MONTREAL, April 18, 2013 /CNW Telbec/ - Standard Life considers the D'Amours Report a realistic overview of the retirement challenges that face Quebec society and one that should mark the beginning of a major public debate on the issue.
The report emphasizes the importance of accountability from all pension system stakeholders. This is one of Standard Life's major concerns. "All stakeholders, including government, financial institutions, employers and workers, must contribute to the long term financial well-being of Quebecers. In this sense, I would like to reiterate that Standard Life offers the government its full cooperation and its expertise in retirement savings," said Charles Guay, President and Chief Executive Officer of Standard Life.
Like other Canadians, Quebecers are finding it difficult to save for the future and plan for retirement. Surveys indicate that this situation worries them. It is estimated that more than half of Quebecers do not have a workplace retirement plan. Standard Life believes Quebec workers need support to save more so they receive a suitable retirement income. Standard Life is concerned with this issue and has a long track record in retirement savings plan innovation.
Imminent introduction of a bill on voluntary retirement savings plans
Standard Life welcomes the announcement by Quebec Premier Pauline Marois that her government will introduce a bill on Voluntary Retirement Savings Plans in the near future. Mr. Guay believes, "This innovative solution could provide a clear and simple retirement savings method for individuals and employers."
Following the adoption of Bill C-25 by the federal government, Standard Life called on provincial and territorial finance ministers last December to support Pooled Registered Pension Plans (PRPPs). Standard Life recommended to these ministers that legislation should include such measures as mandatory sponsorship and automatic enrolment, and that it should also be harmonized among provinces and territories.
For more information, visit: www.standardlife.ca/PRPP.
About Standard Life
Standard Life plc is a leading long-term savings and investment company headquartered in Edinburgh, Scotland. Standard Life has around six million customers worldwide and operates in the United Kingdom, Europe, North America and Asia, and globally with Standard Life Investments Ltd.
In Canada, Standard Life has been doing business for 180 years. It operates under Standard Life Financial Inc., which wholly owns The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd. It is Standard Life plc's largest operation outside the UK with about 2,000 employees. It provides long-term savings, investment and insurance solutions to more than 1.4 million Canadians, including group retirement and insurance plan members.
As of December 31, 2012, Standard Life plc had $353 billion in assets under administration, including $45 billion in Canada through Standard Life Financial.
SOURCE: STANDARD LIFE
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