Will benefit both workers and employers
TORONTO, Nov. 18, 2011 /CNW/ - Sun Life Financial welcomes the
introduction of the Pooled Registered Pension Plan (PRPP) as it
demonstrates the commitment by federal, provincial and territorial
governments in Canada to meaningfully address the concerns of millions
of working Canadians by ensuring they have access to a workplace
retirement savings plan.
"This is the most significant piece of pension legislation in more than
a decade," said Tom Reid, Senior Vice-President, Group Retirement
Services, Sun Life Financial. "As Canadian policy-makers continue to
work together and adopt the PRPP framework and legislation, it is Sun
Life's hope that the reforms can be harmonized across the country.
Complementary provincial legislation will be essential so that all
working Canadians have universal access to an affordable workplace
retirement savings plan."
The PRPP will allow small and medium-size employers (who do not
currently provide retirement saving plans for their employees) to band
together to form low-cost pension plans administered by a
well-regulated provider, such as Sun Life, Reid said. By pooling larger
numbers of people under one plan, employers will be relieved of many of
the responsibilities and costs associated with plan administration and
employees will benefit from low-cost plans achieved by economies of
"The PRPP legislation is an important, much-needed and well-targeted
reform to Canada's retirement system," Reid said. "It reflects an
equitable balance of responsibility among individuals, employers and
government that is key to the success and sustainability of our
world-class pension system."
"We look forward to reviewing the details of the proposed PRPP
legislation and providing our perspective to help ensure that Canadians
continue to be well-served by these pension plan reforms," he said.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Chartered in 1865, Sun Life Financial and its partners today
have operations in key markets worldwide, including Canada, the United
States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda. As of September 30, 2011, the Sun
Life Financial group of companies had total assets under management of
$459 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
SOURCE Sun Life Financial Inc.
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