TORONTO, March 1, 2013 /CNW/ - The Canadian life and health insurance industry congratulates B.C. on introducing legislation in the province to provide British Columbians with improved access to pension plans in the workplace.
"While we need more time to review the legislation, we believe this is a major step forward in bringing Pooled Registered Pension Plans (PRPPs) to Canadians," says Frank Swedlove, President of the Canadian Life and Health Insurance Association (CLHIA). "We look forward to working with the B.C. government to implement the legislation as soon as possible."
Statistics continue to show that Canadians are not saving enough to maintain their standard of living in retirement and PRPPs provide them with an option to save where it is easiest -- in the workplace. "As a matter of good policy, an employee should have the opportunity to save at his or her workplace," added Mr. Swedlove. "We think that all employers should be required to offer a retirement savings plan to their employees and hope that the B.C. government will give this further consideration as the bill goes through the legislative process."
About 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 about 26 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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