Ontario has passed the Pooled Registered Pension Plans (PRPP) Act, 2015.
The introduction of pooled registered pension plans in Ontario could prevent an enhanced Canada Pension Plan from materializing, said a CUPE Ontario representative at the second day of public hearings on Tuesday.
Canada’s financial services industry showed its support for Pooled Registered Pension Plans (PRPPs) at the first day of public hearings in Ontario on Monday.
The Standing Committee on Social Policy is expected to meet next week to consider Bill 57, An Act to create a framework for pooled registered pension plans (PRPPs) and to make consequential amendments to other acts.
There weren’t many surprises in the 2015 federal budget, which includes changes to TFSA contribution limits and the amount seniors will be required to withdraw from registered retirement income funds (RRIFs).
Capital accumulation plans (CAPs) already help 2.4 million Ontario workers save for a good retirement and can largely solve the under-saving gap. The proposed Ontario Retirement Pension Plan (ORPP) should therefore not be mandatory for employers who already have a well-designed workplace plan in place for their employees—whether a DC pension plan (DCPP), group RRSP or deferred profit sharing plan (DPSP)—especially if those plans already involve employer contributions that are equal to or greater than the 1.9% rate proposed under the ORPP.
Both small business and insurance industry leaders exhorted the Pooled Registered Pension Plan (PRPP) as a preferable option over the ORPP. But PRPPs may be akin to Dr. Seuss’s Zizzer-Zoof Seeds, at least outside of Quebec.
Standard Life and the Canadian Federation of Independent Business are offering a new retirement savings solution called PrimaPension, which is designed to meet the requirements of small and mid-size enterprises and their employees.
The Ontario government's pension plan falls well short of the universal, DB retirement security Ontarians need, and are being used as a smokescreen for more dangerous legislation, says the Canadian Union of Public Employees.
The Government of Ontario has introduced legislation to create the Ontario Retirement Pension Plan and pooled registered pension plans.