The reality that Canadians are not saving enough for retirement has sparked the idea of reforming the pension system. Speakers at the 2012 DC Plan Summit discussed the recently proposed pooled registered pension plan (PRPP), changing the lifetime contribution limit and the need for increased financial literacy as strategies to encourage people to be better prepared for their post-work years.
The Canadian Association of Retired Persons (CARP) is leading the pushback efforts against the federal government’s decision to raise the OAS eligibility age from 65 years to 67 years.
On April 30, 2012, the B.C. government introduced Bill 38, the Pension Benefits Standards Act (PBSA). The bill is the long-awaited result (for B.C.) of the 2008 report from the Joint Expert Panel on Pension Standards (JEPPS)—an independent expert panel established by the finance ministers of Alberta and British Columbia.
Countries around the globe have been making changes to their pension legislation in recent months, as they attempt to balance aging populations, increasing longevity and burdensome deficits.
British Columbia has introduced legislation that it says will enable employers to offer a wider choice of pension plan options.
Canadians can no longer disregard their concerns about saving for retirement.
During this period of reform, there’s been a lot of discussion about how to improve pension coverage across Canada, and how to keep the current system sustainable.
The Ontario government’s reluctance to move ahead with implementing PRPPs in the province has raised the ire of several prominent industry leaders.
Is Canada finally facing the reality that meaningful pension reform can no longer be delayed?
The federal government’s recent decision to raise the eligibility age for old age security (OAS) from 65 to 67 is an absolute must, but it’s also too timid, says Yves Guérard, an actuary and the author of a new publication from the Montreal Economic Institution (MEI).