The Portfolio Management Association of Canada (PMAC), through its Industry, Regulation & Tax Committee’s sub-committee on pensions, is pleased to have the opportunity to participate in the Ministry of Finance’s (Ministry) consultation with respect to “A Review of the Solvency Funding Framework under the Pensions Benefits Standards Act (the Act): A Consultation Paper” (Consultation).
As background, PMAC represents over 260 investment management firms registered to do business in Canada as portfolio managers. PMAC members manage investment portfolios for, among others, private individuals, foundations, universities and pension plans.
PMAC is supportive of the government of British Columbia’s goal of seeking stakeholder feedback on options to amend defined benefit pension plan (Plan) funding rules under the Act.
Defined benefit (DB) plans are an integral part of Canadians’ retirement income savings, even as increasingly fewer of us are covered by such Plans as a result of increased complexities and expenses in funding them.
PMAC supports efforts to ensure that pension funding rules better support long-term Plan sustainability and benefit security and so that DB Plans continue to provide lifetime pensions to their members and other beneficiaries.
We thank the government of British Columbia and the Ministry for the Consultation and for your work aimed at strengthening the province’s retirement income system.