Other Brieflies this week:| MON | TUE | WED | THU | FRI |

The Canadian Institute of Actuaries has asked Canada’s five main political parties to address various topics relevant to the industry, including their positions on the future of retirement savings, financing of Employment Insurance and long-term planning for healthcare.

“Canada’s actuaries are asking the parties to seriously consider their commitment to these issues, all of which are critical to Canadians and a healthy economy,” says Mike Hale, president of the Canadian Institute of Actuaries.

The institute points to a Statistics Canada report that defined benefit pension plan coverage has fallen from 29% of private-sector workers in 1992 to 21% in 2003. Another study by the University of Waterloo found that most Canadians are not setting aside enough money to fund retirement on their own, yet two-thirds of Canadians aged 45 to 59 feel their savings will be adequate.

“This gap between reality and perception around retirement savings and pensions is very important,” he explains. “Layer on the critical issues of the demise of an excellent means of retirement saving, defined benefit pension plans in the private sector, and the lack of harmonization of pension legislation across the country, and without appropriate remedies, the financial future of Canadians is in serious jeopardy.”

The institute is also calling on the government of Canada, regardless of who wins the election, to create the position of chief healthcare actuary, charged with developing a long-term funding strategy for public healthcare.

“We know that the political parties are aware of these issues, and we hope that their election platforms will contain commitments to resolve them,” says Hale. “We intend to post the parties’ answers on our website for all Canadians to access over the course of the campaign.”

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter