The federal government’s introduction of Pooled Registered Pension Plans (PRPPs) is a good first step to helping Canadians be better prepared for retirement, says Advocis, The Financial Advisors Association of Canada. The next step is to ensure that individual members of a PRPP have access to financial advice.
“Almost two-thirds of Canadians don’t have a workplace pension plan and that’s unacceptable,” says Advocis president and CEO Greg Pollock. “With the introduction of PRPPs, smaller businesses and self-employed Canadians will have the opportunity to be better prepared for their retirement.”
The government introduced legislation Thursday to implement the federal portion of the PRPP framework.
Feds introduce legislation for PRPPs
Pollock points out that participation in a PRPP does not negate the need for individual financial advice.
“Advocis believes that professional financial advice would improve financial outcomes for the majority of Canadians, and that includes those Canadians who will be participating in pooled funds,” continues Pollock.
Financial advisors can lend their support and expertise to ensure PRPPs achieve their objective of preparing Canadians financially for the kind of retirement they want.”