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 Swedlove.
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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