As Canada’s finance ministers prepare to meet in Prince Edward Island to discuss pension reform, the Association of Canadian Pension Management (ACPM) has released its five-point plan towards improving retirement income coverage in Canada.

“The recommendations in our five-point plan are a result of months of deliberation based on government consultations, submissions and meetings leading up to the Finance Ministers’ meeting in P.E.I. next week,” Scott Perkin, ACPM president said Thursday.

“Enacting the five points in our plan will encourage new business models and new approaches to increase the opportunities for Canadians from all walks of life to participate in retirement savings plans,” Perkin added.

The plan calls on governments to:

– remove barriers to group coverage;
– ensure defined benefit plans continue as viable options for coverage;
– enable more innovations;
– promote simplicity in administration; and
– increase incentives to save.

“This is a comprehensive plan that requires all five points to be implemented to ensure that every Canadian, including the self-employed and those employed in small businesses, have the saving options that work best for them and their families,” Perkin said.