Fourteen organizations from across Canada announced have formed the Common Front for Retirement Security(CFRS)to advocate for better governance of pensions, investments and retirement savings.
The group shares concerns expressed by Bank of Canada Governor, David Dodge, about defined benefit pension plans that is echoed by the Canadian Institute of Actuaries.
“The problems have been clearly identified. Solutions are available,” CFRS explains in a statement. “What are federal and provincial governments waiting for? CFRS will muster ordinary citizens to empower our politicians into judicious action.”
The organization says 40% of employees are not covered by an employment-related pension plan and a national plan, similar to the Canada Pension Plan or Quebec pension plan could solve this problem.
CFRS—which includes the Investor Protection Association, CARP, Canada’s Association for the Fifty Plus and other several prominent seniors/pensioners groups—succeeds the Common Front for Pension Splitting.
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