FSRA Launches its First Annual Pension Awareness Day

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TORONTO, Feb. 16, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is launching its first annual Pension Awareness Day. FSRA is inviting all Ontarians to join the conversation, pause, and learn about the value of a pension and the importance of starting early to save for the future.

"Today is a day to pause and be curious about retirement savings. Ask questions. Visit our new resource center online and learn about pensions. Your future self will thank you. We are living longer. And for some of us, 1/3 of our lives may be spent in retirement. Being well-informed and prepared is essential." said Caroline Blouin, FSRA's Executive Vice President, Pensions. "Retirement plans are an important and valuable part of your total compensation. It is money you earn now that will pay you later. Take action today. Start early. If you are job searching, consider a retirement plan as component of the total compensation package as you would pay, health and dental benefits and vacation. Pensions can be worth thousands of dollars."

As part of the first annual Pension Awareness Day, FSRA is providing pension education online, tips on ways to maximize a pension plan, an explanation about common misconceptions, and advice from pension experts in a new podcast series.

FSRA welcomes the many organizations who have come out in support of the first annual Pension Awareness Day: 

"Financial security, for all segments of the population and especially for seniors, has important implications from a social and public policy perspective. The growth of retiring Canadians has highlighted the significant challenge these individuals face in making appropriate and effective decisions to convert retirement savings into secure lifetime retirement income. ACPM supports actions to ensure financial wellness after retirement, to improve one's financial knowledge and to increase the availability of workplace retirement plans. We will continue to work for Canadians so they can create financial security for retirement and utilize the investment, planning and educational resources available to them. We appreciate Pension Awareness Day as a positive message for nearly everyone who is, or will be, retiring." 

Ric Marrero - CEO, Association of Canadian Pension Management (ACPM)

"The key to a secure and fulfilling retirement is preparation and planning. By educating ourselves about pension options, prioritizing retirement savings and taking control of our financial future, we lay the foundation for more comfortable and enjoyable post-employment years. Invest in yourself and your future – let's make pensions a priority for all Ontarians"

Hélène Pouliot - FCIA, President of the Canadian Institute of Actuaries.

"We are proud to support FSRA in recognizing the first Pension Awareness Day. It's a great initiative to promote the value of workplace retirement plans for both employees and employers. We are pleased to see regulators like FSRA playing a proactive role in helping to expand workplace retirement plan coverage. It's a mission we work to advance every day together with our plan sponsors, group retirement advisors, and other partners." 

Jonathan Weisstub & Alex Mazer - Co-founders of Common Wealth Retirement 

"The United Church is proud to offer a defined benefit pension plan to our members and we are happy to support FSRA's Pension Awareness Day."

Shenagh E. Rosa - Fellow ISCEBS Manager, Pension Compliance and Communications, Ministry and Employment Unit, The United Church of Canada

"HOOPP has a history of conducting research about retirement income security and advocating for a more affordable retirement for all Canadians. We are pleased to support FSRA's inaugural Pension Awareness Day and collaborate in further raising awareness of the value of good pensions for employers, employees and taxpayers."

Steven McCormick - Senior Vice President, Plan Operations, Healthcare of Ontario Pension Plan (HOOPP)

"OMERS is pleased to support FSRA on the first-ever Pension Awareness Day in Ontario! In today's world, the importance of pensions needs to be highlighted now more than ever. Through the Social Value and Economic Contributions studies that OMERS released last year, we know that defined benefit pension plans provide members with greater life satisfaction and peace of mind for their future."

Celine Chiovitti, OMERS Executive Vice President and Head of Pensions

"UPP is pleased to support FSRA's inaugural Pension Awareness Day and help raise awareness of the value of a strong pension. As a defined benefit pension plan created to bring greater retirement peace of mind to Ontario's university sector, we can't overstate the importance of education and information in empowering members to take ownership of their pension journey and confidently plan for retirement."

Barbara Zvan, President & CEO, University Pension Plan (UPP)

"We're pleased to support FSRA's first Annual Pension Awareness Day. Delivering on the pension promise to our members guides our thinking every day at Ontario Teachers' Pension Plan. We know our members work hard to earn the retirement security their pension will provide. That's why we'll continue to focus our efforts on educating our members about their pension plan benefits so that we can empower them to make timely, informed decisions with confidence."

Charley Butler, Chief Pension Officer, Ontario Teachers' Pension Plan

There are currently close to 4,500 pension plans in Ontario worth approximately $880 billion. FSRA encourages all those with a pension plan to find out what type of plan it is and if they can take steps to increase their contribution. Everyone should develop a retirement plan as the more you can save and invest today, the better off you will be at retirement.

For more information about Pension Awareness Day, visit: www.fsrao.ca/PensionAwareness

Learn more:

• FSRA Pension Savvy Videos & Podcasts
• What is a pension?
• 6 Reasons Why It's Important To Ask About A Pension Plan When You're Job-Hunting In Ontario

FSRA continues to work on behalf of all stakeholders, including consumers and pension plan members, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

FOR MEDIA INQUIRIES:
Russ Courtney
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario