The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to participate in the consultation process regarding the review of pooled registered pension funds in Ontario (the “Consultation”).
Following the 2013 Ontario Budget announcement that the government would consult on a framework for Pooled Registered Pension Plans (PRPPs) before introducing legislation, we applaud the open and collaborative way the process is being conducted, which ensures that the interests of all stakeholders are continuously considered and a long term solution is in place that responds to the retirement savings challenge in Canada recognizing the important role PRPPs would play in providing greater retirement income security for the people of Ontario.
As background, PMAC represents investment management firms registered to do business in Canada as portfolio managers. PMAC members manage investment portfolios for private individuals, foundations, universities and pension plans. PMAC was established in 1952 and currently represents over 180 investment management firms that manage total assets in excess of $800 billion (excluding mutual fund assets). Our mission is to advocate the highest standards of unbiased portfolio management in the interest of the investors served by Members. Member firms are in the business of managing investments for clients in keeping with each client’s needs, objectives and risk tolerances. For more information about PMAC and our mandate, please visit our website at www.portfoliomanagement.org.