Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

AGF’s Blake Goldring Calls for Mandatory Savings Program

Feb. 20 (Bloomberg) -- AGF Management Ltd. Chief Executive Officer Blake Goldring said Canada should institute a mandatory savings program.

The country faces an “extreme” savings situation, Goldring said in a speech in Toronto today. Participation in voluntary registered retirement savings plans and tax-free savings accounts is too low, he said.

“Australia, Chile and Singapore have met with success using compulsory savings programs,” said Goldring, head of the Toronto-based mutual fund company that has more than C$40 billion ($39.3 billion) in assets under management.

Goldring’s call follows Canadian Imperial Bank of Commerce CEO Gerald McCaughey encouraging Canada to create ways to allow additional voluntary contributions to the Canada Pension Plan to avoid declines in living standards upon retirement.

“It would give Canadians the choice to put aside more - a little at a time - with the confidence of clearly knowing what benefits it will bring,” McCaughey, head of Canada’s fifth-biggest bank, said yesterday during a speech in Fredericton, New Brunswick.

Savings products including pooled pension plans and the tax-free savings account, introduced to Canadians in 2008, “are all effective vehicles, but despite their attractiveness, the participation rates for them remain woefully low,” Goldring said.

To contact the reporters on this story: Eric Lam in Toronto at elam87@bloomberg.net; Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editors responsible for this story: Jacqueline Thorpe at jthorpe23@bloomberg.net; Lynn Thomasson at lthomasson@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.