Quebec to tackle pension reform

The Government of Quebec wants to make the province’s pension plans more viable.

The plan of action announced by the government contains four objectives, according to a Blakes Bulletin:

  • Studying the proposal made by the d’Amours Report to create a longevity annuity that would offer a DB annuity to all Quebec workers starting at the age of 75
  • Making it obligatory that the employers and the active participants share the costs equally for future services in public-sector pension plans
  • Overhauling the financing rules for pension plans in both the private and public sectors (including the adoption of the financing method based on the concept of enhanced funding in the private sector)
  • Negotiating an agreement between employers and participants concerning the restructuring of pension plans in both the private and public sectors.

    As part of its plan of action, the province expects to table two separate bills next year.

    Related articles: