Submission: Submission

Canada's Association For The Fifty-Plus Submission

Susan Eng
Vice-President, Advocacy
CARP, A New Vision of Aging for Canada
27 Queen St. E., suite 702, Toronto, ON M5C 2M6
P: 416-363-2277 x226 Toll-Free: 1-888-363-2279 x226

We have now had the opportunity to review the Report more thoroughly and would reiterate our support for the general thrust of the recommendations as well as the particular provisions set out in the following news release which was issued on the release of the Report.

CARP will also be responding to the call for consultations issued by the Federal government regarding improvements to the federal Pension Benefits Standards Act.

CARP’s recommendation to government on retirement security as it relates to pension reform is as follows:

  1. protect plan members especially against market downturns by reforming deficiency funding requirements, protection of surpluses and limitation on contribution holidays and providing an effective governance role for plan members;
  2. provide access to defined pension benefits for the estimated one in three Canadians without any retirement savings through universally available pension plan modeled on the CPP; and
  3. immediately call a Pension Summit of the First Ministers and Finance Ministers to consider and initiate pension reform measures to protect the retirement security of all Canadians and ensure the material participation of knowledgeable representatives of retiree groups

Thank you for this opportunity to comment on a thorough and ground breaking report. We would be pleased to elaborate on our comments should the occasion require it.