Letter to Financial and Consumer Affairs Authority of Saskatchewan Re: Consultation Paper: Non-Residency Unlocking of Pension FundsRelease Date: 06/20/2014 Staff Reference: Ronald Sanderson
June 20, 2014
Ms. Tami Dove
Senior Policy Analyst, Pensions Division
Financial and Consumer Affairs Authority
Suite 601, 1919 Saskatchewan Drive
Regina, SK S4P 4H2
Dear Ms. Dove:
Consultation Paper: Non-Residency Unlocking
I am writing on behalf of Canada's life and health insurance industry in respect of the captioned consultation paper which was released on May 12, 2014. While our members are generally supportive of the proposed measure, there are some areas where we believe further consideration or clarification may be warranted. These are summarized below.
Established in 1894, the Canadian Life and Health Insurance Association (CLHIA) is a voluntary non-profit association with member companies accounting for 99 per cent of Canada’s life and health insurance business. CLHIA members provide services to approximately two-thirds of private pension plans in Canada, primarily in defined contribution plans, and a larger proportion of other workplace savings arrangements such as group RRSPs. Our members are also significant providers of "retail" savings plans, including locked-in retirement accounts (LIRAs) and Life Income Funds (LIFs) that hold amounts transferred from workplace pension plans.