123RF.com/rambleon

The federal government is launching national consultations on enhancing the retirement security of Canadians, including potential actions on pension regulations and bankruptcy and insolvency laws. 

Previously announced in the 2018 budget and reiterated on Wednesday in the fall economic statement, the consultation includes measures to help ensure employers maintain well-funded pension plans, better aligning corporate decision-making with pensioner and employee interests and increasing transparency and fairness in insolvency proceedings. The government is inviting the public to provide feedback until Dec. 21, 2018.

Read: Budget commits to consultations on pension security issues in wake of Sears

“Our government is committed to helping all Canadians achieve a secure and dignified retirement, so that as they retire, they can focus on the things that matter, like spending time with their loved ones, rather than worrying about making ends meet,” said Finance Minister Bill Morneau. “We want to hear from Canadians, including workers, pensioners and businesses, on this important issue. Their feedback will inform our choices on how to enhance retirement security for generations to come.”

The government will be conducting analysis and reaching out to stakeholder groups in addition to the online consultations.

Read: Actuaries respond to Ontario’s proposed funding rules for DB plans

“Canadians shouldn’t have to worry about their pension security after working hard all their lives,” said Navdeep Bains, minister of innovation, science and economic development. “We’re looking for a solution that will enhance Canadians’ retirement security and ensure everyone has the support needed to retire with dignity, while maintaining a competitive environment for business investment.”

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com
See all comments Recent Comments

AM:

Not all companies have pension plans ? What are you doing to help those without private pension plans to be able to survive on what the CPP and OAS provides?

Friday, November 23 at 11:59 am | Reply

Rob Campbell:

Maybe our government should consider eliminating (or reducing) retirement income payments from a persons taxable income?

Friday, November 23 at 2:03 pm | Reply

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required