Consultations on federally regulated plans open until Jan. 14, 2021
Ottawa has launched a consultation on how to further strengthen the framework for federally regulated pension plans.
The government is looking to explore:
- potential options for temporary broad-based solvency funding relief in 2021
- measures to strengthen pension plan governance and administration
- solvency reserve accounts
- variable payment life annuities
- ministerial guidelines on special funding relief.
The feds also released a consultation paper on potential solvency funding relief options for 2021 and possible measures to improve federally regulated pension plans, available here. Individuals, organizations and other stakeholders can review the document.
The consultation will close on Jan 14, 2021.
Forty per cent of Canadian adults worry about the effect of COVID-19 on their savings and retirement plans, and 23 per cent have been unable to contribute to their retirement savings since the pandemic began, according to a survey from CIBC and Maru/Blue released in October.
Meanwhile, The average Canadian worker will need to accumulate 10.9 times their final pay to maintain the same spendable income after retirement, according to Aon in an August release.