Introduction Key Findings

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Presentation transcript:

Introduction Key Findings Canada ranks sixth in 2015 Aegon Retirement Readiness Index With a score of 6.0 out of 10, Canada is assessed as having a medium level of retirement readiness. Globally, Canada ties with UK for 6thplace 6th out of the 15 countries included in our 2015 survey Canadians are positive about retirement Canadians feel that their personal finances are stable and look forward to an active retirement. While most in Canada understand the need to save for retirement, many are failing to put this into action Producing a savings landscape that encourages habitual saving is the responsibility of individuals, employers and government

A defined contribution pension plan (DCPP or DC plan ) is one type of a Registered Pension Plan. In a DCPP, the sponsor employer contracts with a plan administrator to provide the investment options; normally a limited menu negotiated at low cost; as well as the record-keeping for individual plan members.

(RRSPs) Registered Retirement Savings Plan

Toward a Balanced Solution The ORPP - Details To Sort Out Definition of Comparable Workplace Pension Arrangement Issue 1

Issue 2 (The ORPP) The Right Minimum Earnings Threshold

The ORPP - Coverage DC plans should be considered comparable GRRSPs,TFSAs and PRPPs likely not comparable if you have a GRRSP,TFSA or PRPP what to do ? Switch to a DC Plan ? Reduce contributions ? Get rid if your plan ?

Setting a Course For Full Retirement Readiness

Auto-enrollment could be used to increase overall plan participation rates, and regular financial education could help employees properly plan for their retirement.

The structure of the Canadian retirement system

Definition of Longevity Risk Demographic shift: Individual risk Systemic risk Definition of Longevity Risk