January 28, 2014 - 12:48 PM
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.
News from © The Canadian Press, 2014