The Portfolio Management Association of Canada (“PMAC“), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to participate in the Ministry of Finance’s review of Ontario’s solvency funding framework for defined benefit pension plans (the “Consultation”).
Overview
As background, PMAC represents 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.
We thank the Ontario government for its leadership through this important Consultation. In addition to the central role played by Ontario in reaching the agreement-in-principle this summer to enhance the Canada Pension Plan, we applaud the review of the regulatory framework for pension funding aimed at strengthening the province’s retirement income system. PMAC is supportive of Ontario’s goal of balancing the need to encourage and maintain workplace pension plans while ensuring secure retirement benefits.