But how can we make it better for the next generation?
Finance Minister Jim Flaherty told reporters in Vancouver yesterday that the budgets of some government departments could be cut by more than 10%—and that issues such as pension reform and other benefits for public servants are under the microscope.
When Bill 133, the Family Statute Law Amendment Act, 2009, was introduced in 2008, it promised to reform the division of pensions on marriage breakdown in Ontario and introduce changes that had long been requested by both family law practitioners and pension plan administrators.
After a quarter-century of success, the Saskatchewan Pension Plan (SPP) may help plant the seed for Canadian pension reform. Benefits Canada talked to SPP general manager Katherine Strutt about how the SPP and PRPP can coexist.
Saskatchewan is known as Canada’s breadbasket, for its ability to consistently produce quality grain. But given that many in the industry have begun paying attention to what’s behind the Saskatchewan Pension Plan’s (SPP) 25 years of steady and reliable growth, the province may also one day be known as the root of Canada’s pension reform.
According to a new report by the C.D. Howe Institute, the government’s proposed pooled registered pension plans (PRPPs) are in need of a fix.
The federal government recently released Bill C-25, the Pooled Registered Pension Plans Act. This draft legislation is receiving praise for helping to close the pension gap—the gap between the level of income Canadians will have when they retire versus what they need or want to have. However, it is questionable how effective pooled registered pension plans (PRPPs) will actually be in closing this gap.
I got into this industry, as most people do, by accident,” admits Toronto-based Keith Ambachtsheer, who today is well known for his ideas on pension governance and how to reform the system.
On November 17, the Pooled Registered Pension Plan Act was tabled in the House of Commons. The explicitly stated purpose of the Act “is to provide a legal framework for the establishment and administration of a type of pension plan that is accessible to employees and self-employed persons and that pools the funds in members’ accounts to achieve lower costs in relation to investment management and plan administration.”
A leaked white paper has revealed the European Commission’s suggestions for pension reform, reports Investment & Pensions Europe (IPE).