How to get Canadians to save enough for retirement

Are new or expanded public pensions the solution?

Gail Bebee 20 March, 2015 | 5:00PM

With no expanded Canada Pension Plan in sight, the Ontario government recently decided to forge ahead with its own mandatory pension plan. Dubbed the Ontario Retirement Pension Plan (ORPP), its stated goal is to ensure that Ontario workers save enough for retirement.

Given the interest of provincial premiers in enhancing the retirement-income system, could ORPP be the first in a series of provincial pension plans across the country?

According to the ORPP draft discussion paper released in December 2014, Ontario's new pension plan will complement and, in fact, mirror the CPP. The final design will be set after review of submissions from the public. Provision for future integration with an enhanced CPP and for expansion to other provinces and territories are among the design considerations. Rollout is set to begin in 2017.

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About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at gbebee@gailbebee.com; her website is www.gailbebee.com.

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