The industry had positive things to say about the expert committee on the future of the Quebec retirement system, led by Alban D’Amours.
Here’s a sample of what some had to say.
Canadian Life and Health Insurance Association (CLHIA)
The industry welcomes the committee’s support for voluntary retirement savings plans (VRSPs) and the recommendation for their speedy introduction.
“Adding VRSPs to the catalogue of retirement savings choices for working Quebecers will be a major step forward in improving the retirement savings landscape in this province,” says Yves Millette, senior vice-president, Quebec affairs, with the CLHIA. “This is also an opportunity for small and medium-size businesses to attract the best employees as they will be able to take advantage of low-cost pension plans now currently only feasible for the largest employers.”
The industry also appreciates the intention expressed by Premier Pauline Marois to introduce legislation for VRSPs before May 15 and looks forward to working with the government in bringing the VRSP legislation to fruition.
Standard Life
The company considers the D’Amours report a realistic overview of the retirement challenges that face Quebec society and one that should mark the beginning of a major public debate on the issue.
Standard Life welcomes the announcement by Quebec Premier Pauline Marois that her government will introduce a bill on VRSPs in the near future.
“This innovative solution could provide a clear and simple retirement savings method for individuals and employers,” says Charles Guay, president and CEO of Standard Life.
Canadian Institute of Actuaries
“We greatly appreciate the work done by the members of the expert committee,” says Jacques Lafrance, president-elect of the Canadian Institute of Actuaries. “The time has come to put long-term solutions into place.”
“The actuarial profession will be pleased to work with the Régie des rentes du Quebec in order to assess the formula for calculating transfer values and to identify the consequences for pension plan capitalization and for the workers affected by this recommendation.”