A new CCPA report finds that the government's proposed Pooled Registered Pension Plan (PRPP) program will do nothing to solve Canada’s pension crisis. The report, by Monica Towson, concludes that rather than proposing yet another voluntary savings scheme, the government should instead focus on expanding the Canada Pension Plan (CPP). Improving CPP benefits would address the two key issues in the pension system causing concern: the lack of coverage in workplace pension plans; and the fact that individuals are not saving for retirement on their own. An expanded CPP would provide better retirement pensions to virtually all Canadians.
The full report, Pension Breakdown: How the finance ministers bungled pension reform, is available by clicking here.