Calgary, Alberta, April 19, 2013
Archived - Minister of State (Finance) Welcomes Introduction of PRPP Legislation by Alberta
Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.
The Honourable Ted Menzies, Minister of State (Finance), today welcomed the Government of Alberta’s decision to introduce legislation to make the Pooled Registered Pension Plan (PRPP) available to Albertans without access to a workplace pension option.
“The Government of Alberta deserves credit for introducing PRPP legislation to help Canadians who may not have access to a viable, low-cost private pension option,” said Minister Menzies. “Our Government and the Province of Alberta are supportive of low-cost pension arrangements that leave more money in the pockets of retirees.”
PRPPs will be a large-scale pension arrangement that allows plan members to benefit from lower management fees—in effect, Canadians will be buying in bulk. This will leave more money in the pockets of retirees. They are intended to be largely harmonized across provinces and territories, which will also encourage lower administrative costs.
“At the December 2012 meeting of Finance Ministers, Ministers from all provinces reaffirmed their support for Pooled Registered Pension Plans and agreed on the importance of a high degree of harmonization across jurisdictions,” added Minister Menzies. “With this announcement, the Government of Alberta has shown it is willing to act for the betterment of its residents.”
For further information, media may contact:
Office of the Minister of State (Finance)
Department of Finance