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Canadians Need Better Retirement Options

Canadians need better options to help them achieve a secure retirement income and that leaders from all sectors ‒ public, private, and labour ‒ must work together to make pensions more sustainable and flexible, says a report summarizing the National Summit on Pension Reform. Jointly organized by the government of New Brunswick and Canada's Public Policy Forum, the summit examined issues such as pension sustainability, inter-generational equity, and the private sector savings gap. Participants identified several key policy directions and leadership actions from all areas to improve the long-term outlook for Canadian pensions, including improved options for individuals and employers to help close the private sector savings gap; building nudge or default options into government savings vehicles to make it easier for Canadians to save; research into expanding or modifying the CPP; and further study of the shared risk pension model and continued multi-sector dialogue on retirement income security. David Alward, New Brunswick’s premier, says while “many potential solutions were discussed during the summit, including the innovative pension model we have developed in New Brunswick, there was broad consensus that the status quo is no longer an option and that legislators must show leadership to ensure sustainable retirements for our citizens."

Courtesy of Benefits and Pensions Monitor website News Alerts

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