The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is writing to reiterate our concerns with regard to the Ontario Retirement Pension Plan (“ORPP”) and to provide our recommendations on Canadian pension reform.
PMAC supports retirement savings and pension reform solutions that are aimed at strengthening our retirement income system, particularly, where there are gaps that need to be addressed. As we have stated in previous pension consultations both provincially and federally, we believe in the importance of balancing government responsibility for retirement savings with individual responsibility. We believe that the ORPP does not adequately address retirement savings in Ontario and more specifically, it undermines a broader and more appropriate, targeted national approach to pension reform and retirement savings for all Canadians, where gaps exist in their retirement savings.