1. April 28, 2012 Paul Litner

2. The Canadian Retirement Income System 2

3. Trends in the Canadian Retirement Income System 3

4. The Need for Pension Reform in Ontario 4

5. Pension Reforms & Asymmetry of Risk 5

6. Background to Reforms: Schmidt 6

7. Pension Reform in Ontario 7

8. Pension Reform: Surplus Withdrawal 8

9. 9

10. 10

11. Pension Reform: Contribution Holidays 11

12. Pension Reform: Contribution Holidays 12

13. Pension Reform: Partial Wind-Ups 13

14. Pension Reform: Partial Wind-Ups – Surplus Entitlement 14

15. Pension Reform: Partial Wind-Ups – Grow-In Benefits 15

16. Pension Reform: Asset Transfers, Plan Mergers & Plan Splits 16

17. Pension Reform: Asset Transfers, Plan Mergers & Plan Splits 17

18. Pension Reform: Asset Transfers, Plan Mergers, and Plan Splits 18

19. Pension Reform: Plan Funding & Solvency 19

20. Pension Reform: Plan Funding and Solvency 20

21. PRPPs: Background 21

22. PRPPs: Legislative Status 22

23. PRPPs: Main Features 23

24. PRPPs: Main Features 24

25. PRPPs: Main Features 25

26. The Future of PRPPs in Canada? 26

27. Target Benefit Plans: The Way of the Future? 27