Toronto, July 18, 2011
The Honourable Ted Menzies, Minister of State (Finance), today spoke to a small business and its employees, Swiss Master Chocolatier, in Toronto about how Pooled Registered Pension Plans (PRPPs) will strengthen Canada’s retirement income system, as he begins a summer tour to consult with key stakeholders and Canadians.
“PRPPs will play a critical role in improving the range of retirement savings options available to Canadians by providing a low-cost retirement savings opportunity for employees as well as the self-employed,” said Minister Menzies. “This is especially important for small business and its employees who will now have access to a private pension plan for the very first time.”
At their meeting in Kananaskis last December, Canada’s Finance Ministers agreed on a framework for the introduction of PRPPs as part of their collaborative efforts to ensure the ongoing strength of Canada’s retirement income system.
“Canada’s Finance Ministers opted to prioritize the PRPP framework because it was considered the most effective and targeted way to help millions of Canadians who have not previously had access to a company pension plan,” said Minister Menzies.
“I am meeting directly with provincial and territorial finance ministers across Canada over the summer in support of this process in advance of the next Finance Ministers Meeting,” said Minister Menzies. “Additionally, officials continue to work with key stakeholders to ensure the framework for these new plans will meet the needs of employees, employers and those financial institutions that may offer PRPPs once they are implemented.”
“Our ongoing efforts to improve Canada’s retirement system will also benefit from the valuable advice of Canadians,” said Minister Menzies. “I look forward to hearing their views on where we should focus our efforts to keep our retirement income system fair, effective and supportive of our agenda for creating jobs and growth, so that Canadians will have everything they need to reach their full potential.”
For further information, media may contact:
Office of the Minister of State (Finance)
Department of Finance
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