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CLHIA comments on CAPSA's strategic plan for 2016-2019

Release Date: 01/29/2016
Staff Reference: Ron Sanderson

January 29, 2016

Angela Mazerolle
Chair, Canadian Association of Pension Supervisory Authorities
5160 Yonge Street, Box 85
Toronto, Ontario M2N 6L9

Dear Ms. Mazerolle:

CAPSA's 2016-2019 Strategic Plan

The Canadian Life and Health Insurance Association (CLHIA) appreciates the opportunity to provide input as CAPSA prepares its Strategic Plan for the 2016-2019 period.

Canada's retirement income system works well for the vast majority of Canadians, but there are targeted gaps within that system. CLHIA has been, and will continue to be, an active proponent of expanding access to workplace pension plans for those Canadians who are not saving adequately for retirement. We believe that Pooled Registered Pension Plans (PRPPs), particularly when coupled with structured income options and Quebec's approach to mandated availability, offer a flexible, low-cost and effective mechanism for enhancing retirement security, especially for households with incomes above the Yearly Maximum Pensionable Earnings. We believe that PRPPs provide a national approach that represents the most cost-effective savings and income option for Canadians who do not currently have access to a third-pillar workplace retirement plan...