The province of Ontario expects to announce details of its provincial pension plan in a few months, according to the premier.

“It’s our plan to bring this forward in the spring,” Kathleen Wynne told reporters at Queen’s Park on Tuesday. “This is going to be a quick process because we have said that we are going to, in the very near future, bring forward a plan.”

This week, the province named a Technical Advisory Group on Retirement Security made up of six pension experts to help advise it on the creation of a provincial pension.

Wynne added that the plan needs to have a mandatory aspect to it in order to make it viable.

Bill Morneau, a member of the advisory group and executive chairman of Morneau Shepell, said a mandatory plan will help make sure people save enough for the future.

“One of the things we’re going to think about is whether, once you have that mandatory approach, there is a way that people who already have saved enough can opt out,” he said. “And that’s a question that we need to address.”

Susan Eng, vice-president for advocacy at CARP and also a member of the advisory group, said CARP members are supportive of a mandatory plan.

She said most of its 300,000 members have a very good idea of what it takes to save for their own retirement and what it takes to get by in retirement.

“And with their wisdom and with their experience, they can tell us that, had they not been forced to save when they were younger, they wouldn’t have,” Eng explained. “They see that people haven’t saved enough. They themselves haven’t saved enough.”

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Pawan:

The new Ontario Pension Plan is going to help people in their retirement years, I donot think so. We are already contributing in CPP which we will be getting. On top almost all the tax payers are saving in RRSP along with their company pension plan and DPSP. We are also entitled for an old age pension and an old age security. Old age security is reduced if a retiree has income from other sources other than CPP. If a person gets additional income from OPP, the old age security will further be reduced by the amount of OPP. Where is the extra benefit, we are supposed to get fron this “NOT A TAX” pension plan?

Sunday, February 02 at 5:36 pm | Reply

Bob Stinson:

The Ontario pension Plan is being introduced at the urging of CARP because the federal government has refused to consider enhancement to the CPP, which would have been the preferred option. I am happy for you, that for your own benefit, you have RRSPs and a company pension plan, so that this issue does not concern you. However, over 2/3 of Canadians do not have a company pension plan and most of them cannot afford to contribute to RRSPs! These are the people who, through no fault of their own will suffer severely in their senior years and will be living below the national poverty level. Since the plan has not been released yet we have no way of knowing whether or not its benefits will have an effect on your OAS benefits, but I would certainly hope that it will not sine the only reason the plan is being introduced is because the Feds refuse to act!
Bob Stinson
Chair, Haliburton Highlands CARP Chapter 54

Monday, February 03 at 2:38 pm

Paul Godden:

1. Can Susan Ing please inform me, and all CARP members, on what authority is she supporting this provincial pension proposal?

2. Is it your view that this pension proposal will only cover Ontario employed people? please explain your reply?

Thanks for the opportunity to raise questions?

Thursday, February 13 at 9:31 am | Reply

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