CPP: Time to Act

CPP-Campaign-LogoThe politicians are playing politics with our future and it has to stop. The Canada Pension Plan needs to be increased and everybody knows it. The politicians need to get the message that they should act now.

CARP has been advocating for pension reform since 2008, starting with a call for a national pension summit and for a Universal Pension Plan to address the growing problem of personal retirement savings inadequacy.

It is now widely accepted that Canadians are not and cannot save adequately for their own retirement.

Twelve million Canadians – two-thirds of the work force – do not have occupational pension plans. The problem is especially acute for middle-income Canadians who may not be eligible for sufficient OAS/GIS benefits in retirement, but who don’t have sufficient personal savings to avoid outliving their money.

In June 2010, finance ministers finally acknowledged that Canadians were not saving enough for their own retirement and that governments had a role to play. The federal government introduced Pooled Registered Pension Plans (PRPPs) as a solution to the savings gap and finance ministers committed to considering a “modest” CPP enhancement.

Legislation for Pooled Registered Pension Plans is being put in place but little progress has been evident on enhancing the CPP besides the promise to continue discussing the options. The next opportunity for the FTP finance ministers to take action is their mid-December 2013 meeting. It has been three years since the finance ministers agreed that Canadians needed help to save for their own retirement and proposed a modest CPP enhancement.

 

Below is a timeline of action on pension reform, starting with our recent call to our members to write to politicians:

November 2013:

October 2013:

June 2013:

Fall 2012:

April 2012:

February 2012:

 December 2011

November 2011:

October 2011:

June 2011:

Winter 2011:

December 2010:

Fall 2010:

June 2010:

2009:

2008: