TORONTO, Feb. 20, 2025 /CNW/ - On February 20, 2025, the Canadian Association of Pension Supervisory Authorities (CAPSA) and its members are recognizing Pension Awareness Day, bringing attention to the benefits of retirement planning. CAPSA members administer their respective pension legislation and in doing so safeguard the rights and responsibilities of pension plan members in over 16,000 active workplace registered pension plans.
The purpose of a pension plan is to provide income for retirement. Registered pension plans help members grow their money on a tax deferred basis and research indicates that Canadians with a workplace pension plan can save more efficiently. Research also indicates that as many as 27 per cent of those eligible to participate in employer sponsored pension plans opt not to participate.
CAPSA encourages all those with workplace pension plans to opt-in to join their pension plan as soon as possible. Regulators and pension sector participants are promoting pension awareness on February 20, 2025, to drive greater participation in workplace pension plans.
CAPSA's recent Capital Accumulation Plan Guideline and Risk Management Guideline for plan administrators emphasize the importance of member communication, education and tools to help plan members better understand their plan.
All pension plan members should review their plan information at regular intervals to ensure their information is current. Members' investment decisions will change over time. There is value in reviewing your plan and investment decisions at regular intervals and at major life events to ensure your decisions align with your overall retirement savings strategy.
CAPSA also encourages Plan Administrators and Plan Sponsors to actively engage members and create communications that are regular, clear and concise to assist members in opting into the plan as soon as possible. Administrators must create easy to understand communications, provide tools that assist members to make informed investment decisions, and review investments regularly.
About CAPSA:
CAPSA is a national association of pension regulators whose mission is to facilitate an efficient and effective pension regulatory system in Canada. It develops practical solutions to further the coordination and harmonization of pension regulation across Canada.
For more Pension awareness resources visit www.capsa-acor.org.
SOURCE Canadian Association of Pension Supervisory Authorities
Share this article