives to save - will encourage new
business models and new approaches that will increase the opportunities
for Canadians from all walks of life to participate in retirement
savings plans," said Perkin.
"There is no simple, easy fix to our pension challenges, but our
approach could make a considerable difference," he continued. "ACPM
looks forward to working with Ontario and the federal and other
provincial governments to implement these solutions for the benefit of
The Association of Canadian Pension Management is the informed voice of
Canada's retirement income providers. Established more than three
decades ago, ACPM has over the years gained a solid reputation as being
an outspoken advocate for an effective and fully sustainable retirement
income system in Canada.
ACPM's individual and executive members are drawn from all of the
various industry sectors across Canada. 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.
SOURCE Association of Canadian Pension Management
For further information: For further information:
Vanessa Wilson, Communications Director, ACPM
416-964-1260, Ext. 223, firstname.lastname@example.org