One province is finally listening to Minister of State for Finance Ted Menzies’ persistent call to take action with pooled registered pension plans (PRPPs). The provincial government of British Columbia tabled PRPP legislation yesterday. If approved during the spring session of parliament, B.C. will break ground on pension reform and be the first province to […]
The federal government introduced pooled registered pension plans (PRPPs) because legislators were worried about the low levels of pension plan coverage in the private sector. Recent data from the Office of the Superintendent of Financial Institutions (OSFI) support those concerns.
Quebec is the only province to have mirrored the federal government’s move towards pooled registered pension plans (PPRPs). Immediately following the latest government election, the Quebec version was in question. But the new government party has announced plans to move ahead with the alternative savings system.
When the federal government introduced legislation to create pooled registered pension plans (PRPPs) for federally regulated employees in November 2011, it confidently predicted that the provinces would pass their own legislation making PRPPs available to provincially regulated employees. But so far, reaction to the PRPPs from provincial governments has been lukewarm at best.
When the federal government introduced legislation to create pooled registered pension plans (PRPPs) in November 2011, it proudly boasted that PRPPs would provide Canadians with an “accessible, straightforward and administratively low-cost retirement savings option.” The intent of the voluntary retirement savings vehicle (which holds assets from multiple participating employers and from self-employed individuals who choose to participate) is to help those in the private sector with no employer-sponsored pension plan to save for retirement.
Touted as a practical solution for those who currently don’t have access to a workplace pension, the pooled registered pension plan (PRPP) also holds the potential to create a new revenue stream for the industry. Several of the large retirement service providers have already jumped at this opportunity and are ready to roll out PRPP […]
PRPPs and social media strategy Watch this video Katherine Strutt, general manager of the Saskatchewan Pension Plan (SPP), gives her opinion on who will best benefit from PRPPs and how the model compares to the SPP. She also weighs in on the merits of social media and how it’s used by the her plan. […]
The only news around pooled registered pension plans (PRPPs) today seems to be coming from the federal Department of Finance, Ted Menzies, Minister of State (Finance)in particular, who has been stewarding the PRPP initiative.
The federal government has created the pooled registered pension plan (PRPP) in the hopes that provinces would each adopt a bill creating a similar product for their own pension jurisdiction.
Canadians are often told they need to save more for retirement and to start saving sooner. Life expectancy is increasing and investment returns are low, so the cost of providing retirement income is much more than it used to be. Saving more seems like the prudent thing to do.