Wynne says new rules for an Ontario Pension Plan will be unveiled this spring - InfoNews

Current Conditions

-5.7°C

Wynne says new rules for an Ontario Pension Plan will be unveiled this spring

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
The Canadian Press

  • Popular vernon News
  • Comments
View Site in: Desktop | Mobile