New report offers solutions for Canadians least prepared for retirement

OTTAWA, Feb. 3, 2015 /CNW/ - How can our country's retirement savings provide greater security and coverage to more Canadians, while ensuring pension plans stay financially healthy into the future?  This is what Canada's Public Policy Forum seeks to answer with their new report, Retirement Security for Everyone.

"It's our objective to help catalyse the type of change that improves retirement income security for those who need it most," says David Mitchell, President & CEO of Canada's Public Policy Forum.

While experts see Canada's pension system as relatively well-functioning, there are demographic groups at risk of experiencing a much lower standard of living during retirement. Middle-income earners, private-sector employees and young people won't receive adequate income replacement from government programs, such as the Canada Pension Plan, Old Age Security and Guaranteed Income Supplement.

"While clearly there are some pockets of undersaving for retirement, chiefly among middle income Canadians, we believe what will work best for these Canadians is a solution built upon the existing Defined Contribution framework," says Tom Reid, Senior Vice President Group Retirement Savings, Sun Life Financial. "And that solution is to increase access and participation in the workplace savings plans that already serve millions of Canadians well."

Canada's Public Policy Forum, in partnership with Sun Life Financial and Morneau Shepell launched the Pension Reform in Canada project in 2014 to find policy gaps and explore solutions for those least prepared for retirement. Bringing together senior government, business, academic and labour leaders across Canada, the Forum convened a roundtable series and a second national summit to improve retirement income options through collaborating across sectors. The report synthesizes the findings from these important policy discussions.

"This new report highlights serious challenges our retirement system faces today, including the increasing pressure put on the middle class in Canada," says Bill Morneau, Executive Chair of Morneau Shepell. "It's critical for us to work together to address these challenges now in order to achieve a sustainable system that will ensure future generations a secure retirement."

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For further information about the Retirement Security for Everyone report, please visit our website or contact: Sara Caverley, Communications Coordinator, Public Policy Forum, [email protected] | [phone] ext. 228, http://ppforum.ca