Ottawa, February 23, 2009
Archived - Minister of Finance Launches National Consultations on Private Pensions
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The Honourable Jim Flaherty, Minister of Finance, today announced the Government will begin scheduled public consultations across Canada on the legislative and regulatory framework for federally regulated private pension plans.
"Many Canadians are concerned about the long-term viability of their pension plans," said Minister Flaherty. "The Government wants to hear people's views on how we can strengthen the security of pension plan benefits and ensure that the framework is balanced and appropriate."
The Government released a discussion paper seeking views from Canadians on this issue on January 9. It followed up by announcing in Budget 2009: Canada's Economic Action Plan that the national consultations will be chaired by Ted Menzies, Parliamentary Secretary to the Minister of Finance.
"We announced this consultation process in January and we committed to getting it up and running quickly because this issue is important to many Canadians," said Mr. Menzies.
The national consultations will begin in mid-March according to the following schedule:
March 13—Launch in Ottawa
The federal government regulates private pension plans that are subject to the Pension Benefits Standards Act, 1985. These plans cover areas of employment under federal jurisdiction, including banking, telecommunications and interprovincial transportation. These plans currently represent 7 per cent of all private pension plans in Canada, accounting for approximately 12 per cent of pension assets.
Canadians who wish to attend these consultations or send submissions on the discussion paper are invited to submit an e-mail to this address: email@example.com.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
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