Victoria, B.C., February 28, 2013
Archived - Minister Menzies Welcomes Introduction of Pension Plan Legislation by B.C.
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The Honourable Ted Menzies, Minister of State (Finance), today welcomed enabling legislation introduced by the Government of British Columbia that will help to make Pooled Registered Pension Plans (PRPPs) a reality for employers and workers in the province.
“For years now, British Columbia has played a leading and constructive role in federal-provincial pension discussions,” said Minister Menzies. “Today, British Columbia leads again in tabling legislation to make this low-cost pension alternative available to the more than two-thirds of workers in British Columbia without access to a workplace pension option.”
The final regulatory elements of the federal PRPP framework were finalized on December 14, 2012, bringing the Pooled Registered Pension Plans Act into force. British Columbia’s initiative demonstrates what can be achieved when governments work together.
“British Columbia can now serve as a valuable role model for other provinces seeking to support their citizens through a new low-cost pension option for employers, employees and the self-employed,” said Minister Menzies.
“I would like to thank the Government of British Columbia for taking this important step, and I look forward to similar steps being taken by other jurisdictions across Canada, who have contributed through consultation and collaboration to help ensure the long-term strength of Canada’s retirement income system,” the Minister concluded.
For further information, media may contact:
Office of the Minister of State (Finance)
Department of Finance