TORONTO, April 19, 2013 /CNW/ - The Canadian life and health insurance industry congratulates the Alberta government for moving ahead quickly to introduce pooled registered pension plan (PRPP) legislation.
"The biggest winners are the over-a-million Albertans working in the private sector who do not currently have access to a pension plan at their workplace," said Frank Swedlove, President of the Canadian Life and Health Insurance Association (CLHIA). "Small and medium-sized companies also gain as they will be able to compete on a much more level playing field with their big business counterparts in offering pension plans to prospective employees."
To ensure that these one million Alberta workers get access to saving for retirement at the workplace, the industry believes that the Bill would be improved if employers were required to offer some form of retirement plan. As PRPPs will be offered at essentially no cost to the employer, this is not a burden for the business owner. "We are very much looking forward to working with the Alberta government in finalizing the details of their legislation, including this suggested amendment." added Mr. Swedlove.
About the CLHIA
The Canadian life and health insurance industry provides a wide range of financial security products, including life insurance, annuities and supplementary health insurance, to almost 27 million Canadians. The industry administers more than two-thirds of pension plans for Canada's small and medium-sized businesses and the vast majority of group RRSPs. Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business.
SOURCE: Canadian Life and Health Insurance Association Inc.
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