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Banks Resist OMERS Push to Manage Canada Voluntary Pensions

Canadian financial institutions are opposing a push by the Ontario Municipal Employees Retirement System, which manages C$54 billion ($51.5 billion) in assets, to manage voluntary pension plans proposed by the government.

Canada’s Conservative government introduced a bill Nov. 17 to create tax-sheltered pensions known as Pooled Registered Pension Plans (PRPPs), to be aimed at employees who don’t have employer-sponsored plans. The bill doesn’t specify what type of institution will be allowed to administer the plans.