Government of Canada announces next steps in national consultations on enhancing retirement security

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Securing Canadians’ retirements with input from Canadians

November 22, 2018                    Ottawa, Ontario                    Employment and Social Development Canada

Canadians deserve peace of mind when it comes to their retirement security.

That is why the Honourable Filomena Tassi, Minister of Seniors, today announced the next steps in national consultations on enhancing Canadians’ retirement security.

The next steps in consultations are being launched following recent events in which pensioners have faced difficult circumstances, including reduced benefits as a result of their employer’s insolvency and an underfunded workplace pension plan. At the same time, bankruptcies and insolvencies have also presented challenges for small businesses, lenders and other creditors that are owed money.

Canadians are invited to provide feedback through the Consultations on enhancing retirement security page between now and December 21, 2018. The potential actions span a number of areas, including pension regulations, corporate laws, and insolvency and bankruptcy laws, and allow for the exploration of all available avenues to improve retirement security for Canadians. This could include:

  • measures to help ensure that employers maintain well-funded pension plans;

  • better alignment of corporate decision making with pensioner and employee interests; and

  • more transparency and fairness in insolvency proceedings.

In addition to the online consultations, the government will be conducting analysis and targeted outreach to stakeholder groups. Together, these activities will support the development of a balanced way forward in addressing retirement security for all Canadians.