The federal government’s December 2010 announcement of the pooled retirement pension plan (PRPP) arrangement has been the most significant piece of pension reform introduced in Canada since discussion on the topic increased following the 2008 economic crisis, according to a panel speaking at the Benefits & Pension Summit today in Toronto. Canadians will have to […]
Pooled registered pension plans (PRPPs) are coming, and many will say not a moment too soon given that only one in three private sector worker is currently participating in a registered pension plan or group RRSP. The hope is that PRPPs will dramatically improve pension coverage thus relieving public pressure to expand the Canada/Quebec Pension […]
Recently OMERS CEO Michael Nobrega suggested that pension funds should also be permitted to compete with banks and insurance companies when it comes to pooled registered pension plans (PRPPs). Benefits Canada followed up with an story and online poll asking “Should large pension plans be permitted to administer the new pooled retirement pension plans?” At […]
The federal government’s proposed pooled registered pension plans (PRPPs), as well as any subsequent retirement income system reform undertaken in Canada, should be designed to benefit those who need the most help—namely middle-income earners—according to Towers Watson. In a new article called Rethinking retirement: Principles to guide reform of the Canadian retirement system, the professional […]
Take our poll on the issue. This week, Michael Nobrega, CEO of the Ontario Municipal Employees Retirement System, went on the record saying that the government should open up the administration of the new pooled registered pension plans (PRPPs) to more than just “regulated financial institutions.” “Right now, it’s insurance companies and the banks,” Nobrega […]
While the federal government’s proposed pooled registered pension plan (PRPP) has its critics, pension plan sponsors welcome the relief that it could afford them, according to the latest MorneauShepell 60 Second Survey. Among the 79 participating organizations, the survey found 74% were considering adopting a PRPP because it would allow them to offload fiduciary liability […]
Beware of the risks and unintended consequences.