December 7, 2012 – The 2008 financial crash and its effect on pension funds and private savings was a new impetus to act on pension reform. CARP was among the first groups out of the gates, urging governments to come together to find solutions that would benefit all Canadians. Despite starts and stops along the way, public discourse on pension reform is driving in the right direction. Below is a timeline of major milestones and CARP action on pension reform over the past four years:

2008:

• CARP calls for national Summit on Pension Reform

2009:

• Federal Government holds Pension Consultations
• CARP submits Time for a Universal Pensions Plan
• CARP calls on MPs to support increase to OAS, GIS, CPP, universal pension plan
  

June 2010:

• CARP open letter to Finance Ministers urges action on pension reform
• Finance Ministers commit to new private savings vehicle and modest enhancement of CPP
  

Fall 2010:

• CARP calls for CPP enhancement and universal supplementary pension plans in consultation papers to the Nova Scotia Department of Finance and Ontario Ministry of Finance

December 2010:

• Federal government introduces PRPPs
• Federal Government backs away from CPP commitment
• Six provinces call for enhanced CPP
• Alberta and Quebec oppose CPP/QPP enhancement
• Finance Ministers make no progress on CPP enhancement

Winter 2011:

• CARP Poll^TM: Members reject PRPPs without safeguards
• CARP editorial: Public Option for Pension Security – PRPPs not enough
• CARP Open Letter calls on Finance Ministers to enhance CPP, cap PRPP fees

May 2011:

·       Conservative Party, NDP, and Liberals Federal election platforms commit to CPP enhancement

June 2011:

·       Federal government cancels Finance Ministers meeting

October 2011:

·       CARP calls for PRPP safeguards and action on CPP enhancement

November 2011:

·       Federal government introduces Pooled Registered Pension Plans Act

December 2011

• CARP Open Letter calls on Finance Ministers to enhance CPP, cap PRPP fees

February 2012:

• CARP to Federal government: safeguard PRPPs with fee caps and defined benefits

April 2012:

• Ontario government renews commitment to CPP enhancement and investor protection on PRPPs

Fall 2012:

• CARP calls on Finance Ministers to move forward on previous commitments
• New Quebec government open to CPP/QPP enhancement