Re: Strengthening Canadians’ Retirement Security – Proposals to Support the Sustainability of and Strengthen the Framework for Federally Regulated Private Pension Plans

OVERVIEW

The Portfolio Management Association of Canada (PMAC), through its pensions advocacy committee, is pleased to have the opportunity to participate in the Department of Finance’s consultation “Strengthening Canadians’ Retirement Security – Proposals to Support the Sustainability of and Strengthen the Framework for Federally Regulated Private Pension Plans” (the Consultation).

As background, PMAC represents over 285 investment management firms registered to do business in Canada as portfolio managers. PMAC members manage assets in excess of $2.8 trillion for among others, private individuals, foundations, universities and pension plans.

PMAC is supportive of the Government of Canada’s goal of promoting the retirement income security of Canadians, especially now. We believe that private employment-based registered pension plans (Plans) form an essential component of Canada’s overall retirement system. We would like to begin by commending the Government for the temporary moratorium on solvency special payments for federally regulated defined benefit (DB) plans until December 30, 2020 as well as for publishing the Consultation to seek stakeholder feedback on other temporary broad-based solvency funding relief in 2021.

The submission can be read in full here.