Canadian Bankers Association

Canadian Bankers Association

December 16, 2010 13:06 ET

Canadian Bankers Association Welcomes Increased Access to Private Pension Plans

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2010) - The Canadian Bankers Association (CBA) today welcomed the proposal from Finance Minister Jim Flaherty for a new framework for pooled registered pension plans, improving the range of retirement savings options available to Canadians.

"What a great holiday gift for the self-employed, small business employees and other Canadians who don't currently have a pension plan at work. This proposal will create greater access to pension plans in Canada, making it easier for employees to save for their retirement," said Nancy Hughes Anthony, President and CEO of the CBA.

Research done by the CBA found that Canadians save for retirement in many different ways depending on their age and individual circumstances. Individuals' financial priorities change throughout their lives and a one-size-fits-all public sector approach cannot address everyone's needs. Individuals should have a variety of options available to them as their needs evolve.

"There has been much discussion in the past year about how to encourage people to save for their retirement and the federal government is taking a significant step forward in helping people achieve their goals," said Ms. Hughes Anthony. "We encourage all of the provinces to work with the federal government to make this plan a reality for the good of all working Canadian families."

The Canadian Bankers Association works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 260,000 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. www.cba.ca.

Follow the CBA on Twitter: @CdnBankers

Contact Information

  • Canadian Bankers Association
    Maura Drew-Lytle
    (416) 362-6093, ext. 338 or Cell: (416) 918-2777
    mdrewlytle@cba.ca