The Canadian Life and Health Insurance Association is pleased with the prospect of improved access to workplace-based retirement savings programs.

The CLHIA said Monday that it welcomes the decision arising from the meeting of provincial and federal finance ministers in Prince Edward Island over the past couple of days to improve access to workplace savings programs including expanding participation in multi-employer pension plans.


It says that adjustments to tax and pension rules would make group pensions less complicated and costly to administer for small businesses and the self-employed, making pensions at the workplace more available.

“We need to build on the strengths of Canada’s retirement savings system by improving access to workplace-based savings vehicles,” says Frank Swedlove, president of the CLHIA.

“We are also pleased at the government’s announcement that they will be working towards enhancing the financial literacy of Canadians,” he adds.

IE