At the annual Canadian Chamber of Commerce Convention in Calgary on October 13-14, the Surrey Board of Trade won the support of 430 chambers of commerce and boards of trade in Canada on their policy to instigate change on pension innovation.
“There are 10 million Canadian workers who are not members of a private sector pension plan,” said Anita Huberman, President & CEO, Surrey Board of Trade. “There is very clear evidence that there needs to be a re-charged pension plan that meets the demands of today’s socio-economic paradigm. Canada has suffered from stagnated innovation in its retirement income system.”
The Surrey Board of Trade recommends that the Federal Government:
1. Assess the pool of employees currently covered under the traditional defined benefit, defined contribution, and group registered retirement savings plans;
2. Improve financial literacy through effective programs;
3. Protect existing RPPs;
4. Increase pension coverage through the development of attractive products for workers without occupational pension plans;
5. Increase labour force participation rates at older ages as life expectancy increases; and,
6. Reform the current regulatory environment to support innovation pension reform that includes:
a. Regulatory support for private sector multi-employer pension programs;
b. Regulatory framework to include multi-employer pension programs across provincial jurisdictions;
c. Regulatory framework for trusteed pension plans that do not require government or union sponsorship
d. Regulatory frameworks that allow and promote private sector access to the very solutions already available in the public sector.
e. Regulatory frameworks and support that provide access to the efficiencies of collective pension plans and that recognize the unique needs of small private sector employers and self-employed individuals
f. Add to the portfolio of the Minister of Seniors.