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A national approach to strengthening Canada’s retirement system

On June 1, a coalition of 15 organizations from across Canada publicly released this letter to federal, provincial and territorial Finance Ministers, in advance of their upcoming meeting, to urge governments to find retirement solutions that will meet the needs of all Canadians. It was published in 10 newspapers across the country. The coalition includes the Canadian Life and Health Insurance Association (CLHIA), as well as other organizations and networks with a common interest in finding coordinated solutions. In all, they represent almost 200,000 employers and more than 3.5 million employees and self-employed Canadians.

As a member of the CLHIA, Great-West Life fully supports the coalition’s stated principles to be considered against any proposed pension reform options:

  • Canada needs a coordinated approach to retirement savings across the country so that all Canadians, no matter where they live or work, are treated equitably, and the country doesn’t end up with a patchwork approach.
  • Governments should build on the success of the current system of the Canada/Quebec Pension Plan, OAS, GIS and workplace and private savings. Any new approach should be portable across the country, cost-effective and efficient.
  • There are three specific segments not on track to maintain their standard of living in retirement and they should be the focus of any improvements (see attached open letter for details).

Federal, provincial and territorial finance ministers will meet on June 20-21 in Vancouver. A national expansion of the Canada Pension Plan will be on the agenda, alongside other options.

Learn more about smart and fair pension reform and check back often for updates as information becomes available.