Economic News/Trends and Analysis — August 30, 2010

ACPM Welcomes Next Phase of Ontario's Pension Reform

TORONTO, Aug. 30 /CNW/ - Scott Perkin, president of the Association of Canadian Pension Management (ACPM) today welcomed the McGuinty government's announcement to proceed with the second phase of reforms to the Ontario Pension Benefits Act, building on the recommendations of the Arthurs Report.

"We applaud Minister Duncan on his leadership on pension reform and for acting on the recommendations in the Arthurs report in a timely manner," said Perkin. 

Mr. Perkin added: "While this second phase of reform announcements contains some much needed improvements to the current legislation, additional work is needed to provide clarity to the proposals.  We welcome the opportunity to participate in this process. ACPM has long advocated for the need for a better legislative environment to maintain current defined benefit (DB) plans and to encourage the formation of new DB plans.  This position is a core recommendation in our "Five Point Plan", designed to expand and improve retirement income coverage in Ontario and throughout Canada."

The ACPM "Five Point Plan", released in June 2010, details five key areas that need to be addressed by governments to improve retirement income coverage in Canada.  "The five points --  remove barriers to group coverage, ensure defined benefit plans continue as viable options for coverage, enable more innovations, promote simplicity in administration and increase incentives to save - will encourage new business models and new approaches that will increase the opportunities for Canadians from all walks of life to participate in retirement savings plans," said Perkin. 

"There is no simple, easy fix to our pension challenges, but our approach could make a considerable difference," he continued.  "ACPM looks forward to working with Ontario and the federal and other provincial governments to implement these solutions for the benefit of all Canadians."

The Association of Canadian Pension Management is the informed voice of Canada's retirement income providers.  Established more than three decades ago, ACPM has over the years gained a solid reputation as being an outspoken advocate for an effective and fully sustainable retirement income system in Canada. 

ACPM's individual and executive members are drawn from all of the various industry sectors across Canada.  The Association promotes its vision for the development of a world-leading retirement income system in Canada by championing the following principles:

• Clarity in legislation, regulations and retirement income arrangements;
  
  
• Balanced consideration of other stakeholders' interests;
  
  
• Excellence in governance and administration. 

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