The federal government has launched a campaign to encourage adoption of pooled registered pension plans (PRPPs), as Ted Menzies, Minister of State (Finance), used a Toronto small business as a backdrop to extol the plan’s virtues.

“PRPPs will play a critical role in improving the range of retirement savings options available to Canadians by providing a low-cost retirement savings opportunity for employees as well as the self-employed,” Menzies said. “This is especially important for small business and its employees who will now have access to a private pension plan for the very first time.”

Menzies will meet with provincial and territorial finance ministers throughout the summer, in the run up to the next official finance ministers meeting.

“I look forward to hearing [Canadians’] views on where we should focus our efforts to keep our retirement income system fair, effective and supportive of our agenda for creating jobs and growth, so that Canadians will have everything they need to reach their full potential,” he said.

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

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