Standard Life urges provincial finance ministers to move forward on Pooled Registered Pension Plans for Canadians

Standard Life urges provincial finance ministers to move forward on Pooled 
Registered Pension Plans for Canadians 
MONTREAL, Dec. 14, 2012 /CNW Telbec/ - Standard Life has called on provincial 
and territorial finance ministers to support Pooled Registered Pension Plans 
(PRPPs) that will help Canadians save for a secure retirement. 
In advance of the upcoming meeting of federal, provincial and territorial 
finance ministers in Ottawa on December 16 and 17, Standard Life has sent 
individual letters encouraging each finance minister to support the federal 
government's lead on PRPPs and adopt enabling legislation that will allow 
workers covered under provincial jurisdictions to participate in the program. 
"The Government of Canada has done the right thing by adopting Bill C-25, the 
Pooled Registered Pension Plans Act," said Charles Guay, President and Chief 
Executive Officer. "Now that the federal legislation has passed, it is time 
for provinces to take leadership on this important initiative and adopt the 
PRPP framework that was agreed to in 2010." 
Pooled Registered Pension Plans provide a workplace retirement plan for 
individuals who would not otherwise have one - including self-employed 
Canadians. By pooling their savings, employees are able to achieve cost 
savings similar to those available to large pension plans. Pooled Registered 
Pension Plans also help employees save through payroll deductions. Employers 
can choose to contribute to PRPPs on behalf of their workers, but there is no 
requirement to do so. 
Pooled Registered Pension Plans have been identified by the federal government 
as one way to avoid a potential crisis among retirees in Canada. It is 
estimated that more than half of working Canadians today do not have a 
workplace retirement plan, and personal savings are at historic lows. The 
proposed PRPPs can help people save within the workplace and provide a 
reliable income stream in retirement. 
"Using PRPPs to encourage savings by Canadians who don't currently have access 
to a pension plan just makes good sense," said Mr. Guay. 
In order to ensure the plans will be as effective as possible and to maximize 
the greatest amount of participation by Canadians, Standard Life also 
recommended to ministers that legislation be designed to include such measures 
as mandatory sponsorship and automatic enrollment, and that it be harmonized 
among the provinces. 
Incorporating these simple but effective measures will help Canadians save for 
a secure future and will allow PRPPs to achieve their objective to provide 
Canadians with a new accessible, simple and low-cost retirement option. 
About Standard Life
Standard Life plc is a leading long-term savings and investment company 
headquartered in Edinburgh, Scotland. Standard Life has around six million 
customers worldwide and operates in the United Kingdom, Europe, North America 
and Asia, and globally with Standard Life Investments Ltd. 
In Canada, Standard Life has been doing business for almost 180 years. It 
operates under Standard Life Financial Inc., which wholly owns The Standard 
Life Assurance Company of Canada and Standard Life Mutual Funds Ltd. It is 
Standard Life plc's largest operation outside the UK with about 2,000 
employees. It provides long-term savings, investment and insurance solutions 
to more than 1.4 million Canadians, including group retirement and insurance 
plan members. 
As of September 30, 2012, Standard Life plc had C$337 billion in assets under 
administration, including C$44billion in Canada through Standard Life 
Financial.   
Ann-Marie Gagné 514-499-7999, ext. 4600 ann-marie.gagne@standardlife.ca 
SOURCE: STANDARD LIFE 
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CO: STANDARD LIFE
ST: Quebec
NI: INS FIN  
-0- Dec/14/2012 15:40 GMT
 
 
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