The Canadian Life and Health Insurance Association (CLHIA) on Friday welcomed Ontario's adoption of regulations to make Pooled Registered Pension Plans (PRPPs) available to the province's workers.
"PRPPs increase Canadians' access to workplace retirement plans and improve their retirement income outlook. These low-cost, efficient solutions complement the recent proposal to expand the Canada Pension Plan, and provide precisely what millions of working Canadians need — a simple, viable way to build a comfortable retirement," says Frank Swedlove, president of CLHIA, in a news release.
As of Nov. 8, Ontario joins British Columbia, Saskatchewan, Quebec, Nova Scotia and the federal government in adopting PRPPs.
"Ontario's involvement is important to ensuring PRPPs have the scale needed to provide all Canadians with access to simple, low cost, retirement plans," adds Swedlove. "PRPPs draw on our industry's expertise and present infrastructure in delivering pension and retirement plans for small and medium-sized businesses. We encourage the remaining provinces to quickly move to make PRPPs available to their citizens."
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