WATERLOO, ON, Dec. 16 /CNW/ - The proposed improvements, announced today by Minister Flaherty, to the retirement savings system will increase Canadians' access to retirement savings vehicles. These recommendations are a solid step forward and will be helpful for both individual Canadians and Canadian employers, according to Donald Guloien, President and Chief Executive Officer, Manulife Financial Corporation.
"The efforts of the Finance Ministers are to be commended. These actions will address the need for increased participation in retirement savings plans, " Mr. Guloien said.
Studies have shown that while the majority of Canadians are saving sufficiently for retirement, a significant minority of future retirees are not saving enough. This includes many employees of small and medium sized businesses that have been unable to access workplace retirement savings plans. The proposed reforms aim to address this gap and will provide more employers the ability to offer savings plans with economies of scale that come with pooled savings.
"The proposed reforms tackle many of the challenges facing small and medium sized employers whose access to retirement savings options has traditionally been hampered by complexity and cost," said Paul Rooney, President and CEO, Manulife Canada.
Manulife Financial remains supportive of the continuing collaboration between our elected officials, the financial industry and other key stakeholders to continue building a strong foundation for retirement savings in Canada.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were Cdn$474 billion (US$460 billion) as at September 30, 2010.
The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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