Canadian Bankers Association

Canadian Bankers Association

March 24, 2010 16:32 ET

Canadian Bankers Association Welcomes Canada-Wide Pension Consultations

TORONTO, ONTARIO--(Marketwire - March 24, 2010) - The Canadian Bankers Association (CBA) welcomes the public consultation process on Canada's retirement income system announced today by Minister Flaherty. The CBA shares the concerns that have been expressed about the adequacy of Canadians' savings in general and retirement savings in particular.

"The current retirement savings system is not broken – quite the opposite, it is a strong and well-functioning system, but it is in need of some improvements," said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. "We will be participating in the public consultation process and will provide the government with specific recommendations that would make our already good retirement savings system even better. We encourage all stakeholders not to rush to a solution but to take the time to understand the issue in all its complexity."

As providers of retirement savings vehicles, sponsors of defined benefit pension plans, and providers of advice to Canadians throughout their financial life cycles, banks in Canada have been actively exploring ways to strengthen Canada's retirement savings system.

The Canadian Bankers Association works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions.

Contact Information

  • Canadian Bankers Association
    Andrew Addison
    (416) 362-6093, ext. 220 or Cell: (416) 587-7733