Canadians need more sustainable and flexible retirement options to help secure future retirement income, according to an August 9 report from think tank the Public Policy Forum.
The report is based on the results of the National Summit on Pension Reform held in February in New Brunswick, which examined several pension-related issues including intergenerational equity, the private-sector savings gap and pension sustainability.
“This report serves as an important summary of the excellent ideas and strategies raised during the pension summit to deal with the looming challenges facing retirement income security and pensions,” said New Brunswick Premier David Alward.
“While many potential solutions were discussed during the summit … there was broad consensus that the status quo is no longer an option and that legislators must show leadership to ensure sustainable retirements for our citizens.”
The report states that leaders from the private, public and labour sectors need to work together to address the issue.
The report pointed out several key steps needed to address the issue, including:
- improved options for both individuals and employers to help close the private-sector savings gap;
- building new options into government savings vehicles to make saving easier;
- researching into expanding or modifying the CPP; and
- further study of the shared risk pension model.
The full report can be viewed here.
