News Column

Ont-Pension-Plan

January 28, 2014

TORONTO -- Premier Kathleen Wynne says plans for an Ontario Pension Plan will be unveiled this spring, ahead of a widely expected provincial election. Wynne is worried middle-income earners are not saving enough to have a secure and comfortable retirement, and says the federal government refuses to enhance the Canada Pension Plan. She says Ontario will go with its own pension plan, insisting it's not a tax but a mandatory savings plan that will be administered by an arm's length agency, not by the government. The federal Conservatives say increasing pension contributions amounts to a job-killing payroll tax, and want the provinces to support Registered Pooled Pension Plans. However, Wynne rejects that idea because pooled pensions ``are a completely voluntary option'' for retirement savings. Wynne has appointed a special panel, headed by former prime minister Paul Martin , to advise the province on how to create a pension plan and whether it would require employer contributions as well or allow people to opt out. ( The Canadian Press )


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Source: Canadian Press Broadcast Wire (Canada)


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