Pension Reform on the Horizon?
The Premiers of each of the provinces recently called for a national summit on retirement income, to be lead by the federal government. According to a press release from the Council of the Federation (PDF), the national summit would be conducted by 2010 and would “bring together provinces and territories, the federal government and interested stakeholders and experts to discuss possible options to improve saving options for Canadians and to encourage greater saving.” The Premiers also directed their Finance Ministers to report on possible pension reform options by the end of the year.
In a separate statement, the Ontario government announced the creation of a new Advisory Council on Pensions and Retirement Income (the Council). The Council, whose members reflect a range of stakeholder perspectives, will provide ongoing advice to the minister on pension reform proposals.
Based on these announcements, the consultation recently initiated by the federal government, and last year’s quick succession of reports released by expert panels appointed by the Ontario, Alberta, British Columbia (PDF) and Nova Scotia (PDF) governments, it appears that much needed pension reform has finally made it onto the agenda of the provincial and federal governments. However, the timeliness and effectiveness of any reform measures instituted by the various governments is yet to be determined.
