LIFE AND HEALTH INSURANCE INDUSTRY APPLAUDS ONTARIO ADOPTION OF PRPPS
News ReleaseRelease Date: 11/11/2016 Staff Reference: Wendy Hope
Toronto, November 11, 2016 – The Canadian life and health insurance industry welcomes Ontario's adoption of regulations to make Pooled Registered Pension Plans available to Ontario workers. "PRPPs increase Canadians' access to workplace retirement plans and improve their retirement income outlook. These low-cost, efficient solutions complement the recent proposal to expand the Canada Pension Plan, and provide precisely what millions of working Canadians need - a simple, viable way to build a comfortable retirement" says Frank Swedlove, President of the Canadian Life and Health Insurance Association (CLHIA).
As of November 8th, Ontario joins British Columbia, Saskatchewan, Quebec, Nova Scotia and the federal government in adopting PRPPs. "Ontario's involvement is important to ensuring PRPPs have the scale needed to provide all Canadians with access to simple, low cost, retirement plans," emphasized Mr. Swedlove. "PRPPs draw on our industry's expertise and present infrastructure in delivering pension and retirement plans for small and medium-sized businesses. We encourage the remaining provinces to quickly move to make PRPPs available to their citizens."
About the CLHIA
The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada’s life and health insurance business. The industry provides a wide range of financial security products such as life insurance, annuities and supplementary health insurance to more than 28 million Canadians. It administers more than two-thirds of the pension plans of Canada’s small and medium-sized businesses and the vast majority of group RRSPs.
For more information please contact:
Wendy Hope, Vice President, External Relations