LIFE AND HEALTH INSURANCE INDUSTRY WELCOMES PRPP LEGISLATION
News ReleaseRelease Date: 11/17/2011 Staff Reference: Wendy Hope
Toronto – The Canadian life and health insurance industry welcomes today's tabling of legislation by the federal government to implement Pooled Registered Pension Plans (PRPPs). "This is great news for Canadian workers", says Frank Swedlove, President of the Canadian Life and Health Insurance Association.
"Millions of Canadians don't have a pension plan at work, especially those working for small and medium-sized businesses, and the self-employed. PRPPs will give them the opportunity to save in the workplace for their retirement through low-cost plans previously only available to large businesses. And they will be attractive to employers because they cut out almost all of the administrative burden and costs that employers often associate with pension plans."
The life and health insurance industry encourages provincial governments to introduce PRPP legislation as soon as possible so all Canadians will benefit from this opportunity.
Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business. Canada's life and health insurance industry currently administers over two thirds of Canadian pension plans.
Wendy Hope, Vice President, External Relations