CLHIA calls for one-year delay to ORPP

The Canadian Life and Health Insurance Association (CLHIA) has called for a one-year delay of the ORPP.

In its 2016 Ontario Budget Submission, written to Ontario Minister of Finance Charles Sousa, it said the implementation of the plan should be deferred by one year to address the significant uncertainties that remain with respect to plan design, administration and investment functions, and permit other governments to more fully assess possible enhancement of the Canada Pension Plan.

Read: ORPP design and feature details announced

The CLHIA also called on the immediate adoption of regulations to facilitate Pooled Registered Pension Plans to enhance retirement income security, particularly among self-employed individuals who are not eligible to participate in the ORPP, and to ensure consistent, nation-wide retirement savings opportunities for employees of businesses with operations in Ontario and other provinces.

Read: Trucking industry’s ORPP concerns ‘laid to rest’