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ARTICLE · 19 NOVEMBER 2015

ORPP And CPP: Pension Reform Update

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The recent election of a federal Liberal majority government has increased the likelihood of pension reform in the province of Ontario and perhaps federally.

CanadaEmployment and HR
John Alton
John Alton
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The recent election of a federal Liberal majority government has increased the likelihood of pension reform in the province of Ontario and perhaps federally. Employers in Ontario that have not yet done so should start to plan accordingly.

Background

Many commentators have pointed out the increasing "retirement income gap" in Canada. Statutory retirement plans such as the Canadian Pension Plan (CPP), employer sponsored registered pension plans such as defined benefit (DB) or defined contribution (DC) plans, or individual plans such as registered retirement savings plans (RRSP) or tax free savings arrangements (TFSA), are not anticipated to provide sufficient retirement income for many Canadians.

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