Ontario seeks to strengthen Canada's retirement income system

Ontario is taking the next step to strengthen retirement income security by releasing the discussion paper "Securing our Retirement Future: Consulting with Ontarians on Canada's Retirement Income System." It outlines the challenges facing Ontarians and all Canadians who are seeking a stable and secure retirement income and the options available to them.

"More and more Ontarians are concerned about their income when it comes to retirement,” says  Dwight Duncan, Minister of Finance. “Our goal is to enhance the potential for all Canadians to achieve an affordable and secure retirement. I look forward to receiving the input of Ontarians on how they would improve our current system to make it even stronger."

The discussion paper is part of a plan that includes:

  • Modernizing Ontario's Pension Benefits Act to enhance reliability, security and affordability of employment-based defined benefit plans.
  • Supporting a modest and gradual increase to the Canada Pension Plan (CPP) to ensure that all Canadians have an improved pension.
  • Working with other governments and pension partners to develop new and innovative ways for Canadians to save for retirement.

Input received will contribute to Ontario's position at the federal-provincial-territorial finance ministers' meeting on December 20, 2010.  

"CARP members will be pleased to know that the Minister is taking action on the pension reform file. CARP is privileged to host the Minister and to give CARP members attending our AGM from across the country the opportunity to hear directly from the Minister about his plans to improve retirement security," Susan Eng, Vice President, Advocacy for CARP.

Ontario's plan to strengthen the retirement income system is part of the Open Ontario plan to create jobs and enhance the quality of life for all Ontarians.

Other actions include: establishing an Expert Commission on Pensions, a research study on the Canadian Retirement Income System, the Pension Benefits Amendment Act, 2010, and introducing Bill 120, Securing Pensions Now and for the Future Act, 2010.

Feedback and suggestions on the discussion paper should be provided before November 30, 2010 via [email protected]