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PRPPs Bring Equity To Workforce

Pooled registered pension plans (PRPPs) would bring more equity to the workforce by giving more Canadian workers access to employer pension plans, says Tom Reid, a senior vice-president at Sun Life Financial. He told attendees at the ‘National Summit on Pension Reform’ that small business is the engine of Canadian economic growth. However, employees at these firms often have no access to an employer pension plan, even though one survey suggests 72 per cent of these businesses believe employers should offer some sort of plan. However, for PRPPs to be effective, some “nudge” factors are needed such as auto enrolment which he said is critical to creating the scale needed to bring management fees down to the same level as those of larger employers.

Courtesy of Benefits and Pensions Monitor website News Alerts

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